Savings News
Icesave default paves the way for help for 300,000 UK consumers
The UK authorities and FSCS are stepping in to help customers of Icesave after the firm was declared in default today (8 October 2008) by the Financial Services Authority (FSA).
Kaupthing Singer & Friedlander
The Chancellor has taken action today to protect the retail depositors in Kaupthing Singer & Friedlander, a UK-based banking subsidiary of Kaupthing Bank.
ING buys Icelandic bank savings
Commenting on ING Direct UK acquiring more than £3bn of deposits held by UK savers with Icelandic-owned banks, Kevin Mountford, head of banking at moneysupermarket.com, said: "This will surely come as welcome news for the thousands of savers watching nervously as their banks struggle for survival.
Heritable Bank savers left in limbo
Kevin Mountford, head of savings at moneysupermarket.com commented: "Just when it look liked Icesave, which today closed for withdrawals, would be the first Icelandic casualty in the UK, Landsbanki's other UK brand Heritable Bank has gone into administration.
UK Government has a duty to bail-out Icesave customers
David Kuo, Head of Personal Finance at money website Fool.co.uk, says: "The UK Government must step in without delay to keep British Icesave customers properly informed. There are a lot of worried customers, and they are anxious because they do not know whether their money is safe.
Government backed savings providers deter customers
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "Northern Rock has once again pulled more of its savings products, while National Savings and Investments (NS&I) have cut rates in a move to deter savers who are looking to take advantage of the 100% government guarantee.
National Savings and Investments rate changes
NS&I (National Savings and Investments) is decreasing the interest rates on some of its variable savings offers by up to 0.20% per annum from 7 October 2008.
Savers take shelter during economic storm
Nervous British savers are turning to safer saving avenues as the UK Government keeps its plans under wraps, Fairinvestment.co.uk traffic has shown.
Northern Rock pulling further accounts
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "It seems that by cutting rates and culling their best paying accounts has not stemmed the stampede of savers rushing to get money into Northern Rock.
British savers want Irish guarantees
Four out of ten British savers want unlimited guarantees for their money according to new data from money website Fool.co.uk . The raising of the UK compensation scheme to £50,000 may be too little too late.
Mutuals reign supreme on consistency
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "The past few weeks have shown that the consequence of the credit crunch is not just a mortgage problem, but has now arrived on the doorstep of most savers as well.
Alliance & Leicester reviews savings rates
Alliance & Leicester is making changes to its savings products. These changes will take effect from Monday 6 October 2008.
Compensation scheme to cover savers' claims up to £50,000
The Financial Services Authority (FSA) has increased the compensation limit for bank deposits from £35,000 up to a total of £50,000 for each customer's claim.
Increasing savings compensation will help provide confidence
Director at Fairinvestment.co.uk, James Caldwell comments on Gordon Brown's announcement that the savings compensation limit will be raised from £35,000 to £50,000.
Lloyds TSB bolsters savings range
In response to demand for its savings products, Lloyds TSB has launched two new savings accounts, each offering customers the opportunity to earn up to 6.00 per cent interest on their savings.