Scottish consumers want more choice when it comes to banks

According to a recent report consumers in Scotland would be keen to see increased competition when it comes to High Street banks, and would like to see a greater choice of High Street banks. A survey was carried out by accountancy firm Deloitte, and the results showed that consumers would like to see more banks entering the market so that they have more choice with regards to which bank to use.

This comes despite the fact that consumer confidence in the banking industry is still low following the global financial crisis and the recession. However, whilst consumers are looking for more choice when it comes to the banking industry it also emerged that many would be worried about handing their money over to a new entrant in the market, especially in the current financial climate.

The Independent Commission on Banking has already launched an investigation into the state of competition in the UK’s banking system, and there is particular concern over competition amongst banks in Scotland because the Royal Bank of Scotland and Lloyds TSB are the dominant players in the sector.

The survey showed that around 30 percent of Scottish consumers wanted to see more choice when it came to High Street banks, and around 17 percent have switched some part of their banking to a rival provider, such as their savings accounts or mortgages. Deloitte officials said that these factors showed that there was room for new entrants to the banking sector in Scotland.

One official from the accountancy group said: “Our findings suggest that consumers will look to more established and recognised brands who extend into banking, with one in 10 saying they would be happy to bank with any large ‘household brand’. Further, consumers are more likely to take out certain products such as savings accounts from new entrants, but remain cautious about committing to longer term products such as mortgages.”

Tags: recent report, lloyds tsb, whilst, bank, official, savings accounts, high street banks, confidence

Stop Overpaying Your Mortgage

In the past year, homeowners have been advised to overpay their mortgage whenever possible. However, this advice has changed in light of the news that banks and buildings societies have increased the interest rates they are paying on savings accounts. Read more

Tags: london, mortgage repayments, overpay mortgage, brokerage firm, savings accounts, lower mortgage payment, all-time low, advice

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: funding, saving rates, wholesale funds, length of time, repay mortgage, savings accounts

Faster compensation in place for savers

There has been some good news for worried savers in the UK recently, after financial services authorities announced that the speed at which compensation is paid out to those that lose their savings following the collapse of a financial institution is to be increased. Read more

Tags: financial crisis, level, saving compensation, thousand pounds, savers, Financial Services Compensation Scheme, savings accounts, Financial services

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: savings accounts, Regular Savings Accounts, instant access accounts, National Savings Accounts, notice accounts

Some savings accounts increase interest rates

Some savers in the UK are set to benefit from increased interest rates on their savings, with a number of financial institutions increasing the rates that they will pay savers even though the base interest rate has remained static at 0.5 percent, which is its lowest level in the three hundred and fifteen year history of the Bank of England. Read more

Tags: good news, high, cash, savings accounts, year, uk, high interest debt, largest competitor

National Savings & Investments sees record deposit levels

According to a recent report the level of savings being deposited into National Savings & Investments by consumers in the UK has hit record levels, and more and more worried consumers look for a safe place in which to place their hard earned cash. Read more

Tags: National Savings, investments, money, savings accounts, National, National Savings & Investments, Banking

Interest rate cuts could mean free banking comes to an end

A recent report has suggested that the fact that the base interest rate in the UK is now at a record low, and could even fall further, means that the nation could see free banking services come to an end. Read more

Tags: bank of england, savings accounts, free banking, building societies association, interest rates

Savers disappointed by low returns

Since October of last year the base interest rate in the UK has plunged from 5 percent to just 1 percent, which has come as a blessing for many borrowers who were struggling to keep up with rising borrowing costs, such as mortgage repayments. Read more

Tags: bonds, savings returns, instant access, savings accounts, base interest rate, interest rates, level, lenders

Five year low on savings rates

Following the series of base interest rate cuts that have been applied over recent months figures have shown that the interest rates on savings accounts have fallen to their lowest levels in five years. Read more

Tags: finance, base rate, GBP, bank, good returns, savings accounts

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: headline, Icelandic government, savings, climate, savings accounts

Northern Rock forced to cut savings accounts

Just a year ago Northern Rock was being branded the victim of the first run on a British bank in almost 150 years, and customers were flocking to get to the bank and take out their cash amidst rumours that the bank was on the verge of collapse. However, since this time the bank has been nationalised and since falling into government hands now offers a 100% guarantee on savings deposits for customers – a guarantee that had previously only been available on National Savings & Investments. Read more

Tags: northern rock, lloyds tsb, competition, year, hbos, collapse, rush

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

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

Savings accounts suffering due to high inflation

Soaring inflation levels, high food prices, rocketing energy bills, high petrol costs, and increased borrowing costs have been impacting on household finances in the UK for some months now, and a recent report has shown that many people are now having to raid their savings in order to try and keep afloat financially. Officials have stated that with the economy heading downwards and inflation spiralling upwards Brits are left with little choice but to raid their savings. Read more

Tags: savings, savings accounts, doom and gloom, Mortgage loan, money, consumers took money, quarter

Foreign banks take the number one spot for savings again

Over recent months many consumers may have been thinking about trying to put a little money aside wherever and whenever possible in case of emergencies, especially given the ongoing tight credit conditions that are making it difficult for many to get finance when they need it. However, with the high cost of living and hikes up bills most consumers are looking for a way to make their money work as hard as possible in terms of rewards. Read more

Tags: past year, savings accounts, foreign banks, United Kingdom, recent, savers, customers

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: best of intentions, month, date, offer, savings accounts, extra cash, bank, 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: rate, different notice accounts, savings accounts, period, personal finance, rate of interest, Money market deposit account, rainy day

Expat banking comes recommended

An expatriate lifestyle magazine has today mapped out some of the typical preferences regarding banking abroad for expats.

Rhiannon Williamson, director of ShelterOffshore.com, said that her clientele tended to gravitate towards established banking names because they were a “known institution”, and regarded banking using different currencies as a “bonus”.

Offshore savings accounts – favoured by expats – differ from conventional accounts in that they tend to calculate interest on a daily basis due to the account’s inherent increased flexibility, which tends to lead to lower interest rates.

“Expats seek flexibility and low charges when banking abroad,” Ms Williamson said.

She added: to have the ability to bank and transact – i.e. transfer money and pay bills – in various currencies is a bonuses and a benefit.

“In our experience at ShelterOffshore, those who do business internationally or who live, travel or work in more than one country have a strong requirement for bank accounts with a single bank in more than one currency.”

For more information, ShelterOffshore’s website offers a comprehensive overview of the positives and negatives of various different accounts suitable for expatriates.

Tags: savings accounts, lifestyle, expatriate, single bank, Currency, Expat, experience, benefit

£44m sitting in unused accounts

A campaign is being launched to reunite customers with their unused bank and savings accounts.

Halifax is attempting to bring people back together with their accounts and the money that is idly sitting in them.

According to the bank, there are around 110,000 unused Halifax accounts in the UK, holding a combined £44 million.

The majority of people who have a forgotten account are said to have less than £100 sitting in them, but some have much more.

Halifax has employed a third party to search for those with accounts containing more than £1,000, but it is calling for other bankers to make themselves known.

“Our job is to reunite as many of our customers as is possible with their cash,” said Mike Regnier from Halifax and Bank of Scotland.

“We are using every means at our disposal to do so – mailings, advertising and the internet. We are also employing search agents where appropriate.”

The move comes as government plans to change the rules regarding unused accounts appear likely to come into force in the next few years.

It was announced in the 2005 pre-budget report that if an account is unused for 15 years it will be officially tagged as dormant.

This means the money can be given by the government to good causes, although the cash will always remain the account holder’s property and he or she can reclaim it at any time.

If you have an account which you have not used for some time it may be worth checking to make sure there is no money in it.

Tags: unused accounts, government, property, Mike Regnier, hbos, savings accounts, report

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