savings accounts Articles - Financial News at Prudent Minds
SAVINGS ACCOUNTS
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Savings account interest rates follow full cut - 6th January, 2009
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One month on from the Bank of England's base rate cut, many savings account providers have slashed their interest rates by the full amount, according to Moneyfacts.co.uk.
The price comparison site has compiled data which shows that 77 per cent of savings account providers have announced cuts in their savings rates with "the majority" reducing their rates by the full one per cent.
Moneyfacts.co.uk found that the average savings rate on a no-notice account is now just 1.48 per cent, with 38 per cent of the accounts paying a rate of one per cent or less...
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Saga welcomes Conservatives' saving tax plans - 6th January, 2009
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Saga, a financial services provider which specialises in helping the over-50s, has welcomed the Conservatives' plans to cut the rate of tax paid on savings.
In its magazine, the company said that it welcomed the plans set out by David Cameron yesterday, which will include the scrapping of the basic-rate taxpayers' duty on savings and increasing the level of non-taxable income for pensioners by £2,000 per year...
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Alliance & Leicester offer switching incentive - 5th January, 2009
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Alliance & Leicester have announced that they will be offering people in the UK a special incentive to switch their current accounts as many try to get their finances in order following the festive season.
The bank says that people switching to its Premier or Premier 50 current accounts from today will receive a one-off payment of £100...
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Savings come high up list of new year priorities - 30th December, 2008
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Alliance & Leicester has conducted a survey of the most popular New Year's resolutions for 2009 which has found that saving more money and cutting down on spending are near the top.
While people in the UK still claim that losing weight and taking more exercise are the most popular New Year's resolutions, over one-quarter of Brits say they will resolve to cut down on spending and 25 per cent say they want to save more money...
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Savings rates will stay low next year, says analyst - 23rd December, 2008
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The rate of interest offered on savings accounts is likely to remain low next year, according to one analyst.
Laying out his predictions for 2009 Kevin Mountford, head of savings at moneysupermarket.com, said "a low base rate environment will mean less exciting headline rates on offer"
However, he added that the difference between the best interest rates on offer and the worst rates available is likely to remain significant...
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East Midlands children 'save most pocket money' - 23rd December, 2008
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Children in the East Midlands may be the country's best savers as a new survey by Halifax revealed that they save more in relation to their average income than children anywhere else in the country.
Young people in the region receive an average of just £231.92 per year but have acuumulated an average savings balance of £1,038, which equates to more than four-and-a-half years of saving every penny of their pocket money...
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Spending caps 'cut the cost of Christmas' - 22nd December, 2008
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Many Brits will be imposing spending caps on themselves and their loved ones this year in an attempt to keep the costs of Christmas from spiralling out of control.
According to a survey conducted by Halifax, two-thirds of people in the UK have who have agreed a spending cap with family and friends, will spend under £25 on each present...
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Brits 'save despite credit crunch' - 19th December, 2008
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The majority of Brits managed to stash some of their income away in savings accounts in 2008, despite the credit crunch.
A survey by Alliance & Leicester Savings has revealed that 64 per cent of people in the UK managed to put at least some money into a savings account and one-third of them managed to save the amount they were aiming for at the start of the year...
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Banks cut savings rates before Christmas - 19th December, 2008
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Data compiled by uSwitch.com has shown that many financial institutions have slashed the rates of interest they pay savers in the build up to Christmas.
The price comparison website found that 76 providers had dropped interest rates on over 150 products, with some rates falling by as much as four per cent...
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New savings account launched - 18th December, 2008
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A new savings account has been launched by Newcastle Building Society.
In a bid to encourage savers, the new Reward Saver and Individual Savings Account (ISA) will offer an interest rate of 3.5 per cent gross with an additional bonus of one per cent for the fist 12 months of the account contract...
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Credit crunch 'hits Santa' - 18th December, 2008
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It seems even Father Christmas himself is not immune to the financial ravages of the credit crunch, as new research reveals that many children believe Santa's sack will be lighter this year because of the downturn.
A survey conducted by LV= showed that over one quarter of children who believe in Santa Claus believe he will have been credit crunched like everyone else...
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Savers should choose fixed-rate ISAs, says expert - 17th December, 2008
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An expert has counselled savers to search for banks offering individual savings accounts (ISAs) which pay a fixed rate of interest if they want the best return on their investment.
According to an analyst from moneysupermarket.com, the Bank of England is predicted to lower interest rates further in the near future, which means ISAs with a rate pegged to the base rate could pay lower dividends to savers...
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Brits giving money this Christmas - 17th December, 2008
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Despite the credit crunch and the falling value of the pound, many Brits are planning on giving cash or contributing to savings accounts instead of buying presents this Christmas.
Research conducted by Halifax shows that more than one-third of Brits will be giving the gift of money this Christmas and 36 per cent of parents would consider opening a savings account for their child instead of buying them toys...
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Halifax launches new bank account - 15th December, 2008
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Halifax has announced the launch of a new current account today, which replaces the traditional interest rates rewards with a fixed monthly payment.
Customers who open one of the new Halifax Reward Accounts will receive a payment of £5 per month regardless of their balance, so long as they deposit at least £1,000 a month in the account...
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Brits still saving, but saving less, says survey - 12th December, 2008
Brits have managed to keep themselves in the habit of saving regularly despite the banking crisis, a new survey has revealed....