Launch of Deferred Debit Card
by Gill Montia
Story link: Launch of Deferred Debit Card
Cater Allen, a division of the Banco Santander private banking unit, has launched a new VISA Deferred-Debit Card.
The new card will allow clients to continue to earn interest on the balance in their account until their statement date, and the balance will include their spending on the card.
Clients’ transactions will be shown as pending against [...]
Lenders Respond to Base Rate Rise
by Gill Montia
Story link: Lenders Respond to Base Rate Rise
Since last Thursday’s rise in the Bank of England’s base rate from 5.5% to 5.75%, mortgage and savings rates have begun to increase.
According to Moneyfacts, the financial information service, it could be months before the majority of banks, building societies and other financial institutions have made decisions about their interest rates.
However, all the larger lending [...]
Bailiffs May Visit Abbey Branch
by Gill Montia
Story link: Bailiffs May Visit Abbey Branch
Abbey is making local headlines because one of its Manchester branches has failed to repay £2,769 to a customer who has successfully sued the bank for excessive overdraft charges.
The court order has so far been ignored and bailiffs may be visiting the branch as early as next week, if Abbey fails to settle up with [...]
Fixed Rate Borrowers Face Remortgaging Shock
by Gill Montia
Story link: Fixed Rate Borrowers Face Remortgaging Shock
Yesterday’s base rate increase to 5.75% has been followed by a number of bodies voicing concerns about the number of fixed-rate mortgages about to come to and end and the pressures that will be put on homeowners when they come to re-arrange their borrowing.
During 2005, when interest rates fell to 4.5%, fixed-rate mortgages became highly [...]
HMRC Wants Access to Bank Accounts
by Gill Montia
Story link: HMRC Wants Access to Bank Accounts
HM Revenue and Customs (HMRC) is considering plans to recover monies owed from the bank accounts of people who have not paid their taxes.
Currently, HMRC brings approximately 200,000 court cases against payment defaulters each year but the process is both costly and bureaucratic.
The new proposals could allow it to take immediate action against long-term debtors [...]
Consumers Give High Street Presence Priority
by Gill Montia
Story link: Consumers Give High Street Presence Priority
Deloitte, the consultancy group, has published research showing that the majority of customers prefer their bank to have a High Street presence, despite the growth in the number of account holders managing their finances online, which now exceeds one-third.
The Deloitte survey reveals that six out of ten people would not choose a financial service provider [...]
Base Rate Increases to 5.75%
by Gill Montia
Story link: Base Rate Increases to 5.75%
The Bank of England has increased its base rate from 5.5% to 5.75%. The increase is the fifth since August 2006 and follows warnings from the Bank’s Monetary Policy Committee (MPC) that inflationary pressures remain a danger.
The content of the MPC’s statement accompanying the news was similar to the one issued in May, when the [...]
Pension Survey Highlights a Need for Personal Provision
by Gill Montia
Story link: Pension Survey Highlights a Need for Personal Provision
Birmingham Midshires, part of the Halifax Group, has published the results of a pension survey indicating that under a fifth of those who are approaching retirement, and reliant solely on the UK state pension, are optimistic about being able to make ends meet.
In the over 55 age range, only 15% of those with no personal [...]
Higher Interest Rate Forecasts Remain Solid
by Gill Montia
Story link: Higher Interest Rate Forecasts Remain Solid
There has been no change in the recent predictions that the Bank of England will raise its base rate to 5.75% on Thursday 5th July, when the Monetary Policy Committee (MPC) next meets.
Whilst the rate remained at 5.5% following the meeting of the MPC in June, four of the nine members of the Committee were [...]
Debit Card Growth Outstrips Other Plastics
by Gill Montia
Story link: Debit Card Growth Outstrips Other Plastics
APACS, the UK trade association for institutions that provide payment services, has reported that UK consumers spent a record amount on their payment cards during 2006.
In total, purchases amounting to £321 billion were made using debit, credit and store cards during the year, representing a three-fold increase over the past 10 years.
Debit cards were increasingly [...]
Abbey Entices Monthly Savers with 10% AER
by Gill Montia
Story link: Abbey Entices Monthly Savers with 10% AER
Abbey account holders are being offered a Super Monthly Savings account that will pay interest at 10% AER.
The new account, which is already available, is for customers who want to save regularly over a 12 month period.
Participants will need to make fixed payments for 13 consecutive months; the amount of the deposit can be between [...]
HSBC Appointment Underlines Environmental Policies
by Gill Montia
Story link: HSBC Appointment Underlines Environmental Policies
HSBC, world’s third-largest bank, has appointed Sir Nicholas Stern to work on a part-time basis as a special adviser.
Sir Nicholas is an academic, based at the London School of Economics, and is best known for his report on climate change, which was published in 2006 and warned that global GDP could decrease by 20% if [...]
NCC Berates Banks on Charges
by Gill Montia
Story link: NCC Berates Banks on Charges
The banking sector is once again facing criticism over its charges. The National Consumer Council has described the variety and complexity of current accounts available as a jungle and is particularly concerned for low-income account holders, who face charges of up to £39 for exceeding an overdraft limit.
The Council is recommending that regulators should ensure [...]
New Barclaycard to Combat Climate Change
by Gill Montia
Story link: New Barclaycard to Combat Climate Change
Barclaycard has launched a new credit card designed to appeal to those with environmental concerns.
Barclaycard Breathe aims to help consumers combat the effects of climate change by offering discounts and low rates for a range of products and services which promote a greener lifestyle.
The card, which has a standard rate of 14.9%, offers a 5.9% [...]
Abbey Borrowers Face Lengthened Mortgage Terms
by Gill Montia
Story link: Abbey Borrowers Face Lengthened Mortgage Terms
Some homeowners who have mortgages with Abbey may have to face the prospect of paying their mortgages for 15 years longer than expected, as a result of a communications error made by the bank in the late 1980s and early 1990s.
The number of borrowers affected could be in the thousands because the bank routinely extended [...]
