Money Saving News for November 2008
- BBA promises to help customers - 11th November, 2008
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In an attempt to restore trust in the banking industry, the British Bankers' Association (BBA) has announced a new "promise" to reassure small businesses - a move which could also benefit individuals by helping to restore market confidence.
The pledge, which comes under the umbrella agreement of the Banking Code, sets out to treat small businesses "sympathetically" if they face financial difficulties as a result of the credit crunch.
On of the key planks of the new pledge is the bankers promise to continue granting cheap loans at competitively priced rates to businesses.
Banks have also said they will advise businesses to seek independent advice and compare loans rather than basing their decisions on partisan recommendations... - AXA: Spenders sparing with the truth during credit crunch - 11th November, 2008
The credit crunch is causing people to be economical with the truth about their spending, a study published today reveals....
- US government intervention saves AIG for a second time - 10th November, 2008
The US government announced today that it would take an additional $40 billion (£26 billion) stake in AIG, to stop the beleaguered insurance giant from collapsing....
- Bankers battle against HBOS takeover - 10th November, 2008
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Two senior ex-bankers have advised HBOS not to go through with its planned takeover by Lloyds TSB, in a move that could delay the creation of the proposed 'super-bank' which could securely supply cheap loans to beleaguered individuals and businesses.
Sir Peter Burt and Sir George Matthewson - former chief executives of the Bank of Scotland and the Royal Bank of Scotland respectively - called for the chairman of HBOS to resign, arguing that shareholders would be better off if the bank remained independent.
The Lloyds TSB takeover of HBOS was announced in September, before the government announced its £37 billion rescue package for banks.
In their letter the two bankers claim that they could formulate a 'detailed alternative plan' for HBOS... - Bank bosses back down and agree to rate cuts - 10th November, 2008
The UK's high street banks bowed to government pressure on Friday agreeing to pass on the historic 1.5 per cent interest rate cut to borrowers, potentially making it easier for the public to obtain cheap loans....
- Parents 'still saving for their children' - 7th November, 2008
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Parents are still putting money aside for their children despite the economic downturn and the impact it is having on their finances, research suggests.
According to the Children's Mutual, three-quarters of parents who have received Child Trust Fund vouchers are actively investing them... - Compensation process kicks off for Icesave customers - 7th November, 2008
Prudent Minds – number 1 for internet bankingInternet banking customers with deposits in the collapsed online bank Icesave have begun to receive emails telling them how to claim their money back.
Savers have been sent information detailing how the compensation procedures will work.
They will soon receive another email telling them when can log in and transfer their funds to their linked bank account - a process that will occur in stages... - Bank cuts rates to 3% - 7th November, 2008
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The Bank of England has slashed interest rates to three per cent, potentially making it easier for people to secure cheap loans.
Its monetary policy committee announced that the base rate would be cut by 1.5 per cent - the biggest monthly reduction since the Bank of England was made independent in 1997. Rates are now at their lowest since 1955... - Retirement savers lose faith in property - 6th November, 2008
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Retirement savers are losing faith in property investments as a key contributor to their pension, according to new research.
Alliance Trust found that just 33 per cent of people think their property will play a major role in funding their retirement, down from 43 per cent last year... - Car break-ins suffered by one in four motorists - 6th November, 2008
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One in four motorists have fallen victim to a car break-in, according to the car insurance provider LV=, which is urging drivers not to leave expensive items in their vehicles.
Its research shows that 80 per cent of motorists have left items such as mobile phones and wallets unattended in their cars, which could prove a draw to opportunistic thieves...