Car Insurers Debate Over Future Profits

UK car insurers have been running an unprofitable business for 14 years. Independent market analysts, Datamonitor, say 2009 looks to be a profitable year despite the doubts

March 13, 2008

Budget Report Expectations

Chancellor Darling's Budget Report is expected to raise taxes on alcohol, fuel emissions, flights and many other issues concerning the economy. Tax burdens expected to increase on poorer families

March 12, 2008

Card Fraud Rises Again

Card fraud has increased over past year. Whilst chip and PIN technology has been successful in the UK, criminal activity overseas has increased 77 per cent

March 12, 2008

Tax Cuts Needed To Restore Confidence

Appeals for corporate tax cuts are submitted to the Treasury as it prepares its Budget report this Wednesday. Business and banking sectors are worried about the direction of the UK economy

March 10, 2008

First Time Buyers Take Hit From Stamp Duty

Stamp duty tax has not kept up with the rate of increase in house price inflation over the past decade. Yet another hurdle first-time buyers must leap over to get on the property ladder

March 10, 2008

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Why Children’s Saving Accounts Are A Good Idea

A few years back the Government introduced a cash scheme for all children born after September 2002, which issued their parents with vouchers worth £250 to be invested into a Child’s Trust Fund (CFT). The aim of this was to promote the idea of saving for children so that by the age of 18 they would have a tidy amount of savings, primarily intended to help see them through further education.

Once parents or guardians receive the initial voucher they are presented with a choice of 3 types of CTF accounts in which to invest it, available from banks, building societies and most mutual insurers. These accounts are: a cash account which functions like an ordinary instant-access savings account which is tax free, a stakeholder account or alternatively a non-stakeholder account.

Today just about every bank and building society offers a wide range of savings accounts for children so it is important to look out for the one that offers the most attractive deal in terms of interest rates. As an incentive to lure in parents, most children’s bank accounts will offer free gifts such as teddy bears, gift vouchers and for the older child CD’s. This in purely a marketing technique, and a competitive one at that, which banks are now using to draw in new customers.

There is no minimum age at which an account can be opened although many do require an adult to run them until the child reaches at least 11 years of age.

It is important to search the market for all current deals in order to find the best return on investment for your child. Regular deposits will naturally see your child’s savings develop and grow as they earn more interest. But perhaps the most important issue regarding a bank account for your child is that it can encourage your child to take an interest in his or her money from a very early age, teaching them the vital basics regarding the benefits of saving.

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Published on September 30, 2007

Bank Charge Case To Go On For Weeks

The Office of Fair Trading is hoping the High Court will rule in its favour which would allow banks' fees to be challenged under consumer law. There are eight lenders who are accused of making unfair charges to customers, among them is the Royal Bank of Scotland. The High Court, however, has been told that current account customers are comfortable with the system of charges of current accounts... Read More
January 24, 2008

Banks Have Hit Savers' Interest Rates

The global credit crisis has eventually led to the Bank of England cutting back the base rate to 5.5%. Consumers were hopeful that UK banks would reduce their mortgage rates in accordance with the lowered base rate but many still refuse to pass on any significant savings. Experts agree banks are trying to recoup losses. Now banks are cutting their rates on savings accounts... Read More
January 14, 2008

Bank Loyalty On The Wane

Britain has seen an increase in customers switching to a new bank. Many customers say they feel their bank doesn't treat them as a valuable customer or have experienced unhelpful staff. Just a few years ago less than 1 in 10 switched whereas today, almost 1 in 5 are opting for a new bank. Research shows banks need to focus on customer support more than ever... Read More
December 11, 2007

Abbey Cut Back Savings Rates

Lenders have been tightening their lending criteria on mortgage and loan borrowing and now seem to be doing the same with savings rates as well. Some of the top banks are cutting back rates however, you may be able to find a good deal if you can afford large deposits each month. Shopping online for a savings or current account is recommended... Read More
December 10, 2007

Co-op Breaks FSA Guidelines On Overdraft Charges

The Co-operative bank has changed their guidelines toward overdraft charges which some say will affect low income customers who tend to run out of money before the end of the month. These changes seem to be in violation of FSA guidelines. Those on benefits could be hit hardest... Read More
December 3, 2007

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Personal Banking Centre - Tips & Information

• Bank Account Basics
• A Brief Guide To Savings Accounts
• Understanding ISA’s
• Why Children’s Saving Accounts Are A Good Idea
• Child Trust Funds