Money Saving News for February 2009
- Abbey: Brits cut spending during recession - 23rd February, 2009
Abbey has conducted research which reveals that "the vast majority" of UK consumers are cutting back on the amount they spend because of the recession.
The bank found that 69 per cent of people in the UK have reduced the amount they regularly spend on food, either by switching the brands they buy or shopping at a cheaper supermarket... - Brits cutting back on insurance, says survey - 23rd February, 2009
A survey conducted recently has revealed that many people in the UK are cutting back on their insurance cover in an effort to save money during the credit crunch.
LV=, which conducted the poll, found that 12 per cent of Brits are planning to cancel or reduce one or more of their insurance policies in the next 12 months as they attempt to make savings... - Recession brings on "a new age of thrift" - 23rd February, 2009
A high street bank has claimed that the credit crunch is responsible for "a new age of thrift" after a survey found that Brits are planning to save their way out of recession instead of spending their way out.
Abbey Savings, which conducted the poll, claimed that on average Brits had reduced their living expenses by £3,168 over the course of the last year, enabling them to stash more money in savings accounts... - NS&I reduces savings account interest rates - 20th February, 2009
National Savings and Investments (NS&I) has announced that it will reduce the rates of interest it offers on its savings accounts, meaning that new customers will earn less from their savings.
The savings account provider claimed that the cuts of up to 1.35 per cent in its fixed-rate savings products are due to a fall in the value of gilts, the bonds issued by the Bank of England... - Abbey and Alliance & Leicester launch new bonds - 20th February, 2009
Two high street banks have announced the launch of a new fixed-rate bond which could offer an alternative to traditional savings accounts.
Abbey and Alliance & Leicester's new offering is a two-year fixed-rate bond which pays interest at a rate of 4.01 per cent.
The two banks said that the bond will be available to people for a minimum investment of £30,000 and up to a maximum of £200,000. The bond offering is limited and is only available while funds last... - Which?: Brits ditch 4x4s - 20th February, 2009
Increasing numbers of people in the UK are deciding not to buy 4x4s because of the credit crunch, according to the consumer magazine Which?
The magazine claimed that "a previously healthy market for 4x4s has virtually collapsed" as more people are downsizing to smaller, cheaper models top reduce the costs associated with car ownership.
Which? claimed that buyers have been turned off by the higher taxes imposed on 4x4s and added that the vehicles have become less socially acceptable in an increasingly environmentally conscious country... - Brits 'opening savings accounts' - 20th February, 2009
Increasing numbers of people in the UK are opening savings accounts to help them cope with the credit crunch, according to a poll released recently.
The survey, conducted by the Nottingham building society, found that ten per cent of respondents had opened a new savings account "in recent weeks".
At the same time, 21 per cent of those who already have savings accounts told the building society they are increasing the amounts they set aside, despite the fact that many people's disposable incomes have fallen recently... - The Nottingham: Consumers tightening purse strings - 20th February, 2009
Consumers are reining in their spending because of the credit crunch, a survey has shown....
- Financial outlook gloomy, say Brits - 20th February, 2009
A survey conducted recently revealed that the majority of Brits are gloomy about the financial outlook for the next few years.
The poll, conducted by the Nottingham building society, found that 80 per cent of Brits believe that the credit crunch will continue until the end of 2010, despite the government's efforts to ease the flow of credit... - AA Personal Loans: Second-hand cars becoming more popular - 19th February, 2009
AA Personal Loans has conducted research which reveals that many people taking out car purchase loans in the UK are using them to buy second-hand cars rather than choosing brand new models.
The loans provider found that the average value of a car purchase loan has not increased since March last year, but 62 per cent of customers are now choosing to spend their personal loans on second-hand or ex-demonstration vehicles...