New Year’s resolution – get your finances in place by following these simple tips

Here we are in the New Year and again, we have a resolution to sort our finances out, once and for all. With the whole of Europe on an austerity drive, personal financial planning has never been more important, so below are 5 tips from Money Vista that will help you get your finances in order for 2012.

1. Forward plan to save each month

It can be daunting working out if or how much you can save every month, so you may need some help. There are various online tools that can assist you with your financial planning. This savings calculator, lets you explore how much your savings may be worth in future or, alternatively, how to reach a savings target.

2. Get that debt down to a minimum

As simple as it sounds, the first step in getting your debt down is not to require any new debt. Make it an absolute resolution not to take out any more loans and stop paying for things with credit. Cut up those credit cards immediately. Do not cancel your credit cards but if you ask, you can sometimes get a better deal. Try to get as close to a 0% rate as possible.

3. Have a financial clear out

Have you lost track of how many direct debits and standing orders are coming out of your account? It appears most of us have and the average person has 6 coming out at various points in the month. In some instances you may be paying for things you really don’t need, so make a point of reviewing each of these payments and cancel the ones that no longer benefit your life.

4. Protect your assets

There are many things to consider when protecting yourself in the future. Have you made a will? Do you stand to be hit by inheritance tax? Do you think you will need medical cover in the future? Do you think your family will? If any of these issues affect you, it is worth seeking financial advice. Money Vista is an online service worth contacting for help and advice on protecting your assets.

5. Think about retirement

Old age is something that none of us want to think about but unfortunately it’s inevitable. Life expectancy is rising, meaning we are going to live longer. Retirement planning is definitely something worth considering, knowing that you are better protected in the future.

Tags: austerity drive, debt, rate, forward plan, medical cover, planning

Bank account options for consumers

Although the banking industry in the UK has taken quite a bit of flack over recent years the various High Street banks do offer plenty of choice when it comes to bank accounts to suit different needs. There are many different consumers with banking needs, and their different circumstances and statuses determine which bank account is going to be best suited to their needs.

One of the accounts that most High Street banks offer are basic bank accounts, and these are ideal for some people such as those on low incomes or with bad credit ratings who might otherwise struggle to get a current account. Whilst there are some restrictions with basic bank accounts, such as no debit cards or cheque books with many as well as no overdraft facility, they do offer the ability for accountholders to effectively manage and run their finances, pay bills, get money paid in, and other basic banking functions.

Standard current accounts are what most people have, and these are accounts that enable consumers to run their day to day finances. They are very similar to basic bank accounts in that you can set up standing orders and direct debits, transfer money, pay money in, make withdrawals, etc. However, many bank accounts also come with additional perks such as debit cards and overdraft facilities.

Another type of bank account that is available from many banks these days is the packaged bank account, and these accounts are fee charging accounts with fees that vary from one bank to another. The reason for the fee on these packages accounts is that they offer a package of benefits to the accountholder, which could save them money depending on how many of the services they use. Some of the benefits that come with the package include travel insurance, pet insurance, mobile phone cover, breakdown cover, and more. However, consumers should ensure that they are getting value for money and would not be better off paying for the benefits that they use on the open market rather than paying a fee for the account.

By choosing the right bank account and the right bank for your needs you can ensure that you can manage your finances more easily and conveniently, and with so many different banks and account to choose from it should be relatively easy to find one that is going to suit your needs and circumstances.

Tags: Banking, bank accounts, phone, finance, direct debits, that enable consumers, bank

Choose the right bank account for your needs

These days there are a number of bank account available for consumers to choose from based on their needs and circumstances, and it is important that you choose the right bank account so that you have the facilities and benefits that you need to deal with your day to day financial transactions.

Choosing the right bank account can make a big difference to how easily you manage your financial transactions, and most of the major banks these days offer three choices when it comes to bank accounts. This includes the basic bank account, current accounts, and packaged current accounts.

It is a good idea to look into the different features and benefits of these individual bank accounts so that you can better determine which of these is the right one for your needs, as this will help you to make a more informed decision.

The basic bank account is one that is designed for basic day to day financial management, and is somewhat limited compared to the standard current account in that it does not come with facilities such as a debit card or cheque book. These accounts allow you to set up direct debits and standing orders, and also come with a cash card so that you can take money out from a cash point. However, there is no overdraft facility with the basic bank account, and they are often made available to those on low incomes or credit history problems.

Current accounts offer slightly more than the basic bank account, and the additional features that may be available with these accounts include an overdraft facility (subject to status), a cheque book, and a debit card. These accounts, like the basic bank accounts, are ideal for having money paid in and out and for managing your day to day finances.

Over recent years more and more banks have been offering packaged bank accounts, and these are fee charging accounts with the monthly charge varying from one bank to another. The packaged back account allows you the same facilities and benefits as a current account. However, it also comes with a package of benefits, which often includes benefits such as travel insurance cover, preferential borrowing rates, car breakdown cover, discounts off various services and from a variety of retailers, mobile phone protection, etc. You should always check the benefits package to determine whether you will use the services and products offered, as otherwise it will not be worth you paying the monthly fee for the account.

Tags: bank, packaged bank accounts, Banking, bank account, finance

Packages bank accounts could be mis-sold

Over recent years many people in the UK have upgraded their current accounts with their banks, and have signed up to a packages bank account. Read more

Tags: Insurance, Financial Services Authority, regular bank account, packages bank account, packaged bank accounts

Safety Concerns About Internet Banking

How safe do you feel when doing your banking online? Most people are confident in the security measures the banks have in place, but in spite of the cases of online fraud almost doubled in 2008 and experts expect this percentage to rise in the coming years. Read more

Tags: keylogging, internet banking, online fraud, halifax, safety, extra steps

Savers Can Enjoy Increased Interest Rates

In an effort to fund new mortgages, building societies and banks have started to raise the interest they pay on savings accounts in an effort to raise the monies they need to be able to offer new mortgages to their customers. Read more

Tags: length of time, wholesale funds, saving rates, interest rates, funding, repay mortgage, savings accounts, Financial services

Banks take taxpayer’s money but won’t lend any back out!

Over the past year the UK government has spent billions of pounds bailing out the banking industry following the global credit crunch and the ongoing financial crisis. Banks have run into severe difficulties in terms of their finances, and at one point the banking industry in the UK was said to be on the verge of collapse. Read more

Tags: bail out, banks, high interest rate, mortgage applications, Mortgages, business, interest

Many bank staff as confused as customers about cheques

Following a recent investigation it has been revealed that many bank staff members are as clueless as many consumers when it comes to the clearance times for cheques. The problem was brought to light in a recent investigation by the industry watchdog, the Banking Code Standards Board. Read more

Tags: investigation, consumers, customer facing staff, Numismatics, cheques, bank, Banking, banks

Half the Population of the UK Don’t Have Funds Set Aside for Retirement

The BBC recently revealed that about half of all the people living in the UK aged 20 to 60 have not been putting aside any funds for their retirement years. This does not mean that they do not have any savings for such purpose, but they haven’t been paying into a pension fund. Read more

Tags: uk, retirement, plan, way, Gfk

What is the Next Step for Borrowers and Savers?

With the recession in full swing in the UK and predictions of worse conditions to come, both borrowers and savers are wondering what they should so in the future. Small returns on investments are making it extremely difficult for savers to earn the money they were counting on for future needs, such as retirement. Read more

Tags: mortgage rates, bank of england, interest rates, save money, borrow money, base rate

Tougher Regulation For Banks – More Protection For Consumers

“We need a change of culture in the banks and their boardrooms, with pay practices that are focused on long-term stability, and not on short-term profit.”

These were the words of Alistair Darling today when he outlined his White paper on banking. The proposed measures are aimed at preventing a repeat of the banking crisis which led Britain into its worst ever post-war recession. Read more

Tags: consumer protection, Alistair Darling, bank of england, banks, bank regulation

Different Types of Savings Accounts

When you go to the bank to open a savings account, there are several different kinds that you can choose from. You should take a look at the various offerings to choose the best savings account for your needs. Read more

Tags: notice accounts, cash isa, instant access accounts, Regular Savings Accounts, savings accounts, National Savings Accounts

Banks decides to look at quantitative easing to assist economy

Over the past six months the nation has seen the UK’s base interest rate drop dramatically from 5 percent in October of last year to just 0.5 percent by March of this year. This came after a series of six interest rate cuts from the Bank of England in as many months, taking the base rate to its lowest level in the three hundred and fifteen year history of the Bank of England. Read more

Tags: industry, Central bank, interest rates, access, level, bank of england

Base rate may have been in line for bigger cut

The minutes of the latest Monetary Policy Committee meeting have suggested that the latest base rate cut of 1.5 percent could actually have been even bigger, as there was room for the MPC and the Bank of England to consider a rate cut of more than 2 percent based on inflation projections. The Bank of England announced earlier this month that the base rate was being cut by a massive 1.5 percent, which was the biggest cut since 1981 and took the base rate down to just 3 percent. Read more

Tags: bank of england, bank of america, base rates, Inflation report, point

How Are Your Savings?

Most of us struggle to put aside as much money as we can into savings, especially in the current financial climate, and we all want to know that our savings are as safe as possible. However, with the financial turmoil being experienced by the UK and other major nations around the world consumers are becoming more and more jittery about just how safe their money really is. Read more

Tags: northern, Icelandic government, savings, headline, concern, savings accounts, climate, net

What does the latest ruling in the High Court test case into bank charges mean?

The presiding judge in the ongoing High Court test case in to banking overdraft charges has recently made an announcement that has pleased the banking industry at a time when many are relieved to finally have some good news. The battle over bank charges began several years ago, when the Office of Fair Trading branded the charges that banks charge when someone goes over their overdraft limit as being unfair and unlawful. Read more

Tags: oft, past charges, ongoing high court, andrew smith, court, british bankers association

Did Darling know about the Icelandic bank collapse?

Earlier this month UK consumers were shocked after the collapse of Icelandic bank Landsbanki left many fearing for the savings that they had placed in UK branches of the bank. Many had been persuaded to put their cash in Icelandic accounts such as Icesave over the past couple of years due to the high rates of interest that were being offered. In fact Icesave spent a considerable amount of time at the top of the best buy tables because of the interest rates offered. Read more

Tags: amount of time, darling, Icelandic financial crisis, uk, deal, official, banks, iceland banks

Compensation process begins for Icesave customers

Earlier this month there was widespread panic amongst consumers, charities, local authorities, and businesses when the Icelandic bank Landsbanki collapsed, leaving many people, firms, and agencies that had put money into high interest Icesave accounts wondering whether they had lost all of their money. The panic became worse after it was revealed that the Icelandic authorities were failing to honour obligations with regards to compensating UK consumers. Read more

Tags: result, BACS, icesave, uk, banking crisis, interest, Business Finance, linked accounts

Savers worry about where to put their cash

The world of finance has been thrown into complete turmoil over the past year, not just for borrowers and lenders but also for those looking for a safe place to stash their hard earned cash. It seems that until around this time last year we all had a pretty good idea of where we wanted to put our cash in order to make it work for us, but since the chaotic situation with Northern Rock threw the banking world into turmoil many of us have no idea what to do with our savings, and seems to be running from one bank to another clutching our precious cash in the hope that we will finally find a safe resting place for it. Read more

Tags: lloyds tsb, savings, post office, icesave, northern rock, hbos

Banks find out that their charges are most likely unfair

Over the past couple of years the bank charges applied to accounts by banks have been at the centre of controversy, with some banks charging close to £40 per fee when the customer went over their overdraft limits and for returned direct debits and bounced cheques. Officials from the Office of Fair Trading were concerned because the charges were far too high, because they did not in any way reflect the costs incurred by the bank, which amounted to just a few pounds. Read more

Tags: oft, test case, memo, Law Crime, rbs, decision

Savers should act quickly to secure good interest rate on savings

According to many industry officials savers in the UK need to take action as soon as possible in order to secure a good rate of interest on their savings, as – whilst interest rates on many savings accounts is high at present – many lenders may start cutting savings interest rates as a result of anticipated cuts in the Bank of England base rate. Read more

Tags: savings accounts, suitable fixed rate, view, interest rates, rate falls, number, past couple, saving

Good news for those with Post Office savings accounts

Many people in the UK have Post Office savings accounts, with many preferring these accounts because they are part of a trusted name. According to recent reports those with Post Office savings accounts will now be able to enjoy greater peace of mind than ever, and this is as a result of changes to the banking system in Ireland. Read more

Tags: savings, greater safety net, savings accounts, post office, consumers, peace of mind, News, result

How does your future retirement look?

Most of us look forward to a comfortable retirement when we eventually reach out golden years, and we all want to be able to spend time travelling and seeing the world, spend quality time with loved ones, and do the things that you simply cannot do when you have work related commitments. However, many of us tend not to bother thinking about how we will fund our retirement when we are in our twenties and thirties – after all, retirement seems such a long way off at that stage. But the years soon catch up with you, and many people may find that they are suddenly thundering towards retirement age with no real plan in place to fund a comfortable retirement. Read more

Tags: older people, pensions, long way, retirement, ability, help, savings, Generations and Age Groups

How much will you need to retire?

For many people retirement is something that they would rather not think about, either because they do not have the money to put towards their retirement fund in the current financial climate where households are struggling to make ends meet due to higher bills and living costs, or because they are relatively young and feel that retirement is a long way off so they can think about it later. Read more

Tags: Impact, advisor, way, Retirement Report, Financial economics, post-career years, financial commitments, life trust

Your 100% savings guarantee could cover the first £50,000

Until late last year the government operated a savings guarantee of 100% on only the first couple of thousand pounds of a savers’ money deposited in a bank or savings account. However, the crisis surrounding the stricken bank Northern Rock changed all this. Following the onset of the global credit crunch Northern Rock, which was then the fifth largest mortgage lender in the nation, ran into massive funding problems and had to take an emergency loan of billions of pounds from the Bank of England. Read more

Tags: Nationalisation of Northern Rock, relief, good news, savings, uk, money

Inflation levels hit 11 year high

June saw inflation levels rise to an eleven year high of 3.8% as a result of soaring food and petrol prices, according to recent reports. The rate of inflation for May had already hit highs of 3.3%, resulting in the governor of the Bank of England, Mervyn King, having to write to the chancellor, Alistair Darling, to explain why inflation had soared so high and what would be done to bring it back down. However, the situation is now even worse, with inflation nearly double the government’s 2% target. Read more

Tags: gordon brown, committee meeting, way, inflation, Everyone, governor

Get a good deal on your savings from a British bank

There was a time not so long ago when consumers in the UK who wanted to get a good return on their savings were looking more towards foreign banks that had recently entered the UK market for savings accounts, as they were pretty sure that this is where the best interest rates would be found. They were not wrong, as a number of foreign banks have stormed into the UK savings account market over the past couple of years, and have stormed to the top of the best buy tables by offering impressive interest rates in a bid to attract customers and keep the competition at bay. Read more

Tags: housing slump, Money market, slump, deal, savings account, competition, interest, Financial institutions

Record deposits in banks for April

According to recent reports April saw consumers in the UK deposit record savings in high street banks, with many rushing to take advantage of higher returns on deposits. Reports show that there was a surge in the level of deposits made by savers in the UK, with many trying to put money aside in order to try and combat the increases in living costs. However, the report also showed that only 50% of consumers see the need to put money aside in savings. Read more

Tags: consumers, ISAs, high street banks, Financial institutions, Offshore bank

Finding the right bank account for your needs

For many people a bank account is just a bank account – somewhere to pay their salary in each month and from which to withdraw cash or write cheques. However, these days the world of banking is more competitive than ever and many of the popular banks now offer a choice of accounts and a range of perks and conveniences. In order to ensure that you get a bank account that will not only suit your needs but will make life easier and more convenient, there are a number of things to look out for. Read more

Tags: facility, appeal, amount, bank accounts, monthly bank, account, bank account tips, monthly bank charges

Do you want to earn an income from your interest?

With a wide range of savings accounts to choose from consumers in the UK can enjoy finding the ideal account to suit their needs and their circumstances. The savings account that you choose will be based not just on your needs and circumstances but also on the amount that you have to invest and what you want from the account. For instance, those looking to gain instant access to a savings account would not fare well with a notice account. However, those wishing to get a tighter reign over their savings accounts withdrawals could really benefit from an account that restricts the number of withdrawals that can be made. Read more

Tags: bank accounts, bank account, savings account, interest, tighter reign, monthly income accounts, rise

Bank accounts for students

Even as a student it is important to have certain banking facilities and services that enable you to manage your money and your debts effectively, and many banks in the UK now offer specialist bank accounts designed to meet the need to students. This is good news for students, as it means that not only can they benefit from having banking services available to them but they can also build a business relationship with a bank, which could prove invaluable in the future when it comes to setting up a regular bank account, setting up a savings account, and most importantly borrowing money for purchases such as a car or property. Read more

Tags: wide range, student accounts, bank account, relationship, uk consumers bank, bank accounts, cost overdraft facility, day

High court case appeal should not delay case by a year

According to the judge presiding at the recent High Court test case into bank charges, the decision by the UK banks to appeal against the ruling should not result in as serious a delay as some reports have indicated. Recent reports claimed that if banks appealed against the judge’s decision to allow the Office of Fair Trading to assess banks’ terms and conditions for fairness the case could be further delayed by over a year. However, Justice Andrew Smith has stated that this is not the case. Read more

Tags: commence, court case appeal, bank charges, finance, oft, monthly bank

Packaged account charges on the rise

The monthly fees charged on some packages current accounts have been hiked up recently according to a recent report, with officials stating that this is the first step that banks are taking in order to make up for possible losses stemming from the recent High Court test case into bank charges. Whilst the judge ruled in favour of the Office of Fair Trading in the case, which means that the OFT will be able to assess the banks’ terms and conditions for fairness, banks have appealed against the ruling. Read more

Tags: bank accounts, premium, report, benefits include things, bank account charges, Gold, preferential borrowing rates, set monthly fee

Prospect of monthly bank charges unpopular with consumers

According to a recent report the vast majority of consumers do not want to see the introduction of monthly banks charges even if it means that there will be a fairer system in place with regards to penalty fees for unauthorised overdraft use, bounced cheques, and returned direct debits. Research was recently carried out by MoneyExpert.com, and showed that nearly 60% of consumers did not want to see monthly account fees brought in even if there were caps placed on penalty fees. Read more

Tags: bank charges, recent announcement, United Kingdom, office, presiding judge, notice, year, OFT states

Smart saving with a regular savings account

We all know how difficult it can be to get into the habit of putting a little money aside each month for a rainy day or even for emergencies, and even with the best of intentions many of us never get round to transferring that cash into our savings account, finding other ways to spend it instead. And when a special occasion comes around or we need some extra cash to fund a special purchase it can be very disappointing to look at our savings account balance and realize that there is very little there to rely on. Read more

Tags: month, date, bank, best of intentions, cash

How you can benefit from a notice savings account

There are many different types of savings accounts available these days through the UK’s banks, with something to suit most needs and circumstances, and enabling consumers to save towards a special purchase, for the future, or simply towards a rainy day. One type of account that can prove invaluable is the notice account, which offers consumers a great way to save and helps them to resist the temptation to make impulse withdrawals. Read more

Tags: personal finance, period, Money market deposit account, rate, savings accounts, rainy day, rate of interest, different notice accounts

Different types of bank account for UK consumers

Over recent years banking services in the UK have come a long way and consumers have enjoyed more choice than ever when it comes to finding a suitable bank account for their needs. In the past most banks offered one standard bank account for the average consumer, take it or leave it. However, with competition stiff between the growing number of high street and Internet banks, and consumer needs expanding on a continual basis, most banks now offer a choice of accounts to suit a wide range of needs and circumstances. Read more

Tags: solution, something, current accounts, fee, bank accounts, premier accounts, Cashcard Account, salaries

Are premium bank accounts worth the cost?

Banking in the UK has come a long way over the years, and these days consumers in the UK can enjoy a choice of bank accounts offering a range of perks. In the past the average consumer had a standard bank account and very little in the way of benefits of perks. However, most consumers in the UK can now select from a choice of bank accounts from both the high street and from Internet banks. Read more

Tags: cheque, bank accounts, Financial services, consumers, facility

Earning money from banks

Over recent years banks in the UK have not seen much positive publicity, and have come under fire for everything from security breaches to hefty charges. Read more

Tags: savings, transfer, referrals, current, accounts

Are you looking for a suitable pension?

Over recent years having a decent pension plan in place has become increasingly important for the younger generation of today. Read more

Tags: work, retirement, save, stakeholder, pensions, fsa

Charge Claimants Can Ask For Strike Outs

The campaign for people to reclaim excessive charges from banks has been hit by banks “playing the game” and stringing customers’ claims along until they are taken to court. More often than not, the banks then don’t turn up to court. Read more

Tags: judge, charges, fight, banks, system

What Are Offshore Bank Accounts?

When someone mentions offshore banking or investments often people immediately think of shady dealings from James Bond films where the rich billionaire baddy stashes his cash overseas to avoid paying UK tax. Are offshore accounts really like that? Read more

Tags: Withholding tax, monthly account charge, offshore bank accounts, course, tax haven

Student and Young Person’s Bank Accounts

Start at the beginning

Getting children to be interested in and understanding how to live with money is something they won’t usually learn at school. The earlier you can get them used to having a bank account the more able they will be to look after their money when they finally leave your protective influence and have to cope on their own. So what’s available to them when they do want to open a bank account? Read more

Tags: Banking, cheque books, birthdays, disappointing, young person bank accounts, ideal teaching method, student bank accounts

Should I Open A Business Account?

Good to do business

If you are self employed you will either be a sole trader, (somebody who works on their own), or you will be running a small company. If you are the latter the likelihood is you will be a limited company and will probably have a business account for all your transactions. But as a sole trader, should you open a business account? Read more

Tags: business banking, sole traders, t/a palmer plumbing, business accounts, self employed, Payment systems, trading as, natwest

How Safe Is Your Internet Bank Account?

The internet is whatever you want it to be. It is such a huge resource of information, good and bad, that whoever uses the internet will find a way to use it in the way that suits them. Read more

Tags: security, user friendly, internet banking, internet bank accounts, online bank accounts, 5 million

Internet Bank Accounts – The Benefits and Drawbacks

It’s a Wonderful Life

Traditionally, the banking industry has been regarded as extremely conservative and accountants as rather boring. But these days the world of banking is far from either boring or conservative. In the past few years it’s seen the last barricades against progress crumble as it has succumbed to the hype of marketing. With all its associated talk of brand values, customer service has arrived in banking. Read more

Tags: room remember, internet banking, individual savings account, internet access, internet bank accounts, business, online banking

The Process and Benefits Of Switching Bank Accounts

It’s a free market, competition is positively encouraged between companies and the banking world is no exception. So what do you have to do when you want to change banks accounts? Read more

Tags: old one, switch bank accounts, best bank accounts, savings account, cheque, bank accounts, bank, finance

Savings Accounts – Are They Worth It?

It wasn’t like that in my day

It’s an often heard phrase usually uttered by a disgruntled and crumpled pensioner about some aspect of modern life. Well, thank goodness it’s not like it used to be as far as savings bank accounts are concerned. They used to be pointless; today they are a little different. Read more

Tags: Wise words, interest rates, recession, bank account, savings accounts, Savings and loan association

Opening and Closing Bank Accounts

Come fly with me

Banks promise the world in their advertising, but sometimes opening an account can be a lot harder than it seems. Sometimes closing an account can be equally as difficult. Does it all just boil down to how much money you can give the bank? Read more

Tags: finance, proposition, close bank accounts, professionalism, name, business proposition, confusion, opening bank accounts

Can I Have More Than One Bank Account?

The more the merrier

You may have noticed that banks, building societies and credit card companies are crying out for your money as long as you have an income. All financial institutions have a duty to lend responsibly. Do they, and does having several bank accounts make a difference to the way banks treat you? Read more

Tags: additional bank accounts, extra bank accounts, Banking, bank accounts, more bank accounts, secondary

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