Money Saving News for February 2009
- Home help faces redundancy during recession, says survey - 16th February, 2009
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Legal & General has conducted a survey which reveals that many UK households are adopting a DIY approach to domestic work during the recession, which could leave home helpers out of a job.
The insurance and pension provider found that 45 per cent of the households which employed some kind of domestic help last year are cutting back, with the number of homeowners employing an odd jobs person falling by 86 per cent... - Savers 'should not ditch ISAs' - 16th February, 2009
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Savers have been advised not to withdraw their funds from individual savings accounts (ISAs), by uSwitch.com, as it claims they still offer competitive interest rates for cash savings.
The price comparison site conducted a survey which revealed that the average interest rate for some savings accounts is just 0.29 per cent, whereas the average cash-ISA rate is 2.05 per cent.
Furthermore, the website added that cash-ISAs' tax-free status means that this rate equates to an annual percentage rate (APR) of 2.55 per cent for those in the lowest tax bracket, rising to 3.55 per cent APR for those paying higher taxes.
Rumina Hassam, personal finance expert at uSwitch.com, said: "Ditching one of the few tax-friendly government offerings may not be the best course of action for savers.
"Low rates will not last forever and as soon as the base rate starts to climb again, savings rates will follow suit."
Recently, a survey conducted by Lloyds TSB found that many consumers are predicting interest rates will rise again before the end of this year... - ISAs 'becoming unpopular' - 16th February, 2009
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Individual savings accounts (ISAs) are becoming increasingly unpopular as interest rates are falling and cash-strapped consumers are withdrawing their funds, according to research released recently.
Price comparison site uSwitch.com conducted a survey which found that 38 per cent of consumers are planning on withdrawing their money from cash ISA accounts... - Lloyds-HBOS nationalisation 'looking increasingly likely' - 16th February, 2009
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The government may have to move to take the Lloyds Banking Group into full public ownership, it has been claimed.
It was criticised by opposition parties for its support for the merger between Lloyds TSB and HBOS, after the institutions - joined together to become the Lloyds Banking Group - reported heavy losses... - What women over 50 'really want' - 13th February, 2009
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Alliance & Leicester has conducted a poll asking what women over the age of 50 really want in a man. It revealed that one of their top priorities is a man who is financially secure.
The bank discovered that women over 50 are looking for someone who has secure finances, such as money stashed in savings accounts for example, as well as someone who is emotionally strong and caring... - Brits use balance transfer credit cards to spruce up for partners - 13th February, 2009
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Research by Halifax Credit Cards has revealed that Brits spend more on their appearance in the run up to Valentine's Day in an attempt to make themselves more attractive to their partners.
Halifax, which provides a range of balance transfer credit cards, found that on average, Brits spend £42 on clothes, £43 on cosmetic and beauty products and £38 on shoes in the run up to Valentine's Day.
Alan Brindley, from Halifax Credit Cards, recommended that people in the UK choose balance transfer credit cards with a "substantial" zero per cent deal to ensure that their Valentine's Day purchases do not leave them facing high levels of interest... - Cars help women choose partner, says cheap car insurance provider - 13th February, 2009
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A cheap car insurance provider has conducted a survey which reveals that many women would be attracted by someone on the basis of the car they drive.
Diamond, which specialises in cheap car insurance for women, found that 36 per cent of women claim a person's attractiveness is affected by what car they drive... - Government gives businesses cash-flow boost - 13th February, 2009
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Her Majesty's Revenue and Customs (HMRC) has announced that a government scheme to help businesses meet their tax payments has resulted in a cash-flow boost for companies in the UK.
The scheme, known as the business payments support scheme, has saved UK businesses more than £1 billion in total by providing a fast-track service which enables businesses to ask for more time to pay taxes they cannot afford... - Building society offers romantic tips for recession-hit Romeos - 12th February, 2009
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Cheshire Building Society has published a list of top tips for lovers looking to save cash without losing the romantic feel of Valentine's Day.
The building society, which provides cheap loans and buy to let mortgages, suggested cooking at home as opposed to going out to a restaurant, or exploring one of the many free art galleries or museums dotted around the country... - Abbey: Romance is a casualty of the credit crunch - 12th February, 2009
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Abbey has claimed that romance is the latest casualty of the credit crunch after a survey it conducted revealed that Brits will be spending less on their loved ones this Valentine's Day.
The bank found that more than half of Brits are planning to celebrate Valentine's Day but nearly four in ten will be spending less on their partners than in previous years to save money...