Tag Archive: interest
Lloyds TSB enhances free overdraft facilities
Lloyds TSB is proposing to introduce or increase interest and fee-free amounts on planned overdrafts across its mainstream current accounts. From 2nd October 2012, the bank will: Introduce an interest and fee-free planned overdraft amount of £25 on its Classic … Read more
Britons lose billions with dead-end savings accounts
Which? is claiming that UK savers could be losing out on almost £13 billion in interest each year, by failing to switch savings accounts. New research from the consumer group found that 41% of the 1,800 savings accounts and cash … Read more
Britons waste £2.3bn a year by not switching credit cards
Britons are wasting around £2.3 billion a year by leaving their debts “languishing” on high-interest charging credit cards. New research from moneysupermarket.com indicates that nearly half of all credit card users don’t clear their balance in full each month and … Read more
Easy access accounts leave savers £629m worse off
Easy access savings accounts are costing UK savers £629 million in interest each year, or £78.50 per savings account, claims first direct. Research from the HSBC subsidiary shows that over the past decade, fixed-rate deals have offered better returns than … Read more
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 … Read more
Deflation pushes student loan interest rate below zero
From today, graduates paying off student loans taken out before 1998 will see their outstanding balances shrink, even when no payments are made. The UK’s government-backed student loans system uses the Retail Prices Index (RPI) to set an annual interest … Read more
Northern Rock defers interest on its debt
Northern Rock is to defer interest payments on some of its bonds, where such a facility is allowed. According to a BBC report, the nationalised bank will defer payment of all subordinated debt coupons until further notice and thereby conserve … Read more
Barclaycard makes costly reduction in minimum payments
Barclaycard is reducing its minimum monthly payment from 2.25% of card balance to 1.5%, or a minimum of £5. While the news could come as a relief to some customers it means that a £5,000 debt could take 98 years … Read more
ING makes offer to ex-Kaupthing savers
ING Direct is making offers to customers that were transferred to the Dutch e-savings provider from Kaupthing, when the Icelandic bank collapsed last October. Around £2.5 billion in savings with Kaupthing Edge and 160,000 customers were rescued by ING which … Read more
BoE figures show savings rates at record lows
Latest figures from the Bank of England show that average interest rates on branch-based instant access and notice accounts have fallen to record lows. In January, branch-based notice accounts paid an average 0.29%, down from 0.9% in December and 3.9% … Read more
One-third of savings account offer 0.5% return, or less
New research from uSwitch.com has revealed that one-third of UK savings accounts offer an interest rate of 0.5% or below. The return is equivalent to 12p a month or £1.41 over a year, on an average savings balance of £2,813. … Read more
Savings rate decline outstrips base rate cuts
New research from uSwitch has revealed that following recent cuts in the Bank of England’s base rate, around 76 savings providers have reduced interest rates. However, while the base rate has fallen by 2.5% since November, rates on savings accounts … Read more
Credit card providers discover the principle of fairness
Credit card companies have come up with a set of principles that should help customers who fall into arrears on repayments. Pressure has been mounting on credit card lenders since last month, when research from Defaqto showed the average annual … Read more
Interest rates fall in Eurozone, Sweden and New Zealand
The 1% cut in the Bank of England’s base rate announced yesterday was accompanied by a record reduction in the key interest rate of the European Central Bank (ECB), which slashed rates by 0.75% in an effort to address the … Read more
Banking Code to have statutory powers
New measures announced by prime minister Gordon Brown at yesterday’s State Opening of parliament mean that the voluntary banking code currently overseen by the British Bankers’ Association will be replaced by a statutory code. The reform will expose banks and … Read more
Savings account providers grasp base rate cut
New research from Moneyfacts.co.uk shows the extent to which UK savers are losing out as a result of this month’s cut in the Bank of England’s base rate, to 3%. The financial website has revealed that rates on almost a … Read more
Struggling credit card borrowers to get 30 days grace
Following yesterday’s meeting between credit card company chiefs and government ministers, a deal has been struck that means customers with large balances to clear should receive help more readily. The cost of borrowing on credit cards has risen over the … Read more
Ministers call credit card companies into line
Recent reports that credit card companies are increasing rates in time to catch out Christmas shoppers and in defiance of this month’s 1.5% cut in the base rate, have prompted ministers to meet with the bosses of leading credit card … Read more
RBS freezes overdraft charges for SMEs
Royal Bank of Scotland (RBS) has announced that it will freeze overdraft charges for small and medium sized enterprises (SMEs) for one year, from 1st December. In addition, no demands for immediate repayment of loans will be made, through the … Read more
Credit and store card rates nudge ever upwards
The cost of borrowing on bank and store credit cards is continuing to rise, despite recent cuts in the Bank of England’s base rate. Latest research from financial analyst, Defaqto, shows the average annual percentage rate for credit cards rising … Read more