Observer (Business and Media) – 29th June 2008
GROW YOUR INVESTMENT AT THE POST OFFICE
The Post Office is paying 7.05 per cent for one year on its new Growth Bond. The bond requires a minimum investment of £500 and can be managed online, over the phone or in your local branch.
Andrew Hagger, from price comparison site Moneynet.co.uk, says: ‘This isn’t far behind the current best buy, at 7.11 per cent interest, from Birmingham Midshires (minimum £1), and it’s certainly a good rate. Just remember that you can’t get early access to your money because of its one year term.’
The Scotsman (Main) – 28th June 2008
THE NAME’S BOND – THAT’S FIXED-RATE BOND
The credit crunch has been the source of little good news, but the consolation for savers is increasingly attractive. A shortage of funding from wholesale money markets has forced banks to turn bolster their funding levels, and the fight for retail deposits is driving a rate war in the savings market.
The main focus is on fixed-rate bonds. “By using fixed-rate bonds, banks are getting the money tied up for a length of time and so they know what the cashflow will be.” Said Andrew Hagger, head of communications at Moneynet.co.uk.
Interactive Investor International (Web) – 24th June 2008
SHOPPERS REFUSE TO END LOVE AFFAIR WITH PLASTIC
A surge in retail spending may have provided some relief from the impact of the credit crunch, but new figures show shoppers are increasingly putting their purchases on plastic – and are failing to pay off their balances.
According to financial website Moneynet.co.uk, increasing your repayments by 1% on the same debt will save you over 1,200 in interest costs.
Andrew Hagger of Moneynet.co.uk, warns households already finding their budgets squeezed by increased petrol, energy and mortgage costs, are giving in to the temptation to repay only the minimum balance on credit cards.
Daily Star (Main) – 24th June 2008
THE GREAT RIP-OFF
If you can’t meet your monthly borrowing repayments, an insurance policy that pays them for you sounds like the perfect solution.
But payment protection insurance, bought by one in four people who take out loans, credit cards or mortgages, is being described as one of the biggest financial rip-offs.
They are now proposing a ban on PPI sales at the time a loan or credit card is taken out so borrowers can shop around to find cheaper PPI if they decide they need it. Andrew Hagger of Moneynet.co.uk, said: “Many borrowers continue to pay over the odds for inflexible and in some cases unsuitable insurance cover.
“They need to know they can buy their cover from stand-alone providers, like www.paymentcare.co.uk and www.britishinsurance.com at a greatly reduced cost.”
Easier.com (Web) – 20th June 2008
FOOTBALL CREDIT CARDS MAY NOT BE THE BEST FINANCIAL TACTIC
Football fans attracted by their teams affinity credit card offerings this season should defend their financial position by checking out the alternative borrowing deals on the market before signing up, advises data comparison site Moneynet.co.uk.
As the Premier League fixtures are announced for the 2008/2009 season, the clubs marketing departments will be limbering up to encourage fans to buy their products, but do their affinity credit cards represent deft financial footwork for borrowers – or an own goal?
Teignmouth Post & Gazette – 20th June 2008
Bexhill on Sea Observer – 20th June 2008
Rye Observer – 20th June 2008
CASH IS KING AS RATES KEEP RISING
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions have an unexpected headache: rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
The Times (Money) – 14th June 2008
SAVINGS WATCH
High Street banks have been penalising existing savers by taking the axe to rates on longstanding internet savings account while new customers are wooed with eye-catching deals.
This has caused anger at a time when new customers are being offered rates of 6 per cent or more. Andrew Hagger of Moneynet.co.uk, the financial website, says: “New customers are still being offered some of the most competitive rates around. Loyal customers will, quite rightly, feel disappointed.”
Daily Telegraph (Your Money) – 14th June 2008
YORKSHIRE OFFERS INFLATION-BEATING BOND
There was more good news for savers this week with the launch of another sizzling summer fixed-rate bond paying seven per cent gross interest, this time until 2010.
Bath Building Society this week introduced a 60-day notice postal account paying 6.35 per cent gross interest a year. The Direct 60 account requires a minimum investment of £2,500, and the interest rate includes a 0.75 per cent bonus for the first six months. There is also a monthly option available, at a rate of 6.17 per cent gross.
Andrew Hagger from Moneynet.co.uk, said: “The account is paying a rate a shade below the top notice account from Derbyshire Building Society at 6.55 per cent, and represents good value for someone who is happy to give the notice required in return for a decent interest rate.
Kent & Sussex Courier (Sussex)
Kent & Sussex Courier (Tonbridge)
Sevenoaks Chronicle – 12th June 2008
Medway Standard – 17th June 2008
Adscene (Medway) – 19th June 2008
Folkestone Herald – 19th June 2008
Hythe Herald – 19th June 2008
Romney Marsh Herald – 19th June 2008
Medway News (Chatham Rochester & Gillingham News) – 20th June 2008
CRACKDOWN ON INSURANCE RIP-OFF
Banks and other lenders may be banned from pushing controversial payment protection insurance (PPI) onto customers when they apply for loans, mortgages and other forms of credit.
According to Andrew Hagger from Moneynet.co.uk the investigation has been painfully slow – the Competition Commission’s proposals follow 16 months of investigation and it will consult on these findings until the end of June.
Daily Record (Main) – 12th June 2008
PLAYING THE PLASTIC
If you want to use plastic to reduce your borrowing costs, you will need your wits about you.
Many lenders use a system called risk-based pricing when they issue cards.
Unless you are with Nationwide or Saga, your monthly repayment will be used to clear the part of your debt to clear the part of your debt that earns the provider least interest, ensuring the maximum amount builds up on the rest.
According to Moneynet.co.uk, someone repaying the minimum on a £3000 balance could take more than 20 years to clear it and end up shelling out over £6000. Paying just £10 more a month could save you £1100 in interest.
Daily Mail (Main) – 11th June 2008
HAVE YOU BEEN MIS-SOLD PAYMENT PROTECTION COVER WITH YOUR PERSONAL LOAN?
Borrowers who have taken out insurance with their loans and credit cards have been overcharged by more than £1.4 billion a year, according to a damning report by the Competition Commission.
Insurance on a £5,000 three-year loan would be £29.43 a month with Lloyds TSB, according to Moneynet.co.uk, adding £1,059 to the cost of the loan. You’ll pay just £7.65 a month with Post Office Lifestyle protection.
The Scotsman (Main) - 10th June 2008
CURRENT ACCOUNT WAR HOTS UP AS LLOYDS TSB RAISES INTEREST RATES
Lloyds TSB sparked a new current account price war yesterday by hiking the interest it pays on credit balances.
Andrew Hagger, head of communications at comparison site Moneynet.co.uk, said:”There has always been a race to get market share because, if you can get current account customers, you can cross-sell them more lucrative products.
“Most of these high-paying accounts have funding requirements because they are aiming for quality customers.”
Telegraph.co.uk – 10th June 2008
MORTGAGE RATES COULD HIT 7 PER CENT LATER THIS YEAR, ECONOMISTS WARN
If they do it would be highest borrowing cost for a decade and would hit not just those trying to get on the housing ladder or move home, but also the estimated 1.4 million people who are due to re-finance their mortgages this year.
Andrew Hagger, a personal finance expert at Moneynet.co.uk, said: ‘Some nine months on, the credit crunch is hitting homeowners pockets hard and additional mortgage costs, on top of soaring fuel and food prices is starting to make life financially uncomfortable for many consumers.’
FEDP 24 – 9th June 2008
MORE HIGH-INTEREST RETURNS FOR SAVERS
A savings war is expected to be waged between the big names on the high street battling to boost their funds – with savers reaping the rewards of high-interest returns.
Halifax has become the latest to announce a double-figures interest rate with a savings account offering a return of 10pc to people who set aside money on a regular basis.
Andrew Hagger, of Moneynet.co.uk, said: “Double-digit savings rates are usually very hard to come by and those that do come to the fore usually require you to transfer your current account as part of the deal.”
Sunday Express (Financial Property) – 8th June 2008
BID TO OUTLAW LOAN INSURANCE RIP-OFF
Consumers who may have been mis-sold loan insurance are being urged to take action.
Campaigners say many borrowers signed up for payment protection (PPI) insurance without knowing it. They want victims to consider claiming refunds, switching to a cheaper provider or finding more suitable cover.
Andrew Hagger from price comparison service Moneynet.co.uk says: “Consumers can buy cover from standalone providers such as britishinsurance.com or paymentcare.co.uk and at a greatly reduced cost.”
The People (Main) – 8th June 2008
ARE YOU A £50 LOSER
Thousands of you are losing bundles of cash – by having savings in the wrong account.
With rates ranging from two to nearly seven per cent, leaving your stash in the wrong place could cost you £50 a year on just £1,000 savings.
Andrew Hagger of Moneynet.co.uk added: “There are fantastic deals with rates above seven per cent on offer – which are some of the highest seen for seven years.”
Observer (Business and Media) – 8th June 2008
SUMMERTIME…AND THE LIVING IS PRICY
In the good old days, when the phrase ‘credit crunch’ hadn’t even been coined, summer meant taking holidays, dining al fresco, buying flighty summer frocks (or gentleman’s equivalent), watching Wimbledon and generally splashing out on a jolly good time.
American Express’s Blue Sky card gives you one point for every £1 spent. They can be redeemed against any travel-related purchases, such as a car rental, hotels or cruises – but you have to collect 4,000 points (ie, spend £4,000), which are worth only £50, before you can redeem them. However, there is no expiry date on the points and you can get a free card for another family member, meaning you can clock up points more quickly. The card has 0 per cent interest on purchases for six months, after which it changes to 17.9 per cent.
Andrew Hagger, from price comparison site Moneynet.co.uk, says “This is not a bad card, but you could get more points with other cards. The key is to choose the cashback or rewards card that suits your shopping habits.”
Sunday Express (Financial Property) - 8th June 2008
POLICIES SOLD ON LIES AND HALF-TRUTHS
The Office of Fair Trading (OFT) referred payment protection insurance (PPI) to the Competition Commission in February last year.
“The investigation into the murky world of PPI has been painfully slow,” said Andrew Hagger from Moneynet.co.uk. “Many customers pay over the odds for inflexible and, in some cases, unsuitable cover.”
EDP 24 – 7th June 2008
SAVINGS WAR ON THE HIGH STREET
A savings war is expected to be waged between the big names on the high street battling to boost their funds – with savers reaping the rewards of high-interest returns.
Andrew Hagger, of Moneynet.co.uk, said: “Double-digit savings rates are usually very hard to come by and those that do come to the fore usually require you to transfer your current account as part of the deal.”
Birmingham Post (Main) – 7th June 2008
SAVERS NEED TO KEEP CASH ON MOVE TO GET TOP RATES
Savers filling building society coffers with cash since both bricks and mortar and shares lost their attractions face the headache of moving their money around to ensure they get top rates.
“Cash is really king right now,” says Linda McBain at Investec Private Bank.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
Evening News (Norwich) (Main) – 7th June 2008
NEW PASTURES FOR MONEY EXPERT
One of the most famous names in the personal-finance industry has left Norwich after four years of giving expert commentary to both the national and local media.
Andrew Hagger has moved from his role as head of press and PR at Moneyfacts to take on a position at rival Moneynet.co.uk.
“I feel that the time is right to embark on a new challenge,” he said. “The highlight of my time with the company was to be recognised by the personal finance journalist community, which voted the Moneyfacts press office as runners-up the recent Headlinemoney awards.”
Daily Telegraph (Your Money) - 7th June 2008
BY OFFERING THIS BOND, B&B IS BEING ACCOMMODATING
Savers continue to benefit from the credit crisis with the launch of a raft accounts paying around paying around seven per cent gross this week as banks battle to attract funds.
Abbey introduced a one-year fixed-rate bond paying 7.01 per cent this week, on a minimum investment of £30,000
However, to open an account, customers must have either an instant access savings or current account with Abbey.
Withdrawals made before the one-year period ends are subject to 90 days’ loss of interest. The account has a maximum investment of £2 million.
Andrew Hagger, of financial product comparison website Moneynet.co.uk, said “Although the minimum balance criteria will exclude many savers, those who are in a position to take advantage of this deal will have the added comfort of knowing that should the need arise, the funds can be accessed subject to a loss of 90 days’ interest.”
The Times (Money) - 7th June 2008
SAVINGS WATCH
Inflation is a menace, as prices of everything from food to energy soar. However, specialist savings accounts are being introduced with returns that are guaranteed to rise with the cost of living. The latest deal also happens to be the most competitive Isa account on the market.
The Inflation Busting Isa from Leeds Building Society promises to beat rate of inflation by 2.5 percentage points from the beginning of August.
Andrew Hagger, of Moneynet.co.uk, the financial website, says: “In the short term, inflation is certainly expected to creep upwards, so this account looks a pretty good deal. However, no one can tell what inflation will do over the next two years, so there is a chance that returns could fall later on.”
The Times (Web) – 7th June 2008
FIGHT FOR YOUR PPI REFUNDS
Millions of borrowers who are being overcharged for payment protection insurance (PPI) have been urged to fight for refunds after the Competition Commission published its report on the market this week.
Andrew Hagger, of Moneynet.co.uk, the comparison website, says: The investigation has been painfully slow and many customers continue to pay over the odds for inflexible and in some cases unsuitable cover.
Business 7 – 6th June 2008
CASH RULES AS SAVING RATES CONTINUE TO RISE
Savers filling building society coffers with cash since both bricks and mortar and shares lost their attractions face the headache of moving their money around to ensure they get top rates.
“Cash is really king right now,” says Linda McBain at Investec Private Bank.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years.
The News (Portsmouth) (Main) – 6th June 2008
WHERE TO STASH THAT CASH
Savers filling building society coffers with cash since both bricks and mortar and shares lost their attractions face the headache of moving their money around to ensure they get top rates.
“Cash is really king right now,” says Linda McBain at Investec Private Bank.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years.
Eastern Daily Press (Main) – 6th June 2008
CHANGE AT THE TOP IN KEY MONEYFACTS MEDIA ROLE
One of the most famous names in the personal-finance industry has left Norwich after four years of giving expert commentary to both the national and the local media.
Andrew Hagger has moved from his role as head of press and PR at Moneyfacts to take on a position at rival Moneynet.co.uk.
Mr Hagger, who was also an EDP columnist, regularly appeared in the media as an expert on personal-finance issues.
Evening News (Norwich) (Main) – 5th June 2008
WHY CREDIT CRUNCH IS GOOD NEWS FOR SAVERS
A war has broken out on the high street. Banks and building societies are positively scrapping it out in s fight to woo that most elusive of creatures: the saver.
Andrew Hagger at Moneynet.co.uk said: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
This is Money (Web) – 5th June 2008
CRACKDOWN COULD SPELL END OF PPI RIP-OFF
Banks and other lenders may be banned from pushing controversial WANT TO KNOW MORE? They lashed out at proposals by the Competition Commission (CC) to ban the sale of PPI with loans, which is typically sold alongside a loan or credit card, arguing it will scupper the entire PPI industry.
Andrew Hagger from Moneynet.co.uk said the CC’s investigation was ‘painfully slow’: its proposals follow 16 months of investigation and it will consult on these findings until the end of the month.
Daily Express (Main) - 4th June 2008
CUT THE COST OF GAP-YEAR TRAVEL
Jetting off on a gap year is no longer the preserve of students. An increasing number of the over-thirties are taking career breaks and as many as 200,000 people over 55 fly away each year.
Insurance: Premiums start from as little as £80 or £90 but make sure the cover is sufficient, says Andrew Hagger, spokesman for comparison site Moneynet.co.uk.
Daily Mail (Web) - 4th June 2008
HOMEOWNERS THE BIGGEST LOSERS AS BANKS HIT FOR 70BN SINCE NORTHERN ROCK DISASTER
More than 70 billion has been wiped off the value of the big banks since the Northern Rock debacle.
Andrew Hagger, of the price comparison website Moneynet.co.uk, said: ‘The personal finance arena has become a far gloomier place with borrowers being penalised with higher rates and higher costs on personal loans, credit cards and mortgages.
Daily Express (Web) – 4th June 2008
CUT THE COST OF GAP-YEAR TRAVEL
Taking off around the world is becoming more popular, with older travellers tending to splash out the most, but there are ways to save money.
Endsleigh Insurance offers six-month Worldwide (except US and Canada) cover to a traveller aged 23 for a premium of £157, says Moneynet.co.uk, and JS Insurance offers an AXA young traveller policy at £134.
Daily Echo (Bournemouth) (Main) - 3rd June 2008
NUMBERS IN THE RED RISING
More people are paying unauthorised overdraft charges as living costs rise.
“Increasing numbers of consumers are finding their finances under pressure as they try to cope with soaring fuel and food costs,” said Andrew Hagger from Moneynet.co.uk.
Moneynet research found the average authorised overdraft rate is 13.4 per cent while unauthorised borrowing is charged at 23.98 per cent.
Irish News (Belfast) – 3rd June 2008
CASH IS KING SAY EXPERTS DESPITE RATE HEADACHES
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions have an unexpected headache: rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
EDP 24 – 2nd June 2008
BIG BANKS BATTLE TO WIN MORE CURRENT ACC
There were signs this week that the high-street banks are gearing up for a fight to win new customers.
Andrew Hagger, an analyst at Moneynet.co.uk welcomed the move.
‘With bank charges still very much on the agenda as the Office of Fair Trading court case rumbles on, Barclays has announced some radical changes to its current account range,’ he said
Express & Star (Birmingham) (Cannock) (City Final-Wolverhampton) (Kidderminster)
(Late final-Dudley) (Sandwell) (Stafford) (Walsall) – 2nd June 2008
CASH IS KING AS SAVING RATES CONTINUE TO RISE
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions have an unexpected headache: rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
EDP 24 – 2nd June 2008
BIG BANKS BATTLE TO WIN MORE CURRENT ACC
There were signs this week that the high-street banks are gearing up for a fight to win new customers.
Andrew Hagger, an analyst at Moneynet.co.uk welcomed the move.
‘With bank charges still very much on the agenda as the Office of Fair Trading court case rumbles on, Barclays has announced some radical changes to its current account range,’ he said.
Express & Star (Birmingham) (Cannock) (City Final-Wolverhampton) (Kidderminster)
(Late final-Dudley) (Sandwell) (Stafford) (Walsall) – 2nd June 2008
CASH IS KING AS SAVING RATES CONTINUE TO RISE
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions have an unexpected headache: rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
Liverpool Daily Post (Main) – 2nd June 2008
HEY, BIG SPENDER … RATES KEEP ON RISING
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions are finding that rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger, at Moneynet.co.uk agrees. “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
Wales on Sunday – 1st June 2008
MONEYTALK
Savers filling building society coffers with cash since bricks and mortar and shares lost their attractions have an unexpected headache: rates paid on savings are hitting levels unthinkable when borrowers ruled the roost.
Andrew Hagger at Moneynet.co.uk agrees: “With many institutions turning to retail savings as a source of funds rather than money markets, savers are getting some of the best rates in seven years,” he says.
The People (Main) – 1st June 2008
FIX YOU FUTURE
Everyone’s getting in a real fix while trying to save their homes.
Demand for fixed-rate mortgages has gone up from just a third of borrowers in March to more than half in May, according to the Abbey.
People are keen to fix because it gives them the security of knowing how much money their mortgage payments will be. “With the current economic uncertainly, it may be worth considering a fixed rate mortgage, especially if your budget is tight,” said Andrew Hagger of Moneynet.co.uk.
Sunday Express (Financial Property) – 1ST June 2008
BARCLAYS MOVE FUELS CURRENT ACCOUNT FEARS
A move by Barclay to revamp its current accounts and introduce a new charging structure has added to speculation that free banking could come to an end.
From August 18, Barclays will replace its charges for unauthorised overdrafts with a flat £8 per transaction, and will introduce a “personal reserve” facility.
Andrew Hagger from price comparison service Moneynet.co.uk said the flexibility offered by the personal reserve was a move in the right direction.
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