Archive for the 'savings' Category
Investment firm Schroders has revealed a third of Britons aged over 65 are raiding their savings in order to cover everyday living costs. According to the report, savers have taken out a total of £60 billion, with an average of £4,600 each. The main reason for the withdrawal of savings is the low interest rate [...]
August 22nd, 2010 | Posted in All Financial News, Banking News, Economy News, Investment News, Schroders, cover, elderley, interest rates, living costs, raid, savings, survey | No Comments
Leeds Building Society has launched a new instant access account paying interest at 2.55%. The headline rate includes a 0.5% bonus until August 2011. The account, known as the London Instant Access Account, is only available through the building society’s London branch. Savers can open the account with a minimum investment of £100, and are [...]
August 5th, 2010 | Posted in All Financial News, Banking News, Leeds Building Society, London, instant access, new product, savings | No Comments
Smaller building societies are often able to offer better interest rates on current accounts than big banks, a financial expert has claimed. Phil Perry, director of Ark Financial Planning, said smaller, regional lenders such as mutual societies can offer savers higher rates of interest because they have members rather than shareholders. “If the members are [...]
August 5th, 2010 | Posted in All Financial News, Ark Financial Planning, Banking News, building societies, current accounts, interest rates, savings | No Comments
The National Audit Office (NAO) has warned that bigger spending cuts could be on the cards after suggesting the Government is not on target to meet savings.
It said further tough measures would need to be implemented if it is to be successful in cutting costs and has questioned the £10.8 billion in savings already reported [...]
July 20th, 2010 | Posted in All Financial News, Debt News, Economy News, Government, NAO, National Audit Office, miss, savings, spending cuts, target | No Comments
Britain’s over-50s have reduced their retirement savings by nearly £18 billion over the last year, according to new research by LV=.
The pensions, investments and insurance group found 21% of those approaching retirement have reduced their retirement savings by an average of more than £300 per month in the past 12 months.
In the same period, just [...]
July 19th, 2010 | Posted in All Financial News, Economy News, LV=, Pensions News, UK, financial crisis, research, savings | No Comments
Consumers don’t bother to put money aside for the future because of low interest rates and complicated best buy introductory offers, a financial expert has claimed.
Andrew Hagger of Moneynet.co.uk said consumers are “baffled” by the complex special offers banks use to attract new customers.
“It is no surprise that many consumers, baffled by complex accounts often [...]
July 19th, 2010 | Posted in All Financial News, Banking News, Moneynet, UK, bank account, moneysupermarket, savers, savings | No Comments