Analysis Topic: Personal Finance
The analysis published under this topic are as follows.
Friday, April 27, 2007
An Update on UK Savings Accounts, Mortgages and Store Cards / Personal_Finance / UK Banking
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments:
Too many poor paying accounts
Moneyfacts.co.uk savings survey – key findings
• Average no notice / instant access savings rate is 3.65% (£5K)
• Average notice savings rate is 3.795% (£5K)
• 25% of no notice accounts pay rates below 3.10%, the CPI figure, while a staggering 69% pay less than 4.80% - RPI.
• 17% of no notice accounts pay rates equal to or greater than 5.25% - Bank Base Rate
Thursday, April 26, 2007
VOTE NOW - Which UK Bank or Building Society Offers the Best Personal Banking Services? / Personal_Finance / UK Banking
By: Shahla_Walayat
The MarketOracle.co.uk asks: of the top UK banking & financial institutions, in your experience which do you consider offers the best personal banking services ?
The key items to consider when deciding your vote :
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Wednesday, April 25, 2007
Are Individual Voluntary Arrangements (IVAs) Too Good to be True? / Personal_Finance / Debt & Loans
By: Submissions
Cheryl Corker writes - IVAs were introduced by the government in 1986 as a legitimate alternative to bankruptcy. Since then they have become increasingly popular amongst those looking for a solution to their debt problems. A key contributor to the popularity of IVAs is the fact that in some cases they can result in a significant part of a persons debt being written off completely.Read full article... Read full article...
Saturday, April 21, 2007
Beat Inflation By Increasing Your Real Rate of Return on UK Savings Accounts / Personal_Finance / Savings Accounts
By: Shahla_Walayat
Inflation as measured by the Retail Price Index (RPI) hit 4.8% this week. Which means that many savings accounts on the market are failing to keep pace with inflation and the value of your hard earned savings is falling.
Some of the most popular accounts such as Halifax Websaver at 5% and Cahoot Saving Account at 5.25% are paying basic rate tax payers a net return of just 4% and 4.2%. Which is less than the rate of inflation. Even at the top of the market range accounts such as ICICI Savings account at 5.65% fails to deliver a return in real terms, coming in at a net 4.52%.
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Friday, April 20, 2007
Nationwide Building Society today announces changes to its range of Fixed and Tracker rate Mortgages / Personal_Finance / Mortgages
By: Nationwide
Nationwide will be decreasing the rate on its two year tracker product for remortgagers and switchers. At the same time, Nationwide will be increasing some of the rates on its fixed and tracker rate mortgages. The new rates are available from Tuesday 24 April 2007.
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Wednesday, April 18, 2007
The Aftermath of the OFTs Credit Card Fee Capping Continues… / Personal_Finance / Credit Cards & Scoring
By: MoneyFacts
Michelle Slade, personal finance analyst at moneyfacts.co.uk – the money search engine, comments: “It’s now almost a year since the OFT capped credit card penalty fees at £12, but the repercussions are still rumbling on with little sign of letting up. In the last two weeks alone a further seven providers have increased rates or fees (see table below).
“While other factors, including levels of bad debts will have an impact, it cannot be disputed that the OFTs actions has spread the cost burden to a much wider customer base, with card providers continually seeking ways to recoup this lost revenue.
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Wednesday, April 18, 2007
Switching Your Bank Current Account pays – Moneyfacts.co.uk experts practice what they preach / Personal_Finance / UK Banking
By: MoneyFacts
Michelle Slade, personal finance analyst at moneyfacts.co.uk – the money search engine, comments: “If you don’t trust your bank, or feel it is not offering you the best customer service, products or rates then why not vote with your feet and switch providers?
“The current account war shows little sign of abating, with several providers battling to offer the best current account rates and deals. So why not reap the rewards from switching? You will certainly find some great rates and perhaps an additional financial incentive too.
“In previous years Alliance & Leicester comfortably held the top spot for current account credit and debit interest rates, but more recently its position in the credit interest best buy tables has been hotly contested by the likes of Halifax, Abbey and Coventry BS.
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Wednesday, April 18, 2007
Will Buy to Let landlords say 'no' to housing benefit tenants? / Personal_Finance / Buy to Let
By: Submissions
Amy Watson writes: Private sector landlords are being advised to refuse tenancies to housing benefit claimants.The Residential Landlords Association – which represents members owning over 100,000 private rented properties throughout the UK – is advising them to remove their homes from that market.
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Tuesday, April 17, 2007
Don't forget your existing Cash ISAs / Personal_Finance / ISA's
By: MoneyFacts
Rachel Thrussell , head of savings at moneyfacts.co.uk – the money search engine , comments: “As the new tax year begins, many of us will be shopping around for a home for our 2007/2008 ISA savings. But with up to eight years worth of ISA and the potential of up £9K TESSA contributions, your existing tax free cash savings pot could already be in excess of £33K, so it is equally if not more important to check you are getting the best possible deal on your existing savings too.
“Unfortunately its not as simple as looking for the best current deals, as almost all best buy rates won't accept transfers in (hence the ability to offer higher interest rates) and just under half of all ISAs currently available are open for current year's subscriptions only.
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Sunday, April 15, 2007
Britain's Least Trusted Banks / Personal_Finance / UK Banking
By: Fool.co.uk
Sonia Rehill writes:•Barclays is the least trusted bank in Britain.
•Two-thirds of “Big 5” customers do not trust their banks to sell them the right products.
•One in eight customers claim that they have been victims of mis-selling.
•One in six people have had money go missing from their accounts.
Barclays is the least trusted of the “Big 5” high street banks according to new research (1) by independent personal finance website fool.co.uk
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Wednesday, April 11, 2007
Increase interest rates on your savings accounts by up to 4.81% by saving online says moneyfacts.co.uk / Personal_Finance / Savings Accounts
By: MoneyFacts
Vote with your feet and get to work with your mouse
Rachel Thrussell Head of savings at moneyfacts.co.uk – the money search engine, comments: “With more and more banks closing branches, reducing opening times and cutting staff numbers, traditional branch banking may not always fit in with our busy 24/7 lifestyles. With internet banking providing a round the clock service, offering many of the facilities available in branch, it could be the perfect solution. And as the cherry on the cake, most internet accounts pay much better rates.
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Monday, April 09, 2007
ISA's and Saving Accounts - Can't Save or Won't Save / Personal_Finance / Savings Accounts
By: Submissions
Rachel Le Brocq writes : “I can't afford to” is a phrase often used when people are asked why they don't save; but why do some people save more and others save less, even though they are in similar situations? A report, published today by the Building Societies Association, shows that one of the biggest barriers to saving isn't how much money you have, but the way you think about it.
The Individual's Saving Decision¹ reveals that almost a third (30%) of those people who do not save at the moment say absolutely nothing could persuade them to save. Whilst some of these people really will not be able to save, many others can, but have chosen not to.
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Wednesday, April 04, 2007
Easter Holiday Makers are Hopping Mad Over Credit & Debit Card Foreign Exchange Usage Fees / Personal_Finance / Credit Cards & Scoring
By: Nationwide
UK holidaymakers wasted nearly £16 million last Easter
Nationwide Building Society is urging Easter holidaymakers across the country not to make the same mistake as last year by incurring unnecessary charges for using their cards abroad. Last Easter over 15 million* UK holidaymakers travelled to Europe and wasted nearly £16 million** in foreign usage charges on credit and debit cards.
This Easter, people heading abroad for a week of sun or for a city break should make the switch to one of Nationwide’s credit or debit cards, that all offer free card use abroad. Last Easter Nationwide saved its customers almost £1 million*** by not charging them for using their cards abroad.
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Wednesday, April 04, 2007
Best Cash ISA Tax Free Savings Accounts for the New Tax Year and Cash ISA Rules / Personal_Finance / Savings Accounts
By: Shahla_Walayat
The New Tax year is virtually upon us and nearly everyone over age 16 has a fresh £3000 allowance to add to their tax free Cash ISA accounts.
But first, if you have not already used your £3000 cash isa allowance for the 2006-07 tax year, then today (5th April) is your last day ! probably the easiest way would be to top up your existing Cash ISA which you should be able to do over the phone or at the branch.
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Monday, April 02, 2007
Moneyfacts.co.uk mini cash ISA survey 2007 shows you need to act quickly to get your hands on the best ISA deals / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on this year’s finding: “This year’s moneyfacts.co.uk mini cash ISA survey shows the projected value of £3,000 over the tax year 2006 to 2007. Assuming that the full investment of £3,000 was made on 6 April 2006, that no withdrawals were made and all interest was compounded during the tax year, the survey has wielded some very interesting results.
“Alliance & Leicester, this year’s clear winner claims the top spot in the survey with its Direct ISA, returning £3,163.46. A no notice account, the product was launched on 9 January last year with a rate of 5.20%, but this included an introductory offer of a 0.70% bonus, which was swiftly withdrawn on 12 April. Transfers in were accepted, but it clearly demonstrates that investors had to be quick off the mark after the new tax year began if they wanted to take advantage of the product.
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Monday, April 02, 2007
UK Tax 2006-07 Self Assessment Tax Return Filing Deadlines - 31st Jan 2008 / Personal_Finance / UK Tax & Budget
By: Shahla_Walayat
With the new tax year starting, this is a good time for a reminder of the key self assessment deadlines for the 2006-07 tax year, to ensure you plan well ahead and don't miss the key dates and end up with extra work or penalties.
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Sunday, April 01, 2007
OFT announces 'quick fix' on bank charges will disadvantage consumers / Personal_Finance / UK Banking
By: Submissions
In response to consumer concerns over bank current account charges, the OFT has today announced an in-depth study of retail bank pricing. This will sit alongside a formal investigation into the fairness of bank current account charges. Full details of the study will be announced in late April, and it is expected to be completed by the end of the year.
This study follows an initial review carried out by the OFT into these charges. The finding of this initial review is that the OFT shares the public concern about the level and incidence of bank current account charges, but it recognises that the application of the general principles it set out in 2006 to the banking industry is not straightforward and that a more detailed examination is needed.
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Friday, March 30, 2007
A dozen devious credit card cons / Personal_Finance / Credit Cards & Scoring
By: Fool.co.uk
A recent review of UK credit cards by fool.co.uk has identified no less than a dozen devious measures by banks to ensnare unsuspecting customers. These traps are designed not only to heap misery onto people in debt, but are also devised to ambush sensible card users.David Kuo, Head of Personal Finance at fool.co.uk , says: “Credit-card companies are increasingly targeting rate tarts and convenience users. In other words, they are picking on sensible customers who always pay their outstanding credit-card debts in full.
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Friday, March 30, 2007
Top up early and see your Cash ISA Grow / Personal_Finance / ISA's
By: Sarah_Jones
ISA holders could earn an additional £594 million by topping up at the start of the tax year
Nationwide Building Society estimates that people in the UK could receive an additional £594 million on their savings and investments by topping up their existing Individual Savings Accounts (ISAs) at the beginning of the new tax year, rather than at the end.
Tuesday, March 27, 2007
Current accounts - an alternative home for your Savings / Personal_Finance / Current Accounts
By: MoneyFacts
Andrew Hagger, head of news and press at Moneyfacts.co.uk, the money search engine comments “Over the last couple of years we’ve seen the emergence of more current accounts offering high credit interest rates, some of which are on a par with the top paying savings accounts.
“Traditionally, people keep their current account for managing their day to day finances and maintain a separate savings account, often with a different institution, in which to hold their savings balances.
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