moneynet in the press

Mail on Sunday – 27th November 2005

JUNIORS ONLY: THE SAVINGS RATES THAT PARENTS ENVY

According to Moneynet.co.uk the best children’s deals include Chelsea Building Society’s Ready Steady at 4.85%; Halifax Save4it 4.8%; Halifax Regular Saver at 10% for one year only with £10 a month minimum saved; and Leek United Regular Savings account, a fixed 6% gross on a minimum saving of £10 a month. This can only be opened in trust for a child.

Children’s accounts are not always child-friendly, though. There is a gulf between the best deals and the worst. Three to avoid, according to Moneynet, are Universal Building Society’s Young Savers; 2.75%; Yorkshire Bank’s Cybersave, 3%; and Birmingham Midshires’ Young Saver 3.75%.

The People – 27th November 2005

CUT RISKS OF FRAUD

If you’re buying Christmas gifts online, watch out… there are crooks about, warns Moneynet.co.uk.
To keep your cash safe from fraudsters the comparison website suggests the following advice:-
USE sites you know and trust and only shop on secure sites.
CHECK bank statements regularly.
DON’T leave your credit card lying around.
KEEP your PIN safe.
SHRED your bank and credit card statements.

The Independent – 26th November 2005

FORGET SANTA: GO ONLINE FOR ALL YOUR CHRISTMAS BARGAINS

Richard Brown, chief executive of analyst Moneynet, has an important warning for online shoppers this Christmas. It’s no good saving, or even making cash by using the internet, if you then leave yourself open to huge losses from fraud.

“Criminals are increasingly turning to the internet to relieve consumers of their money and goods as the introduction of chip-and-pin cards has made credit card fraud harder,” says Brown.

“A few simple checks will make sure that you and your money are safe.” Brown advises shoppers to stick to internet sites that they know and trust and to print off copies of orders for future reference.

Daily Star – 22nd November 2005

LOAN PROTECTION ‘RACKET’ EXTRA COVER CAN COST US ££££s

You should always look beyond the APR, warns Moneynet, because this only reflects the cost of the credit without taking into account the cost of anything added on, such as PPI and early repayment penalties. It’s those extras, says Moneynet that earn loan firms their commission. Richard Brown, of Moneynet, said “Borrowers are led to believe that the cheapest loan is the one with the lowest APR, but it’s far from the truth”. Moneynet says a £7000 RAC loan over five years has an interest rate of 6.5% and monthly repayments of £137.93. Compared to Nationwide’s 6.7% deal at £136.97, there’s not much to choose. But add on PPI and the RAC monthly repayments soar to £189.24, while Nationwide’s are £158.46. Over five years, the RAC loan would cost an extra £1,846, says Moneynet. “Because the APR only reflects the cost of the credit the lenders can advertise what looks like a competitive rate to attract customers,” said Richard Brown.

Mortgage Strategy – 14th November 2005

AVERAGE VALUES

Moneynet’s mortgage research data for October shows the average property value was £208,333. It also shows the average value of a property for a first-time buyer was £194,925. The average mortgage amount required was £139,982 for a 67% LTV, with first-time buyers looking for an average mortgage amount of £133,947 at 69% LTV.

The Herald (Glasgow) (Main) – 12th November 2005

GO ON, INVEST THAT CHILD TRUST FUND

Financial comparison website Moneynet.co.uk also questions the long-term value of standard cash accounts. “The best of the non-stakeholder accounts pays 6%,” said Moneynet chief executive Richard Brown. “With inflation at around 2%, the true return for standard taxpayers is only 4% per annum, so at age 18, when the schemes are due to mature, the value of the fund in real terms will be a measly £500. With student debt averaging £13,000 in today’s terms, it appears there is more hype than substance to this scheme. It’s hardly surprising it hasn’t captured the imagination of the public.” He said National Savings should offer a CTF account. “The government should be putting its money where its mouth is. There should have been an ideal opportunity here for National Savings to offer a market-leading account to encourage further saving. Instead, the market accounts are little better than in the wider savings arena”.

The Scotsman (Web) – 12th November 2005

EXCHANGE OF IDEAS IS THE KEY AS ZOPA SETS LOANS WORLD ON HEAD

Richard Brown, chief executive of financial data site Moneynet.co.uk said it was about time the banks had a challenger. “Hiding behind the friendly faces of many of the high street institutions is the grim reality of commission-greedy providers lining their own pockets.’

Glasgow Evening Times – 4th November 2005

LOAN COSTS MAY NOT BE SO SIMPLE

Moneynet chief executive Richard Brown says: “Consumers are led to believe the cheapest loan is the one with the lowest APR, but this is far from the truth – borrowers should be aware a loan package does not always do what it says.”

Money Marketing - 3rd November 2005

MONEYNET AND LIFESEARCH ADD WARNINGS

Moneynet chief executive Richard Brown says: "An interesting element to our site is we ask whether the customer does or does not want advice, or is unsure. The majority click the latter. Many consumers do not understand the difference between execution-only and advice and surely can only be reassured of their options by talking to an advisor."