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ICICI to offer more options to UK customers

Indian bank ICICI, which has become known for some of the excellent interest rates it has been offering to savings customers in the UK, has announced that it plans to offer more services to UK consumers in a bid to expand within the UK. ICICI is a subsidiary of the second largest bank in India, and plans to expand the services on offer over the next year. It plans to offer customers current accounts, insurance services, and personal loans. Read more

Alliance and Leicester launches account for over 50s

The Alliance and Leicester has launched a new bank account that is specifically aimed at the over 50s, known as the Premier 50 account. The bank states that the Premier 50 account offers a number of benefits that will suit consumers within this age group, and therefore could prove invaluable. Consumers will have to pay a monthly fee of £10 for the account, but the Alliance and Leicester states that the value of the benefits that they can enjoy for this price is tremendous. Read more

7% available on some savings accounts

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

Customers want to see more financial products at the supermarket

According to the results of a recent survey customers in the UK are eager to see a wide range of financial products being made available from their local supermarkets, as many feel that the supermarket can offer far better service and far better value for money on these services and products compared to traditional banks. Many supermarket giants, such as Asda, Tesco, and Sainsbury’s, already offer a range of financial products and services such as insurance, loans, savings, and most popularly credit cards. Read more

ICICI tumbles on best buy tables

Having enjoyed a high position on the best buy tables for some time, the Indian bank, ICICI, which stormed into the UK markets recently has now decided to reduce the interest rate paid on its HiSave account following the Bank of England’s most recent interest rate cut in February. The bank did not announce its decision to cut the rate for some time following the announcement of the base rate cut, but has now confirmed that the rate on the account is being dropped to 6.16%, which is a cut of 0.25% in line with the base rate cut. Read more

Difficult retirement for those in their thirties

Many consumers in their twenties and thirties give little or no time to the thought of how they will fund their retirements, and a recent report has shown that those in their thirties could be heading towards a very bleak retirement due to lack of money fuelled by frivolous spending and failure to put any money aside for their futures. Hundreds of younger people were polled in a survey for the Skipton Building Society, and the result showed a worrying trend amongst consumers in their thirties. Read more

Customers flocking to put savings with Icesave

Many UK consumers are now taking action with regards to making their savings work harder for them by placing their money into an Icesave account, which pays an impressive interest rates, enabling savers to earn more in interest than they may be getting with their existing provider. Icesave is part of Iceland’s Landisbank, and was launched in October 2006, under one year ago. Since its launch Icesave has enjoyed great success with billions of pounds being invested by savers. Read more

Savers wondering if they will benefit from the latest rise in interest rates

Banks in the UK have come under fire from savers who have not yet seen a change in the interest on their accounts due to the increase in rates. The controversy arises from the fact that the increase in interest rates was applied by the Bank of England about four weeks ago, but savers have not yet seen it applied to savings accounts. There have been several increases in interest rates during this past year and while banks have been very quick to apply them to loan accounts they are not so fast to apply the same increases to interest on savings accounts. In the past, some savers have not seen only a partial rise in the interest on their savings account, if they saw any change at all. Read more

Can the Rock win over consumer confidence?

Since the crisis that surrounded Northern Rock last year, when it was discovered that the Rock had taken an emergency loan from the Bank of England, things have gone from bad to worse for the stricken lender. First share prices plummeted, then customers withdrew over £2 billion in savings over the space of a few days amidst fears that the bank was on the verge of collapse, and then talks with private buyers relating to the sale of the bank proved to be fruitless. Read more

Interest rate rises mean more good news for savers

Although the latest interest rate rise has dealt yet another blow to homeowners and those with variable rate loans, it could prove very fruitful to those with savings accounts, as a number of banks have decided to apply the full rate rise onto savers, which means that customers could start seeing a healthy profit rolling in from interest, particularly on larger deposits. Read more

Bill suggests that other banks could be nationalised if problems arise

The emergency Bill that was recently rushed through parliament in order to allow the nationalisation of the ailing bank Northern Rock is causing concern amongst some industry professionals with many worries that the nature and wording of the Bill means that other banks that experience similar problems to Northern Rock could also end up passing into public ownership, which could result in further negative impact on taxpayer’s money. Read more

Find the right savings account for you and your kids

Although the four interest rate rises that have been applied by the Bank of England over the past year have spelled bad news for borrowers on variable rates, for those with saving these rises should be good news. However, according to recent research this is not always the case, with banks and financial institutions acting very quickly to apply any interest rate rises to borrowing but acting far more slowly when it comes to applying rate rises to savings. In some cases interest rate rises are not passed on in full or even at all when it comes to savings accounts. Read more

Savers need to keep an eye on interest

The two recent interest rate cuts applied to the base rate by the Bank of England have been welcomed by many borrowers with variable rate mortgages, but have not benefited savers, who have seen interest rates on savings accounts come down. However, savers are being urged to keep an eye on interest rates, with officials stating that in some cases the interest rate on savings accounts has come down by way more than the base rate cut. Read more

Judge has not yet delivered ruling on bank charges

Over the past couple of years the rows and controversy over the charges that banks apply to the accounts of customer’s have been getting more pronounced. The charges referred to are those for exceeding the credit limit, and for bounced cheques and returned direct debits. Campaigners claimed that dealing with these things only cost the banks between £2 and £5 yet the banks were applying fees of around £30-£40 per charge to the customer. Read more

Boy found doors of closed bank open

Many banking customers in the North Yorkshire area may be experiencing concerns over their account security after on bank in the area was found to have left its doors open despite the fact that the bank was closed and staff had gone home. Luckily the discovery was made not by a hardened criminal looking to get hold of cash or sensitive data but by a five year old boy who spotted some toys that he wanted to play with inside the branch. Read more

Building societies enjoyed great success last year

A recent report has shown the level of success that many of the UK’s building societies enjoyed last year, with many consumers ploughing billions of extra pounds into these societies. Read more

Do you need a basic bank account or a current account?

An increasing number of banks have started to offer basic bank accounts over recent years, and these basic accounts are often known by different names depending on which bank you go through. A basic bank account, as the name suggests, is a more basic version of a current account, and let you run your day to day finances but with certain restrictions in place. Read more

Changes made to cheque deposits

Following a change in regulations consumers that make cheque deposits into their bank accounts will now be able to enjoy increased speed and efficiency, as well as other benefits. The new rules, put together by the Cheque and Credit Clearing Company along with APACS, will come into force at the end of November. The Office of Fair Trading has been trying to get clarification on cheque clearance times for years from the banking industry. Read more

Is your savings interest rate being spent on advertising for banks?

According to a recent report the interest rates of many consumers’ savings acounts could be affected by the high costs incurred by banks for advertising and marketing in order to entice customers.

Officials from the ICICI Bank, which is an Indian bank that is planning to break further into the UK market over the coming months, claim that savers could be losing between 1.5% and 1.8% on their interest rates simply because of the cost of advertising and marketing. Read more

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