Savings News
Enjoy a cracking Christmas with ASDA's savings scheme
With Christmas just 12 weeks away and the Credit Crunch showing no signs of relenting, families everywhere are feeling the pinch, and undoubtedly many are worrying how they will pay for Christmas.
Leeds guarantees real return above soaring inflation
As the rate of inflation soars to a 16-year high and base rate falls below the rate of inflation for the first time since 1981, savers may begin to suffer from a negative real return.
Cater Allen savings are 100 per cent guaranteed by Abbey
Following enquiries and media commentary about the guarantees on savings, Cater Allen Private Bank would like to clarify its position.
Brits think the Government does not encourage them to save
Just under a fifth (19%) of consumers think the Government encourages them to put money aside while 41% think the Government discourages them, according to research from Nationwide Building Society.
Desperate Brits ditch pensions and insurance to save cash
Almost half of Brits (42%) have cancelled insurance or pension contributions in a bid to cut household expenditure and ease financial pressure, according to research from uSwitch.com.
Inflation eats into savings
The latest Consumer Prices Index (CPI) announcement reveals that inflation is currently running at 5.2%. This means that a basic rate taxpayer needs a gross return of 6.50% merely to keep pace with inflation.
Inflation wipes out savings interest
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "A combination of inflation at 5.2% and tax means that savers will now find it near impossible to earn interest on their money.
Brits tackle debt demons but turn backs on savings
The current economic climate has brought Britain's finances into sharp focus, marking the end of the ‘buy now, pay later' culture, but despite gathering economic gloom almost two in five Brits (37%) are saving less, according to a report by Lloyds TSB Consumer Banking.
Keeping savings safe
Just as the UK raised its Financial Services Compensation Scheme (FSCS) limit from £35,000 to £50,000 in an attempt to reassure savers, Iceland dropped the bombshell that its banking system could no longer cope under the strain of the credit crunch.
NS&I reduces interest rates on variable savings offers
NS&I (National Savings and Investments) is decreasing the interest rates on most of its variable savings offers by up to 0.50% per annum.
Scots tackle debt demons but turn back on savings
The current economic climate has brought the UK's finances into sharp focus, marking the end of the ‘buy now, pay later' culture, but despite gathering economic gloom, two in five (41%) Scots are saving less, according to a report by Lloyds TSB Consumer Banking.
Credit unions members reassured
The Association of British Credit Unions Ltd (ABCUL) has moved to reassure credit union members who may be concerned about the safety of their savings in credit unions as financial turmoil amongst mainstream institutions continues.
Debt levels increase sharply as credit crunch takes its toll
With the credit crunch in full swing, consumer borrowing has shot up to £5.9 billion in the second quarter of 2008, according to figures from Unbiased.co.uk. This marks a whopping £757 million increase compared to the same period in 2007.
Over 2 million savers switching accounts for financial security
Over 2.3 million savers have already taken steps to protect their cash by transferring their savings to a provider viewed as financially strong, or spreading their cash amongst a number of different providers, according to research from Abbey Savings.
FSCS protection for savers at Heritable and Kaupthing Singer & Friedlander
The Financial Services Compensation Scheme (FSCS) is helping to safeguard retail deposits held by approximately 180,000 retail customers of Heritable and Kaupthing Singer & Friedlander.