Category: Savings Accounts
The analysis published under this category are as follows.
Wednesday, February 02, 2022
How Can I Save More This Year? / Personal_Finance / Savings Accounts
By: Submissions
Finding ways to spend less, and save more, could be a resolution that you have set yourself this year. Alternatively, you may simply want to make it easier for yourself to make tax payments, or pay other bills when they are due. Parents may also want to teach their children about good money habits, especially in a society filled with the ability to make convenient purchases. Adopting some better money choices could really benefit you and your family, and set everyone up for more stability in the future.To teach your children about saving money, you might want to consider opening a tax efficient ISA for your child. Unlike some savings accounts, an ISA might not count for tax purposes, meaning you can save right up to the maximum amount without having to pay fees on the money, or the interest it gains.
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Monday, June 03, 2019
Notice Savings Accounts Prosper as Interest Rates Rise to Seven-year High / Personal_Finance / Savings Accounts
By: MoneyFacts
As a method to entice new savers, providers have improved their notice accounts over the years, and the latest wave of activity has led to a rise, not just in the rates on offer for the top deals, but also to the average market rate. This is positive news for consumers looking to secure a decent return without locking in to a fixed rate bond.
Indeed, the latest analysis by Moneyfacts.co.uk shows that the average notice account rate has risen to 1.15%, the highest seen since October 2012 when it stood at 1.19%. The current top five notice account rates in the market have also improved, now paying 1.88% on average, up from 1.62% a year ago and 1.79% five years ago (based on a £10,000 deposit).
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Thursday, May 23, 2019
UK Savers Lock in Cash to Beat Inflation Erosion / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers looking to beat the eroding impact of inflation will find that fixed bond rates have risen in the past 12 months, so they can now get a better true return on their cash. Not only this, but easy access and notice account rates are also increasing, however none of the rates on offer in these sectors are currently able to beat inflation.
Despite the fact that inflation has now risen above the Government target of 2%, the latest research from Moneyfacts.co.uk shows that it still remains lower than the level seen in both May 2017, when the Consumer Prices Index (CPI) for April was announced at 2.7%, and May 2018 when inflation was 2.4%. Better still, savings rates have risen over both time periods.
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Monday, April 01, 2019
UK Savings Market Boosted by Islamic Banks - Top Fixed Rate Bonds / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers searching for a safe home for their cash may have noticed a change in the companies offering the top deals over the past decade, not only seeing new faces of challenger banks, but also that many more market-leading positions are being held by Islamic banks.
Two sectors within the savings market to gain special attention have been the one and two-year fixed bond sectors. Indeed, the latest analysis by Moneyfacts.co.uk shows that the current Best Buy deals within each of these two sectors are dominated by Islamic banks offering market-leading returns, and this has led to more competition from other brands looking to maintain a prominent position within the charts.
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Wednesday, March 27, 2019
Loyalty Still Doesn’t Pay if Savers Stay with Biggest Banks / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers searching for a flexible home for their hard-earned cash will still not find the best rates with the biggest banks*. Despite an increase to the Bank of England base rate in August 2018, many of the largest banks on the high street still fail to beat, or even match, its current level of 0.75%.
Indeed, the latest analysis by Moneyfacts.co.uk shows that as rates within the easy access market continue to improve, the difference in interest that savers could earn between smaller brands and high street names is widening. Now, the top rate overall pays 10 times more than the lowest big bank rate, which could equate to a difference in interest of £135 a year (based on a £10,000 minimum initial deposit)**.
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Monday, February 18, 2019
UK Savings Market Recovers Six Months on From Base rate Rise / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data, not yet published, reveals that the savings market has taken a full six months to price in the 0.25% base rate rise from August 2018 and for the number of products that beat base rate to return to pre-rise levels.
In August 2018, 74% of the savings market beat 0.50%, however on the day base rate rose to 0.75%, the proportion of accounts that beat base rate (0.75%) fell to 66%. After six months of recovery, the market is reaching pre-rise levels, at 72%. Still, over a quarter (28%) of the savings market today do not pay above 0.75%, so there is still more room for improvement.
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Tuesday, November 27, 2018
Alarming Lack of Savings Could Affect Christmas Sales Spending / Personal_Finance / Savings Accounts
By: MoneyFacts
As consumers are getting engulfed by endless sales offers, those without any savings to spare will likely be worrying about how they will afford Christmas, especially if they don’t want to turn to a credit card or overdraft. A report by the FCA published earlier this year found that more people could be in this situation than one might expect, as they found that more than one in 10 adults has no savings at all.
While there’s little that can be done for Christmas this year, other than to curb spending, the latest release from Moneyfacts.co.uk runs through some of the best savings deals that can be opened right now to start up a savings pot for Christmas 2019.
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Wednesday, November 07, 2018
UK Easy Access Savings Accounts Not So Easy After All! / Personal_Finance / Savings Accounts
By: MoneyFacts
Competition in the easy access market is starting to boom, with providers increasing rates in an effort to enter the Best Buy charts. However, these great rates seem to come with a catch, as the latest research from Moneyfacts.co.uk shows that the number of easy access accounts with either a withdrawal restriction, a bonus or those that revert to a lower paid account after 12 months is growing – with 32% of the easy access market now having one of these restrictions.
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Wednesday, September 19, 2018
Inflation Eating into 99% of Standard UK Savings Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers are still being left at the mercy of inflation eroding their hard-earned cash, despite a boom in the number of rate rises in the market. Today, less than 1% of the standard savings market can beat a return of 2.70%, meaning that 99% of the standard savings account market* is being eroded by inflation.
Savings rate increases have outweighed cuts for 19 consecutive months, with Moneyfacts.co.uk recording 219 rate rises in August compared with just 28 cuts. Furthermore, statistics released today show the Consumer Prices Index (CPI) rose to 2.7% during August, meaning there are only 4 fixed rate bonds (based on a £10,000 deposit) that can match or beat inflation*. Within that, there are just 2 fixed bonds that beat 2.70%, which represents less than a 1% share of the standard savings market.
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Monday, September 03, 2018
UK Savers Denied Full Base Rate Rise on Easy Access Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
As we predicted in August, the savings market hasn’t yet fully benefitted from the base rate rise, which savers may have expected. Now one month on, the latest research from Moneyfacts.co.uk can reveal that many of the nine biggest high street banks* have failed to pass on the 0.25% rate rise to their easy access accounts. In fact, the average easy access rate has risen by just 0.06% since last month.
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Monday, August 20, 2018
All Average Savings Rates Rise for the First Time in Over Seven Years / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data (not yet published) highlights the savings market’s continued recovery, with all average rates increasing for the first time since February 2011.
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Tuesday, August 07, 2018
Best Instant Access Interest Rate UK Savings Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers, is your bank still failing to match base rate?
It seems all a little too familiar for savers this month as many providers have yet to announce whether they will pass on the Bank of England’s rate rise. The latest research from Moneyfacts.co.uk shows that even if the biggest brands were to pass on the full 0.25% rise, their easy access accounts will still fail to match or beat 0.75%. Today, challengers, supermarket brands and mutuals dominate the easy access Best Buys as an alternative.
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Tuesday, July 17, 2018
Savings Interest Rates Surge as Fixed Bonds Hit a Two-year High / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers looking to lock their cash away either over the shorter or longer term will find that average fixed bond rates have improved dramatically since the start of the year, and in fact are now the best since 2016, according to the latest research by Moneyfacts.co.uk.
Some providers have even branched into alternative areas of the fixed bond market in recent weeks, increasing the choice of deals for savers looking for a shorter-term alternative.
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Wednesday, June 13, 2018
UK Savings Interest Rates Surprise as 1 Year Bonds Reach Two-year High / Personal_Finance / Savings Accounts
By: MoneyFacts
The latest data from Moneyfacts.co.uk can reveal that the savings market has improved significantly over the past year, so much so that both average rates and table-topping Best Buy deals beat the rates seen around two years ago.
Savers should start to notice better rates in the market overall, as rate rises have outweighed cuts for 17 consecutive months, with Moneyfacts.co.uk recording 115 rate rises and 44 rate cuts in May. This is in stark contrast to two years ago, as savings cuts (156) outweighed rises (18) during May 2016.
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Thursday, May 10, 2018
UK Savings and Mortgage Markets Picks of the Week - Tandem Bank, Post office Money, Leeds BS and Tesco / Personal_Finance / Savings Accounts
By: MoneyFacts
The moneyfacts.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.
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Monday, April 30, 2018
Big Banks Punish Loyal Savings Customers With Abysmal Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers who turn to the most familiar banks* to hunt for a good savings deal may feel it’s a logical place to start, but they may want to think twice. If savers are looking for a top rate on an easy access account, then they are likely to be disappointed if they ignore the less familiar brands.
In fact, according to the latest moneyfacts.co.uk research, the difference between the best easy access account on the market versus the worst big bank rate would cost savers £250 a year in interest (based on a £20,000 initial deposit). As rates continue to improve away from the biggest banks*, it may be a good time for savers to reconsider more unfamiliar brands to get the best possible return.
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Wednesday, April 18, 2018
UK Savings Accounts that Finally Beat CPI Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
At a time when savers are striving to get their nest egg to work harder for them, they may be disappointed to know that monthly interest accounts are failing to offer the same rates available as alternative interest payment options. So, while they may assume they are getting more interest, this may not always be the case. If annual interest is offered, it usually pays more than the monthly option.
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Monday, April 16, 2018
UK Savings Fixed Rates Highest in Almost Two Years / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data (not yet published) shows that all the fixed rate averages (ISAs and non-ISAs) have increased this month, with all the rates reaching the highest point seen in almost two years.
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Tuesday, February 27, 2018
Fresh Fight For Best Five-year Fixed Rate Savings Account Deals / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers may be pleased to hear that rates are improving on five-year fixed rate bonds. Furthermore, it may not necessarily be down to the Bank of England increasing the base rate for the first time in 10 years. In fact, the average five-year fixed bond rate rests at 1.98% today, which is 0.24% higher than it was a year ago.
Remarkably, providers have not had to work too hard to attract customers, as the smallest of tweaks have resulted in propelling them to higher positions in the Best Buy tables. Indeed, since the start of February, several changes in the market have resulted in market-leading deals.
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Tuesday, February 13, 2018
UK Savings Interest Rate Rises Brighten 2018, But Inflation Bites / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers have had a more encouraging start to 2018, with rate rises galore and growing expectations of consecutive base rate rises throughout the year. Not only this, but with the Term Funding Scheme (TFS) coming to a close this month, savers will be expecting the market to recover, rather than worsen.
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Tuesday, January 30, 2018
Savers Expected to Rejoice as Funding for Lending Scheme Finally Closes / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers may be getting ready to celebrate the end of the Government’s Funding for Lending Scheme (FLS) tomorrow, as its effects on the market have been felt for over five years. When it arrived, savings rates plummeted to alarming levels as many banks and building societies took advantage of the scheme, and stopped working hard to entice savers’ deposits.
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Monday, January 15, 2018
As Savers Demand Grows, Interest Rates Fall on Short-term Bonds / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data (not yet published) shows that the average one-year fixed rate has fallen for the first time since January 2017.
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Tuesday, December 12, 2017
2017 Was a Roller Coaster Year For UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
As we come close to the end of 2017, the latest research from moneyfacts.co.uk shows it has been a roller coaster year for savers. Savings rates fell to record lows for various fixed bonds in January and for variable rates in February, but thankfully as the end of the year draws near, rates in both areas have improvement immensely.
Fixed rates have risen considerably this year, with the average five-year bond hitting 2.03%, its highest level since July 2016 when it was 2.05%. The short-term bonds have also recovered to the extent that today, the average one-year bond stands at 1.17%, its highest point since July 2016 when it was 1.20%.
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Tuesday, December 05, 2017
Big Banks Finally Raise Savings Interest Rates, But was it worth the wait? / Personal_Finance / Savings Accounts
By: MoneyFacts
As we enter the festive month of December, savers will finally see some positive change in the variable savings market as many of the biggest brands have decided to increase their savings rates, but has the wait been worth it?
While many may assume it’s worth celebrating, the latest research from moneyfacts.co.uk can reveal that not all savers will be delighted, as some of the more popular deals have not had the full 0.25% Bank of England rate rise passed on. In fact, the average easy access rate has risen by a pitiful 0.07% in the last month, from 0.39% to 0.46%, and even those banks that do offer the full 0.25% rise can still be easily beaten by alternative brands, as challenger banks continue to dominate the Best Buys.
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Monday, November 20, 2017
UK Variable Savings Interest Rates Fell in the run-up to Base Rate Rise / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data, yet to be published, reveals that average variable rates fell in anticipation of a base rate rise by the Bank of England. This was the first time since April 2017 that the majority of variable rates had experienced a fall.
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Tuesday, November 14, 2017
UK Savers Left Underwhelmed by Base Interest Rate Rise / Personal_Finance / Savings Accounts
By: MoneyFacts
Despite the positive move for savers by the Bank of England to increase bank base rate this month, providers seem to have left savers underwhelmed by their unenthusiastic approach to passing on the rise.
There were, however, some encouraging changes during October, as moneyfacts.co.uk recorded 28 individual rate cuts compared to 150 rate rises (including ISAs), with some deals increasing by as much as 0.85%. This means that rises have now outweighed cuts for ten consecutive months. Nevertheless, inflation statistics released today show that the Consumer Price Index has remained at 3.0%. Therefore, savers’ cash is still being eaten away by inflation, as there is not one single standard savings account* that can beat or match 3.0%.
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Tuesday, July 18, 2017
Fixed Interest Rate Bond Rises Fuel Recovery in UK Savings Market / Personal_Finance / Savings Accounts
By: MoneyFacts
The latest data from moneyfacts.co.uk reveals that the savings market has now had six consecutive months wherein rate rises have outweighed cuts, with June seeing 125 rises versus 21 cuts.
Fixed rate bonds have been playing a huge part in the recovery of the market since the start of 2017, with last month showing that 78% of the recorded rate rises were for fixed rate bonds.
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Tuesday, July 11, 2017
One-year Fixed Savings Interest Rates Hit Highest Level Since Base Rate Cut / Personal_Finance / Savings Accounts
By: MoneyFacts
It’s now been 11 months since the Bank of England cut the base rate to 0.25%, and many savers will have felt the impact. Thankfully, there have been some signs of life recently, with challenger banks increasing rates considerably on their one-year fixed rate bonds.
According to the latest research by moneyfacts.co.uk, the average one-year fixed bond rate has now hit 1.11%, which is the highest recorded rate since 4 August 2016.
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Tuesday, June 13, 2017
UK Savers’ Apathy Can Cause them to Miss the Best Deals / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from moneyfacts.co.uk can reveal that the savings market has shown some signs of improvement since the start of 2017, with the number of savings rate rises outweighing cuts for the fifth month running. In fact, rises outnumbered cuts by a third, as Moneyfacts recorded 95 rate rises in May versus 60 rate reductions.
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Tuesday, March 28, 2017
Savers Maximise the Personal Savings Allowance for Bigger Returns / Personal_Finance / Savings Accounts
By: MoneyFacts
As a new tax year approaches, savers may well be readying their cash to invest in a new ISA, but the latest research by Moneyfacts.co.uk reveals why savers should still consider maximising their Personal Savings Allowance (PSA) for bigger returns.
Since April 2016, savers have been given an individual Personal Savings Allowance to earn a portion of savings income or interest tax-free, with basic rate (20%) tax payers given a £1,000 allowance and higher rate (40%) taxpayers getting £500. This momentous change means that now most taxpayers (estimated at 95%) no longer pay tax on their savings interest.
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Tuesday, January 17, 2017
Rising UK Inflation Means it’s Still a Dreadful time to be a Saver / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for 15 consecutive months.
In December, Moneyfacts recorded 21 savings rate rises. Disappointingly, rate reductions over the same period outshone this figure, with the number of rate decreases standing at 84 – which translates to four cuts to every rate rise – and some deals falling by as much as 0.60%, much higher than the current Bank of England Base Rate of 0.25%.
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Monday, December 19, 2016
UK Savings Trends Treasury Report 2016 - A Year of Misery / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data, yet to be published, highlights that all of the banking groups have cut rates in 2016’s race to the bottom.
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Monday, November 28, 2016
The Sad Truth of Saving for the Future / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers are no doubt aware of the struggle to earn a decent return in the current market. Interest rates are at record lows and there is little incentive for consumers to put money aside, particularly if they have a short-term savings goal. As a result, savers may be facing a savings shortfall for the future.
The latest research from Moneyfacts.co.uk shows the significant difference in the amount of interest on offer today compared to previous years, and how much savers are losing out on.
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Sunday, November 27, 2016
How to Beat UK Savings Crisis with Child Junior Cash ISA, Pension's and Life-time ISA / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
Britain's spanking new Chancellor, Philip Hammond recently threw some scraps at Britain's hard pressed savers with his 2.2% savings bond due to go live early 2017 by which time the CPI Inflation will be nudging 3% and RPI 4%, which illustrates its just a smoke and mirrors exercise, and even then will be limited to a measly £3k investment fixed for 3 years.
UK inflation is set to soar as I covered in my earlier analysis. And so the chancellors announcement does nothing to prevent the inevitable stealth theft of purchasing power of peoples hard earned savings and wages.
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Thursday, November 24, 2016
New NS&I 2.2% Savings Bond Ahead of 2017 Stealth Inflation Theft of Purchasing Power / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
With my forecast for CPI inflation expected to accelerate to over 3% per annum during 2017 and RPI perhaps nudging above 4%. The chancellor Philip Hammond in his first and last Autumn statement took the time to announce a 3 year fixed rate NS&I savings bond paying 2.2% available to all over age 16 from spring 2017. Yes 'currently' with RPI at 2%, 2.2% whilst not great sounds reasonable given the desert like landscape of today's savings market. But by the time it actually goes live and becomes available to UK savers, the now near decade long trend of the stealth theft of the purchasing power of peoples earnings and savings will continue which this propaganda bond will not provide any protection against, especially since its capped at just £3k!
Tuesday, October 18, 2016
Savers have Little to look forward to as Interest Rate Cuts Keep Coming / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for 12 consecutive months.
In September, Moneyfacts recorded 29 savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at 164 – which translates to around six cuts to every rate rise – with some deals falling by as much as 0.75%.
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Monday, October 17, 2016
UK Savings Trends Treasury Report – product numbers fall to record low / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data, yet to be published, highlights that the total number of savings products has fallen to an all-time low, with a staggering 274 savings products withdrawn from the market since January.
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Tuesday, October 11, 2016
Child Savings Accounts Face Gruelling Interest Rate Cuts / Personal_Finance / Savings Accounts
By: MoneyFacts
It is unusual to see a mass of rate cuts on children’s savings accounts, but the latest research by Moneyfacts.co.uk reveals this is exactly what’s happening. More than 100 rate cuts have been made over the course of 2016 to child savings accounts, so much so that some deals are now paying as little as 0.10% per year.
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Monday, September 19, 2016
Dramatic Falls in UK Savings Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts UK Savings Trends Treasury Report data, yet to be published, highlights that long-term fixed rate bonds and ISAs have fallen, with long-term fixed rate ISAs falling for 11 consecutive months, plummeting to all-time lows yet again.
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Tuesday, September 13, 2016
Relentless Interest Rate Cuts are a Deterrent to Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for eleven consecutive months and that August has officially become the worst month this year for cuts.
In August, Moneyfacts recorded three savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at a staggering 388, which translates as around 130 cuts to every rate rise, and some deals fell by as much as 1.30%.
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Monday, August 01, 2016
Best Fixed Rate Savings Deals Vanish from Sight! / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers have had it rough over the years and with endless cuts decimating the market, some potential investors may not realise that a few best buy savings deals are in fact disappearing altogether.
Indeed, research from Moneyfacts.co.uk can reveal that in July there were 13 best buy savings deals withdrawn entirely from the market, that have yet to be replaced. Some of the best deals have only sat on the shelf for a week* before being closed to new customers, a clear sign that providers can not cope with the onslaught of new savers looking for a home for their cash.
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Tuesday, July 19, 2016
UK Savings Interest Rates Fall to Record Lows / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for nine consecutive months.
In June, Moneyfacts recorded just 14 savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at a staggering 117, with some deals falling by as much as 1.30%.
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Monday, July 11, 2016
UK Savings Market Review / Personal_Finance / Savings Accounts
By: MoneyFacts
As far as the savings market was concerned, the first half of 2016 was a total wipe-out. In fact, research from Moneyfacts.co.uk shows that, since the start of the year, savers have witnessed a vast number of rate cuts, which have caused rates to plummet to new lows. For example, the average five-year fixed rate has fallen by a whopping 0.63% since January this year.
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Tuesday, June 14, 2016
Savings Rate Cuts Hit ISAs Hard / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for eight consecutive months.
In May, Moneyfacts recorded just 18 savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases standing at a staggering 156, with some deals falling by as much as 2.00%.
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Tuesday, May 10, 2016
UK Savers Reap the Rewards of Regular Savings Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
With the savings market in steady decline, it’s hard to believe there is any positive savings news. However, research by Moneyfacts.co.uk reveals that there is one sector that is giving savers a glimmer of hope – regular savings accounts have turned against the flow of rate cuts, and as a result, the average fixed regular saving rate has risen by 0.10% in just the last six months.
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Tuesday, May 03, 2016
Long-term Fixed Savings Interest Rates Fall / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers looking to boost their savings pots will no doubt look for accounts that pay the highest rates of interest, which typically come from long-term fixed rate savings bonds. However, savers may be disappointed by the deals on offer for rates in this sector have recently hit new lows thanks to an onslaught of rate cuts.
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Tuesday, April 19, 2016
UK Savers Loyalty Doesn’t Pay / Personal_Finance / Savings Accounts
By: MoneyFacts
Loyalty savings products are often marketed as exclusive deals that are only available to the select few who hold the right products. If you fit the criteria, this can be a tempting offer, but these deals don’t necessarily offer the best rates on the market.
Moneyfacts.co.uk analysed products that are only available to customers who hold existing accounts with the provider and found that they would actually be better off shopping around, something that is clearly illustrated in the table below.
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Tuesday, April 12, 2016
Cold Shoulder for UK Savers as Market is Hit by Interest Rate Cuts / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for six consecutive months.
In March, Moneyfacts recorded just 18 savings rate rises. Disappointingly, rate reductions over the same period completely overshadowed this figure, with the number of rate decreases over the month hitting 123, which means that 87% of rate changes were cuts.
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Tuesday, March 22, 2016
UK Savings Interest Rate Landslide / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for five consecutive months.
In February, Moneyfacts recorded just 12 savings rate rises. Disappointingly, rate reductions over the same period completely outshone this figure, with the number of rate decreases over the month standing at a staggering 235, with some deals falling by as much as 0.74%.
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Tuesday, February 16, 2016
Savers Brace for More Savings Interest Rate Cuts / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for four consecutive months, the first time this has happened since daily rate change monitoring began.*
In January, Moneyfacts recorded just 21 savings rate rises, with only one deal posting a significant increase of 0.20%. Disappointingly, rate reductions over the same period completely eclipsed this figure, with the number of rate decreases over the month standing at a staggering 138, with some deals falling by as much as 0.75%.
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Monday, February 01, 2016
Savers Wait for a Miracle as the Savings Market Stagnates / Personal_Finance / Savings Accounts
By: MoneyFacts
The savings market has suffered considerably over the past few years thanks to lending initiatives and a low bank base rate, and the latest research from Moneyfacts.co.uk shows that savings rates have been on a clear downward trajectory as a result.
Since 2011, the average rate on a two-year fixed bond has almost halved, down from 3.20% five years ago to just 1.72% today. A similar pattern can be seen on longer-term bonds, with five-year fixed rates recording a drop from 4.01% to just 2.59% over the same period. Easy access deals have not been left unscathed from poor returns either, with a staggering 75% of the market paying 1% or less.
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Tuesday, January 19, 2016
UK Savers Have the January Blues / Stock-Markets / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market have now outweighed rate rises for three consecutive months, the first time this has happened since daily rate change monitoring began.*
In the month of December, Moneyfacts recorded just 30 savings rate rises, with only one deal posting a significant increase of 0.50%. Disappointingly, rate reductions over the same period completely eclipsed this figure, with the number of rate decreases over the month standing at 93, with some deals falling by as much as 0.55%.
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Monday, January 11, 2016
A brand new year, but the same-old savings rates / Personal_Finance / Savings Accounts
By: MoneyFacts
The start of the New Year has prompted many to resolve to put more aside more money for a rainy day. However, while savers’ intentions are in the right place, Moneyfacts.co.uk’s research shows that few may be encouraged to follow through thanks to less than enticing savings rates.
In fact, the average easy access ISA rate has fallen by 0.19% from two years ago to stand at 1.06% yearly, the lowest level Moneyfacts.co.uk has ever recorded.
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Tuesday, December 22, 2015
UK Savers - Make Sure Your Bank Deposits Are Protected / Personal_Finance / Savings Accounts
By: MoneyFacts
Most banks looking for deposits from UK consumers have a UK banking licence and deposits with them are covered by the UK Financial Services Compensation Scheme (FSCS) for up to £85,000 per person (reducing to £75,000 per person from 1 January 2016).
However, European banks are also allowed to operate in the UK under their home country’s regulations. This is called passporting.
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Monday, December 21, 2015
UK Savings Interst Rates Recap of 2015 / Personal_Finance / Savings Accounts
By: MoneyFacts
This year we have seen new brands enter the savings market and Government proposals to encourage people to save, either towards their first home, or to secure a higher return of interest during retirement.
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Tuesday, December 15, 2015
Santa Claus…. Where’s My Interest? / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk can reveal that rate reductions in the savings market are now outweighing rate rises for the first time since daily rate change monitoring began.*
In the month of November, Moneyfacts recorded 36 savings rate rises, with only one deal posting a significant increase of 0.80%. Disappointingly, these rises were eclipsed by the 73 rate reductions that took place over the same period, with some rates falling by a massive 0.86%.
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Monday, November 30, 2015
Savers Start Saving for Christmas… 2016! / Personal_Finance / Savings Accounts
By: MoneyFacts
Christmas is just around the corner and our annual festive splurging is starting to step up. But with households expected to spend an average of £614.96* on Christmas this year, many are wondering why they didn’t put more money aside for the festivities.
Although it may seem a little early to start thinking about Christmas 2016, the fact that many of the best savings deals are fixed for 12 months means that, if you start now, your savings account will mature just in time for next year’s spending spree (see table below).
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Monday, November 23, 2015
Building Societies Aiming to Win Over Savers From the Banks / Personal_Finance / Savings Accounts
By: MoneyFacts
It appears that the big banks have deserted savers, with multiple rate reductions causing their products to drop lower and lower in the market. However, building societies have used this to their advantage, by offering savers a local alternative to the mainstream banks.
Moneyfacts.co.uk has compared the savings offerings of building societies and banks and found that building societies are the irrefutable winners, as is highlighted in the table below.
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Sunday, November 15, 2015
A Simple myRA “Hack” to Supercharge Your Savings Interest Earnings / Personal_Finance / Savings Accounts
By: Investment_U
Andrew Snyder writes: For income investors, times have rarely been harder. But Obama may have just accidentally created a lucrative solution.
We all know the problem. The Fed.
In its effort to keep the Great Recession from turning into something even worse, the country’s monetary maestros cut rates and kept them there. More than eight years after pulling rates lower, interest rates remain, in the simplest terms, dead.
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Monday, October 26, 2015
Children’s Savings Account Rates Worsen / Personal_Finance / Savings Accounts
By: MoneyFacts
The latest research by Moneyfacts.co.uk reveals that some child savings accounts have received shocking rate cuts over the course of 2015, with some deals now paying as little as 0.10% yearly.
The average children’s savings account currently pays 1.56% yearly*, down from the 1.61% paid a year ago. While this may seem like only a small drop across the market, this average masks the fact that some individual deals have had severe rate cuts.
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Friday, October 23, 2015
Coventry Building Society’s Poppy Fixed Rate Bond 2.35% for 3 Years / Personal_Finance / Savings Accounts
By: MoneyFacts
Coventry Building Society has re-launched its popular Poppy Bond, which pays a fixed yearly rate of 2.35% until 31.12.18 (2.33% gross, 2.36% AER monthly). The account has a minimum opening investment of just £1 but any additions will need to be made within 14 days of the account opening or before closure of the issue, whichever is later. A donation equating to 0.15% of the total invested balance will be paid to The Royal British Legion by the society.
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Tuesday, October 13, 2015
Challenger Banks Herald a Savings Market New Dawn / Personal_Finance / Savings Accounts
By: MoneyFacts
Data from Moneyfacts.co.uk reveals that fierce competition is leading to encouraging signs of improvement in the savings market.
In the month of September, Moneyfacts has recorded 104 savings rate rises, with some increases being as high as 0.45%. This dwarfs the 28 rate reductions that have taken place over the same period. As a result, the best one-year fixed rate bond has increased from 1.90% a year ago to 2.10% today.
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Monday, September 14, 2015
How You Can Win the Government's War on Cash / Personal_Finance / Savings Accounts
By: ...
MoneyMorning.com Peter Krauth writes: Most point to the bankruptcy of Lehman Brothers as the main trigger of the 2008 financial crisis.
Perhaps equally as important, but certainly not as well-covered, is what happened the following day…
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Thursday, August 27, 2015
The Ultimate Cash-Management Guide / Personal_Finance / Savings Accounts
By: DailyWealth
Dr. David Eifrig writes: No one talks about how to manage your cash.
Tuesday, August 04, 2015
Cutthroat Competition for UK One-year Fixed Rate Savings Bond / Personal_Finance / Savings Accounts
By: MoneyFacts
Over the past few years savers have had little to be cheerful about; however, research form Moneyfacts.co.uk can reveal that the savings market is once again showing signs of life.
Now that new banks are stepping onto the scene and competing for savers’ cash, Moneyfacts.co.uk has seen rates for one-year fixed rate bonds increase for one of the first times since the Funding for Lending scheme was introduced.
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Wednesday, July 29, 2015
Regular Saving Accounts to the Rescue of Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Research by Moneyfacts.co.uk reveals that savvy savers who use regular savings accounts for their short-term savings goals are reaping the rewards, earning more interest than with any other standard savings account.
Savings rates have been obliterated in recent years, but regular savers have remained relatively unscathed; Best Buy deals have stayed on top for the last two years and average rates have resisted a dramatic downward spiral.
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Tuesday, July 21, 2015
RCI Bank UK’s Freedom Savings Account / Personal_Finance / Savings Accounts
By: MoneyFacts
RCI Bank UK is bound to shake up the easy access market yet again with an increase to its Freedom Savings Account, which now pays 1.65% from a minimum investment of £100.
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Tuesday, June 09, 2015
UK Savings Interest Rates on Best Notice Accounts Hit Two-year Highs / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Springall, Finance Expert at Moneyfacts.co.uk, comments: “Savers who are chasing down a good deal would be wise to stand up and take notice of the news that the average interest rate for notice accounts has hit a two-year high of 0.91% year-on-year*.
“Although some may still argue that easy access accounts are a more favourable vehicle for savers’ cash, these can carry disguised penalties in the form of restricted withdrawals.
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Sunday, February 15, 2015
Will Pensioner Bonds Election Bribe Lift General UK Savings Interest Rates from Catastrophic Lows? / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The recent news for the extension of the Coalition Government's 4% Pensioner Bonds election bribe for a further 3 months to at least Mid May 2015 looks set to soak up at least £25 billion of the savings held by interest rate starved pensioners at an estimated cost to the tax payer of at least £1.2 billion. Whilst the bond is only open to the over 65's, nevertheless it will result in a flow of funds away from the commercial banks and to the government run NS&I that should prompt at least a limited rise in savings interest rates, especially for the directly competing fixed rate bonds such as the 3 and 4 year bonds that could now nudge above 3%.
Tuesday, December 16, 2014
UK CPI Inflation Falls - ‘Bah humbug’ Christmas for Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show that the Consumer Prices Index (CPI) fell from 1.3% to 1% during November.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 1.25% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 1.67%.
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Thursday, October 02, 2014
Don’t Expect a Life Vest to Save You from Low Interest Rates / Personal_Finance / Savings Accounts
By: Don_Miller
Touring the Alamo, presenting on how retirees can succeed in a crisis economy, and picking the brain of one of the world’s top economists, Dr. Lacy Hunt, about the future of low interest rates were among the highlights of my recent trip to San Antonio for the Casey Research Summit. In addition to authoring two books and countless articles for leading financial publications, Dr. Hunt is executive vice president of Hoisington Investment Management Company, a firm that manages $5.4 billion.
Lacy is also a favorite speaker of mine because in addition to being a terrific economist capable of running rings around the likes of Alan Greenspan, he can relate the big economic picture to average investors. He rates very high on the common-sense scale—a good philosophical fit for the Miller’s Money team.
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Tuesday, August 19, 2014
UK Inflation Falls But Savers Continue to Get Raw Deal / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show that the Consumer Prices Index (CPI) fell from 1.9% to 1.6% during July.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 2% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 2.67%.
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Friday, August 01, 2014
UK Savers’ Still Paying the Cost of Funding for Lending Scheme / Personal_Finance / Savings Accounts
By: MoneyFacts
The ill-fated Government initiative to kick-start the housing market, (Funding for Lending Scheme) was withdrawn this January, but not before it had decimated the savings market.
Now the dust has settled, Moneyfacts has analysed what, if any, impact the withdrawal of FLS has had on the savings market.
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Saturday, June 14, 2014
Governments Stealing Savings Accounts / Politics / Savings Accounts
By: Jeff_Berwick
Governments, by definition, are violent institutions. And taxation, by definition, is theft. These are blatant facts to all but the most indoctrinated and brainwashed. However, governments worldwide are ramping up all manner of other thefts by almost any means necessary.
Tuesday, May 27, 2014
Is It Time to Hide Your Money Under the Mattress? / Personal_Finance / Savings Accounts
By: Don_Miller
“I don’t know what to do,” said my good friend Rob after inviting my wife Jo and me to dinner for the third time in two weeks. “I know I should do something. Every time I think about it, it scares the hell out of me! Maybe I should just hide everything under the mattress.”
Rob is a sharp guy—he’s done well for himself and his family. He also recently settled the last details of his parents’ estate. Upon banking part of his inheritance, the branch manager magically appeared, introduced himself, and invited Rob into his office to discuss “some really good rates” the bank had to offer.
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Tuesday, November 12, 2013
UK Savers’ Situation Still Poor Despite Inflation Falling to CPI 2.2% / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) fell from 2.7% to 2.2% during October.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 2.75% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 3.66%.
Tuesday, October 15, 2013
Puny Savings Interest = No Hope of Matching CPI Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) stuck at 2.7% during September.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 3.38% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 4.50%.
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Monday, September 30, 2013
UK Fixed Interest Bond Rates Plummet / Personal_Finance / Savings Accounts
By: MoneyFacts
The Government’s Funding for Lending Scheme started in August 2012 and it took roughly a month for it to devastate the savings market.
As rates started to tumble, many people will have opted to invest their savings in fixed rate bonds to protect their returns.
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Tuesday, September 17, 2013
Continuing High Inflation Means UK Savers Left High and Dry / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) fell from 2.8% to 2.7% during August.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 3.38% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 4.5%.
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Tuesday, August 13, 2013
Dark Days Continue for UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) fell from 2.9% to 2.8% during July.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 3.50% per annum, while a higher rate taxpayer at 40% needs an account paying at least 4.66%.
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Tuesday, May 14, 2013
UK Savings Catastrophe - Best Cash ISA? There Isn't One! / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The consequences of the Quantum of Quantitative Easing (QQE) is one of systematic theft of wealth from savers / bank depositors by the government and banking sector, unfortunately this trend is intensifying and unlikely to change for at least another year as illustrated by announcements every other month such as the extension of the funding for lending fraud, that looks set to continue to bleed depositors dry in the run up to the May 2015 general election as an desperate, fractious Coalition government will first attempt to bribe the electorate by spending money the country does not have or in the final analysis given a poor standing in the opinion polls decide to follow follow Labours example of 2009 (Labour Governments Bankrupt Scorched Earth UK Economy for the Conservative Government ) by handing the next Labour-geddon government an even more scorched earth bankrupt economy.
Friday, March 22, 2013
Enough Money to Not Worry / Personal_Finance / Savings Accounts
By: Don_Miller
Several readers have asked why I use CDs in so many examples. With good reason, they wondered if I was suggesting buying CDs, which made them question my wisdom and sanity. If anyone thinks that's what I'm recommending, I must have been remiss in conveying my message.
On that note, I'd like to make one thing clear: I am absolutely opposed to buying any CD denominated in US dollars. (And since we're clearing things up, I should also mention again that I am wholly opposed to TIPS.)
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Tuesday, January 15, 2013
Intense Inflation Misery for Weary Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) in December stuck at 2.7%.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 3.37% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 4.50%.
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Tuesday, January 08, 2013
UK Saving Accounts Fast Disappearing Bonus Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Just when savers thought it couldn’t get any worse, it did. Moneyfacts research shows that not only are savings rates falling to devastating lows but introductory bonuses are all but disappearing too.
The table below shows the number of accounts over the last three years, including August 2012 when Funding for Lending was launched as an indication of what happened to accounts straight after launch.
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Tuesday, December 18, 2012
No UK CPI Inflation Christmas Gift for UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) remained at 2.7% during November.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 3.37% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 4.50%.
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Wednesday, December 12, 2012
The UK Saving Accounts Vanishing Act / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts research reveals 351 savings accounts have been withdrawn from the market since the start of the year, 191 of which were withdrawn in November 2012 alone. The research also revealed the number of savings accounts paying above BoE base rate fell by 304 accounts from January 2012, and 162 of these have been withdrawn since the start of November.
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Wednesday, December 05, 2012
UK Fixed Rate Savings Bond Interest Rates At All Time Low / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts research reveals the average rate of fixed term bonds across every term from one year bonds all the way through to five year bonds has dramatically fallen to an all time low.
Wednesday, November 21, 2012
UK Government’s Funding for Lending Devastates Savings Market / Personal_Finance / Savings Accounts
By: MoneyFacts
Moneyfacts research reveals that the UK savings market is being decimated by the Government’s Funding for Lending Scheme (FLS), which allows lenders to borrow from the Government at vastly reduced rates, negating their need to raise funds via the traditional method of savings.
Wednesday, September 26, 2012
What Happens When a Fixed Rate Bonds Mature? / Personal_Finance / Savings Accounts
By: MoneyFacts
In these days of low returns, fixed rate bonds have for many become the savings vehicle of choice but what happens when the term comes to an end? Confusingly, there are three correct answers to this question.
- Some providers will send you your money back
- Some providers will put your money into a pre-designated account
- Some providers will contact you
Wednesday, August 29, 2012
Numbing Effect of Savings Interest / Personal_Finance / Savings Accounts
By: MoneyFacts
It is hardly surprising that we have all become numb to the plight of interest on savings accounts. Everyone knows how miserably low they are.
In monetary terms, just how bad has it got? It’s hard to imagine that only five years ago, Bank of England (BoE) base rate was 5.75%. The average no notice account paid 4.08% and to raise £100 in gross interest would have required a deposit of £2,451. Notice accounts paid an average of 4.23%, and to get the same return would have meant investing slightly less at £2,364.
Wednesday, July 18, 2012
ReGive 5% 1 Year Fixed Rate Savings Bonds Too Good to be True? / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
Whilst trawling through the internet, seeking a home for part of my dwindling cash mountain, I happened on what sounds like a too good to be true 1 year fixed rate savings bond paying 5% offered by ReGive, Who's ReGive ? I and probably most of you reading this will have never heard of this investment firm before that is seeking to hook interest starved savers with a high interest rate of 5% when the competition can barely muster 3.5%.
Wednesday, May 30, 2012
UK Fixed Rate Bond Interest Rates Starting to Fall / Personal_Finance / Savings Accounts
By: MoneyFacts
The average rate for a one year bond has dropped to 2.63%, its lowest point since March 2011. The availability of these accounts has continued to rise, however, from 101 last month to 139 today.
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Monday, April 30, 2012
UK Savings Notice Account Interest Rates Climb to Three Year High / Personal_Finance / Savings Accounts
By: MoneyFacts
The average rate of a notice savings account currently stands at 1.57%, its highest level since early 2009.
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Tuesday, April 24, 2012
UK Fixed Rate Bonds Rising Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Cahoot has just launched a new issue of its popular Fixed Rate Bond, Issue 3, paying 3.60% yearly to the 2 July 2013. This internet/phone operated account runs for just over a year and is an alternative to the straightforward one-year bond market. The minimum investment is £25,000, up to £2million but be aware, once deposited there is no access to funds and no top-ups can be made either.
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Wednesday, April 18, 2012
UK Fixed Rate 1 Year Savings Bonds Rising Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
The average one year fixed rate bond has reached 2.85%, its highest level since August 2011. The number of one year bonds has also grown from 80 six months ago to 101 today.
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Tuesday, April 17, 2012
Hidden Pitfalls of No Notice Savings Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
When most people think of no notice accounts they think of instant access and no limitations on how they use the account. Research from Moneyfacts.co.uk has revealed that many accounts marketed as no notice or instant access, do, in fact, limit withdrawals - some quite severely.
Thursday, February 23, 2012
UK Savings and Morthage Products Picks of the Week / Personal_Finance / Savings Accounts
By: MoneyFacts
The Moneyfacts Pick of the Week showcases the best of the latest products to hit the consumer finance market.
Brief product details together with independent Moneyfacts analysis can be used with confidence in your finance sections. You can select one or two products to sit beside a relevant story or use them all as a general feature.
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Thursday, January 26, 2012
Money-Markets, CDs, and Bonds: The Ups and Downs of Stashing Your Cash / Personal_Finance / Savings Accounts
By: Money_Morning
Don Miller writes:
In today's volatile markets many investors are faced with the same troublesome question - "Where should I park my cash?"
In fact, investors have withdrawn a net total of $328 billion from the stock market since 2007, according to Strategic Insight.
Ever since, a big portion that cash has been looking for a home.
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Tuesday, December 13, 2011
UK Inflation Falls From 5% to 4.8%, No Christmas Joy for Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) fell during November from 5.0% to 4.8%.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 6.00% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 8.00%.
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Wednesday, November 02, 2011
Money Market Funds, An Investment Whose Time Has Passed / Personal_Finance / Savings Accounts
By: Terry_Coxon
Terry Coxon, The Casey Report writes: Money market funds began as a bright and useful idea, became a habit, and recently have become a bad habit.
Money market funds were invented in 1971 as an innovative end-run around Federal Reserve Regulation Q, which prohibited paying interest on demand deposits. The purpose of Reg Q was to stifle competition in the deposit-taking business in order to benefit commercial banks – at the expense, of course, of depositors.
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Tuesday, October 18, 2011
Savers, How to Beat Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) rose from 4.5% to 5.2% during September.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 6.5%, while a higher rate taxpayer at 40% needs to find an account paying at least 8.67%.
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Thursday, September 29, 2011
Falling Interest Rates Fail to Deter Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Latest figures from Moneyfacts.co.uk show that demand for fixed rate bonds has soared in the last few months.
In April, 26% of all savers visiting Moneyfacts.co.uk were searching for fixed rate bonds, but during August this had increased to 45%.
Read full article... Read full article...
Tuesday, September 13, 2011
Savers Continue to Pay the Price for High UK Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) rose during August from 4.4 per cent to 4.5 per cent.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 5.63 per cent per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 7.50 per cent.
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Tuesday, August 16, 2011
Inflation Headache Returns for UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) rose during July from 4.2 per cent to 4.4 per cent.
To beat inflation, a basic rate taxpayer at 20 per cent needs to find a savings account paying 5.50 per cent per annum, while a higher rate taxpayer at 40 per cent needs to find an account paying at least 7.33 per cent.
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Wednesday, August 10, 2011
Average 5 Year Fixed Interest Rate Savings Bond Falls to 2 Year Low / Personal_Finance / Savings Accounts
By: MoneyFacts
Average savings rates for long-term fixed rate bonds have fallen significantly over recent months. The current average five-year fixed rate is 3.74%, its lowest average for two years.
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Tuesday, May 17, 2011
UK Savers Struggle Worsens on Release of Latest Inflation Figures / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) increased during April from 4.00% to 4.50%.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 5.63% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 7.50%.
Read full article... Read full article...
Tuesday, April 12, 2011
Desperate Times for UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Prices Index (CPI) decreased during March from 4.4% to 4.00%.
To beat inflation, a basic rate taxpayer at 20% needs to find a savings account paying 5.00% per annum, while a higher rate taxpayer at 40% needs to find an account paying at least 6.67%.
Read full article... Read full article...
Monday, April 04, 2011
Fixed Interest Rate Savings Bonds At 13 Month High / Politics / Savings Accounts
By: MoneyFacts
High demand for savers’ money and expectations of a rise in bank base rate in the near future has pushed short term fixed bond rates to their highest level in more than a year.
The average rate on one year bonds fell to an all time low of 2.52% in August 2010, but has steadily risen since then.
Read full article... Read full article...
Friday, February 25, 2011
UK Savers Continuing Negative Real Interest Rates Punished for Bankster Crimes / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The tax payer bailed out vampire-esk banking sector continues to suck the life blood of savers by paying sub inflation interest rates to savers on even the governments highly doctored and under reported inflation measure of CPI. This analysis seeks to evaluate to what degree today's savers are subsidising the high street banks when comparing their BEST instant access savings accounts against the official CPI inflation rate.
Tuesday, February 15, 2011
CPI Inflation 4%, UK Savers Pain Gets Tougher / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show the Consumer Price Index (CPI) increased during January from 3.7% to 4.00%.
To beat inflation, a basic rate tax payer at 20% needs to find a savings account paying 5.00% pa, while a higher rate tax payer at 40% needs to find an account paying at least 6.67%.
Read full article... Read full article...
Friday, December 24, 2010
Northern Rock ESaver4, Best Instant Access Savings Account For 2011 Start / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
With the new year less than 10 days away, now is a good time to check the savings rates on your instant access deposit accounts and make the switch so as to maximise interest income, especially as many providers are stilling paying a pittance of less than 1% and virtually all deploy the bonus rate trick to hook customers in then drop the rates to a pittance after a year.
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Thursday, December 23, 2010
How Rapidly Inflation Eats Away at Money Tucked Away in CDs / Personal_Finance / Savings Accounts
By: Jared_Levy
Behind the meaning of one of the most famous sayings ever coined lies a fundamental flaw that our friend Benjamin Franklin didn't warn you about. While Mr. Franklin noted how hard it was to make a buck, his emphasis was on how much harder it was to save it. Unfortunately, he had no idea what the world would look like in 2011.
Tuesday, December 14, 2010
UK Savers in Losing Battle to Maintain Purchasing Power of Savings Against Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures out today show the Consumer Price Index has risen to 3.3%.
To maintain the purchasing power of their savings, a basic rate tax payer needs to find a savings account paying 4.13% pa, while a higher rate tax payer at 40% needs to find an account paying 5.5%.
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Tuesday, November 30, 2010
Fixed Interest Rate Bond Providers Do Battle For Maturing Funds / Personal_Finance / Savings Accounts
By: MoneyFacts
Bank base rate has been on hold for the last 20 months and in that time the average one year fixed rate bond rate has varied by 0.71%.
November 2009 saw National Savings and Investments topping best buy tables and large volumes of savers rushed to take advantage of top rates from a provider offering 100% protection.
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Tuesday, November 16, 2010
UK Savers Continue to be Punished by High Inflation / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures out today show a rise in Consumer Price Index to 3.20%.
To maintain the purchasing power of their savings, a basic rate tax payer needs to find a savings account paying 4.00 % pa, while a higher rate tax payer at 40% needs to find an account paying 5.33%.
Read full article... Read full article...
Monday, September 27, 2010
Bank of England Confirms Policy of Stealing Savers Wealth via Negative Real Interest Rates / Interest-Rates / Savings Accounts
By: Nadeem_Walayat
The Deputy Governor of the Bank of England Charlie Bean effectively told savers to forget about receiving inflation beating interest rates and therefore should seek to spend their savings to boost the economy. The BoE's strategy continues to transfer wealth from savers to borrowers, with more than £20 billion transferred to date by means of negative real interest rates which typically pay savers half the rate of inflation CPI (3.1%) and 1/3rd the rate of the more recognised RPI inflation rate (4.7%) with the trend not relenting as rates continue to be cut all the way towards the bank base rate of just 0.5%.
Saturday, September 18, 2010
Top 10 Tips For Finding the Best Savings Interest Rate / Personal_Finance / Savings Accounts
By: Credit_Choices
More and more people are reducing their spending and choosing, instead, to save or invest the money they earn. Find the best savings rate available to you and the money you put away will go a lot further. Here are the top ten tips for finding the best savings rates.
Tuesday, September 14, 2010
UK Savers Hopes on Hold as Inflation Fails to Fall / Interest-Rates / Savings Accounts
By: MoneyFacts
Inflation figures released today show that the Consumer Price Index (CPI) has remained unchanged at 3.10%, still way above the Government’s 2% target.
To stop their savings pot effectively eroding away, a basic rate tax payer needs to find an account paying 3.88%, while a higher rate tax payer needs to find an account offering 5.17%.
Read full article... Read full article...
Monday, July 19, 2010
UK Government Pulls Plug on Savers Inflation Theft Protection NS&I Index Linked Certificates / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
One of the few defences against the governments inflation stealth tax, the NS&I Index Linked Savings certificates has been withdrawn from the market. The certificates paid RPI +1% resulting in an current tax free return of 6% per annum which is typically double the rate offered by the banks.
Thursday, July 08, 2010
Halifax Children's Regular Saver Waste of Time Applying Online / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
Savers could find they are wasting their time in trying to complete a lengthy online Halifax Children's Regular Saver application form, as the account application process resolves in the following error page (on several attempts) :
Read full article... Read full article...
Monday, July 05, 2010
UK Fixed Rate Saving Bonds Hit All Time Low / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers taking out a fixed rate bond today will receive up to 23.3% less interest than they would have nine months ago.
Read full article... Read full article...
Tuesday, April 20, 2010
UK Inflation Jump Punishes Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show that the Consumer Price Index (CPI) has increased by more than expected to 3.40%.
To stop their savings pot effectively eroding away, a basic rate tax payer needs to find an account paying 4.25%, while a higher rate tax payer needs to find an account paying 5.64%.
Read full article... Read full article...
Tuesday, April 20, 2010
The Inflation Mega-trend Implications for UK Borrowers and Savers / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The following is an excerpt form the Inflation Mega-Trend Ebook Pages 50-51 (FREE Download) The ebook includes in depth analysis of the unfolding inflationary trends and 50 pages of wealth protection strategies.
Tuesday, March 23, 2010
Inflation Continues To Erode the Value of Savers Money / Personal_Finance / Savings Accounts
By: MoneyFacts
Inflation figures released today show that the Consumer Price Index (CPI) has fallen to 3%, a level still well above the Government’s target of 2%.
To stop their savings pot effectively eroding away, a basic rate tax payer needs to find an account paying 3.75%, while a higher rate tax payer needs to find an account paying 4.98%.
Read full article... Read full article...
Tuesday, February 16, 2010
UK Savers Suffer as CPI Inflation Doubles / Personal_Finance / Savings Accounts
By: MoneyFacts
The consumer price index again rose even sharper to 3.50%, nearly double the Government’s target of 2%.
Savings rates are still falling after a flurry of lenders cut a selection of mortgage deals. The average no notice rate fell by 0.02% to 0.73% since last month.
Read full article... Read full article...
Saturday, January 23, 2010
UK Savers Losing Money on Virtually ALL Instant Access Savings Accounts / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The savers and borrowers of Britain are being forced to pay for the crimes of the bankster's by an inept, incompetent, and culpable Labour government that has so far bent over backwards to placate the bankster's to the fullest extent even if it ultimately means bankrupting Britain.
Tuesday, January 19, 2010
Building Societies Better than Banks in Saving Accounts Interest Rates Consistency / Personal_Finance / Savings Accounts
By: MoneyFacts
Building societies have once again dominated the first Moneyfacts consistency survey of 2010, with 72.5% of all accounts listed as performing consistently.
Key points of the January 2010 Moneyfacts.co.uk Consistency Survey:
Read full article... Read full article...
Tuesday, January 19, 2010
UK CPI Inflation Begins Spiralling Out of Control Means Headache for Savers / Interest-Rates / Savings Accounts
By: MoneyFacts
The consumer price index again rose sharply to 2.9%, spiralling above the Government’s target of 2% for the first time since May.
Savings rates look to have hit rock bottom, with the average no notice rate hovering at 0.75%, not far above bank base rate.
Read full article... Read full article...
Thursday, December 10, 2009
UK Banks Cut Fixed and Variable Savings Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
2009 appears to be ending in a similar fashion to 2008 for savers, with many top deals being withdrawn or having rates reduced.
Since the beginning of November, 62% of product changes to Moneyfacts.co.uk have been product withdrawals. While many of these products have been replaced, in the majority of cases the replacement products are offering lower returns.
Read full article... Read full article...
Monday, November 16, 2009
Fixed Interest Rate Bonds Shelf Life Hits New Low / Interest-Rates / Savings Accounts
By: MoneyFacts
Savers looking to take out a fixed rate bond need to act fast after the average bond shelf-life fell to a new low of 23 days last month.
At its peak in March 2006, the average shelf-life of a fixed rate bond was 158 days.
Read full article... Read full article...
Wednesday, November 04, 2009
Bailed Out Banks Continue to Cut Saving Account Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Despite no change in bank base rate since the beginning of March, 10.1% of variable rate savings accounts have reduced.
By contrast, only 3.5% of accounts have seen rates increase as providers increasingly look to attract savers deposits
Read full article... Read full article...
Wednesday, October 21, 2009
Building Societies Hold on to Savings Interest Rates Consistency Crown / Personal_Finance / Savings Accounts
By: MoneyFacts
October 2009’s Moneyfacts Consistency Survey has once again seen building societies dominating the results. Today, building societies offer customers 77% of the most consistent savings accounts in the marketplace.
Thursday, September 17, 2009
Banks Target Savers With Fixed Rate Savings Bonds / Personal_Finance / Savings Accounts
By: MoneyFacts
Banks and building societies are continuing to target savers willing to lock their money away in a fixed rate bond, a move that appears to be paying off.
Wednesday, August 12, 2009
UK Notice Savings Accounts Bettered by No Notice Savings Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Savers can now get better rates on easy access account than they can on accounts requiring notice.
Monday, August 10, 2009
Bank Battle Rages to Lock Savers into Fixed Interest Rate Savings Bonds / Personal_Finance / Savings Accounts
By: MoneyFacts
The battle between banks and building societies to attract savers’ money shows no signs of easing, with new competitive deals being launched each day.
Tuesday, August 04, 2009
Most UK Savings Accounts Interest Rates Between 0.80% and 3.04% / Personal_Finance / Savings Accounts
By: MoneyFacts
The latest issue of the monthly Moneyfacts Treasury Report on UK Savings Trends has given additional insight into how providers have no alternatives but to secure business by offering savings rates well over base rate.
Read full article... Read full article...
Friday, July 31, 2009
Banks Deploy Tactics to Persuade Savers From Dipping into Savings / Personal_Finance / Savings Accounts
By: MoneyFacts
With rates at record lows, savers are seeing little reward. Research, conducted by Moneyfacts, has seen a rise in the number of accounts designed to deter savers from the temptation of dipping into funds for frivolous purchases, particularly during the mid season sales.
Read full article... Read full article...
Monday, July 27, 2009
Banks Use Bonuses for Temporary Boost to Savings Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Banks and building societies are continuing to add ever bigger bonuses to their savings accounts as a temporary measure to increase the rates offered to savers.
Read full article... Read full article...
Tuesday, July 14, 2009
Building Societies Increase Savings Accounts Interest Rate Consistency Dominance / Personal_Finance / Savings Accounts
By: MoneyFacts
Two years ago, when Moneyfacts.co.uk started to monitor the most consistent savings accounts, building societies came out on top, taking 72% of the top places.
Despite the turbulent economic conditions that the last two years has brought, the building societies have continued to increase their dominance for consistent paying savings account, today taking 83% of the top places.
Read full article... Read full article...
Thursday, June 25, 2009
Fixed Rate Bonds Interest Rates Rise as Savers Benefit While Borrowers Suffer / Personal_Finance / Savings Accounts
By: MoneyFacts
Borrowers and savers looking for fixed rate deals are seeing very different fortunes.
As the cost of fixed rate mortgages continues to rise, so do the rates on fixed rate bonds as providers look to their savings book for funding rather than the money markets.
Read full article... Read full article...
Wednesday, June 24, 2009
Four Ways to Immunize Your Savings Against the Ravages of Inflation / Personal_Finance / Savings Accounts
By: Money_Morning
Keith Fitz-Gerald writes: Right now, there's more than $9.5 trillion in cash on the sidelines - or more than twice the amount of money currently invested in stock mutual funds, according to MoneyNet.inc and the U.S. Federal Reserve. Private equity firms alone are believed to hold as much as an additional $1.3 trillion.
Thursday, June 18, 2009
Capital One Selling its Savings Book to Skipton Building Society / Personal_Finance / Savings Accounts
By: MoneySupermarket
Kevin Mountford, head of banking at moneysupermarket.com says: "It is no surprise that in current market conditions we are seeing further mergers and acquisitions between banks and building societies.Read full article... Read full article...
Wednesday, June 17, 2009
UK Fixed Rate HISAVE Savings Bonds by ICICI Upto 4.40% / Personal_Finance / Savings Accounts
By: Shahla_Walayat
ICICI Bank has revamped its fixed rate bonds by offering a selection of bonds ranging from 6months to 5 years and paying upto 4.4% far higher than the competition which ranges up from just 0.5% upto typically 3%, this is set against continuing retail prices deflation which implies little sign of significantly higher base interest rates for the rest of of this year.
Read full article... Read full article...
Wednesday, June 17, 2009
Nationwide Fixed Rate E-Bonds Paying Upto 4.15% / Personal_Finance / Savings Accounts
By: Shahla_Walayat
The Nationwide has recently launched a selection of fixed rate bonds which range between maturities of 6 months to 5 years and pay upto a respectable 4.15%, especially in light of many current issues by banks and building society that fail to pay more than 3%.
Read full article... Read full article...
Wednesday, June 10, 2009
Best Current Online Savings Accounts / Personal_Finance / Savings Accounts
By: MoneyFacts
Three providers have today announced their intention to increase rates on their online based saving accounts.
- Barnsley BS – rate on Online Saver increased by 0.40% to 2.50%
- Intelligent Finance – rate on iSaver increased by 1.10% to 2.85%
- Principality BS – new issue of e-Saver launched paying 2.85%, 1.20% higher than the previous issue
Wednesday, June 10, 2009
Rothschild's New Fixed Rate Deposit Account Paying 4.35% Interest / Personal_Finance / Savings Accounts
By: MoneySupermarket
Kevin Mountford, head of savings at moneysupermarket.com said; "This move by Rothschild highlights a change in the savings market.Read full article... Read full article...
Sunday, May 31, 2009
ICICI 4% Fixed Rate Savings Account / Bond Review June 2009 / Personal_Finance / Savings Accounts
By: Shahla_Walayat
ICICI Bank is currently offering a market busting 1 year fixed interest rate of 4% far higher than the competition which ranges up from just 0.5% upto 3%, with retail prices deflation there is little sign of significantly higher base interest rates for much of this year.
Tuesday, May 19, 2009
Falling Inflation Means Rising Real Returns Despite Low Savings Interest Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
Savings rates look to have ended their freefall, with the average no notice rate hovering around 0.65%, marginally above bank base rate.
Read full article... Read full article...
Wednesday, April 15, 2009
Building Societies Continue to Beat Banks in Cash ISA and Savings Interest Rates Consistency / Personal_Finance / Savings Accounts
By: MoneyFacts
Building societies retain consistency crown - Building societies once again reign supreme, taking 77% of the top spots in the Moneyfacts consistency survey. The string of consecutive base rate cuts has resulted in lower returns for savers and the majority of the most consistent returns are provided by the same providers. Read full article... Read full article...
Friday, April 10, 2009
Nationwide Announces New Tax Year Fixed Interest Bonds and ISA's / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide Building Society announces details of a new range of Fixed Rate Bonds, e-Bonds and Fixed Rate ISA Bonds, which all offer a guaranteed rate of return for savers. With effect from Thursday 9 April 2009, Nationwide’s bond range will include:Read full article... Read full article...
Friday, October 24, 2008
The Bull Market in Savings as Cash has Been King for 10 Years / Personal_Finance / Savings Accounts
By: EWI
If you're like most investors, you've been nearly brainwashed with conventional market "wisdom" that stocks are the best way to grow your portfolio.
You would be crazy not to have your money in the markets, right?
Read full article... Read full article...
Thursday, October 02, 2008
Savings Guarantee Raised to £50,000 to Halt Run on UK Banks / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
Gordon Brown confirms that to all intents and purposes all UK savings are guaranteed to £50,000 per depositor per financial group. This is a reaction to the the Irish governments decision to guarantee all depositor savings at 100% for 2 years which has ignited a flood of scared monies seeking refuge within Irish banks that have operations within the UK. This has resulted in increasing calls from media commentators and politicians for the UK government to follow suit with a similar 100% blanket guarantee.Read full article... Read full article...
Wednesday, August 13, 2008
Abbey Fixed Rate Bond Maturity Experience / Personal_Finance / Savings Accounts
By: Shahla_Walayat
The following is intended to save investors time and potential loss of interest in dealing with maturing Abbey fixed rate bonds.Read full article... Read full article...
Tuesday, August 12, 2008
ICICI 7.2% Fixed Rate Savings Account / Bond Review / Personal_Finance / Savings Accounts
By: Shahla_Walayat
ICICI Bank is currently offering a market busting fixed interest rate of 7.2%, whilst at the same time speculation is growing of UK interest rate cuts around the corner in the wake of a fast slowing economy, therefore a small window of opportunity exists to lock into a high fixed interest rate as already some banks have stated to cut rates such as Birmingham Midshires.Read full article... Read full article...
Sunday, August 03, 2008
Halifax Websaver Fixed Rate Savings Bonds Analysis / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
I have been tracking the Halifax fixed websaver rates for a number of years now, which includes periodically pulling the data down as the Halifax fixed rate websaver tends to usually provide good rates of interest whilst at the same time being easy to open for existing customers, the accounts can be opened instantly online and provide for instant online transfers between in house accounts.Read full article... Read full article...
Saturday, August 02, 2008
UK 7% Plus Fixed Rate Savings Bonds- Aug 08 / Personal_Finance / Savings Accounts
By: Shahla_Walayat
Despite three interest rate cuts, UK fixed rates rose over the summer months to above 7% as cash starved banks, sought to get as much cash in through the doors as possible after failing to obtain credit on the money markets and rejected by the capital markets as evidenced by rights issue failures that prompted emergency action by arm twisting of the big banks to step in and buy up unsold stocks such as that of Bradford and Bingley.Read full article... Read full article...
Tuesday, July 29, 2008
Depositors Require More Secure Financial Institutions / Personal_Finance / Savings Accounts
By: Paul_Lamont
As we referenced last April , it is very important in a deleveraging environment to hold your U.S. Treasury Bills at a secure financial institution. Calling brokers and reps up and asking them if your funds are safe at their institution is like asking the fox if the chickens he is guarding are safe. What do you expect them to say? Since we are independent and only work for our clients, we have been diligently researching the different types of asset custodians. Here is what we found: Read full article... Read full article...
Friday, June 20, 2008
Inflation Linked Savings Bonds / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “The Monetary Policy Committee (MPC) is currently trying to balance the scales between inflation and base rate. With increasing costs on fuel and food, inflation has grown to 3.3% (CPI) in May 2008, its highest level since July 1992 and well above the Government’s 2% target.Read full article... Read full article...
Tuesday, June 10, 2008
Treasury Bill Accounts a Smarter Alternative to Money Market Funds / Personal_Finance / Savings Accounts
By: Paul_Lamont
Investors are rushing into cash as the financial system is deleveraging. But what form of cash will preserve investor's wealth? ‘Cash-like' instruments, such as adjustable rate securities, have become illiquid with the credit markets. Some money market funds, full of asset-backed commercial paper, have had to be supported by their sponsors. Even bank deposits could be unavailable for a time in an FDIC backlog (they expect to be quite busy as their recent hiring suggests).Read full article... Read full article...
Sunday, March 16, 2008
Abbey Super Cash ISA 10%- Too Good to be True? / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
Abbey have launched what on face value looks like an unbeatable market breaking Cash ISA savings account paying a remarkable 10% for up to 13 months on lump sum investments of up to£3,600 (from 6th April), but and there is a big BUT, savers also have to invest a lump sum into their Guaranteed Equity Bond GEB, which usually tend to prove to be very bad investments, therefore this article attempts to present an objective look at the Abbey product to determine whether or not it stacks up against other Cash ISA's such as the Barclays 12 month Tax Haven Cash ISA paying 6.5%. Both Cash ISA savings accounts are instant access.Read full article... Read full article...
Saturday, January 26, 2008
Fixed Savings Rates Near 7%, Despite Easing of Interbank Rates / Personal_Finance / Savings Accounts
By: MoneyFacts
As fixed rate savings continue to fall, Rachel Thrussell head of savings at moneyfacts.co.uk looks at what this sector of the savings market still has to offer.
“Although we have seen a dramatic drop in some short term fixed rate savings over the last couple of weeks, with larger institutions such as Halifax dropping rates by up to 1%, there are still some really good deals to be found.”
Read full article... Read full article...
Tuesday, January 15, 2008
Fixed Rate Savings Interest Rates Take a Tumble / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk, comments: “High savings rates have been a by-product of the credit crunch, as providers source deposits as an alternative option to raising funds on the money markets. Competition is still alive, with rates paying almost 1% more than Bank of England base rate in the variable market, and as much as 1.35% within the fixed market.Read full article... Read full article...
Tuesday, January 01, 2008
Savings Top Agenda for Consumers in 2008 - Top Tips for Savers / Personal_Finance / Savings Accounts
By: Nationwide
Research* from Nationwide Building Society has revealed that when it comes to finances, the number one New Year's resolution is to save more money in 2008. Nearly half of all respondents said that the one change they wanted to make in the New Year involved their savings, with 48% admitting they either wanted to save more or actually start saving money.Read full article... Read full article...
Monday, December 10, 2007
UK Savers Benefit From the Liquidity Credit Crisis as Fixed Rates Rise Again / Personal_Finance / Savings Accounts
By: MoneyFacts
Andrew Hagger, Head of News and Press at Moneyfacts.co.uk, comments on the recent increase in short-term savings rates.
“It seems that some institutions had pre-empted the recommendations issued by the FSA yesterday and may have already been assessing their funding and liquidity positions, as a result attempting to bring in more funds through the front door.
Read full article... Read full article...
Wednesday, November 21, 2007
Nationwide Launches New Range of Fixed Rate Savings Bonds Paying Up To 6.70% / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide Building Society has today launched a new range of Fixed Rate Bonds offering highly competitive rates and guaranteed returns for savers. With effect from Monday 19 November 2007, the following new Bonds will be available:
- One year Loyalty Fixed Rate Bond paying 6.70%
- One year e-Bond paying 6.70%
- One year Fixed Rate Bond paying 6.60%
Sunday, November 18, 2007
Halifax - Some Bad News for UK Savers / Personal_Finance / Savings Accounts
By: MoneyFacts
Halifax has announced today that it is reducing its core savings rates by up to 0.25%. Rachel Thrussell Head of Savings at Moneyfacts.co.uk the leading independent financial comparison site comments: “Whilst we have seen the launch of some competitively priced savings products this week, Halifax has bucked the trend by cutting rates on its core range. It is uncommon to see a provider reduce their rates in a period of base rate stability.Read full article... Read full article...
Saturday, October 20, 2007
Credit Crunch Still Biting as Halifax Raises Short-term Fixed Savings Interest Rate - Oct 07 / Personal_Finance / Savings Accounts
By: Shahla_Walayat
The Credit Crunch which has resulted in much higher interbank rates continues to benefit savers. The Halifax's flagship online savings account, the 'WebSaver' on face value offers a relatively low interest of just 5.3%, but dig a little deeper and you would be surprised by the ultra short-term fixed rates currently available with the 3 month rate surging to 6.88% AERRead full article... Read full article...
Friday, October 19, 2007
Offshore Savings Rates Regain Some Appeal – But Are Your Savings Safe! / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk - the leading independent financial comparison site, comments: “In the wake of the onshore savings rate war, first in the fixed rate market and subsequently with variable rate products, the offshore market has stolen the march in the last week, offering rates to win the battle hands down.Read full article... Read full article...
Saturday, October 06, 2007
Calls on the Chancellor to Improve ISA's, Children's Savings Accounts and Affordable Housing / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide Building Society, ahead of the Pre-Budget Report which is expected next week, has called on the Chancellor to make changes and improve the ISA system, children’s savings and housing affordability. The Society is a keen supporter of government initiatives that encourage the savings habit and enable people to get onto the property ladder and hopes Alistair Darling will take the practical steps needed to ensure the Government’s stated aims in these areas are met.Read full article... Read full article...
Monday, October 01, 2007
UK Savings Accounts 100% Secure Upto £35,000 / Personal_Finance / Savings Accounts
By: Sarah_Jones
Following the Northern Rock bank run, the government has revealed an interim guarantee to all savers in all UK banking institutions. The guarantee now covers 100% of the first £35,000 in savings, which had previously only been secured at 90%.Read full article... Read full article...
Friday, September 28, 2007
Savings Accounts Fixed Rates Still Simmering, But Variable Savings Start to Hot Up and an Internet War Begins! / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments: “As the fixed rate market stabilises, with the top rates available just shy of 7% and the variable market showing signs of hotting up, the tides have started to turn.Read full article... Read full article...
Wednesday, September 26, 2007
UK Savings Reach Record High In August / Personal_Finance / Savings Accounts
By: Submissions
Neil Johnson writes: Building society net receipts in August were nearly double those in July. This is the highest August figure ever and the highest monthly figure since April 2005. We believe that successive increases in interest rates and subdued equity markets have encouraged savers to put more money away, and we expect this to continue while rates remain high and savers recognise the wide range of good value building society savings products available to them.Read full article... Read full article...
Friday, September 21, 2007
The Halifax Websaver's Fixed Interest Rates Savings Accounts - Sept 07 / Personal_Finance / Savings Accounts
By: Shahla_Walayat
The Credit Crunch which has resulted in much higher interbank rates continues to benefit savers. The Halifax's flagship online savings account, the 'WebSaver' on face value offers a relatively low interest of just 5.3%, but dig a little deeper and you would be surprised by the short-term fixed rates currently available. starting at 6.30% and rising to 6.75%Read full article... Read full article...
Sunday, September 09, 2007
UK Banks Short on Cash Entice Savers With High Interest Rates / Personal_Finance / Savings Accounts
By: Nadeem_Walayat
The tables have been turned on the UK banks! Despite NO interest rate rise since July 07 financial institutions are falling over themselves to entice savers into depositing funds in both short-term and fixed rate savings accounts. Which gives UK savers a golden opportunity to take advantage of the current weakness in the banking system and lock in excellent rates before they evaporate.Read full article... Read full article...
Friday, August 24, 2007
Beware of Headline Savings Interest Rates…Over 75% Have a Sting in the Tail / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments: “With the aftermath of the last interest rise rate finally over, and most providers opting for the full quarter point increase, it is pleasing to see that over 90 bank and building society variable rate accounts now pay at least 5.75% (base rate). But the rate is only part of the picture when it comes to a competitive savings account. Too many of the high paying accounts come with restrictions and conditions.Read full article... Read full article...
Friday, August 24, 2007
Inflation Beating Savings: Gimmick or a Good Deal? / Commodities / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, investigates:“A new breed of savings accounts has emerged over the last month with Leeds BS and National Counties offering products that promise to beat inflation. But how do they fare in the current market? Are they a good deal or just a gimmick?
“Savers may be fooled into thinking these inflation beating accounts offer something special over and above a standard savings account, but if inflation remains under tight control (within 1% either way of the official 2% target), a best buy fixed deal could offer an equal or better return in the longer term.
Read full article... Read full article...
Sunday, July 29, 2007
Nationwide International Launch US Dollar and Euro Tracker Premium Accounts offering Leading Interest Rates / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide International has today announced that it will be launching US Dollar and Euro Tracker Premium accounts with effect from Wednesday 1 August 2007. The accounts will offer market leading interest rates on offshore, no notice foreign currency accounts.
The new accounts will be available to new and existing customers and will offer:
Read full article... Read full article...
Monday, July 16, 2007
The Halifax Websaver's Excellent Short-Term Fixed Interest Rates / Personal_Finance / Savings Accounts
By: Shahla_Walayat
Halifax's flagship online savings account, the 'WebSaver' on face value offers a relatively poor interest of just 5.05%, but dig a little deeper and you would be surprised by the short-term fixed rates currently available. starting at 6.15% and rising to 6.57%Read full article... Read full article...
Monday, July 02, 2007
Headline grabbing savings accounts – How long before we see a 20% interest rate? / Personal_Finance / Savings Accounts
By: MoneyFacts
Rachel Thrussell, Head of Savings at Moneyfacts.co.uk – the money search engine, comments on the new regular savings accounts launched today from Alliance & Leicester and Abbey:
Alliance & Leicester
“Alliance & Leicester has really taken savings market to another level with the launch of its Mortgage Regular Saver, not only in terms of its headline rate but also the number of conditions that are attached. The headline interest rate of 15% may look fantastic, and for anyone who can match the account requirements it is the best paying regular saver on the market.
Tuesday, June 26, 2007
Nationwide Calls On Gordon Brown to Make a Difference on Housing and Savings As He Moved to No 10 / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide Building Society has challenged Gordon Brown to put hard-pressed home buyers and savers at the top of his agenda through real reform that will make a genuine difference. During Mr Brown's ten-year tenure as Chancellor he has made some significant changes, including the introduction of the Child Trust Fund and increases to stamp duty thresholds. However, Nationwide continues to believe there are some major concerns that still need to be addressed. As he enters No. 10 as Prime Minister on 27 June, Nationwide Building Society calls on Gordon Brown to:
- Ensure fair tax treatment for all child savers
- Provide more help for hard pressed home buyers
- Increase the limits on annual ISA savings
Sunday, June 17, 2007
Nationwide Launches New Range of Fixed Rate Bonds Paying up to 6.15% / Personal_Finance / Savings Accounts
By: Nationwide
Nationwide Building Society has launched a new range of Fixed Rate Bonds offering highly competitive interest rates and guaranteed returns for savers. The following new Fixed Rate Bonds will be available:
- One year Fixed Rate Bond
- Two year Loyalty Fixed Rate Bond
- One and two year Fixed Rate e-Bonds
Monday, May 14, 2007
What Savers Want / Personal_Finance / Savings Accounts
By: Nationwide
New research from Nationwide reveals what consumers want from a savings account
New research from Nationwide has revealed that over a third (35%) of people are saving on a regular basis and an additional 44% save from time to time when they have spare funds. It also confirmed that one in five (21%) fail to save anything at all.
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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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
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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Wednesday, March 21, 2007
Individual Savings Accounts (ISAs) becoming more complex - Not such an easy ISA / Personal_Finance / Savings Accounts
By: Sarah_Jones
Rachel Thrussell, Head of savings at moneyfacts.co.uk – the money search engine, comments:
“As the end of another tax year approaches, banks and building societies have been stepping up their efforts in an attempt to capture their slice of the huge ISA market.
“When the Mini Cash ISA was first introduced in 1999 as an easy tax efficient way to save, the majority of ISAs were straightforward, either instant access or notice and occasionally with an introductory bonus.
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Tuesday, March 20, 2007
Barclays Bank launches 6.5% Best Cash ISA on the market and new simple savings accounts / Personal_Finance / Savings Accounts
By: Shahla_Walayat
With less than a month left for UK consumers to make the most of their current tax-free ISA savings allowance, Barclays from Friday 16th March introduces a new cash ISA paying 6.50 per cent AER interest. Customers are able to save from as little as £1 and up to £3,000 in each tax year.
Andrew Jones, Barclays Product Director, said: “This is the best no catches cash ISA rate to hit the high street this year. Interest rates have been going up in recent months but until recently the best AER you could get on a cash ISA was below 6 per cent.
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