More customers turning to online banking

A new report shows that an extra four million adults are interested in carrying out their banking online for the first time Statistics released this week by the Payments Council found 70% of people who could use online banking to run their main account already do so, while a further one in ten would be […]

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New charges cap on payday loans

A limit has been introduced; restricting the amount payday lenders can charge borrowers from January. The Financial Conduct Authority (FCA) has stated that Interest rates will be capped at 0.8% of the amount borrowed per day and that no customers will have to pay back more than double the sum they borrowed. In addition to […]

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New low rate Credit Cards from Lloyds Bank and the Co-operative Bank

Two new long term low rate cards were launched this week from Lloyds Bank (Platinum) at 6.4% APR variable and The Co-operative Bank with 6.9% APR fixed for three years. Andrew Hagger, personal finance analyst said: “If you’ve got a card in your wallet that charges a low standard interest rate, there’s less financial impact […]

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First Time Buyers facing higher mortgage costs

The cost of finance for customers with smaller deposits has hit a new high, according to a new report. The research from Genworth  shows that the cost of mortgages between 75 and 95 per cent loan-to-value (LTV) is at a nine year high as banks charge first time buyers and those with a small equity […]

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Clampdown On Payday Lenders Continues

Last week the Competition and Markets Authority (CMA) announced a series of proposals to drive down the costs and improve the transparency of charges for payday loans customers. The plans include forcing lenders to provide details of their products on accredited comparison websites thus making it easier for new entrants to compete. It is hoped […]

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New Improved Pension Rules For Over 55’s From April 2015

The government has said it will simplify pension rules so that over-55s will be able to draw tax-free sums from their pension when it suits them. Under the existing rules, from the age of 55 people can take a 25% tax-free lump sum, but from April, you will no longer have to draw the whole […]

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Consumers Choose Different Ways to Finance Christmas

With just over 10 weeks to go until Christmas, new research shows how consumers are planning to finance their festive costs. A report from VoucherCodes claims that around a third of people have been worrying about the cost of Christmas since late summer, while one in five say that Christmas debt will be their biggest […]

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Lowest UK Inflation Rate Since 2009

UK inflation has dropped sharply to its lowest level in five years. The figures were much better than experts had predicted as the impact of falling petrol prices helped the CPI measure nudge closer towards the 1 per cent mark. The latest official statistics showed that Consumer Prices Index inflation tumbled from 1.5 per cent […]

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Families Fall Out About Switching on the Heating

New research from Moneysupermarket claims that a third of Brits argue with the people they live with about when’s the right time to turn the heating on. The findings also reveal that one in four people secretly turn the heating up without telling their partner or housemates. The reason for the in-home heating arguments comes […]

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Savings of up to £1 million to be protected under new rules

Under new rules proposed by the Bank of England people’s savings balances of up to £1 million will be protected in some circumstances. The proposals are designed to cover money temporarily deposited in an account for up to six months and will include the proceeds from the sale of a property. The Financial Services Compensation […]

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