Tag: bank accounts

FSA tightens insurance mis-selling rules

FSA tightens insurance mis-selling rules

The Financial Services Authority (FSA) has announced new rules to prevent banks and building societies mis-selling accounts which include insurance policies. Customers pay a fee for packaged accounts, which often include travel insurance, mobile phone insurance, and breakdown cover alongside deals on overdrafts, foreign currency and even offers on music downloads and business class lounge [...]

July 27, 2012 | 0 Comments More
Passbook accounts pay “derisory” rates

Passbook accounts pay “derisory” rates

Interest rates paid by banks on passbook accounts are “derisory”, a financial expert has claimed. Pierre Williams, head of research at MoneyExpert.com, said more than half of passbook accounts pay gross returns of under 1%. Passbook accounts pay an average interest rate of just 0.99%, 0.24 percentage points lower than the average paid on all [...]

May 17, 2010 | 0 Comments More
Budget 2010: Bank accounts for all

Budget 2010: Bank accounts for all

In yesterday’s Budget, Chancellor Alistair Darling said that every UK citizen will have the legal right to have a bank account. According to the Treasury’s Financial Inclusion taskforce, there are 1.75 million people in the UK that do not have a bank account. The taskforce said half of the 1.75 million come from the poorest [...]

March 25, 2010 | 0 Comments More
HSBC  reunites customers with £10.4 million

HSBC reunites customers with £10.4 million

HSBC has reunited customers with £10.4 million held in lost or forgotten bank accounts. The bank, which started searching out owners for unclaimed funds in September 2008, said over 7,000 customers have been reunited with dormant accounts. The average money in each account was £1,400. People in London are the most forgetful about money left [...]

March 11, 2010 | 0 Comments More