Summit to be held with broadband industry
May 26, 2008
In a recent report it has been revealed that he former e-commerce minister and minister for competitiveness, Stephen Timms, along with Ofcom, the communications regulator in the UK, are to be involved in a summit with the broadband industry in order to try and bring the UK up to speed so that it can embrace future advancements and increased speeds in relation to broadband. Past reports have highlighted how the fibre based networks used by other countries such as Japan means that they are ready to welcome these advancements, but the UK was lagging behind. Read more
Twenty percent of Brits are keen savers
May 26, 2008
Although riding inflation and interest rates have hit hard on the pockets of consumers in the UK around 20% of Brits state that they are keen to save money and will make the necessary sacrifices to help ensure that they can do this. According to the results of the study, which was conducted by National Savings and Investments, around a fifth of Brits are keen savers and are willing to make the necessary cutbacks in order to be able to prioritise on their savings. Read more
Online banking popular with older people
May 26, 2008
Online banking has become hugely popular amongst consumers in the UK over recent years, and according to a recent report this method of banking is becoming especially popular amongst those aged 55 and over, thanks to the ease and convenience that it offers. According to recent reports online banking has seen a rise of 175% rise in total popularity over the past six years. However, the popularity of online banking amongst those aged 55 and over has rocketed by 350% during this time. Read more
Remortgaging to a base rate tracker could be a good choice
May 23, 2008
According to some industry professionals remortgaging to a base rate tracker mortgage could be a good choice for many homeowners, as this will enable them to benefit from the series of interest rate cuts that are expected to be applied by the Bank of England next year. Over the past year and a half there have been five interest rate rises, and this has seen the base rate rocket from 4.5% in August 2006 to 5.75% by July of this year. In December, however, interest rates finally fell by 0.25%, taking the base rate to 5.5%. Read more
No Northern Rock share dividend payout
May 22, 2008
Troubled high street lender, Northern Rock, has recently announced that it will not be paying out any share dividends to shareholders. The announcement follows the recent turmoil, which saw many of the bank’s 1.5 million savers draw out billions of pounds in savings amidst fears that the bank would fold after it took a loan from the Bank of England. Northern Rock is the fifth largest mortgage lender in the UK, but despite its past success and also despite assurances from bank officials and the Bank of England, savers flooded to branches in droves for a number of days in order to take out their savings. Read more
7% available on some savings accounts
May 22, 2008
There is good news for savers in the UK, with recent reports showing that interest rates on some savings accounts are the highest in six years, reflecting the brighter side of the recent series of interest rate rises that have taken place over the past year. Five interest rate rises of 0.25% each have resulted in the base rate rising from 4.5% last August to 5.75%, which has created problems for borrowers on variable interest rates. However, for savers the interest rate rises have resulted in better returns on their savings. Read more
Take care of your wireless broadband connection
May 21, 2008
Officials have stated that many consumers in the UK that have wireless broadband connections could end up paying for a services that is simply not up to scratch – not because of the service provider but because their wireless connection is being used by others, posing a number of problems including compromised service and speeds. Authorities have warned that those with wireless broadband connections could also be at risk of real problems if those stealing the connection – typically done by using laptops outside the homes of those with wireless broadband – use their connection to perform illegal or dodgy activities. Read more
Banks under scrutiny from FSA
May 21, 2008
A number of banks are being closely monitored and scrutinized by the UK’s financial regulator, the Financial Services Authority, following the ongoing turmoil in the financial markets and the recent problems experienced by Northern Rock. According to recent reports, the regulator plans to start an investigation into how stable other banks are, particularly in cases where banks are lending out far more than they are taking in by way of savings from customers. Read more
HSBC slated over misleading advertisement
May 21, 2008
The HSBC has recently been reprimanded by the Advertising Standards Agency over an advertisement that the bank was running, which has been branded as misleading by some of its rivals as well as by the ASA. The advertisement claimed that HSBC customers could enjoy the benefits of fee free cash withdrawals when using their cards abroad, but failed to mention that the foreign transaction fee would still charge, which normally amounts to around 2.75% of the amount withdrawn. The Advertising Standards Agency has stated that this is still construed as a fee, and therefore the bank cannot claim to offer fee free cash withdrawals. Read more
Internet proves useful for credit card customers
May 19, 2008
A recent report has highlighted how many credit card users and applicants in the UK have started to rely on the Internet in order to gain more information about credit card types and benefits, as well as to browse, compare, and apply for cards. It was also found that the majority of consumers that have a credit card prefer to run their credit card account online too, enjoying the convenience, ease, and speed that this offers. Read more