Halifax offers up to 12% on Regular Saver
by Gill Montia
Story link: Halifax offers up to 12% on Regular Saver
Halifax is today launching a savings account that pays interest at up to 12%.
The credit crisis has prompted banks and building societies to increase savings rates, as a shortage of cash on the money markets has forced them to become more reliant on consumer deposits.
However, Halifax is well ahead of the field with its latest […]
Building Society cash inflows rise 70%
by Gill Montia
Story link: Building Society cash inflows rise 70%
The Building Societies Association (BSA) has reported record inflows from savers for March.
During the month, around £1.26 billion was received in cash deposits, a 70% rise on March 2007’s takings of £0.7billion. Building society net receipts to cash ISAs were £529 million compared to £683 million in March 2007.
Since the Northern Rock crisis last […]
Teenagers show promise in financial management
by Gill Montia
Story link: Teenagers show promise in financial management
The reputation held by British teenagers for squandering their own and their parents’ hard earned cash is under threat.
According to research undertaken for The Children’s Mutual, which specialises in the investment of Child Trust Funds, the nation’s teenagers are far more responsible with money than parents believe.
The Trust Fund Generation report, which has been prepared […]
Moneysupermarket: check the small print on savings
by Richard Kilner
Story link: Moneysupermarket: check the small print on savings
Although frequent headlines describe the current financial turbulence, there is an upside.
In the UK today there are a plethora of savings accounts providing good rates of interest, according to price comparison site moneysupermarket.com.
However, the website’s savings chief Kevin Mountford warns that a number of these accounts offering impressive interest rates are contingent upon also opening […]
HSBC launches Cash e-ISA at 6% AER
by Gill Montia
Story link: HSBC launches Cash e-ISA at 6% AER
HSBC has launched a new Cash e-ISA at a variable interest rate of 6% AER. Savers will need to apply online and require £1 to open their account.
However, the ISA is only available to existing HSBC customers, newcomers will need to first open an HSBC bank account.
No notice period is required on withdrawals and interest […]
Building society savings hit ten-year high
by Gill Montia
Story link: Building society savings hit ten-year high
The Building Societies Association (BSA) has reported that the net inflow from savers for February stood at £1.3 billion.
The level was at its highest for over ten years and compares with £782 million in February 2007.
Net receipts to cash ISAs in February 2008 were £130 million, compared to £123 million a year earlier.
Brian Morris, head […]
Dramatic reduction in UK pension contributions
by Gill Montia
Story link: Dramatic reduction in UK pension contributions
Over the past year, UK workers have almost halved the amount they pay into their pensions.
Research from Prudential shows that employees were putting an average of £279 a month into their private or company pension schemes at this time last year, since when the figures has declined to £145.
According to Prudential, employees were not saving […]
Britons save more as consumer confidence wanes
by Gill Montia
Story link: Britons save more as consumer confidence wanes
Britons have been saving more since the end of last year, prompting fears that a downturn in consumer spending will cause a slowdown in the economy.
Official figures show that growth in consumer spending fell to a two-year low of 0.1% in the fourth-quarter of 2007.
The level of growth was around half that forecast and […]
Savings Gateway scheme offers £375 match funding
by Gill Montia
Story link: Savings Gateway scheme offers £375 match funding
The Chancellor of the Exchequer, Alistair Darling, announced details of the new Savings Gateway scheme in this week’s Budget.
The scheme is aimed at the less well-off, such as those claiming child tax credits and income support.
Banks and building societies will be charged with promoting the scheme, which will run for two years, at which point […]
Barclays reports 26% rise in Isa take-up
by Gill Montia
Story link: Barclays reports 26% rise in Isa take-up
Barclays has reported a 26% increase in the number of individual savings accounts (Isas) opened in January and February of this year, compared with the same period in 2007.
The bank is interpreting the rise as evidence that investors remain confident in the medium and long-term performance of Isas, despite the recent turmoil on the global […]
Building Societies report record deposits
by Gill Montia
Story link: Building Societies report record deposits
The Building Societies Association (BSA) has recorded the largest monthly inflow of savings since 1997.
In January, deposits totalled £597 million, having been steadily rising since last summer and the advent of the credit squeeze.
Commenting on the figures, Adrian Coles, Director General of the BSA, said: “January figures often show a net outflow as families pay […]
Countdown on ISAs
by Gill Montia
Story link: Countdown on ISAs
Savers are being reminded to take advantage of an Individual Savings Account (ISA) before the tax year ends on the 5th April.
The ISA rules are changing in the new tax year but there is still time to invest up to £7,000 in a maxi stocks and shares ISA; £3,000 in a cash mini ISA and […]
Savings increase along with withdrawals
by Gill Montia
Story link: Savings increase along with withdrawals
Latest research from Birmingham Midshires, the mortgage lender, has revealed that more people now have, and are making use of, savings accounts.
Sixty-nine per cent of respondents to the survey reported that they are now saving regularly (a 3% rise on January 2007).
However, UK consumers are also spending more and widening an existing savings deficit.
Those questioned […]
FSA supports new parents with money guide
by Gill Montia
Story link: FSA supports new parents with money guide
The Financial Services Authority (FSA) is to provide new parents with money advice packs that contain information on budgeting, benefits and the cost of childcare.
The Parent’s Guide to Money (PGM), which will be distributed by midwives to mothers in the early stages of pregnancy, will also contain information on maternity leave and Child Trust Funds.
The […]
Ethical investments seen as lower risk
by Gill Montia
Story link: Ethical investments seen as lower risk
The UK’s savers are apparently wising-up to the benefits of ethical investments.
According to the Ethical Investment Research Service (EIRS), the number of people seeking to invest in ethical funds is “rapidly growing”.
While in recent years interest in ethical and green products has been gaining pace generally, Mark Robertson, a spokesman for EIRS believes that some […]
FSA changes to investment business disclosure
by Gill Montia
Story link: FSA changes to investment business disclosure
The Financial Services Authority (FSA) is developing a new regime for the conduct of investment business.
Following the introduction of a “principles-based approach to disclosure” in the FSA’s Conduct of Business Sourcebook published last November, the regulator plans to introduce a single disclosure document.
The document will combine the information enclosed in the Menu and Initial Disclosure […]
Strong competition boosts savings rates
by Gill Montia
Story link: Strong competition boosts savings rates
Despite two recent cuts in the Bank of England’s base rate, savers are benefiting from strong competition among banks and building societies.
Leading lenders are keen to reduce reliance on the wholesale money markets by increasing deposits and are therefore offering some attractive rates.
According to Moneyfact.co.uk, the financial comparison website, savings rates are as much as […]
Egg drops unprofitable customers
by Brian Turner
Story link: Egg drops unprofitable customers
Internet banking service, Egg, has told 161,000 customers by letter that they will no longer be able to use their credit card after 35 days time.
Egg - recently bought by Citigroup - insisted that the customers it was dropping were “high risk”.
However, reports from angry consumers suggests that it is actually those who pay no […]
Tesco Latest To Announce Withdrawal Of Cheques
by Stewart Douglas
Story link: Tesco Latest To Announce Withdrawal Of Cheques
The UK’s largest retailer Tesco has today announced that it will no longer be prepared to accept cheques as payment for its goods, in a bid to streamline the retail process and bring about improved security throughout its retail operation, following similar moves by a significant number of retail groups over the last few months.
Cheques […]
Social forum promotes Ethical Investment Week
by Gill Montia
Story link: Social forum promotes Ethical Investment Week
The UK Social Investment Forum (UKSIF), a membership network for sustainable and responsible financial services, is launching a new website aimed at increasing participation in the UK’s first National Ethical Investment Week (NEIW).
The event, which will be held between 18th and 24th May this year, marks the first occasion on which the financial services industry […]
