Three quarters of mums are unprepared for a fall in income while they are on maternity leave and nearly a third go into debt. A study by price comparison site uSwitch.com suggests that the average debt accumulated by mothers while they are on maternity leave is nearly £2,500. As well as facing a 50 per [...]
The UK’s six largest energy companies will be required to write to their customers each year telling them if their current tariff is the cheapest one which meets their needs. Vulnerable customers, including pensioners and those eligible for assistance from the warm home discount scheme, will be contacted twice a year. The news, announced by [...]
More than three quarters of savers are unaware that everyone aged 16 and over is allowed to put £5,340 into cash ISA this year, according to research from uSwitch. Only half of savers are planning to put any money at all into a cash ISA, and just a quarter are using their total allowance, the [...]
Nationwide has re-launched its Select Visa credit card which offers 0%-on-purchases for 18 months – the longest period currently available on the market for a 0% deal. Cardholders also benefit from commission-free purchases while they are abroad and 0.5% cashback. Balance transfers are eligible for the 0% interest deal, but for 17 months rather than [...]
A survey by price comparison service uSwitch.com has revealed 16 million workers (or more than half the UK’s workforce) do not expect to get a pay rise this year. The online survey of 4,235 adults also found that a further third of the UK’s workforce believed that if they did receive an increase, it would [...]
Despite the fact that interest rates have been on hold at the historically low rate of 0.5% since March 2009, the average credit card interest rate rose from 15.89% to 16.28% in December, according to figures from the Bank of England. The bank also revealed that the average credit card interest rate is now at [...]
UK consumers are planning to spend significantly less on Christmas this year, according to new research by uSwitch.com. More than half (56%) of Brits said they will be buying less presents this year. Nearly two thirds (63%) said they will be spending up to £200 less on gifts. A third (32%) of adults said they [...]
USwitch.com has warned against the dangers of stashing savings away in a fixed-rate bond. Nine million savers have opened a fixed-rate bond in the past year, with 87% choosing a bond over an instant access account because it was the only account they could find paying a “decent” rate of interest. USwitch.com found 10% of [...]
The ongoing postal strikes will leave many credit card holders with a black mark on their credit rating, uSwitch.com said this week. The price comparison site made the remarks after discovering that credit card customers have incurred £150 million of late payment fees due to the postal strikes. “A £12 late payment fee is not [...]
Consumers who have tightened their belts due to the recession should keep up the habit when the economy starts to grow again, uSwitch.com said this week. The price comparison site said people forced to cut costs due to unemployment or a reduced salary should continue being money conscious when the recession is over. “We really [...]
Householders have been advised that paying for energy bills by direct debit is the cheapest option. Price comparison site uSwitch.com issued the advice after it discovered a 7.3% drop in the number of people choosing to pay by direct debit. The number of customers signing up for fixed monthly direct debit payments when changing their [...]
Price comparison site uSwitch.com has done its homework on student accounts, and found that choosing the wrong account could cost students up to £75 per year. Totted up for all students, that’s equivalent to potential unnecessary interest payments of £30 million. Banks that offer freebies - such as railcards, YHA membership, or commission free currency [...]
Millions of Brits have stashed away unused credit cards as a financial safety net, new research has discovered. A poll by uSwitch.com found 16 million credit card holders with unused cards. These consumers hold an average of 2.3 unused credit cards, and together they could access £200 billion of credit. With unemployment above two million, [...]
HSBC customers paying £12.95 per month for the privilege of a Bank Account Plus current account have seen their interest rate slashed to 0%. Savers previously received returns of 2% on the first £1,000 they held in the account, as well as additional benefits such as breakdown cover, free travel insurance, and protection against identity [...]
Over 300,000 UK motorists have downgraded their insurance cover to third party as the recession takes it toll on their finances. Meanwhile, an additional one million third party policy holders could no longer afford fully comprehensive cover even if they wanted it. The news comes despite the fact that more than a third (34%) of [...]
British householders are wasting over £1.5 billion every year on energy bills by not shopping around for the cheapest supplier. Research by uSwitch.com found that customers on standard energy plans pay £185 per year on average than those who have an internet-based energy account. Despite this, only 5% of households currently use an online energy [...]
Drivers who modify their cars can find themselves paying thousands of pounds extra in insurance premiums because insurers believe they are more likely to crash. A simple spoiler can hike annual premiums by as much as £700. Flared wheel arches and wings add almost £3,500 to premiums for a Ford Focus 1.6. Tinted windows, side [...]
With the recession continuing to deepen, many Brits have started saving up their pennies according to research by uSwitch.com. Over half (52%) of people in the UK are now following the old adage: ‘Look after the pennies and the pounds will look after themselves.’ Loose change is being kept in a piggy bank and carefully [...]
Many Brits, conscious of a lighter wallet since the onset of the credit crunch, are choosing to haggle in high street stores. Nearly three quarters of those polled in a uSwitch.com survey said they have started haggling for consumer goods. One in ten (9%) will always haggle wherever they are making a purchase, whilst the [...]
Two major credit card providers have ramped up charges for cash withdrawals, uSwitch.com revealed this week. Egg card holders will now be charged a minimum of £5 for making a cash withdrawal using their credit card, a 67% increase from the previous minimum charge of £3. Egg said it decided on the increase because using [...]
Unions vote to accept public sector pension changes
Unions have agreed to proposed changes to the Local Government Pension Scheme (LGPS), ending a long-running dispute with the government over the reforms. Members of Unison and Unite, two of the UK’s largest unions, voted in support of the reforms, with 84 per cent of Unite members voting to accept the changes and 90 per [...]
RBS could receive higher fine than Barclays for rate-rigging
The Royal Bank of Scotland could be more heavily involved in inter-bank rate fixing than Barclays, an MP has suggested. John Mann, a Labour MP on the Treasury select committee, speculated that RBS could receive a fine in excess of the £290 million incurred by Barclays, if the allegations prove true. A source from within [...]
Rich have benefited most from quantitative easing
The Bank of England has admitted in a new report that the richest 5 per cent of UK households have benefitted the most from its quantitative easing (QE) programme. The Bank launched the programme in March 2009, in an effort to revive economic growth. In total it has bought £375bn of government bonds, known as [...]
ABI calls for transparency over pension charges
A ‘protocol’ should be given to members of company and private pension schemes, giving clear information on charges, the Association of British Insurers (ABI) says. The ABI’s call for pension charges to be made clearer comes prior to the introduction of automatic enrolment in autumn, when employers will be required to enrol workers in a [...]
Report tackles shortage of rented homes
With soaring demand for accommodation pushing rents to an all-time high, a new report suggests that rules on affordable homes should be relaxed to encourage the building of homes for rent. The average rent paid by private tenants in England and Wales reached £725 a month in July according to property group LSL. The government [...]
Police seize millionth uninsured vehicle
Police have seized the millionth uninsured vehicle, indicating the size of the problem of uninsured driving in the UK. The vehicle was seized in Birmingham, which is one of UK’s motor insurance evasion hotspots. According to the Motor Insurers’ Bureau (MIB), Bordesley in Birmingham has now replaced the Barkerend area of Bradford as the place [...]
Mortgage fraud increases by 23 per cent
Information services company Experian has reported a 23 per cent increase in the number of people giving false information in order to obtain a mortgage. In the second quarter of this year, 39 out of every 10,000 mortgage applications were found to be fraudulent, compared with 32 in the 2011 second quarter. Lenders have tightened [...]
Government to crack down on hidden credit card charges
Tougher rules are to be brought in to protect consumers from hidden credit card charges and premium-rate phone calls to customer service departments. The Government has launched a consultation on how to implement the changes, which are required under a European Consumer Rights Directive and will apply to countries across the European Union. The new [...]
Which? report claims free banking is a myth
A new report by consumer group Which? highlights the high charges that can be applied to ‘free’ current accounts. While these accounts are free while in credit, charges can be applied if a customer goes overdrawn, especially if they do so without permission. Customers can also be charged for overseas transactions and for agreed overdrafts. [...]
Households more optimistic about their finances
Household finances are still deteriorating, but at a slower rate, according to the Markit household finance index. The index increased from 37.5 in July to 38.9 in August, with figures above 50 representing a positive change in household finances, and figures below 50 representing a negative change. The August figure represents the third consecutive monthly [...]
About | Privacy | Disclaimer | Resources | XML Feeds | Press Releases | Directory | Contact us
