Two in five UK consumers were ‘shocked’ at the price of their energy bill this winter, whilst a tenth of consumers cannot afford to pay it, new research by moneysupermarket.com has revealed. The coldest winter in a decade, coupled with soaring energy prices, left many householder a gasp when they opened their heating bill. A [...]
Over half of UK savers have no idea what interest rate their savings account is paying, according to new research by uSwitch.com. The price comparison site found that 22 million savers are clueless as to how much their interest has been reduced since the Bank of England’s base rate started falling six months ago. Meanwhile, [...]
Households are now paying £353 more per year for gas, electricity, and water compared to the beginning of 2008, research by uSwitch.com has revealed. The price comparison site found that households are now paying an average of £1,595 per year for water, heating, and light, 28% more than the £1,242 per year at the start [...]
Savers looking to make the most of their money should consider offsetting savings against their mortgage, uSwitch.com said this week. Offsetting savings against a mortgage can provide more lucrative returns in the current environment of low interest rates, the price comparison website claimed. Research by the group found that nearly two million homeowners are thinking [...]
Over one third of ISA holders are planning to ditch the account because of low interest rates and the need to use their savings to see them through the recession. A uSwitch.com poll found that 38% of the UK’s 11.5 million ISA holders are planning to withdraw from their ISA. With the average ISA account [...]
M&S Money will not reduce the interest rate on one of its individual savings accounts (ISAs) despite last week’s Bank of England’s base rate cut. The financial services wing of Marks & Spencer said interest on its Advantage Cash ISA will continue to be paid at 3.1%. This rate includes a 1% bonus until April [...]
Savings account interest rates continue to plummet following the Bank of England’s base rate cut to a new record low of 1%. In the 48 hours before the Bank of England announced its decision, 34 providers had already cut interest on their savings accounts, according to price comparison site uSwitch.com. Fixed rate accounts were the [...]
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%. According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 [...]
Better debt management could save Brits up to £20 billion, according to price comparison site uSwitch.com. With total personal debt across the nation at £1.45 trillion, borrowers in the UK pay out £98 billion in interest every year. New research by uSwitch found that debt consolidation would save the UK £20 billion in interest payments, [...]
Money-careful savers are the latest to feel the pinch of the credit crunch, with 76 savings providers slashing interest rates by up to 4% following the base rate cut to 2%. Research from uSwitch.com has found interest rates cut on over 150 savings products. Some banks have cut rates on savings accounts by 4%, despite [...]
The Bank of England has made aggressive cut in interest rates in the last two months but lenders have been slow to pass on the reduction to consumers, until the Government intervened and some lenders finally caved in to the pressure. However, according to a study by price comparison service, uSwitch.com, providers have cut their [...]
Figures from price comparison website, uSwitch.com, has found that lenders are continuing to increase their cost of personal loans with interest rates surging. In the last month alone, personal loans from Black Horse, part of the Lloyds TSB group, have increased by up to nine percentage points, to 36.9%, according to uSwitch. Prior to the [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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