Women becoming savvier savers in 2010
by Richard Kilner
Story link: Women becoming savvier savers in 2010
Research commissioned by The Co-operative Bank reveals that three in four women will not embark upon impulse buying this year.
The findings also show that three in five women intend to spend less on clothing in 2010 and four in ten less on fashion accessories and eating out.
The continuing difficulties of the economy, which scraped out [...]
New voice for savers
by Gill Montia
Story link: New voice for savers
This week has seen the launch of a new advocacy group which claims 72% of British savers have not been supported or given a fair deal.
According to research from Save our Savers, the Government and policymakers bear the brunt of public blame, but respondents also want financial product providers to do much more to support [...]
Nationwide raises rates for Fixed Rate Bonds
by Richard Kilner
Story link: Nationwide raises rates for Fixed Rate Bonds
Nationwide Building Society has announced that it is increasing the rates available on a number of its Fixed Rate Bonds and e-Bonds, offering guaranteed interest rates for savers.
The products benefiting from the rate increases include the three year Fixed Rate Bond and e-Bond which offer 4.7% gross p.a./AER fixed for balances exceeding £25,000.
Customers will also [...]
Saffron Building Society launches new savings bond
by Richard Kilner
Story link: Saffron Building Society launches new savings bond
Saffron Building Society has announced it is launching a new six month fixed rate corporate savings bond.
The firm, which is a regional building society in East Anglia, will offer the new bond to limited companies, charities, clubs and associations who have larger deposits.
An initial deposit of £5,000 or more is required, and the maximum balance [...]
Consumers saved less during December
by Richard Kilner
Story link: Consumers saved less during December
Consumers are reducing their saving, according to Nationwide.
The building society has reported that during the build up to Christmas saving declined in importance for consumers, and that one in four are not saving anything at all.
In addition, less than half (45%) save regularly.
A combination of Christmas shopping and the impending VAT rise meant that Christmas [...]
Investors head for arts and antiques
by Gill Montia
Story link: Investors head for arts and antiques
Stock market uncertainty and low savings rates made their mark on the antiques market in the final quarter of 2009.
Research from the Royal Institution of Chartered Surveyors (RICS) shows silver and jewellery leading the way, with 50% and 37% of surveyors reporting rising rather than falling prices in these categories, respectively.
According to the RICS: “These [...]
Only 10,000 offshore savers opt for HMRC amnesty
by Gill Montia
Story link: Only 10,000 offshore savers opt for HMRC amnesty
HM Revenue & Customs’ disclosure opportunity for offshore savers has encouraged only 10,000 UK residents to settle their unpaid taxes.
The amnesty, which offered savers the chance to pay a mere 10% penalty on tax owed, ended on Monday and is expected to raise £500 million.
For those making a disclosure on paper, HMRC expects to receive [...]
Icelanders to vote on Icesave compensation
by Gill Montia
Story link: Icelanders to vote on Icesave compensation
Icelanders are to vote on whether to pay £3.1 billion in compensation to authorities in the UK and the Netherlands.
The debt relates to the collapse of Landsbanki in October of 2008, which left over 300,000 British savers with the bank’s Icesave brand with their accounts frozen.
Last week, the Icelandic parliament passed a bill authorising payment [...]
Offshore savers’ tax amnesty ends 4th January
by Gill Montia
Story link: Offshore savers’ tax amnesty ends 4th January
Offshore account holders are reminded that a “Disclosure Opportunity” for unpaid tax on interest expires at midnight on Monday 4th January 2010.
The original deadline of 30th November was extended by HM Revenue & Customs to give banks additional time to contact customers with offshore accounts.
Savers who come clean are liable to a fine of 10% [...]
Icelanders demand referendum on Icesave compensation
by Gill Montia
Story link: Icelanders demand referendum on Icesave compensation
Plans for Iceland to pay compensation of £3.4 billion to authorities in the UK and The Netherlands could be under threat.
The debt relates to the collapse of Landsbanki in October of 2008, which left over 300,000 British savers with the bank’s online Icesave brand with their accounts frozen.
The Treasury stepped in with a 100% guarantee [...]
Icelanders agree £3.4 billion in Icesave compensation
by Gill Montia
Story link: Icelanders agree £3.4 billion in Icesave compensation
The Icelandic parliament has sanctioned the repayment of £3.4 billion to authorities in the UK and The Netherlands.
The collapse of Landsbanki in October of 2008 left over 300,000 British savers with the bank’s online Icesave brand their accounts frozen.
The Treasury stepped in with a 100% guarantee for individual savers and stumped up £2.35 billion in [...]
Kaupthing investigated by SFO
by Gill Montia
Story link: Kaupthing investigated by SFO
The Serious Fraud Office (SFO) has launched an investigation into the UK activities of Kaupthing, the Icelandic bank that collapsed in October 2008.
Enquiries will centre on the bank’s Kaupthing Edge brand, which held money from over 30,000 individual British savers and organisations, and whether savers were misled into making deposits into accounts that promised high-yields. [...]
Best savings rates disappear
by Gill Montia
Story link: Best savings rates disappear
Moneyfacts is urging savers to stay alert because the best rates on the market are disappearing fast.
According to the financial information website, since the beginning of November 62% of savings product changes have been withdrawals and where replacements have been launched, returns are lower.
Fixed-rate offerings have been worst hit with last month’s top deals having [...]
Untaxed offshore savers face 200% penalty
by Gill Montia
Story link: Untaxed offshore savers face 200% penalty
The Chancellor of the Exchequer is raising the penalty for offshore bank account holders who haven’t come clean with HM Revenue & Customs to 200% of tax owed (currently 100%).
In his pre-Budget report, Alistair Darling declared: “I am determined to tackle activities, such as avoidance and evasion, which undermine tax receipts.”
He also confirmed that [...]
Brewin Dolphin attacks PBR on pensions
by Richard Kilner
Story link: Brewin Dolphin attacks PBR on pensions
Today’s Pre-Budget Report (PBR) has come under attack from Brewin Dolphin, which has criticised Chancellor Darling’s decision to reduce the qualifying earnings for higher rate tax relief to £130,000.
The firm lambasted the Government, stating that such action did nothing to reassure savers and was the work of inept policy-makers leaving people facing uncertainty.
Brewin Dolphin has [...]
Britons opt for savings stashed in cash
by Gill Montia
Story link: Britons opt for savings stashed in cash
The financial crisis has encouraged an increasing number of Britons to keep their savings close at hand, in the form of high denomination bank notes.
According to the Bank of England, the value of notes in circulation has been on the rise, despite the fact that less are being passed around the High Street where cash [...]
BSA calls for “level playing field” in UK financial services
by Gill Montia
Story link: BSA calls for “level playing field” in UK financial services
The Building Societies Association (BSA) is calling on the Government to create a “level playing field” in the UK’s financial services sector.
The Association believes its members are unfairly disadvantaged in the current regulatory environment, which demands lenders hold higher levels of capital.
The UK’s mutuals are limited in the ways in which they can raise funds [...]
Private banks: threats and opportunities abound
by Gill Montia
Story link: Private banks: threats and opportunities abound
Booz & Company has issued a report on the private banking sector which claims that London faces both significant threats and important opportunities as a global banking centre.
According to the management consultancy, income for UK private banks dropped by between 30% and 40% from 2007 to 2009, and changing tax regulations plus future tax uncertainty [...]
Consumer borrowing plummets as BS savings accounts raided
by Gill Montia
Story link: Consumer borrowing plummets as BS savings accounts raided
New figures from the Bank of England show consumer lending falling by a net £0.6 billion in October, with the decline well below the previous six month average of -£0.1 billion.
While credit card lending rose by £0.1 billion other loans and advances fell by £0.7 billion.
However, the Bank said the value of mortgages approved for [...]
HMRC extends amnesty for offshore savers
by Gill Montia
Story link: HMRC extends amnesty for offshore savers
HM Revenue & Customs (HMRC) has extended its amnesty for offshore savers.
The “Disclosure Opportunity”, which allows savers to settle up any outstanding tax, plus interest, plus a penalty of 10% of tax owed, now ends on 4th January 2010.
According HMRC, the extension from the previous cut off date of 30th November will give banks additional [...]
