HSBC supports OFT’s PCA findings
by Richard Kilner
Story link: HSBC supports OFT’s PCA findings
The OFT’s investigation into personal current accounts, and the recommendations it made subsequently, have been welcomed by British banking giant HSBC.
HSBC has said that it backs the OFT’s view that customers have seen great improvements in transparency and the range of options available to them in recent years.
The report by the OFT revealed that, since [...]
Consumers see unarranged overdrafts improve
by Richard Kilner
Story link: Consumers see unarranged overdrafts improve
Consumers are now benefiting from a number of improvements in unarranged overdrafts, following a report by the OFT in 2008 which highlighted a number of problem areas including lack of transparency and the perception of difficulty in switching accounts.
Since 2007, average unpaid item charges have fallen from £34 to £17, with per item transaction charges [...]
Nationwide reports increasing number of savers
by Richard Kilner
Story link: Nationwide reports increasing number of savers
Nationwide Building Society has reported that the total number of savers is now at its highest level since May 2008.
In February eight out of 10 consumers described themselves as either regular or occasional savers, a rise that may be due to the corresponding increase in consumer confidence.
The last Nationwide Consumer Confidence Index saw a six [...]
Offshore tax amnesty deadline draws close
by Gill Montia
Story link: Offshore tax amnesty deadline draws close
Savers with offshore accounts who have informed HM Revenue & Customs that they are taking advantage of its latest disclosure opportunity are reminded that they have until 12th March to settle-up online.
The deadline for those completing a disclosure on paper passed on 31st January and HMRC expects online participants in the amnesty to pay all [...]
Co-operative reports widespread ISA ignorance
by Richard Kilner
Story link: Co-operative reports widespread ISA ignorance
The Co-operative Financial Services (CFS) has commissioned research which reveals more than three-quarters of over 50s are unaware of what the cash ISA allowance is.
Older generations are less knowledgeable than younger ones, presumably because of the change to allowances which affects only the over 50s.
A third of the over 50s erroneously believe that their cash [...]
End time for Northern Rock’s 100% savers’ guarantee
by Gill Montia
Story link: End time for Northern Rock’s 100% savers’ guarantee
The 100% guarantee on deposits currently enjoyed by Northern Rock savers will come to an end on 24th May 2010.
From then on, customers of the nationalised bank will be covered by the Financial Services Compensation Scheme (FSCS), which currently offers protection of up to £50,000 per individual.
Anyone opening an account before the deadline will automatically [...]
Nationwide launches new ISA range
by Richard Kilner
Story link: Nationwide launches new ISA range
Nationwide Building Society has today launched a new ISA, the Champion ISA, which pays up to 2.50% gross p.a./AER variable.
The Champion ISA will be available to new and existing customers from any Nationwide branch, with the core rate set as the average from branch-based cash ISAs from a basket of eight key competitors.
Until the end [...]
Equity ISAs grow in popularity
by Richard Kilner
Story link: Equity ISAs grow in popularity
It is proving a record year for ISA subscriptions according to independent private client investment manager Brewin Dolphin.
The news follows the increase of the ISA limit, with Brewin Dolphin witnessing investments of £161m compared to £75m for the same time last year.
This comes despite the National Savings & Investments’ findings that a quarter are unaware [...]
ISA facts and figures from Halifax
by Gill Montia
Story link: ISA facts and figures from Halifax
Halifax has been reflecting on a decade of Individual Savings Accounts (ISAs) to reported that 37% of UK households now have one of the tax-free savings accounts.
ISAs were introduced in 1999 to replace TESSAs and PEPs and not surprisingly, the South East has the highest proportion of households with an ISA, at 44%.
The proportion is [...]
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 [...]
