Money Saving News for February 2009
- Abbey balance transfer credit card takes top prize - 10th February, 2009
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One of the balance transfer credit cards offered by the high street bank Abbey has taken the top prize at a prestigious awards ceremony for the UK banking industry.
The Abbey Zero credit card won best new credit card product of the year at the annual cards awards, beating off competition from American Express, Barclaycard, Bank of America and HBOS Ireland... - Which?: Brits worry about savings account interest rates - 9th February, 2009
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Consumer magazine Which? has conducted a survey which shows that the majority of Brits are worried about the interest rates on their savings accounts following the Bank of England's latest interest rate cut.
According to Which?, three-quarters of people in the UK are concerned about the interest their savings account providers will pay after last Thursday's decision to reduce the base rate by a further 0.5 per cent... - Sterling strengthens with base rate cut - 9th February, 2009
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Currency traders have commented on the fact that the recent base rate cut does not seem to have stopped the sterling from strengthening against key currencies, despite some predictions that it would be weakened.
Marc Cogliatti, a currency strategist at foreign exchange specialists HiFX, said that Sterling has now risen by 12 per cent against the euro since the start of the year and is up against the dollar.
He added: "The pound is still looking oversold and undervalued so we anticipate that the current correction will continue further before it runs out of steam."
FairFX, another foreign exchange website, issued a statement on the day the base rate was cut saying "sterling is fighting back despite the base rate cuts, and today alone the pound has strengthened from a low of $1.4365 to over $1.4650"... - Halifax: Young Brits reviewing their finances - 9th February, 2009
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Halifax has conducted research which shows that many young Brits are making a review of their financial situation a priority this year.
The cheap loans and savings account provider found that 56 per cent of 25-34-year-olds will review their finances, the highest proportion of any age group it polled... - Brits return to nest 'to escape credit crunch' - 9th February, 2009
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More than a million young Brits are putting off plans to move away from their parents' homes or choosing to return to the nest in order to save money during the credit crunch, a survey has revealed.
The poll, conducted by Abbey Mortgages, shows that 20 per cent of 18-24-year-olds stalled their plans to move out from under their parents' roofs or chose to move back in with their parents last year... - Base rate cut unpopular, says poll - 9th February, 2009
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A poll conducted by a price comparison website has revealed that the Bank of England's latest cut in the base rate is unpopular.
The survey, carried out by moneysupermarket.com, found that 70 per cent of respondents said they would suffer from the reduction in interest rates, which may cause banks and building societies to reduce their savings account rates... - Lib Dems: Rate cut is right decision - 6th February, 2009
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The Liberal Democrats have claimed that yesterday's cut in the base rate was the right decision from the Bank of England, saying the bank had "no alternative".
Vince Cable, the Liberal Democrat shadow chancellor, said: "The Bank of England has to do what it can to reduce the cost of credit in the face of deepening recession."
The cut, announced yesterday by the Bank of England, takes the base rate down to one per cent, a historic low... - Base rate cut may not be enough, says expert - 6th February, 2009
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A financial expert has claimed that the Bank of England should begin looking at the other options available to stimulate the economy as yesterday's base rate cut may not be enough.
Trevor Williams, an analyst for Lloyds TSB, said that the impact of the base rate on the UK economy has been "almost entirely diminished" adding that the underlying economic woes "will not disappear overnight"... - Bank of England makes further rate cut - 6th February, 2009
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The Bank of England's monetary policy committee announced a further reduction to the base rate of interest yesterday.
This latest cut of 0.5 per cent brings the base rate of interest to one per cent, following previous reductions in November, December and January... - Pensions advice provider: Brits expect more from retirement - 5th February, 2009
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People in the UK are changing their attitudes towards retirement, according to new research published by a pensions advice and savings account provider.
Standard Life, which unveiled the research during a debate entitled The Death of Retirement, found that members of the baby boomer generation expect more from their retirement than any generation previously...