Money Saving News for January 2009
- Four millionth child savings account opened - 12th January, 2009
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The government has announced that its Child Trust Fund (CTF) scheme has reached a significant milestone with the opening of the four millionth savings account for children.
According to the Treasury, of the 4.01 million CTF savings accounts opened between April 2005 and December last year, 3.07 million were opened by parents themselves... - Alliance & Leicester launch 'super' savings account - 12th January, 2009
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Alliance & Leicester has announced the launch of a new savings account which it claims "offers a great return on investments for its customers".
The new Super Saver account is a limited edition, fixed-rate savings account that will pay an interest rate of 5.5 per cent for a set period of 12 months... - Abbey waits to pass on cuts to mortgage holders - 9th January, 2009
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Abbey has announced that it will not cut the standard variable rate (SVR) of interest for its buy to let mortgage customers immediately, but hinted it may do so in due course.
Following the Bank of England's cut of 0.5 per cent in the base rate, several banks, including Lloyds TSB and HSBC, immediately lowered interest rates for their mortgage customers... - Pound strengthens following base rate cut - 9th January, 2009
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A currency trading and foreign exchange website has reported that the pound has strengthened against key foreign currencies following the Bank of England's decision to cut the base rate yesterday.
FairFX issued a statement claiming that the pound gained one per cent in value against both the euro and the US dollar and is currently trading at £1 to 1.1211 euros or $1.5232... - RBS, NatWest announce some rate reductions - 9th January, 2009
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The Royal Bank of Scotland (RBS) and NatWest, both of which are part of the same RBS banking group, have announced that they will pass on the benefits of yesterday's interest rate cut to some of their customers.
RBS said that the banks' small and medium-sized enterprise (SME) customers would automatically benefit from the full rate cuts on their loans and overdrafts, as would individuals with property investments on tracker mortgage packages... - Flexible retirement packages 'are becoming more popular' - 8th January, 2009
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Research by a pensions provider has found that demand for flexible retirement products is growing.
Lincoln Financial Group said that recently it recorded an increase of 30 per cent in the numbers of enquiries about its flexible package the Lincoln i2Live from those seeking pensions advice.
The firm said that the recent market turbulence could be pushing more people to ask for pensions advice about flexible packages, as the income guarantee option these can provide becomes more attractive... - Consumer website speaks out about bank rates - 8th January, 2009
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A leading consumer website has criticised banks' practise of passing on interest rate cuts for savers but not for borrowers ahead of an expected interest rate cut later today.
Which? said in a statement that many banks are currently offering interest rates of as low as 0.1 per cent on savings accounts while at the same time defending their decision to keep rates on buy to let mortgages high by saying they are protecting their savings account customers' interests... - Abbey launches 'new' savings accounts - 8th January, 2009
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Abbey has announced the launch of two new issues of its popular savings accounts, which it claims can help customers to "kick start" their new year.
One of the new offerings, the Fixed-Rate Monthly Saver account, pays an interest rate of five per cent for a period of 12 months to account-holders who deposit between £20 and £250 a month by standing order.
The second new offering, the Super Fixed-Rate Monthly Saver account, operates under the same conditions but pays a fixed interest rate of seven per cent for twelve months... - Man shoots TV, claims on cheap insurance - 7th January, 2009
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A man who shot his TV may be one of the most bizarre insurance claimants of 2008, according to Lloyds TSB.
The bank, which also provides cheap car insurance and household contents cover, received a call from a gentleman who claimed he shot his TV with a gun by mistake... - Churchill offers cheap insurance in New Year sale - 7th January, 2009
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Churchill, a cheap car insurance and cheap home insurance provider, has announced that it is offering new customers discounts if they switch their buildings and household contents insurance.
The insurer said it is offering 25 per cent discounts on buildings and contents insurance, with savings of up to 50 per cent off the standard price for those who have not claimed in the last five years...