moneynet in the press

Daily Telegraph (Your Money) – 31st May 2008

SAVERS WARM TO ICELANDIC BANK’S EXTRA INTEREST

Savers putting away as much as possible as they battle the credit crisis have something to cheer about this week with an array of attractive rates to choose from.

Barclays has introduced an instant access regular savings account paying a hefty 7.49 per cent gross interest for 12 months on a minimum monthly investment of £20

Andrew Hagger, of Moneynet.co.uk, said: “The 7.49 per cent rate is likely to prove a real hit as, refreshingly, it doesn’t come with all the usual baggage often associated with this type of account.

Daily Mirror (Web) – 30th May 2008

BARCLAYS TO REDUCE OVERDRAFT PENALTY CHARGES

Barclays is reducing overdraft penalty charges before the courts decide whether to force banks to make cuts.

But Andrew Hagger, of comparison firm Moneynet.co.uk, says: ‘It is pre-empting what might happen after the court decision but it is a move in the right direction.’ Account holders will be told their ‘Personal Reserve’ buffer zone limit – anything from 150 to 2,500 – before the new charges are introduced in August.

Fair Investment Company (Web) – 29th May 2008

BARCLAYS TACKLES BANK CHARGES WITH OVERDRAFT OVERHAUL

Barclays has become the first bank to take pre-emptive action against a possible ruling over bank charges by overhauling overdrafts on their new range of current accounts.

Andrew Hagger of Moneynet.co.uk said of the revised Barclays current account range that ‘with bank charges still very much on the agenda as the OFT court case rumbles on, Barclays has announced some radical changes to its current account range.’

Daily Mirror (Main) – 28th May 2008

OVERDRAFT RED ALERT

Straying into the red by £50 could cost you more than £165, warns money comparison firm Moneynet.co.uk.

With money tight these days it makes sense to arrange an authorised overdraft with your bank and keep a close eye on your account to ensure you stay within it.

Daily Mail (Main) – 28th May 2008

BANK CUSTOMERS BILLED £165 FOR GOING £50 INTO THE RED

Bank customers slipping just £50 into the red could end up paying triple that amount in fees and interest.

Andrew Hagger, of Moneynet.co.uk, the personal finance website which carried out the study, said: ‘It is vital people keep a keen eye on their current account balance.

Going into unauthorised overdraft, making purchases without the funds to cover them or having items returned by their bank or building society would only inflame an already difficult situation.’

Daily Telegraph (Main) – 27th May 2008

SAVERS SUFFER AS INFLATION TOPS INTEREST RATES

The majority of Britain’s 25 million savers will see the value of their deposits eroded this year because the return on most savings accounts is lower than inflation.

Andrew Hagger, a leading personal finance expert of Moneynet.co.uk said: “It has been some time since savers have had to worry about inflation eating away at their savings, but with the Consumer Prices Index at 4.2 per and rising, it’s even more important to ensure you are getting the best rates on your savings.”

Independent on Sunday (Business and Money) – 25th May 2008

LOSING INTEREST: HOW BANKS ARE NEGLECTING BRITAIN’S LOW EARNERS

Competition between banks and building societies for the attentions – and spending power – of top earning customers is leading to a marked divide in the current account market.

Andrew Hagger of the price comparison site Moneynet.co.uk notes that if you are on a low income and want access to the best rates, you have to pay a fee. “The Halifax Ultimate Reward current account pays 5 per cent gross if you’re prepared to stump up £10 a month,” he says. “HSBC’s Bank Account Plus pays 7.72 per cent for a £12.95 monthly fee – although admittedly these accounts offer other benefits as well.”

Mr Hagger says that the gap between accounts catering for the rich and poor is likely to become a permanent feature of our banking system.

Financial Times (Money) – 24th May 2008
Financial Times Online (ft.com) – 23rd May 2008

BANKS RACK UP CHARGES

Banks are dealing customers a double blow by offering less attractive interest rates on credit balances and overdrafts, while at the same time continuing their fight for high penalty charges.

The banks are refusing to swallow this loss of revenue without fighting back, says Richard Brown at Moneynet.co.uk, the personal finance research and data analysts.

He fears that banking customers who have managed their finances well could end up paying for those who have repeatedly breached the terms of their accounts.

Moneynet.co.uk says banks could implement fee structures similar to those in the US and parts of Europe, such as annual account fees or debit card charges.

The Times (Web) – 20th May 2007

MORTGAGE HOPES RISE AS FIRST DIRECT RETURNS

First Direct, the online and telephone lender owned by HSBC, has started selling mortgages again to new customers after withdrawing from the market seven weeks ago.

Andrew Hagger of Moneynet.co.uk, a comparison site, said: “This is extremely welcome news for potential home buyers and movers and a much needed tonic for what has become a battered and volatile mortgage market. It will be interesting to see if these green shoots are followed by other lenders returning to market with an increased range of competitively priced mortgages.”

Mortgagestrategy.co.uk – 19th May 2008

MONEYNET.CO.UK APPOINTS COMMUNICATIONS MANAGER

Formerly head of news and press for Moneyfacts.co.uk, Hagger’s mandate is to make Moneynet.co.uk the preferred data comparison site for the UK’s 40 plus million adults who use online-based financial products.

Richard Brown, chief executive of Moneynet.co.uk, says: We are delighted to have Hagger on board and know he will make a real difference in driving up the profile of Moneynet.co.uk.

Sunday Times (Money) – 11th May 2008

CAN CONSUMERS REALLY TRUST COMPARISON SITES?

Comparison sites, used by millions to choose car and home insurance, were accused last week of misleading consumers.

For more details go to the FSA consumer website – moneymadeclear.fsa.co.uk

The best for…

Credit Cards Uswitch came top in a survey by research firm the Resolution Foundation last year, although good performers are also Moneynet.co.uk, Uswitch, Moneyextra, Kelkoo and Moneyexpert, which all provide accurate information.

SavingsMoneysupermarket, Moneynet.co.uk, Kelkoo, Moneyexpert, Fool and Moneyfacts had the best results for accuracy.

MortgagesThe most consistently accurate results were offered by Moneyextra and Moneynet.co.uk. However, Moneynet.co.uk comes out better because it has more flexibility in sorting tables.

Overseas Property TV – 1st May 2008

COMPUTER SAYS YES

The credit crisis has already led to a reduction in the amount of mortgages available to buyers, and it will be more and more difficult to obtain loans, especially if you have a poor credit record, an irregular income, or you are in short-term contract work – even those of us with regular jobs and salaries need to make sure our mortgage applications are flawless

“These are unprecedented borrowing conditions as lenders continue to be squeezed, said “Moneynet.co.uk chief executive Richard Brown. “Borrowers need to be aware that mortgage finance is likely to be in short supply for a time, meaning that the lenders can now pick and choose who they lend to.