Savings News

ABI calls for Chancellor to promote saving and stability

With the economy in choppy waters, the Government should promote financial security and the level of savings as well as help UK businesses says the ABI in a new report.

Savers unaware of real effects of inflation and tax

British savers still suffer from a lack of knowledge about the effects of inflation and tax on their savings when choosing the right nest egg for their money, despite wide coverage of the credit crunch and its implications, according to research from NS&I (National Savings and Investments), the government-backed savings and investments organisation.

Savings rates falling

Commenting on the immediate withdrawal of Birmingham Midshires' 7.17 per cent AER and Bank of Cyprus' 7.15 per cent AER one year fixed-rate bonds, Kevin Mountford, head of savings at price comparison site moneysupermarket.com, said: "It had to happen sooner or later and it looks like things may have gone ‘pop' for fixed rate bonds.

University challenged

The Association of Investment Companies' (AIC) annual survey into attitudes towards university debt reveals that over three quarters (78%) of parents believe that the credit crunch will make it harder to support their child financially through university.

More good news for savers

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "Amongst the negative stories that have come out in recent months, there is one aspect of personal finance which continues to flourish.

Inflation erodes returns on savings

The latest Retail Prices Index reveals that inflation is currently running at 4.6%. This means that higher rate taxpayers need to get a gross return of 7.67% merely to keep pace with inflation. For basic rate taxpayers the return required is a rather more attainable 5.75%.

Lack of financial planning forces Brits back to work

Brits are being forced to delay their retirement, or return to work due to their failure to plan for their retirement, according to research from Zurich.

Just a quarter of consumers think saving is very important

Consumers increasingly think saving is less important than it once was, according to research from Nationwide Building Society.

MoneyExpert.com: "Bank of Mum & Dad"

Sean Gardner, director of MoneyExpert.com, said: "The Bank of Mum and Dad is perhaps more exposed to an economic downturn than most.

ifs ProShare calls on Chancellor to lift SAYE savings limit

ifs ProShare, a member led organisation that acts as the voice of the employee share ownership industry, has today written to Chancellor Alistair Darling urging him to increase the maximum amount employees can save in a Save-As-You-Earn employee share plan.

Saga personal finance offers more to savers

Saga Personal Finance announced that it is now giving customers an even wider choice of high-interest savings products with the new issue of three attractive saving products. It is also increasing the interest rate on its online savings account to 6.44% AER.