Savings News
Worried savers demand protection after ‘Northern Wreck’
Savers are demanding the authorities increase the level of compensation paid when a bank goes bust after the Northern Rock crisis dramatically highlighted the risks to cash in the event of a collapse, new research from MoneyExpert.com shows.
Savers are far more cautious after Northern Rock scare
Consumers are exercising far more caution about where they put their savings, says Jim Spowart of Peopleschampion.com, the Scottish price comparison site which celebrates its first anniversary this week.
Savings reach record August high
Building society gross advances amounted to £4,341m in August 2007, compared to £5,582m in August 2006, according to the Building Societies Association (BSA).
moneysupermarket.com sees increase in traffic
Talking about Northern Rock and the impact on the moneysupermarket.com website, Kevin Mountford, head of savings at price comparison website moneysupermarket.com, said:
Zurich launches next in the series of Guaranteed Accounts
Zurich has launched the next in the series of Guaranteed Capital Accounts, designed to give customers access to a structured product throughout 2007.
Alliance & Leicester launch 6 year Growth & Income account
Alliance & Leicester has launched a new tranche of its 6 year Growth & Income account paying 8.00% gross/AER on half of the money invested, whilst the other half receives 50.00% of any growth in the FTSE 100 index. The new product will be open for investment for ten weeks from Friday 14 September 2007 to Friday 22 November 2007.
Northern Rock savers don’t panic
The shock news that Northern Rock has been assisted by the Bank of England, acting in its capacity of lender of last resort, may cause concern for Northern Rock savings customers.
Stroud and Swindon’s savings rates
Commenting on the launch of Stroud and Swindon’s new one year 7.05 per cent bond and other increases in savings rates, Kevin Mountford, head of savings at moneysupermarket.com, said: “What a result for savers! Providers look set to climb over each other with more competitive rates as they battle to raise customer deposits.
Savings rates break the 7% barrier
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “The saving frenzy of last week has continued at full strength. Today sees fixed rates top 7% for the first time in over 6 years.
£21,888 is the saver’s salary
More than one in two British people say they don’t earn enough to save on a regular basis, according to new research from Birmingham Midshires.
N&P increases fixed savings rates
Due to the continuing changes in short-term money market rates, Norwich and Peterborough Building Society (N&P) is increasing the rates of interest paid on its six month and one year Fixed Rate Bonds, and its one year Fixed Rate Mini Cash ISA, with effect from 14 September.
People with a financial adviser much more likely to save
Less than a quarter of people have regular access to a financial adviser - but those who do are considerably more likely to be saving for their future, according to research from Standard Life.
Wonder women are super at savings
Abbey’s new super range of savings products are attracting women to saving and investing, according to Abbey Saving’s new openings data.
Fair Britannia returns money to members
Britannia Building Society is returning an additional £2 million to its members, following a "fairness" challenge to HM Revenue & Customs.
Abbey launches 50% growth plan
Abbey has launched a new 50 per cent Growth Plan linked to the FTSE 100. If the Index has risen by any amount at the end of its full term, the Plan will pay back 50 per cent on the initial investment.