August 1, 2014

Interest rates to reach 2.6% in 2017 says EY

notes

Interest rates could reach 2.6% within the next three years according to EY’s Item Club. However, the independent forecasting group predicted that the current 0.5% base rate would continue until the third quarter of next year. They predict that the interest rate will increase to 0.7% by the end of 2015, then to 1.6% in [...]

Interest rate rise speculation sees savers withdraw £43bn

notes

Speculation of an increase in interest rates saw UK savers withdraw £6.6bn during December from fixed-rate and notice bank accounts. Quoting Bank of England figures, The Sunday Times report that over the course of last year, savers withdrew £42.6bn from respective bank accounts and have been transferring funds to accounts paying little interest but have [...]

Premier Oil bond offers investors 5pc per year

Prem Oil

A new Premier Oil bond is offering investors an interest rate of 5pc per year. The bond carries a minimum investment of £2,000 with incremental denominations of £100 past the respective amount. The bonds are eligible to be hold in an ISA and SIPP and mature at par value on December 11th 2012. The closing [...]

One in five UK savers has less than £500

pounds

One in five UK savers (21 percent) have less than £500 put aside with 11% having less than £100 in savings. Research from Nationwide Building Society also revealed that one third of savers are also having to dip into their savings at least once per quarter. The research also revealed that 62 percent of people [...]

Banks cut interest rates on deposit accounts again

HFxman

Banks including Halifax, Lloyds and Bank of Scotland were all among those institutions who further reduced interest rates on deposit accounts last week. Both Lloyds and Bank of Scotland reduced their one-year fixed-rate bonds by 0.1 percentage points and Halifax reduced the interest rate on its instant-access ISA by 0.25% percentage points – now providing [...]

A Shade Greener bond offers 18 percent immediate return

Shade Greener

Solar panel firm A Shade Greener has issued a bond which offers an immediate 18 percent return. The three year fixed term product is accepting minimum investments of £1,000, offering investors a return of 6% per year but with all three years’ interest paid within 30 days of investing. The company has carried out more [...]

Current account switching to take 7 days from next month

pounds

The time it takes to switch current account providers will be slashed to just 7 days next month, far less than the current time-period of 30 days. According to news sources, ‘virtually all banks and building societies’ have agreed to drastically cut the time required to transfer current accounts between provides from September 16th. A [...]

Nationwide profits could be halved on bond issue

nationwide

Nationwide’s profits could be halved as its attempts to overcome a £2bn hole in its balance sheet. Some market sources claim that the issuing of special bonds worth up to £1bn could result in the building society paying interest rates of 10% or more – effectively halving their profits with a £100m annual cost. News [...]

First-time home buyers face 14 years of saving

Hous

First-time home buyers face a 14 year of period of saving in order to afford a housing deposit according to new research from Shelter. The 14 year figure is reduced to ‘over’ a decade for first-time buyers with families. Shelter Chief Executive Campbell Robb said: ‘This research reveals the harsh reality that young people today [...]

One third of savers do not know what ISA stands for

questions

Research from Nationwide Building Society has found that 66% of ISA savers feel the cash ISA limit should be brought into line with the Stocks and Shares ISA limit. The respective research also threw out a number of interesting statistics such as 30% find ISA rules confusing and 32% do not know what ISA stands [...]