Banking
BBA responds to uSwitch survey
Responding to the uSwitch Credit Card Affordability Survey, Angela Knight, chief executive designate of the British Bankers' Association said:
Ask me no questions and I’ll tell you no lies
Uswitch.com challenges the banking code standards board to make income and affordability checks compulsory for all unsecured lending products.
More partnerships on financial inclusion
Citizens Advice today helped launch ‘Now let’s talk money’ - the Government’s campaign to help people on low incomes become more financially secure - and encouraged more partnership working to achieve financial inclusion.
Lloyds TSB’s ‘Save the change’ goes live
Lloyds TSB’s ‘Save the Change’ launches today – giving millions of debit card customers a hassle-free way to get into the savings habit.
Credit Unions back Government’s “now let’s talk money” campaign
ABCUL – the Association of British Credit Unions, is backing the Government’s “now let’s talk money” campaign.
UK works 31 days solid just to clear interest on debt
As many employees open a long awaited January pay slip, experts warn that interest on personal debt has swallowed up the entire month’s earnings.
Millions ignore identity theft advice
Despite a major public awareness campaign, people are not taking simple steps to protect themselves from the perils of identity theft, warns credit reference agency Callcredit.
Interest rates and the UK stock market
Early in January, the Bank of England caught the market by surprise by raising interest rates by 0.25% to 5.25%.
Alliance & Leicester and Asda extend banking relationship
Alliance & Leicester Commercial Bank and Asda have announced that they are to extend their banking relationship.
Double win for switchers
Customers of the Big 4 High Street banks now have two more reasons to switch their current account to Halifax.
HSBC ups regular saver for plus, premier and passport customers
HSBC customers are set to benefit from the launch of the bank’s new 10 per cent Regular Saver, available to Bank Account Plus, Premier and Passport customers from Monday 5 February. The bank is also offering six per cent credit interest on balances up to £2,500 fixed for 12 months to new Bank Account Plus customers opening an account before 1 April, 2007.
Rate benefits of overseas mortgages at risk through uncompetitive currency transfers
Nearly a third of all Brits buying property in France are choosing French mortgage providers according to Crédit Foncier de France, France’s number one mortgage provider.
Brits jump ship when service gets poor – not when the rates get good
People are notorious for seldomly switching their current accounts. Research from moneysupermarket.com shows nearly two in five people (39 per cent) have never changed their current account despite providers hitting the market regularly with appealing credit balance and overdraft interest rates – there are currently 14 offering rates above three per cent, of which six offer rates over five per cent. In fact only eight per cent of current account holders switched in the last year, testament that this lure is largely unsuccessful.
Cash machine safety
APACS, the UK payments association, has today (26 January 2007) highlighted two initiatives to help raise awareness of cash machine crime prevention:
uSwitch.com comments on Abbey's increase to their current account rate
Nick White, Director of Personal Finance at Switch.com, comments on Abbey’s increase to their current account rate from 6% AER to 6.3% AER for new customers from the 1st February 2007 – the move comes just one month after their increase to preferred overdraft rates from 9.9% EAR to 10.9% EAR for both new and existing customers: