Banking Times: Daily Banking News
 
 
Daily Banking Industry News
Saturday 05th of July 2008
January 2, 2008

Santander approach to A&L could commence period of consolidation

by Gill Montia

Story link: Santander approach to A&L could commence period of consolidation

Alliance & Leicester (A&L) is reported to have been in takeover talks with Grupo Santander, the owner of Abbey.
Although discussions are not currently taking place, a further approach from the Spanish banking group is a possibility.
Until recently, Santander had let it be known that it had no UK acquisitions planned and would focus on organic […]



December 5, 2007

Retirement prospects governed by lack of knowledge

by Gill Montia

Story link: Retirement prospects governed by lack of knowledge

New research from Abbey Savings indicates that over one-half of UK adults do not know how much money they need for their retirement.
Even amongst the over 65s, who are most likely already retired, 53% of those surveyed could not answer the question.
According to the research, 16% of respondents believed that they would be able to […]



November 22, 2007

Abbey abandons covered bonds issue as market closes

by Gill Montia

Story link: Abbey abandons covered bonds issue as market closes

Abbey has been forced to abandon a new issue of bonds, after interbank trading of covered bonds was suspended yesterday.
The covered bond market is currently an important source of liquidity for banks because covered bonds are regarded as very safe securities.
They are not only secured against quality mortgages but also allow the investor a claim […]



August 31, 2007

Penalty fees survey shocks BBA

by Gill Montia

Story link: Penalty fees survey shocks BBA

uSwitch, the price comparison website, has published the results of a poll in which over 4,000 of its customers were surveyed about the penalty fees charged by leading UK banks.
The research was conducted by YouGov and concluded that UK bank customers who have been charged such fees have paid an average of £742 each, over […]



August 30, 2007

Abbey launches 5% cash-back

by Gill Montia

Story link: Abbey launches 5% cash-back

Abbey will be providing its credit card customers with a 5% cash-back incentive, from 3rd September until the end of January 2008.
The scheme will apply to the first £1,000 of purchases from major UK supermarkets, bought with an Abbey credit card.
As the average household spends £190.23 per month in large supermarkets, the £1,000 limit could […]



August 3, 2007

Over 50s need to save more

by Gill Montia

Story link: Over 50s need to save more

Abbey Savings has been researching the savings market and looking in particular at people aged 50 and over. The bank maintains that the average amount saved by someone reaching their fiftieth birthday is £7,179.
This is a surprisingly low sum considering that in the UK, the over-50s hold 91% of savings and current account assets, 43% […]



July 16, 2007

Abbey has online glitch

by Gill Montia

Story link: Abbey has online glitch

In the latter part of last week, Abbey experienced some difficulties with its online banking, which meant that some of its account holders logged on to see details relating to other customers.
Site users were shown their own name but with the account details of an entirely different customer. Some reported that they could see details […]



July 6, 2007

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 […]



July 3, 2007

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 […]



July 2, 2007

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 […]



June 28, 2007

Abbey Launches 8% Current Account

by Gill Montia

Story link: Abbey Launches 8% Current Account

Abbey has put itself ahead of the market with the introduction of a current account that offers an eight percent rate of interest. The account will be available to new customers from July 2 and will pay eight percent credit interest on balances of up to £2,500, for one year only. This is conditional on […]