Jump to content

Search the Community

Showing results for tags 'savers'.

More search options

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


  • The Consumer Forums: The Mall
    • Welcome to the Consumer Forums
    • FAQs
    • Forum Rules - Please read before posting
    • Consumer Forums website - Post Your Questions & Suggestions about this site
    • Campaign
    • Helpful Organisations
  • CAG Community centre
    • CAG Community Centre Subforums:-
  • Consumer TV and Radio Listings
    • Consumer TV and Radio Listings
  • CAG Library - you need to register to access the CAG library
    • CAG library Subforums
  • Banks, Loans & Credit
    • Bank and Finance Subforums:
    • Other Institutions
  • Retail and Non-retail Goods and Services
  • Work, Social and Community
  • Debt problems - including homes/ mortgages, PayDay Loans
  • Motoring
  • Legal Forums
  • Latest Consumer News


  • A Say in the Life of .....
  • Debt Diaries
  • Shopping & Money Saving Tips
  • chilleddrivingtuition

Find results in...

Find results that contain...

Date Created

  • Start


Last Updated

  • Start


Filter by number of...


  • Start



About Me

Quit Date

Between and

Cigarettes Per Day

Cost Per Day


Found 10 results

  1. Due to recently selling my house and buying a far cheaper house elsewhere I now have a bank balance of £149,509.10 in my Santander account. Despite this they pay me no interest at all. Santander said I could obtain a different type of account that would pay me interest but only on a balance up to £20,000. I am of the impression that the bank doesn't want my money and would prefer me to transfer it elsewhere. I find this very strange indeed because I thought banks needed people with large balances so they could lend to other people and charge interest on the loans. Seems to me if you have a fairly large amount of money the last place you put it is in a bank. Having no idea where to invest my money I assume I will have to just leave it in the bank and watch it depreciate due to inflation. Oh well, such is life.
  2. As research shows fraudsters targeting people under-55 and encouraging them to access their pension early is on the increase, Which? investigates some of the causes. City of London Police figures show that in the 12 months to February 2016, £13.2 million was lost to pensions liberation [problem]s – an increase of 26% on the previous year. Pension liberation schemes target people under-55 and encourage them to withdraw or transfer their pension savings. However, pensions are designed to only allow savers access to their money after they turn 55. Accessing pensions savings before 55, unless in exceptional circumstances such as ill-health, is not permitted and consumers face losing up to 70% of their pot as a tax penalty. And yet we found that companies offering early pension release for those under-55 are clearly advertising their services online. These sites offer early access to pension savings, potentially exploiting consumer confusion with the new pension freedoms, and don’t explain the huge losses at stake, often charging exorbitant fees. Many of these sites, which could potentially be [problem]s, also appear prominently when searching online for phrases such as ‘cashing in your pension’ and could be contributing to an increase in pensions liberation [problem]s. The Financial Conduct Authority has issued a clear warning to savers about opting for early pension release, but adverts for early pension release often downplay the risks. http://press.which.co.uk/whichpressreleases/pension-[problem]s-cost-savers-millions/
  3. The Financial Services Compensation Scheme (FSCS) was raised to £85,000 per account in 2010 following the financial crisis and specifically the collapse of Northern Rock. However, EU regulations mean that this amount is going to change, and it’s going to go down by £10,000. The Bank of England has announced that the Prudential Regulation Authority (PRA) is making changes to the protection under FSCS. For most savers currently covered by the FSCS, the existing level of deposit protection (£85,000) will be maintained for six months before changing to £75,000 from Jan 1 2016 http://www.bitterwallet.com/fscs-protection-to-be-cut-by-european-directive/86392
  4. Barclays is set to move around 2.3m savers on to a new type of Isa which for two thirds of them will mean worse interest rates. The bank has already closed 11 of its cash Isas to new customers and will now be withdrawing them from existing customers too. The new Isas will pay less than the two per cent annual interest, meaning more meagre savings rate for 1.6m customers, with 740,000 benefitting or remaining unaffected. Barclays has said that it has been urged to simplify its Isas. Lee Chiswell, head of savings at Barclays said: These changes will make it easier for our customers to understand their products and easier for staff to serve them. We are writing to all impacted customers to let them know how these changes will affect them, and we have worked with our colleagues to ensure they can support customers who have any questions about these changes. http://www.cityam.com/1407333497/barclays-isa-changes-hit-savers http://www.bbc.co.uk/news/business-28675631
  5. The bonus rates banks use to make savings accounts look attractive to customers are set to be investigated by the City regulator. Banks and building societies face an investigation into the “teaser rate” trick used to boost the rates on savings accounts artificially. The Financial Conduct Authority, the City regulator, is concerned that many banks use temporary bonus rates to make savings accounts look attractive – and net vast profits from loyal customers as a result. These bonuses, which can be worth up to 95pc of the overall rate, typically last a year, before dropping off. The rate the often falls to rock-bottom – sometimes as low as 0.5pc or less – leaving a saver languishing on poor returns. This makes savings deposits a very cheap source of money for banks, who happily allow customers to keep earning miserable returns. The onus is then on the customer to move their savings to a new account for a better rate. Banks are supposed to send customers notification of a bonus ending. A study into the effect of teaser rates will form a major part of an investigation into the cash savings market announced by the FCA today. It will try to establish "whether competition is working effectively int he best interest of consumers". The FCA said the works was important because more than 80pc of adults hold a cash savings account at some point in their life. Separate estimates by The Telegraph, based on official data, suggest 17million households use a cash savings account. Martin Wheatley, chief executive of the FCA, said: "In looking at cash savings, we will examine an area that affects most people and see if there is action we need to take. This is exactly the sort of area I want the FCA to be operating in. “We know that switching rates are low for financial services products and savings accounts are no exception. Even when people do switch their accounts, they are twice as likely to go with their existing provider than move to the offering of a competitor.” The FCA retains the power to ban firms from using teaser rates if they are deemed as a negative influence on the savings market. Link: http://www.telegraph.co.uk/finance/personalfinance/savings/10295508/Teaser-rates-that-lure-savers-face-scrutiny.html
  6. Barclays Bank is to start selling data on its millions of current and savings account customers to other companies for the first time. The bank has told savers that it intends to package together "information about the transactions on your account" with data on groups of other customers to compile reports on spending trends across Britain. This could then be passed on other companies or Government departments. Under the changes, which take effect in the autumn, the bank will also start tracking customers through their mobile phones or other "devices" - to help protect them from fraud. If a payment is made in a certain country, Barclays will "ping" the customer's mobile number to check if the phone is in that country. The move by Barclays has been laid out in changes to terms and conditions, sent to customers around the country, that take effect from the start of October this year. It forms part of a growing trend for companies who have realised they can generate new revenue streams by selling data on their customers. Just days ago, the biggest mobile phone operators in the country, Vodafone, EE and O2, said they would start selling bundles of anonymised data on their customers to big advertisers to help them target different age groups and demographics. More: http://www.telegraph.co.uk/finance/personalfinance/10137785/Barclays-to-sell-on-data-from-savers-and-track-mobile-phones.html
  7. To help consumers keep abreast of the latest financial deals we take a closer look at some recent product launches. While there has been a flurry of low-cost credit card deals in recent months, most of us are paying more for our plastic, according to new research. Moneyfacts, the financial analyst, found that the average interest rate charged on credit cards for purchases is now 19.1pc, the highest it has been for 18 months. These APR rates have increased to help pay for the short-term introductory offers, that are used to attract new customers. The number of credit card providers offering interest-free periods on balance transfers or new purchases have increased, as has the length of these offers. However, Moneyfacts warned customers to note when this introductory period ends and look at switching again so they are not paying over the odds on borrowing charges after this date. To help consumers keep abreast of the latest financial deals we take a closer look at some recent product launches. Link: http://www.telegraph.co.uk/finance/personalfinance/savings/9683514/Cheaper-loans-and-mortgages-but-savers-are-still-losing-out.html
  8. The Islamic Bank of Britain is targetting savers of all faiths with a table-topping account. Islamic Bank of Britain (BB) has stepped up its efforts to attract consumers by launching a table-topping 4pc expected profit rate for its two-year fixed account. The account is open to "customers of all faiths" the bank said. As an Islamic Bank, IBB does not pay interest to its savers. Instead, the rate is offered as an 'expected profit rate', because the Bank invests the funds into Sharia compliant and ethical trading activities. These activities deliver a profit over the agreed, fixed term, which in this case is 24 months. IBB monitors the target profit rate on a daily basis to ensure it is achievable and will provide the return offered to the customer. IBB said that is has never failed to deliver the expected rate. More: http://www.telegraph.co.uk/finance/personalfinance/savings/9421976/Islamic-bank-tempts-savers-with-4pc-rate.html
  9. Thousands were left out of pocket yesterday after the Royal Bank of Scotland was at the centre of a new computer meltdown. About 100,000 customers of Thinkbanking, whose accounts are held by RBS, did not have their balances updated because of a technical problem. The hitch came a fortnight after the RBS computer breakdown left millions of customers of NatWest, owned by RBS, unable to access their cash. Read more: http://www.dailymail.co.uk/news/article-2170378/Second-RBS-glitch-hits-bank-s-savers-100-000-customers-balances-updated.html#ixzz203dwi900
  10. Slowly but surely banks are sneakily boosting their bottom line by squeezing savers while hitting homeowners with hike after hike in mortgage rates. It almost seems impossible that savers can get a worse deal than they have been for the past three years — but mark my words, we’re heading that way. Since January 1, mortgage rates on the best deals have increased by as much as 0.8 per cent, adding £792 a year to the cost of a loan. Read more: http://www.dailymail.co.uk/money/saving/article-2151736/JAMES-CONEY-Banks-squeezing-savers-hitting-homeowners.html#ixzz1wPTOkMaP
  • Create New...