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Wednesday 27th of January 2010

News Tag: savers

January 20, 2010

Nationwide increases rates on fixed-rate bonds

by Kay Murchie
Nationwide increases rates on fixed-rate bonds
Nationwide Building Society has increased the rates on a number of its Fixed Rate Bonds and e-Bonds. These include: Three year Fixed Rate Bond and e-Bond paying up to 4.70% gross p.a./AER for balances over £25,000. Two year Fixed Rate Bond and e-Bond paying up to 4.10% gross p.a./AER for balances over £25,000. 18 month Fixed Rate Bond and e-Bond paying up to 3.50% ...



January 5, 2010

Iceland president vetoes repayment to UK

by Kay Murchie
”Iceland
Icelandic President, Olafur Ragnar Grimsson, has vetoed the repayment of a £2.3 billion loan to the UK Government. The debt relates to the collapse of Landsbanki which collapsed at the height of the banking crisis in autumn 2008 and 300,000 British savers saw their accounts frozen with the bank’s online Icesave brand. The Treasury stepped in with a 100% guarantee for individual savers ...



October 26, 2009

NS&I hopes to attract more savers as it raises rates

by Kay Murchie
”NS&I
Government-backed National Savings & Investments (NS&I;), which runs Premium Bonds and a variety of savings products, has unveiled a rise in the interest rates on some of its policies. The news will be welcomed by savers who have been suffering amid the historically low interest rate environment. NS&I; said rates on its guaranteed growth bonds and guaranteed income ...



August 5, 2009

Top savers losing out

by David Masters
Top savers losing out
Savers with more than £25,000 stashed away saw their interest rates plummet 0.5% between February and May this year. A study of 725 savings products by private bank Investec found accounts with a balance of £25,000 or more had their interest rates cut by an average of 0.516% between 1 February and 1 May 2009. Instant access accounts were even harder hit, with interest rates ...



August 3, 2009

FSCS pays £21bn to protect UK savers

by Kay Murchie
”FSCS
The Financial Services Compensation Scheme (FSCS) has revealed a staggering £21 billion has been paid out to UK savers in the six months after the onset of the credit crisis. This compares with £1 billion in the seven years prior to the credit crisis. The FSCS, which is the body established to compensate victims of banking failures, reimburses up to ...



May 26, 2009

Survey reveals bleak picture for workers aged 50 and over

by Kay Murchie
Survey reveals bleak picture for workers aged 50 and over
A survey conducted by Help the Aged and Age Concern charity revealed that over half of workers over 50 may need to postpone their retirement since their savings and pensions have been hit by the economic downturn. While mortgage borrowers have benefited due to record low interest rates, savers have been hit, while pension funds have been ...



April 22, 2009

Isa allowance increase in budget gives savers hope

by Peter Charalambous
”Isa
There has been welcome news for savers in the budget today as savers over the age of 50 will be given the opportunity to increase their tax free savings in their Isas, as the limit is to increase from £7,200 to £10,200. For those over 50, the change will happen from 6 October and for all other savers from April ...



April 7, 2009

Savers befuddled by interest rate cuts

by David Masters
Savers befuddled by interest rate cuts
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, sixteen percent of those polled said the Bank ...



April 3, 2009

Co-op bank shines in the beleaguered banking world after profit announcement

by Peter Charalambous
”Co-op
The Co-operative Bank has increased profits by 70 percent (for the year to 10 January) as depositors fled to what has always been seen as the “boring bank” but in troubled times, many savers have warmed to its security. In a period where its competitors struggled, retail deposits increased by 17 percent whilst corporate deposits rose 27 ...



March 6, 2009

RBS denies mortgage borrowers full base rate cut

by Gill Montia
RBS denies mortgage borrowers full base rate cut
RBS and its subsidiary NatWest will only be passing on half of yesterday's base rate cut to mortgage customers on their standard variable rates (SVRs). The lenders are reducing SVRs by 0.25%, although they claim most customers will not be missing out because the majority are either on tracker or fixed-rate deals. In the case of the trackers, they will receive ...



March 5, 2009

Further blow to savers as UK interest rates cut to 0.5%

by Kay Murchie
”Further
As widely expected, the Bank of England has lowered interest rates to a new historic low of 0.5% as it continues its attempts at stimulating the economy. Since October, interest rates have been cut six times in a bid to fight off the recession but the latest cut has been widely criticised since they have done little, ...



March 4, 2009

BSA: Rate cuts an ‘assault’ on savers

by David Masters
Rate cuts an 'assault' on savers
Further cuts to the Bank of England's base rate (BBR) would be an 'assault' on both savers and borrowers, the Building Societies Association (BSA) said this week. The BBR is already at an all time low of 1%, and analysts widely expect the central bank to announce additional cuts later this week. However, the BSA warned that cutting the BBR again would be ...



March 3, 2009

Building societies benefit as savers seek save haven

by Kay Murchie
”Building
According to the Building Societies Association (BSA), over one million people opened a new building society savings account last year. Building societies have benefited since the collapse of Icelandic banks, Icesave and Kaupthing Edge, and the near collapse of Northern Rock, Bradford & Bingley, RBS, HBOS/Lloyds. The BSA said an additional 1.2 million accounts (net of closures) were opened during ...



February 8, 2009

Bank of England to assure Britons’ savers in its quarterly inflation report

by Kay Murchie
”Bank
The Bank of England’s quarterly inflation report, due to be published later this week, is set to reassure that savers in Britain have not been ‘abandoned’ following aggressive cuts in interest rates. The Bank of England’s Governor, Mervyn King, will insist that rates will return to normal levels as soon as possible, by steering the economy ...



February 4, 2009

Think tank believes rate cut this week is ‘pointless’

by Kay Murchie
”Think
An influential think tank believes that a cut in interest rates this week would not benefit the economy but said other moves such as the Bank of England purchasing corporate bonds would be better. The Bank of England’s Monetary Policy Committee begins its two-day rate setting meeting today and has aggressively cut rates since October last year when rates ...



January 15, 2009

Base rate cut angers Britain’s savers

by David Masters
Base rate cut angers Britain's savers
The Bank of England's 0.5% base rate cut has proved unpopular with Brits, according to the results of a new survey. An online poll by moneysupermarket.com found that over two thirds of 16,000 respondents were angry with the Bank of England's decision, which lowered the base rate to 1.5%, its lowest in over 300 years. Moneysupermarket.com's head of mortgages, Louise Cuming , ...



January 8, 2009

Base rate cut a double-edged sword for mortgage lenders

by Gill Montia
Base rate cut a double-edged sword for mortgage lenders
The director general of the Council of Mortgage Lenders has described today's cut in the Bank of England's base rate to 1.5% as a double-edged sword for lenders who rely on savings deposits to fund their mortgage businesses. Michael Coogan comments that while lower mortgage rates can provide borrowers with the opportunity to repay their mortgages early, lower savings ...



October 8, 2008

UK Icesave savers will get their money back

by Kay Murchie
”UK
Yesterday, it was warned that British savers of internet bank Icesave, an arm of Landsbanki, may struggle to claim their money. Earlier this week, the Icelandic Financial Supervisory Authority announced that the country's Government had seized control of Landsbanki, which owns Icesave. However, today Chancellor Alistair Darling has guaranteed that UK savers will get their money back. A spokesperson for the ...



October 1, 2008

Savings of up to £50k to be protected

by Kay Murchie
”Savings
The Government has announced its intention to guarantee bank deposits up to £50,000. With the global credit crisis showing no signs of abating and banks collapsing or being nationalised, Prime Minister Gordon Brown told the BBC he will do whatever it takes to protect people’s savings. The announcement comes after the Government of Ireland said earlier this week it will ...



August 6, 2008

Persimmon and Halifax promise to double deposits

by Gill Montia
Persimmon and Halifax promise to double deposits
Persimmon has joined forces with Halifax to help first-time buyers enter the property market. The housebuilder's "double your deposit" scheme does exactly what it says as long the funds are used to buy a new Persimmon home. To participate in the offer, a would-be homeowner needs to make regular deposits of up to £5,000 into a savings account with Halifax or Bank ...



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