Savings and Accounts
FeedCompare current accounts for best deals
Money Expert
Aug 19th 2010
Filed under: Savings and Accounts, Banking
Banking offers that appear to be too good to be true, often are, and mask big fees or charges they incur elsewhere, a new study has found. Compare current accounts online to get the best deals now and avoid costly fees.Research from consumer group Which? shows that whatever deal we get on our current accounts we all pay for it somehow, whether it is through low credit interest, high overdraft charges or big fees on spending abroad. For example, the consumer champion's new research shows unauthorised overdraft charges with Santander could cost the consumer £1,140 annually.
The true cost of single life revealed
Money Expert
Aug 11th 2010
Filed under: Credit Cards, Personal Finance, Savings and Accounts
Single life on average costs £250,000 more over a lifetime on essential living costs than their coupled-up counterparts - shattering the illusion of it being one long party.But with more people living alone than ever before, follow these simple money saving tips to save.
Interest rates locked low at 0.5%
Christina Jordan
Aug 5th 2010
Filed under: Personal Finance, Mortgages, Savings and Accounts, News
This is the 17th month that interest rates have been locked at this record low, to the delight of many mortgage holders and the misery of the nation's savers. But is a rate rise on the cards soon?
Savers bail on Northern Rock
Helen Fowler
Aug 3rd 2010
Filed under: Economy, Markets, Personal Finance, Financial Crisis, Loans, Mortgages, Savings and Accounts, News , Banking
Savers have pulled out almost £2bn from Northern Rock - a result of the government stopping its 100% guarantee for deposits. Since late May, the government has backed only the first £50,000 of each customer's savings, standard practice across all UK banks. Are customers right to be so jittery?
Will new UK bank cut it?
David Burrows
Jul 29th 2010
Filed under: Savings and Accounts, Banking
Britain's first new high street bank for more than 100 years, opens its first branch to the public today but will it really prove the major shake up the UK's retail banking sector.
Certainly Metro Bank's launch couldn't come at a more opportune time – UK savers and investors have arguably never been so disillusioned with the banks in this country. Too long the high street names have taken business for granted and the financial crisis only helped to heighten public dissatisfaction – with near collapses and bailouts the order of the day.
Banks trap us in their clutches
Helen Fowler
Jul 28th 2010
Filed under: Investing, Personal Finance, Loans, Mortgages, Savings and Accounts, Banking
If your bank offers a product available only to existing customers, think twice before accepting. However attractive the offer may appear, it is likely to disappoint. Few tied products offer such a good deal as their providers would have us believe, warns Which? magazine. Only rarely are they good news for consumers, despite appearing in increasing numbers.
Eroded savings of UK's most vulnerable
David Burrows
Jul 27th 2010
Filed under: Investing, Savings and Accounts
The Court of Protection, set up three years ago to act in the interests of people suffering from Alzheimer's or other mental incapacity is not fit for purpose and is leaving the people it is supposed to protect out of pocket.This is the view of charity Action on Elder Abuse which insists low interest rate on money invested and hefty legal fees are seriously eroding the savings of the most vulnerable in society. The court has so far taken control of over £3bn of assets.
Consumers told to shield their pins
Press Association
Jul 27th 2010
Filed under: Personal Finance, Savings and Accounts
Consumers have been urged to avoid becoming victims of fraud by shielding their personal identification number (pin) when they enter it into a cash machine.ATM network Link said it had obtained video footage showing how criminals obtained consumers' pins at cash machines they had targeted.
Interest rates to stay at 0.5% till 2014
Adrian Holliday
Jul 26th 2010
Filed under: Debt, Economy, Financial Crisis, Savings and Accounts, Banking
Economic forecasters The Ernst & Young ITEM Club claims the Bank of England will be forced to keep interest rates at 0.5% until 2014. "A base rate of 0.5% will begin to look like the new normal," the group says.This is in contrast to what George Osborne's new Office for Budget Responsibility (OBR) which has signalled that rates will rise next year. Rates could even hit 3% by 2014 it has previously warned.
Equitable Life pensioners face meltdown
Adrian Holliday
Jul 23rd 2010
Filed under: Company, Economy, Savings and Accounts, Pensions, Banking
An equitable life? You must be joking. It's likely that the 1.5m victims of the Equitable Life saga will receive around just 10% of their total losses. Policy holders lost £4.8bn in total. Yet just £400m is likely to be paid out.Treasury minister Mark Hoban claims payouts will likely be capped at a maximum of a quarter lost. Payments won't be made at the earliest until next summer. Meanwhile 15 Equitable Life policy holders die every day. Already 50,000 have died since Equitable Life imploded a decade ago.
Tips to ease burden of University fees
Money Expert
Jul 23rd 2010
Filed under: Savings and Accounts
High University fees are a struggle for any family and the credit crunch has not made it easier. New research shows 82% of parents say the strain has increased since the recession.Review your savings and investment options now to take the financial strain of university.
NS&I pulls plug on index-linked savings
David Burrows
Jul 20th 2010
Filed under: Investing, Savings and Accounts
Life has just got a bit harder for those trying to make the most of low-risk investments. NS&I, has withdrawn its savings certificates from sale and reduced the rates on other products. This is bad news for savers struggling to make a return above inflation.
NS&I, the government backed savings institution, has confirmed that both its Fixed Interest Savings Certificates and Index-linked Savings Certificates have been withdrawn. In addition, the rates paid on NS&I's Direct Saver and Income Bonds have been cut by 0.25%.
UK banks ripping consumers off - Cable
Adrian Holliday
Jul 19th 2010
Filed under: Company, Personal Finance, Savings and Accounts, Banking , Retail
UK banks are continuing to rip consumers off - particularly on overdraft rates. A new Panorama program to be broadcast tonight will show how some banks are charging up to 365% interest rates for unauthorised overdrafts. Worst offenders include big names like Barclays and Bank of Scotland (part of the Lloyds group and part-owned by the taxpayer). Vince Cable has criticised the banks for ripping off customers and says he's determined to see a more competitive UK banking sector.
Hidden drawbacks of equity release
Helen Fowler
Jul 14th 2010
Filed under: Personal Finance, Savings and Accounts, Pensions, News , Property
Increasing numbers of cash-strapped pensioners are unlocking money tied up in their homes. But there may be drawbacks to using your home to generate income, warns a leading UK charity. Any money released could stop you qualifying for means-tested benefits. You might be better moving to a smaller, less expensive property. Daily Finance has compiled a list of issues to consider.
Savings alert has been heard
Money Expert
Jul 10th 2010
Filed under: Personal Finance, Savings and Accounts
An expert has said that the credit crunch has alerted consumers to the need to increase and diversify their savings more as an alternative to borrowing. One benefit of the economic crisis is that people have been made to "sit up and take notice" of the need to make the most of their savings.Director of ARK Financial Planning Phil Perry stated that his company has seen a rise in the number of people looking to extend their savings beyond standard deposit accounts. He said an effect of the credit crunch was that many people found a lack of savings to be problematic, as this increased the need for more borrowing.
