This Is Money (web) – 31st July 2008
LOAN RATE RISES BENEFIT DOORSTEP LENDERS
Skyrocketing personal Loan rates over the past month and banks’ tightening lending restrictions are driving borrowers into the hands of doorstep lenders.
Andrew Hagger from finance website Moneynet.co.uk added: ‘With the ongoing tightening of credit scorecards by high street providers, some of those seeking unsecured borrowing will face the prospect of even higher monthly repayments or being turned down for loans which they would have previously been accepted.”
Daily Express (Main) – 30th July 2008
GRADUATE TO NEW LEVEL OF ACCOUNT
If you are one of the thousands of students who have just graduated, searching out the best current account provider may not rate high on your list of priorities. But given that you have to start thinking about a job, without the financial cushion of a student loan, this is the time to start looking.
If you are one of many students who have left university saddled with debt you need to look for an account with a competitive overdraft offer. “NatWest, RBS, Abbey and Lloyds TSB will lend you up to £2,000 interest-free in year one,” says Richard Brown and finance website Moneynet.co.uk.
Telegraph.co.uk – 29th July 2008
HOW DOES TESCO’S FINANCE STACK UP?
It is just over a decade since supermarkets promised to shake up the banking and insurance market, offering value-for-money deals without hidden nasties.
Andrew Hagger, at Moneynet.co.uk, said: ‘In my experience, Tesco have been more competitive with their cards and loans products over the last few years as opposed to savings products.’
Easier.com (web) – 29th July 2008
NEW PARENTS URGED TO PRODUCE A GENERATION OF SAVERS
Making regular savings no matter how small is essential if parents are serious about helping their children weather the storm of a future credit crunch, says finance comparison site Moneynet.co.uk.
The Observer (Business and Media) – 27th July 2008
STUDENTS SQUEEZED AS BANKS CUT BACK ON FREEBIES
The credit crunch will hit students this year in more ways than they might imagine – banks have stopped offering the lucrative freebies that once came with their current accounts.
For cash-strapped students, an overdraft facility should be of more interest than the freebies, however, says Andrew Hagger from price comparison site Moneynet.co.uk. ‘A few free cinema tickets might seem nice, but don’t forget you’ve got the rest of your student life in front of you,’ he warns.
Fair Investment Company (web) – 22nd July 2008
GRADUATES COULD SAVE HUNDREDS WHEN REPAYING STUDENT DEBT
When leaving university, sorting out their finances might be the last thing many graduates want to worry about, but shopping around for the best deals could save them hundreds of pounds, financial information provider Moneynet.co.uk.
Daily Star (Main) – 22nd July 2008
The Times (web) - 22nd July 2008
Metro (London) (Main) - 22nd July 2008
GREEDY BANKERS: STUDENT CHARGED £500 FOR HAVING 8p OVERDRAFT
A bank is demanding £800 in charges from a student who went overdrawn by just eight pence.
A report by website Moneynet.co.uk reported last week that Lloyds TSB was the worst offender for punishing those who fall briefly into the red.
Men’s Health (web) – 21st July 2008
CREDIT CRUNCHING
Money saving tips for the summer keep crunching now the summers here use your mountain bike to get to work or to the gym. It’ll cut those soaring petrol and travel card bills and tone up your pins at the same time.
Here’s three more money-saving health-and-fitness tips from Andrew Hagger, of Moneynet.co.uk. Cut gym cost. Take a look at the latest deals from Pruhealth where you can get your gum membership subsidised. Go own brand and check out some of the supermarkets’ own brands. They’ll contain the same amount of goodness and vitamins, but will prove a bit more gentle on your wallet. Put the money you save into an account that works as hard as you do., you should be able to get 6.5% or more. Check out www.moneynet.co.uk.
The Observer (Business & Media) – 20th July 2008
SIMPLE SAVINGS, WITH ‘NO STRINGS ATTACHED’
Intelligent finance is launching a ‘no-catches’ instant-access internet savings account that will pay 6.4 per cent interest.
Andrew Hagger from price comparison site Moneynet.co.uk says: ‘This is a good rate for an instant-access savings account and it is quite refreshing to see that it has no strings attached. Savers could do with more simple, straightforward accounts like this.’
Sunday Times (Money) - 20th July 2008
LLOYDS TOP IN OVERDRAFT SHAME
Lloyds TSB was named last week as the worst offender for punishing customers who fall briefly into the red.
Those in the Lloyds TSB Classic Plus account who exceed their agreed overdraft limit by £50 for two weeks are charged £165, finance website Moneynet.co.uk reports. This compares with HSBC’s £25.10 charge and £30.52 by Barclays. Alliance & Leicester, second after Lloyds, charges £95.
South Wales Evening Post (Swansea) (Main) – 19th July 2008
CASH IN HAND AS TIMES GET TOUGH
They carry a Dickensian image of mother pawning father’s best suit for a paltry sum.
But pawn shops are doing good business as people begin to feel the pinch from the credit crunch, although some are surprised that they still flourish in 21st Century Britain.
Data comparison website Moneynet.co.uk said consumers cut off from credit by wary lenders in the aftermath of the credit crunch could be forced to live in a cash economy that is seeing a revival of money lenders and pawnbrokers.
Daily Telegraph (Your Money) – 19th July 2008
OFFICE OF FAIR TRADING SLAMS ‘COMPLEX AND UNCOMPETITIVE’ BANKS
Beleaguered high street banks, whose share prices have collapsed since last summer, now stand accused by the Office of Fair Trading (OFT) of pocketing more than £8bn a year from high overdraft rates and low payouts on money left in current accounts.
Andrew Hagger, of the comparison website Moneynet.co.uk, said: “If and when the decision is made to cap unauthorised overdraft fees, it is inevitable that we will move towards paying monthly fees for personal banking.”
Daily Telegraph (Your Money) – 19th July 2008
ABBEY ACCOUNT AIMED AT THOSE WITHOUT INTERNET ACCESS
Abbey is launching a new issue of its Instant Access Saver account, paying 6.3pc on a minimum investment of £1,000
The account can be opened via telephone or online, but is then operated by phone or in branches.
Andrew Hagger, of website Moneynet.co.uk, said: “The Special Issue 2 of the Abbey Instant Access Saver account will mainly appeal to those who don’t have access to the internet or prefer to carry out their banking face to face.
“The interest rate is excellent for a branch-based account. However, savers must appreciate that the rate includes a 1pc bonus for the first year, and if their balance falls below the minimum opening figure of £1,000, the rate drops to 2.75pc gross.”
Daily Mail (Main) – 17th July 2008
This Is Money (web) – 17th July 2008
THREAT TO END FREE BANKING IF £8BN CHARGES ARE CURBED
Banks yesterday threatened an end to free current accounts after they were accused of dirty tricks, ripping off customers and imposing stealth charges.
Andrew Hagger, of the website Moneynet.co.uk, said: ‘If and when the decision is made to cap unauthorised overdraft fees, it is inevitable that we will move towards paying monthly fees for personal banking.”
Telegraph.co.uk – 16th July 2008
BANKS MAKE MORE THAN £200 a YEAR FROM EACH CUSTOMER
Banks make more than £200 a year from each customer, according to an Office of Fair Trading report, which exposes the myth of free banking for all.
Personal finance experts welcomed the report but warned that it spelled the end of so-called ‘free banking’. Andrew Hagger of the website Moneynet.co.uk said: ‘Those that fall foul of the providers’ complex and punitive charging structures end up providing free banking for the masses. If and when the decision is made to cap the current unauthorised overdraft fees and unpaid charges it is inevitable that we will move towards paying monthly or annual fees for our personal banking.’
Daily Telegraph (Your Money) – 19th July 2008
ABBEY ACCOUNT AIMED AT THOSE WITHOUT INTERNET ACCESS
Abbey is launching a new issue of its Instant Access Saver account, paying 6.3pc on a minimum investment of £1,000
The account can be opened via telephone or online, but is then operated by phone or in branches.
Andrew Hagger, of website Moneynet.co.uk, said: “The Special Issue 2 of the Abbey Instant Access Saver account will mainly appeal to those who don’t have access to the internet or prefer to carry out their banking face to face.
“The interest rate is excellent for a branch-based account. However, savers must appreciate that the rate includes a 1pc bonus for the first year, and if their balance falls below the minimum opening figure of £1,000, the rate drops to 2.75pc gross.”
Daily Express (Main) – 16th July 2008
INFLATION DEALS A NEW BLOW TO SAVERS
Higher-rate taxpayers will find it almost impossible to protect their savings from soaring inflation, experts said last night.
Andrew Hagger of personal finance site Moneynet.co.uk said: “In times of high inflation, index linked savings products start to warrant much more than a cursory glance.”
Telegrahp.co.uk – 15th July 2008
RED ALERT AS OVERDRAFTS HIT RECORD RATE
Even people who are savvy about credit card rates often don’t have a clue how much they are paying for their overdraft. A big mistake, writes Kara Gammell, when the downturn is putting pressure on our wallets.
Research from Moneynet.co.uk, another comparison service, reveals that the average authorised overdraft rate is 13.4 per cent, compared with 12.19 per cent a year ago.
Channel 4 News (web) – 15th July 2008
INFLATION THREATENING SAVINGS
Higher-rate taxpayers now need to earn interest of more than 7.6% on their savings if they are to keep pace with inflation, research shows.
Andrew Hagger, of Moneynet.co.uk, said: ‘Whilst we are seeing some excellent interest rates in the fixed rate savings market, with many one-year deals now paying in excess of 7% gross, the overall picture for savers is pretty abysmal. Consumers are suffering enough already as a result of the credit crunch and extremely tough economic climate, however they need to seek a decent home for their savings as well, otherwise their spending power will only be eroded further.’
Borders Radio – 15th July 2008
PRICE RISE MISERY
Price rise misery is being confirmed by the latest inflation figures. The Consumer Prices Index rose to 3.8% in June, nearly double the Government’s target and it makes it even harder for the Bank of England to keep interest rates down. Andrew Hagger, Moneynet.co.uk says: “So to achieve that 4.6% you now need to be getting in excess of 5.75% on your savings account and unfortunately you’ll find that not many savings accounts are doing that at the moment.
Sunday Telegraph (Money and Jobs) – 13th July 2008
RED ALERTS ON OVERDRAFTS
Cash-strapped Britons are turning to their overdrafts to help them through the economic crisis – yet rates are at their highest for 11 years.
Research from Moneynet.co.uk, comparison service, reveals that the average authorised overdraft rate is 13.4 per cent, compared with 12.19 per cent a year ago.
Birmingham Post (Main) – 12th July 2008
TIME TO START BUDGETING OR CHRISTMAS WILL BE UPON US
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Andrew Hagger at financial data specialist Moneynet.co.uk says: “Many consumers don’t use a basic monthly budget to help manage their finances, and those who do probably see it as an annual task.
The Scotsman (Main) – 12th July 2008
HOW TO ENSURE THAT RAINY DAY IS COVERED
This being Scotland, rainy days are never far away. Financially, it seems that these rainy days are upon us, with household costs stretched and an air of gloom around the economy. But the harder it becomes to save, the more important it is to do so. As it stands, however, on average we’re not saving anything like enough.
But Andrew Hagger, head of communications at Moneynet.co.uk, said: “Even if you’re paying off your debts there’s nothing wrong with putting little amounts away to build a small nest egg, as well as to develop the habit of saving.
South Wales Argus (Newport) (Main)
MONEY MATTERS
The average Brit now has cash savings of just £1,670, according to research.
The worrying figures come at a time when people are finding it harder to make ends meet amid rising petrol prices and the threat of negative equity.
The average interest rate on a credit card cash advance has rocketed from 18.89 per cent in June 2006 to a current 24.39 per cent, according to data comparison site Moneynet.co.uk.
Irish News (Belfast) (Main) – 8th July 2008
TIPS TO MAKE YOUR CASH GO FURTHER IN TIGHT TIMES
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Andrew Hagger at financial data specialist Moneynet.co.uk says: “Many consumers don’t use a basic monthly budget to help manage their finances, and those who do probably see it as an annual task.
East Anglian Daily Times (East) (Main) – 8th July 2008
AUSTERITY BEGINNING AT HOME
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Andrew Hagger at financial data specialist Moneynet.co.uk says: “Many consumers don’t use a basic monthly budget to help manage their finances, and those who do probably see it as an annual task.
Telegraph.co.uk – 8th July 2008
GRAB GREAT SAVINGS RATES
The boom in fixed-rate accounts paying 7pc or more showed no sign of abating this week, with providers competing to attract new funds.
Andrew Hagger, spokesman for the website Moneynet.co.uk, said: “Rates in the fixed-rate market seem to be edging upwards on a weekly basis. For those that have savings available to put aside for six months or a year, market conditions are exceptional.”
Liverpool Daily Post (Main) – 7th July 2008
FOOD AND FUEL PRICES ARE RISING FAR IN ADVANCE OF SALARIES
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Says Andrew Hagger at financial data specialist Moneynet.co.uk says that with little sign of oil – or much else – getting cheaper in the medium term, it’s vital to “look at ways of reducing monthly expenditure to balance the books.”
The People (Main) – 6th July 2008
MAKE MOST OF SAVINGS
While borrowers are being hit by rising loan costs, savers have never had it so good.
Andrew Hagger of Moneynet.co.uk said: “Savers should really make the most of their £3,600 cash ISA allowance. As well as benefitting from an impressive rate of return, you can also have the added comfort of being able to get your hands on your cash if you need it.”
Observer (Business and Media) – 6th July 2008
Guardian Unlimited (Web) – 6th July 2008
IF YOU’VE GOT ANY MONEY, BONDS ARE A GOOD BET
Savers with money they can afford to lock away can still grab top rates on one-year bonds as banks compete to come up with the best deals. Birmingham Midshires has raised the interest rate on its one-year bond from 7.11 per cent to 7.17 per cent gross, guaranteeing its place at the top of the best-buys tables.
Andrew Hagger, from comparison website Moneynet.co.uk, says: ‘This all stems from the credit crunch situation – the banks want to get their hands on money for a reasonable length of time, and issuing one-year bonds will allow them to do this more than instant access accounts will.’
Wales on Sunday – 6th July 2008
MONEYTALK
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Says Andrew Hagger at financial data specialist Moneynet.co.uk says that with little sign of oil – or much else – getting cheaper in the medium term, it’s vital to “look at ways of reducing monthly expenditure to balance the books.”
Telegraph & Argus (Bradford) (Main) – 5th July 2008
THIRTEEN STEPS TO A CASH MAKEOVER
As turmoil at major British firms like Marks & Spencer, HBOS, Barclays and Taylor Wimpey has shown with alarming frequency, boardroom bosses on vast salaries were no better prepared for the slowdown in the British economy than families gamely trying to balance household budgets.
Says Andrew Hagger at financial data specialist Moneynet.co.uk: “Many consumers don’t use a basic monthly budget to help manage their finances, and those who do probably see it as an annual task.
“With incomes ravaged by increasing fuel, food, energy and borrowing costs, it’s time to take a long, hard look at our financial situation to see how we can get through the rest of 2008 in the most cost-effective way.”
Daily Telegraph (Your Money) – 5th July 2008
BIRMINGHAM JOINS FIXED-RATE ACCOUNT BOOM WITH BOND
The boom in fixed-rate accounts paying 7pc or more showed no sign of abating this week, with providers competing to attract new funds.
Andrew Hagger, spokesman for the website Moneynet.co.uk, said: “Rates in the fixed-rate market seem to be edging upwards on a weekly basis. For those that have savings available to put aside for six months or a year, market conditions are exceptional.”
Manchester Evening News (1st Ed.) (Main) – 5th July 2008
LOAN SHARKS ‘PROFITING FROM CREDIT CRUNCH’
Loan sharks, pawnbrokers and black market traders are set to boom because Britain’s ‘financial underclass’ have been cut off by the credit crunch, according to a new study.
The report by website Moneynet.co.uk forecast a boom in moneylenders charging high rates of interest.
The Sun (Main) – 4th July 2008
PAWN BOOMS IN DEBT CRISIS
Pawnbrokers have seen business soar by 30 per cent in the past six months as desperate families part with prized possessions just to pay bills.
“Some families have put up their cars as security for “log book loans” – on which the total repayable on £1,500 can be £4,180, reports Moneynet.co.uk.
Fair Investment Company (Web) – 2nd July 2008
LOAN AND CREDIT CARD RATES SOAR AS THE CREDIT CRISIS HITS HOME
Loan and credit card rates have hit the roof since 2006, new research from Moneyfacts.co.uk and Moneynet.co.uk has revealed.
Andrew Hagger of Moneynet.co.uk said: ‘It’s not surprising to see lenders increasing rates in this area as taking cash on your credit card is a sign that you’re potentially facing financial difficulties.
Daily Mirror – 2nd July 2008
CASH FROM PLASTIC WILL BE DRASTIC
Avoid getting cash with your credit card at all costs – the charges imposed are positively penal.
Comparison firm Moneynet.co.uk says the average interest rate charged has increased from just under 19 per cent two years ago to more than 24 per cent today.
Moneywise – 1st July
SHOULD WE PAY FOR OUR CURRENT ACCOUNTS?
With the banks dragging their heels in the court case over unauthorised overdraft fees, we may soon have to start paying a monthly fee for our current accounts. But should we pay for a free service we have enjoyed for years? Andrew Hagger of Moneynet.co.uk says it would lead to better banking services, but Peter Vicary-Smith of consumer group Which? believes it would be unfair.
Money Market (Main) – 1st July 2008
ABBEY JOINS 7% SAVINGS CLUB
Abbey has launched a fixed rate one year bond that will grab the attention of savers with more than £30,000 in their coffers.
“Savers continue to be the beneficiaries of the credit crunch and the ongoing battle to attract retail savings balances,” said Andrew Hagger of Moneynet.co.uk.
Money Market (Main) – 1st July 2008
£10 GOES A LONG WAY
It seems obvious, but if you boost your credit card payment by just £10 per month you could shave thousands of pounds off in credit card interest payments. Moneynet.co.uk did a recent illustration on just how much you could save by paying that little bit extra off each month.
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