Sunday Times (Money) – 31st August 2008
CUSHION YOURSELF AGAINST RECESSION
Britain is on the brink of sliding into its first recession since the early 1990’s as high credit costs douse the once red-hot housing market and companies struggle with sharply rising costs.
Last week
Lloyds TSB launched its Vantage account paying interest at 5% - but only on balances of £5,000 to £7,000
HSBC has stopped paying interest on non-fee paying accounts altogether.
Andrew Hagger, at the price comparison site Moneynet.co.uk, said Alliance & Leicester’s Premier Direct account is the best for balances of up to £2,500 it has a rate of 8.5%, although this is only for the first year and you have to pay in at least £500 a month.
Sunday Times (Money) – 31st August 2008
SAVERS STUMPED BY HIDDEN CATCHES IN BEST BUYS
Savers chasing the top cash rates are being thwarted by poor service and hidden catches on some of the market’s “best buy” accounts.
Birmingham Midshires is also criticised after gaining a place in the best-buy tables with an internet account that offers an annual equivalent rate of 6.52%. Savers must withdraw the interest accrued each month or transfer it to another account.
Andrew Hagger, at Moneynet.co.uk, the comparison site, said: “The interest does not compound each month, so the highest you can achieve on savings is the gross rate of 6.33%. There’s something fundamentally wrong here.”
Sunday Express (Financial Property) – 31st August 2008
SECURING THE BEST FINANCE IS KEY
When buying a car, it’s essential to get the best finance deal available – yet more than two thirds of motorists fail to do any homework, according to insurer Esure.
If you are considering garage finance, it is important to find out if there are any penalties for early repayment of the loan, says Andrew Hagger, of price comparison service Moneynet.co.uk.
The Times (Money) – 30th August 2008
SAVINGS WATCH
Less than a fifth of current accounts return more than a meagre 0.5 per cent on in-credit balances.
Lloyds TSB, the biggest current account provider in the UK, has been the first to blink in the face of this growing competition from smaller players. New or existing customers who sign up to its Vantage account will earn 2 per cent on balances above £1,000, 3 per cent on balances more than £3,000 or 5 per cent on balances between £5,000 and £7,000
Andrew Hagger of Moneynet.co.uk, the financial website, is not impressed. “Few people will benefit from this new account. The only decent return starts on balances above £5,000. In an age of internet banking, when we can easily move cash around, consumers should move any excess funds to an instant-access savings account. A number of these pay more than 6 per cent on deposits as small as £1.”
The Independent (Main) – 30th August 2008
A STEP-BY-STEP GUIDE TO CUTTING ALL YOUR BILLS
As the outlook for the current economic climate shows little sign of improving, increasingly hard-pressed households will be looking for ways to tighten the financial belt as incomes continue to be ravaged by mounting food, fuel, mortgage and motoring costs.
“Take a serious look at your food shopping, as this is a major expense for many families,” says Andrew Hagger from financial comparison service Moneynet.co.uk. “If you plan your meals for the next seven days and visit the supermarket just once a week, you’ll be surprised at how much money you’ll save.”
Eastern Daily Press (Main) – 30th August 2008
STUDENTS’ FIRST LESSON IS TO BE CANNY WITH CASH
Forget the gimmicks. That’s the message for students about to embark on the adventure of a lifetime – their university years.
“As usual, the banks are offering a veritable feast of cash incentives and freebies in an effort to win over the new intake of students.” said Andrew Hagger, of Moneynet.co.uk.
“The crucial element of a student bank account for the majority will be the ability to borrow funds as cheaply as possible,” said Mr Hagger, who added that interest-free borrowing was likely to be far more valuable to the typical student.
Western Mail (Cardiff) (Business in Wales) – 27th August 2008
Wales Online (web) – 27th August 2008
BANK OFFERS 5% LURE ON CURRENT ACCOUNTS
Lloyds TSB continued its battle to win current account customers yesterday with the launch of an account paying interest of up to 5%.
Andrew Hagger, of the consumer financial website Moneynet.co.uk, said: “The downside of this offer is that the 5% is only payable once your balance hits the £5,000 mark and then it cuts off at an upper ceiling of £7,000.
“The number of people keeping sums of this magnitude is likely to be quite small, so whilst the headline grabbing 5% offer may stop a few people in their tracks, the reality is that the appeal of this deal is likely to be fairly limited, especially when you compare it to other deals on the high street.”
Daily Express (Main) – 27th August 2008
MAKE THE MOST OF YOUR CHILD’S FREE NEST-EGG
With the sixth birthday of the Child Trust Fund generation round the corner, parents are urged to make the most of their vouchers.
“With every baby receiving the vouchers the incentive is there,” says Andrew Hagger of price comparison service Moneynet.co.uk. “But working out where to invest can be a challenge. Whether you can afford to top up the voucher with regular sums will also make a difference to which CTF to choose.”
Channel 4 News (web) – 26th August 2008
LLOYDS TSB LAUNCH FEE-FREE ACCOUNT
Lloyds TSB continued its battle to win current account customers with the launch of a new account paying interest of up to 5%.
Andrew Hagger, of the consumer financial website Moneynet.co.uk, said: “The downside of this offer is that the 5% is only payable once your balance hits the £5,000 mark and then it cuts off at an upper ceiling of £7,000.
The People (Main) – 24th August 2008
NET STOPS THE STING
A quarter of us are being stung by overdraft or late-payment fees because we fail to budget our finances.
Yet simply logging on to the internet to check our accounts could prevent financial disaster.
Exclusive research for The People by Moneynet.co.uk reveals that even going overdrawn by £200 for a week could mean hefty charges with Lloyds TSB Classic account they stack up to £115
Andrew Hagger of Moneynet.co.uk advised: “With more of the population having access to broadband there is no excuse not to keep tabs on your bank balance via online banking.”
Observer (Business and Media) – 24th August 2008
MORE CHILLING NEWS FOR POOR HOMES AS CREDIT CARD REPAYMENTS ROCKET
Hundreds of thousands of credit card users are set to see the minimum repayment on their plastic rocket to £25, a move that could hurt households struggling to repay their debts.
If you have the average UK credit card balance of £1,384 at 18.9 per cent and make the 2.25 per cent minimum repayment each month, it would take you a staggering 27 years and eight months to pay it all off; worse, you would pay £2,673 in interest charges, research by finance website Moneynet.co.uk shows.
Daily Telegraph (Your Money) – 23rd August 2008
LENDERS BANK ON THEIR CUSTOMERS TAKING A LONG-TERM APPROACH TO THEIR SAVINGS
Banks and building societies are boosting rates on bonds and other long-term products at the expense of instant access accounts, according to MoneyExpert.com
Scarborough Building Society this week introduced a Direct Extra account, which pays 6.31pc on a minimum initial investment of £5,000
Andrew Hagger. Spokesman for Moneynet.co.uk, said: “The interest rate is attractive for those who are happy to operate their current account by post or telephone, especially with the reassurance that the rate guarantee offers.
“However with swap rates starting to drop away, you’ll need to act quickly to get your hands on this account.”
Eastern Daily Press (Main) – 23rd August 2008
IT’S IN YOUR INTEREST TO SHOP AROUND FOR LOANS
The rising cost of borrowing has been one of the more obvious effects of the year-long credit crunch – and it’s a problem that is seemingly not going away.
“Although we’ve started to see a steady reduction in fixed-rate mortgage interest rates in recent weeks, the cost of personal loans from some of the UK’s biggest lenders are still heading skywards and increasingly playing into the hands of doorstep lenders,” said Andrew Hagger, of Moneynet.co.uk.
Financial Advisor (Main) – 21st August 2008
FINANCIAL AFFAIRS
It seems the credit crunch is not only taking its toll on the housing market and companies’ projected revenues, but apparently the crunch is also causing major problems in the bedroom, as UK husbands and wives keep borrowings secret from each other.
This piece of revealing news comes from Moneynet.co.uk, which claims the crunch is leading to an alarming number of people into concealing their financial woes from their loved ones.
East Anglian Daily Times (Essex) (Main) – 19th August 2008
SAVERS CAN HIT THE BACK OF THE NET
The premiership kicked off last weekend and fans are urged to set their money to work for their team before they bawl insults at the new star striker.
Andrew Hagger of finance website www.moneynet.co.uk says West Bromwich BS set the ball rolling in 1996 with the first affinity account for West Bromwich Albion which has since raised £2.2m for the club.
Daily Star (Main) – 19th August 2008
DON’T GET TAKEN FOR A RIDE
Thousands of drivers plan to change their cars when the new reg plates come in next month.
Even though average rates for a £10,000 personal loan have gone up, the cheapest deal is still only £5.75 a month more than it was at this time last year, according to financial data firm Moneynet.co.uk.
Daily Mirror (Main) – 19th August 2008
£3.2K COST FOR FAMILIES
The soaring cost of living now means that the average homebuyer is having to find an extra £3,300 a year just to get by.
Homebuyers who also have personal loans have seen “best buys” jump from 6.3 to 7.6 per cent, adding £65 a year to a £5,000 loan.
And Moneynet.co.uk says home loans for £1,000 or less are up from 15.5 to 20 per cent.
Sunday Times (Money) – 17th August 2008
ONE IN THREE CASH ISA’S LOSING MONEY
Savers were warned last week that billions of pounds are languishing in accounts that are losing value in real terms after inflation hit new highs.
Experts said it would be worth snapping up a fixed rate inflation-beating account now. “With swap rates falling sharply in the past two weeks, some of the highest fixed rate bonds have already been pulled, so you’ll need to be quick if you want to grab one of the top deals that remain,” said Andrew Hagger at Moneynet.co.uk.
Sunday Express (Financial Property) – 17th August 2008
BARCLAYS ROLLS OUT NEW FEES STRUCTURE FOR OVERDRAFTS
Millions of Barclays current account holders this week face a shake-up of their overdraft facilities.
The bank is changing how it fines customers for exceeding their agreed limits.
Every time their account enters the personal reserve – its size varies from customer to customer – they face a £22 charge, plus a £22 fine every five days until the account is back within the overdraft limit.
However, Andrew Hagger from Moneynet.co.uk said: “Five days should be enough for most people to return their account to order or contact the bank to discuss the possibility of a temporary overdraft increase. The deal is fairer and a big improvement.
Observer (Business and Media) – 17th August 2008
SHOP AROUND FOR A GOOD ACCOUNT: ALL THE BANKS NEED YOUR BUSINESS
With more than half a million students set to start university this autumn, school-leavers across Britain will be preparing for a new life on campus.
‘There’s no need to rush in and open your student account right away,’ says Andrew Hagger from financial comparison website Moneynet.co.uk. ‘Assess what is available at the moment, and then wait until you see the full spectrum of what is to offer.’
The Telegraph.co.uk – 14th August 2008
BARCLAYS CHANGE OVERDRAFT
Millions of Barclays Bank customers will be affected by radical changes to the way it charges for going in the red.
The bank claims the changes to its overdraft packages – to be introduced on Monday – will help those who exceed their agreed limits.
Andrew Hagger at Moneynet.co.uk, a financial website, welcomed the changes. He said: ‘Five days should be sufficient for the majority of people to return their account to order or contact the bank to discuss the possibility of a temporary overdraft increase
A further positive is that Barclays is also reducing the charge for unpaid items from 35 (max one charge per day) to 8 per item from 18 August. ‘Whilst the move from Barclays seems to be attracting some unfair criticism surrounding a lack of transparency, the deal is fairer and a big improvement on the previous charging structure.’
The Times (web) – 14th August 2008
BARCLAYS TO CUT OVERDRAFT CHARGES
One of Britain’s biggest banks is ditching unauthorised overdrafts in a move which it claims will ‘significantly reduce’ overdraft charges for most customers..
Andrew Hagger at Moneynet.co.uk, a financial website, welcomed the changes. He said: ‘Five days should be sufficient for the majority of people to return their account to order or contact the bank to discuss the possibility of a temporary overdraft increase. The deal is fairer and a big improvement.’
Moneynet.co.uk found that, from Monday, Barclays will be the cheapest big bank for a £200 unauthorised overdraft for five days.
Easier.com (web) – 13th August 2008
MONEY WORRIES CAUSING SECRETS AND LIES
The pervasive effects of the credit crunch are leading an alarming number of people into concealing their financial woes from their loved ones, a Moneynet.co.uk survey has revealed.
Fourteen per cent said they have debts on an overdraft, credit card or personal loan that their spouse or partner knows nothing about.
Sunday Times (Money) – 10th August 2008
CRUNCH TAKES THE CREDIT FOR RAISING RATES
Savers are the undoubted winners in the credit crunch, according to research released to coincide with its first anniversary yesterday.
The average best-buy one-year fixed-rate bond at 7.11% is now 0.48 points higher than the average of 6.63% a year ago, or £168 a year more on a £35,000 balance. The highest-paying bond is ICIC’s at 7.2%.
Andrew Hagger of Moneynet.co.uk, the comparison site, said: “The battle for retail deposits has led to institutions offering some of the highest interest rates seen for over seven years, particularly on fixed-rate savings.”
Daily Telegraph (Your Money) – 9th August 2008
BASE RATE STICKS – BUT YOU ARE STILL BETTER OFF
Interest rates were kept on hold at 5pc this week, but savers are still better off than they were this time last year, even though rates were at 5.75pc in August 2007.
Britannia Building Society this week introduced an online and telephone savings account, the DirectSaver Reserve account, which pays 6.25pc gross interest a year.
Andrew Hagger, spokesman for website Moneynet.co.uk, said: “This account offers the combination of flexibility and an attractive rate of return, and will appeal to those who are happy to operate their account online or by post.”
The Herald (Glasgow) (Main) – 9th August 2008
STUDENTS SHOULD FOCUS ON LONG TERM BENEFITS OF BANK ACCOUNTS
This week’s Scottish exam results have spawned the next generation of students – who will soon find that they are a target for both banks and thieves.
Andrew Hagger of Moneynet.co.uk said: “This year more banks are resorting to the ‘interest on credit balances’ hook to help secure a slice of this potentially lucrative market.”
The Scotsman (Main) – 9th August 2008
DESPERATION GIVES RUTHLESS LENDERS A FOOT ON THE DOORSTEP
While fixed-rate mortgages have begun falling in recent weeks, the cost of personal loans from some of the UK’s biggest lenders are still on the up – and they are increasingly playing into the hands of doorstep lenders.
Easier.com (web) – 7th August 2008
AFFINITY SAVINGS ACCOUNTS KEEP STRUGGLING FOOTBALL CLUBS AFLOAT
A number of football league clubs will run out onto the pitch to start the new season this year thanks to the financial support of their loyal fans via affinity savings accounts, says Andrew Hagger of personal finance comparison site Moneynet.co.uk.
Lancashire Evening Post (Preston) (Main) – 6th August 2008
BABY MINDING
High savings rates make it a good moment to put aside cash for children.
Andrew Hagger at Moneynet.co.uk says £20 a month invested in an account earning 6% adds up to a lump sum of £7,656.28 in 18 years.
Easier.com (web) – 6th August 2008
CHEAPEST BORROWING OPTION KEY FOR STUDENTS
Interest free borrowing is the option this year new students should take if they want to stay top of the form on their finances, says Andrew Hagger of data comparison site Moneynet.co.uk.
Easier.com (web) – 6th August 2008
ONE YEAR ON FROM THE CRUNCH SAVERS 0.6% BETTER OFF
One year on from the unofficial birthday of the ‘credit crunch’, 9th August, analysis of the savings accounts has increased by a substantial 0.6 per cent across the market.
Andrew Hagger, of Moneynet.co.uk says: ‘Whilst the last 12 months has been extremely gloomy for those consumers with mortgages and borrowing requirements, it has been a year of opportunity for those with money to save.
This Is Money (web) – 4th August 2008
THE FRIST STUDENT SAVUNGS ACCOUNT OFFERS
It may be a while before term-time starts, but there are a number of top student savings accounts already on the market for the 2008/2009 university year.
However only three of the eleven student account providers have so far launched their student offerings for the 2008/2009 year, according to Andrew Hagger of finance website Moneynet.co.uk.
Sunday Express (Financial Property) – 3rd August 2008
SOCIETIESVARE SAVERS’ SAFE HAVEN
Building Society bosses have spoken out this week to reassure savers worried about their money after the collapse of Northern Rock and profits warnings at Bradford & Bingley.
Which begs the question whether building society savings accounts are competitive? Andrew Hagger of comparison site Moneynet.co.uk thinks they are.
“Building societies tend to offer consistently good savings rates,” he says.
Daily Telegraph (Main) – 2nd August 2008
SAVERS HIT AS BANKS CUT INTEREST RATES TO RECOUP LOST PROFITS
Savers are being paid less interest by Britain’s biggest banks as they drop their rates to make up for lost profits.
Banks cut rates on existing accounts to fund headline grabbing rates on new savings account, according to Andrew Hagger, a leading personal finance expert at Moneynet.co.uk.
The Scotsman (Main) – 2nd August 2008
HIKES RAISE CONCERNS OVER FUEL POVERTY
The latest round of energy price hikes has piled further pressure on household budgets.
Providers yet to announce price rises that still have fixed or capped rates on offer include Eon and ScottishPower although these might disappear quickly, warned Andrew Hagger, communications manager at Moneynet.co.uk.
Money Observer (Main) – 1st August 2008
A & L SPANISH BUY
Alliance & Leicester is to be bought by Banco Santander for £1.3 billion, with the aim of boosting UK market presence by merging A & L with Abbey, which it bought in 2004. High street banks could be in for a shake-up.
Andrew Hagger of Moneynet.co.uk says: ‘If the new brand combines the best of breed products from Abbey and A & L it will be a force to be reckoned with, especially if some of the economies of scale are used to raise savings and lower borrowing rates.’
Sweet – 1st August 2008
OVER THE TOP ON OVERDRAFTS
A survey carried out by Moneynet.co.uk shows that despite an ongoing legal challenge, high street banks are continuing to charge over the odds for exceeding agreed overdrafts limits.
Money Market (Main) – 1st August 2008
CASH ADVANCE HABIT A HINDRANCE
Cash on your credit card comes at a hefty price. There’s no getting away from the fact that we’re facing some of the toughest economic conditions for more than a decade and as yet we can’t even see a hint of light at the end of this very dark tunnel.
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