moneynet in the press

Express & Star (Dudley, Wolverhampton, Stourbridge & Kidderminster - 30th October 2006

POUND NOTES

Watch out for higher bank charges as high street banks try to restore their profits after various initiatives from the Office of Fair Trading (OFT), warns Moneynet.co.uk.

Independent on Sunday – 29th October 2006

INTEREST IS ‘SKIMMED OFF’ ACCOUNTS

Banks and building societies are “surreptitiously” skimming off interest earned on instant-access account by limiting the number of free withdrawals allowed per year, according to online data comparison service, Moneynet.co.uk.

Sunday Times (Money) – 29th October 2006

EASY-ACCESS ACCOUNTS CAN BE A LETDOWN

Richard Brown at Moneynet.co.uk, a comparison service said: “Some banks are now limiting the number of penalty-free withdrawals allowed in one year from their instant-access accounts. The onerous withdrawal restrictions being imposed by some providers will result in a huge boost for profits and a significant loss of interest for customers.”

MSN UK (web) – 26th October 2006

BANKS HIKE OVERDRAFT PENALTY CHARGES

Banks and building societies are also penny-pinching on instant access savings accounts, as they try to protect profits, according to personal finance data analyst Moneynet.co.uk.

Daily Star – 17th October 2006

PRICE OF SLIPPING INTO RED

Richard Brown of Moneynet.co.uk said: “The simple solution would be to arrange an official overdraft or move to a bank that offers an interest free overdraft like Alliance & Leicester or Barclays.”

The Herald (Glasgow) – 14th October 2006

BANK OFFERS £100 ‘HELLO’ IN BATTLE FOR NEW CUSTOM

Meanwhile, current account charges could be about to increase, according to comparison website Moneynet. The warning comes after Lloyd’s TSB announced plans to scrap its £10 ‘buffer zone’, which allows account holders to slip accidentally into the red without incurring penalty charges.

Daily Mirror (Main) – 13th October 2006

BANKS TO GIVE US LESS FREE TIME WITH OUR MONEY

Money comparison website Moneynet.co.uk warns that banks are looking for ways to recoup any lost profits. For example, Lloyds TSB’s latest move is removing its £10 ‘buffer zone’ before charging customers straying into the red. Richard Brown, chief executive of Moneynet.co.uk, warns that other banks with buffer zones, such as Barclays, £5 and HSBC £10, will follow suit.

Yours – 11th October 2006

NO CREDIT WHERE IT’S DUE

Borrowers with flawless borrowing histories are increasingly likely tobe turned down when applying for new plastic, reports personal finance experts Moneynet.co.uk. Applicants less likely to clear their monthly balances are receiving preference.

Daily Star – 10th October 2006

HOME TRUTH IS YOU NEED PROTECTION – THEN YOU WON’T LOSE IT

Richard Brown of financial data firm Moneynet.co.uk said “Media speculation that record levels of missed mortgage repayments and the debt mountain will prompt the introduction of compulsory MPPI could give banks a major payday. “Making insurance compulsory would mean substantial additional monthly costs being passed on to home owners. That’s even if – as has been hinted – the Treasury demand that lenders and mortgage companies provide the cover as a bolt-on to protect borrowers should they lose their jobs or be unable to work. “But we would caution against accepting quotes from most of the High Street lenders, which are extremely expensive when compared to stand-alone policies.”

Cambridge Evening News – 3rd October 2006

IT DOESN’T COME CHEAP FOLLOWING YOUR TEAM

Whichever way you look at it the figures are substantial, so where is the money being saved? One possible answer might come in the form of non-payment of life insurance and mortgage fees. Moneynet reported a 50% fall in enquiries for life insurance during the World Cup and this has led to fears that homeowners and families are being left exposed. “This is not so much a tail off as a catastrophic slump,” said Moneynet chief executive Richard Brown.

Mortgage Finance Gazette – 1st October 2006

COVERING REPOSSESSION RISK

It is also likely to deal a hard blow to first-time buyers, forcing them to commit an even larger percentage of their take-home pay to mortgage repayments. Research by Moneynet.co.uk indicates that the average first-time buyer will be committing nearly 40 per cent of take-home pay to mortgage repayments, while the Joseph Rowntree Foundation confirms that those in the South-East are likely to need five or six times their annual salary to afford a two bedroom property.

Sunday Telegraph (Money) – 1st October 2006

A GOLDEN LINING FOR ‘SILVER SAVERS’

Richard Brown, the chief executive of Moneynet.co.uk reckons providers have been testing the market with over-50s products and withdrawing them quickly if they do not attract customers sufficiently quickly. “In the case of specialist savings accounts targeting the over-50s, many of these products came and went swiftly as the providers constantly sought to refine their offerings in the face of intense competition,” he says.