Saving
Banks using "tied" offers to trap consumers in uncompetitive deals
Filed under: Mortgages, Saving
Britain's banks are trapping consumers in lacklustre deals by pushing mortgages and savings accounts that are limited to customers who have another product such as a current account with the same provider, according to consumer Champion Which?.
Its new research reveals that the number of deals offer on this basis has jumped since the beginning of the year as banks try to drum up business for their less competitive products by linking them to exclusive, but not always best buy, mortgage and savings offers.
Banks slash interest rates on the quiet
Filed under: Saving
Is your bank secretly cutting your savings rate? They've all been slashing rates left, right, and centre, and if you've taken a savings account out recently, you'll know about the very disappointing rates on offer. However, if you've hung onto an old account and not checked the fine print for a while, there's a good chance you're in for a nasty surprise, because according to Which? most banks are making cuts to their savings rates without telling us.
New high street bank opens its doors
Filed under: Credit Cards, Saving
Metro Bank has arrived. The first new high street bank for 150 years opens its doors this week. And a lot of people will be attracted by what Metro Bank is offering.As I blogged a few months back, Metro Bank is going for a stylish look as well as high standards of customer care. Some people have likened the interior to a swanky nightclub. And it's surprising how excited you can be that your bank has toilets.
78% of us don't bother with financial advice
Filed under: Saving, Investing
Are we all getting more confident about our finances again?We are increasingly taking our money into our own hands when it comes to investing, according to the latest research from Fair Investment Company. Many prefer to do their own research online or elsewhere rather than relying on financial advisers.
Economy booming again?
Filed under: Financial Crisis, Mortgages, Saving
The good news is that the economy's recovery from recession gathered steam between April and June. Britain grew by a whopping 1.1% - the highest growth rate in four years and almost twice as fast as expected in the second quarter.The bad news is that this will be seen by the government as justification for its drastic austerity measures. It will also give ammunition to those on the Bank of England's monetary policy committee who want to put up interest rates sooner rather than later - which would be bad for mortgage holders but good for savers.
Is there a fortune waiting for you in the bank? Can the government take it?
Filed under: Saving, Budgeting & Planning
Yesterday David Cameron announced that he plans to run the 'Big Society' using the £400 million that is sitting in 'dormant' bank accounts. He reckons he can use this cash, and combine it with private investment, to help people build the kind of community projects that change lives.It's a bold statement, and the critics and supporters are out in force today. But wait a minute... if Dave can easily get his hands on £400 million sitting in the bank, shouldn't we be checking whether we're entitled to some of this money too?
NS&I pull popular savings accounts
Filed under: Saving
National Savings and Investments pulled its most popular savings products yesterday, and cut rates on others to stem the flurry of investment over recent months.The Government's savings arm has seen an influx of deposits, with savers attracted to the potentially higher returns of NS&I's index-linked savings certificates, and the security of its fixed-interest products. The cut is a serious blow as we're faced with fewer and fewer choices to earn a decent return on our savings.
Do you hate your bank enough to move to a brand new one?
Filed under: Financial Crisis, Saving
There's a new breed of banks poised to hit British high streets. Metro Bank, 'Project New Bank', Tesco Bank and Virgin Money will soon become the first new banks to hit the high street in over 150 years. But are we ready for them? Let's be honest, we're hardly overly-enamored with our existing banks, so will these new banks turn the tide, or do we remain to be convinced?
Your money will be safer in the bank - but not totally safe
Filed under: Saving, Investing
We've always made certain assumptions about saving and investing. At the heart of any decision we have made is the thought of risk. If we were happy taking a risk, we'd invest in shares or something similar. If we wanted no risk at all, we'd stick the money in the bank.After the financial crisis we understand that our money isn't really safe anywhere. Today we hear the news that it should be safer in the bank. But just how safe will it be?
Brits raiding their savings pots
Filed under: Financial Crisis, Saving, Budgeting & Planning
Times are so tough that many people are being forced to raid their saving pots to pay the bills.Brits have shed the saving pounds, with two in five adults (38%) confessing to raid their savings in the last three months - by an average amount of £1,870, up from £1,499 previously. However, this is far short of the all time raiding high in July last year of £2,191.
