Money Saving News for December 2008
- Consumers 'caught by interest pincer movement' - 8th December, 2008
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A price comparison website has warned that customers with current accounts are in danger of being caught in a 'pincer movement' between falling interest rates and rising overdraft fees.
According to moneysupermarket.com, banks have been using the Bank of England's cut in the base rate to justify reducing their interest rates - which have been cut by an average of 1.29 per cent - while at the same time raising the interest rates on overdrafts by an average of 1.1 per cent... - Nationwide scraps tracker mortgage 'floor' - 5th December, 2008
Nationwide Building Society announced today that it will not enforce the interest rate 'floor' on its tracker mortgage, meaning customers with buy to let mortgages could benefit from the full one per cent cut in the base rate of interest....
- HSBC announces rate cuts - 5th December, 2008
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HSBC has announced that it will cut interest rates for personal and business customers following the Bank of England's base rate cut yesterday.
The bank also announced that its tracker mortgages will pass on the full interest rate cuts, a move which could save clients with buy to let mortgages significant amounts of money... - BBA welcomes gateway savings accounts - 5th December, 2008
Gordon Brown's new savings accounts scheme is laudable and innovative, according to the British Bankers Association (BBA)....
- Brits are paying off their debts, says new study - 4th December, 2008
A new survey released today reveals that Brits as a whole are using savings to pay off their debts as the realities of the credit crunch hit home.
... - Government working for homeowners, say estate agents - 4th December, 2008
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An independent association of estate agents has welcomed yesterday's housing announcements by the Gordon Brown, saying they will be help protect those with property investments.
A spokesperson for the National Association of Estate Agents (NAEA) said: "The prime minister's decision to underwrite mortgage repayments for the thousands of homeowners currently facing repossession is extremely welcome at what is a difficult time for many."
The NAEA spokesman added that the move would be strengthened by the fact that eight major mortgage lenders - including HBOS, Abbey and Nationwide - have been persuaded to go along with the government's plans.
Gordon Brown's new plan means that homeowners who suffer from a sudden drop in income - if they lose their job for example - will be able to defer all or part of the interest on their mortgage repayments for up to two years... - BBA welcomes statutory code for banks - 4th December, 2008
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The British Banking Association (BBA) has welcomed a move by the government to make the voluntary code of conduct for banks legally binding.
As a representative body for the banking the industry, the BBA said it had been involved in months of discussions with the government and the Financial Services Authority (FSA) over the changes... - 'A loan is for life, not just for Christmas' - 3rd December, 2008
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Citizens Advice has warned shoppers to be careful when borrowing money over Christmas and to make sure they can afford to pay it back when the festive fun is over.
According to Citizen's Advice, the post-Christmas period always sees a huge surge in new debt enquiries and their advisers are warning to consumers to compare loans carefully and read the small print to make sure they are not saddled with insurmountable debts in the new year... - Brits are 'Europe's safest drivers' - 3rd December, 2008
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The results of a recent survey have shown that British drivers are thought to be the safest in Europe.
Over one-third of Europeans believe that Brits are the continent's best drivers, according to the study, which was conducted by car insurance provider swiftcover.com, a subsidiary of AXA... - Consumer website calls for drop in mortgage rates - 3rd December, 2008
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A leading consumer website has called for "a root and branch reform of UK banking" and said that mortgage rates should fall.
Despite the Bank of England's cut in the base rate of interest, banks have been justifying not cutting the rates on their standard variable-rate mortgages by saying that the London Interbank Offered Rate (Libor), at which banks lend to each other, is too high...