Money Saving News for February 2009
- Friends Provident: £36 million paid in critical illness claims - 25th February, 2009
Friends Provident has revealed that it paid out a total of £36 million to its customers in critical injury claims over the course of 2008.
The insurer, which also provides life insurance, said that of the 691 claims received, 87.3 per cent were paid and 12.7 per cent were declined... - Savers 'should still choose ISAs' - 25th February, 2009
A finance expert has claimed that savers should "not give up on" individual savings accounts (ISAs) because of falling interest rates.
According to moneysupermarket.com, savers who have used their full cash ISA tax-free savings allowance in each of the past ten years will be £2,700 better off than basic rate taxpayers who have saved the same amount outside an ISA.
The website calculated that those who fall into the higher tax bracket would be £4,800 better off for having used an ISA for ten years... - NS&I: Saving is like growing fruit - 25th February, 2009
National Savings and Investments (NS&I) has announced that it will be sponsoring the Royal Horticultural Society's Grow Your Own campaign, as growing fruit and vegetables requires similar disciplines to saving.
The savings account provider conducted a survey which revealed that 90 per cent of people believe that growing your own fruit and vegetables is similar to putting money aside in savings accounts.
Of those polled, 92 per cent said that both disciplines require patience and regular effort to reap the benefits... - Chelsea savings account offers Christmas prize draw - 24th February, 2009
Christmas may have just passed but Chelsea Building Society is already encouraging customers to look ahead and start saving for next year, with a special Christmas offer on its savings accounts.
The building society announced that all savings account customers who have an account open as of November 21st will be automatically opened in Chelsea's Christmas prize draw... - Legal & General launches new mortgage - 24th February, 2009
Legal & General has teamed up with Chelsea Building Society to announce the launch of a new mortgage.
The new offering is a five-year fixed-rate mortgage which will be made available to customers with a deposit worth at least 35 per cent of the value of the house they wish to purchase... - Young people 'not buying life insurance' - 24th February, 2009
A study conducted by LifeSearch has revealed that many young people are not taking out life insurance policies, despite the fact that they may be offered cheaper rates.
LifeSearch's figures reveal that only three per cent of all the policies written by the company in 2008 were purchased by young people... - Consumers 'not making annual ISA rush' - 24th February, 2009
Research by the Co-operative Bank has revealed that an increasing number of consumers will not be rushing to take advantage of their tax-free savings allowance this year by putting money into individual savings accounts (ISA) before April 5th.
According to the bank there is usually a rush to open ISAs at this time of year, so as to deposit savings before the deadline... - Chelsea Building Society's ISAs 'improved' - 24th February, 2009
Chelsea Building Society has announced a range of "improvements" to its individual savings accounts (ISAs), which it claims will make them more competitive.
The building society's Postal 30 Cash ISA now pays interest at a rate of three per cent for balances of over £6,000 and 2.6 per cent for balances under this figure... - LV= launches new savings accounts - 23rd February, 2009
LV= has announced the launch of three new individual savings accounts (ISAs).
The savings account provider claims the new ISAs offer savers "an alternative home" for their money following the recent interest rate cuts.
LV= cited research which shows that the returns paid on cash ISAs are currently at their lowest levels since records began, with the average cash ISA rate now at just 1.94 per cent, compared with 5.23 per cent a year ago... - Younger generation 'out-saving their elders' - 23rd February, 2009
The younger generation is making more radical changes to their spending and savings habits than their elders as a response to the recession, according to a new study.
Conducted by Abbey Savings, the research reveals that those aged 18-34 have cut the amount they spend by as much as £3,599 over the course of the past year...