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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]