Savings
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.
A&L increases interest rate on online tracker savings account
Alliance & Leicester increases the interest rate on its online tracker savings account to 6.30% AER. Hetal Parmar, Manager for Savings at Alliance & Leicester, said: "I am delighted to announce these changes to our Online Tracker account;
Egg launches introductory savings offer
Egg, the online bank, is offering a new rate on its internet Egg Savings Account. For just £1, savers can earn up to 6.55% AER (variable). This includes a variable bonus rate of 1.80% gross pa for the first 12 months from account opening.
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.
Children in Harrow have the highest savings balances in UK
Children in Harrow, Greater London, have the highest savings balances in the UK with an average balance of £2,193, followed by two other London boroughs, Brent (£1,927) and Barnet ( £1,896), according to the Halifax Children’s Savings report.
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.
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).
Savings providers pulled both ways as HBOS removes bonds
Commenting on HBOS' move to pull bonds provided through the Birmingham Midshires, AA and SAGA brands, Kevin Mountford, head of banking at moneysupermarket.com, said: "Whilst HBOS pulled its products before today's rate cut, this move surely heralds a change in the winds of fixed rate savings.
Coventry's 50 Plus eSave remains fixed at 6.25%
Coventry Building Society, the fourth largest building society in the UK, announces its best buy 50 Plus eSave account will remain fixed at 6.25%.
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.