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Issue 98 - June 2008 
Home Loans Credit Cards Insurance Mortgages Banking & Saving Product Guides

Tip of the Week

Fed up with your current account? - £100 up for grabs if you switch
How about being paid £100 to switch your current account to First Direct and benefitting from their excellent levels of customer service and a £250 interest free overdraft facility to boot?
   If you're not happy with their service after 6 months they will pay you a further £100 and help you transfer your account to another institution - can't say fairer than that!
Click here to find out more.

A 10% Savings Rate With No Catches
Whilst the credit crunch continues to cause a financial headache for those of us with a mortgage, there is certainly a silver lining to this dark and stubborn cloud in the form of some of the best savings accounts we've witnessed for over seven years.

Last week Halifax threw down the gauntlet to the rest of the banks and building societies when it launched a regular savings account paying a whopping 10% gross. In the past some banks have offered rates as high as 12% on similar accounts but have required you to transfer your current account as part of the arrangement.

So what's the lowdown on the new account?

To receive the 10% gross (which equates to 8% for a basic rate taxpayer) you need to make 12 monthly standing order payments of between £25 and £500 per month. The account is open to all customers (including those who already have a Halifax account) but is a limited offer and only available until 20th July.

You can vary the amount you contribute each month as long as you pay in at least the minimum of £25. The account is ideal if you're looking for a good reason to get back into the habit of saving on a regular basis but not if you might need access to your money because partial withdrawals are not permitted during the 12 months term. However, you may close the account but interest will be paid up to the date of closure at a rate of 4.36%.

Fixed rate bonds on the up too

With many banks and building societies now relying on customers' savings balances rather than the money markets to help fund some of their lending operations, we have seen a flurry of attractive savings accounts being launched, offering rates in excess of 7 per cent.

If you check out the best buys on Moneynet.co.uk you'll see the likes of First Save paying 7.10% Gross/AER over 1, 2 or 3 years on balances of £1,000 plus, followed closely by IceSave paying 7.01% over 1 year and ICICI at 7.00% over the same term but from as little as £1.

Whilst these rates are extremely competitive it is important that you don't put all your eggs in one basket and tie your money up for 12 months or longer as you will be unable to access your funds in case of an emergency. Ideally you should look to build a portfolio of savings accounts and include some tax free saving in the form of an Individual Savings Account (ISA), an instant access account where you can get at your money quickly if you need to, plus a longer term notice account or fixed rate bond as mentioned above.

It's a good time to be saving for a deposit on your first home

The UK media appears to have become fixated on the doom and gloom surrounding the credit crunch. But if you're a potential first-time buyer or someone who has money to save there is a real plus point that has been largely overlooked.Continued....


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American Express British Airways
American Express British Airways British Airways Credit Card. Typical APR 17.9% variable. Earn 3,000 BA bonus miles and 1 BA Mile for virtually every £1 you spend. Limited Time Offer.
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spotlight on...
credit cards
MBNA Platinum
  • Typical 15.9% APR variable
  • 0% on balance transfers and transferring cash into your current account until August 2009 (2.9% handling fee applies)
  • 0% on purchases until October 2008
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American Express Platinum Moneyback
  • Typical 18.9% APR variable
  • Time to treat yourself. Enjoy up to 5% MoneyBack
  • With The American Express Platinum MoneyBack Credit Card
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MBNA Platinum Rewards
  • Typical 15.9% APR variable & Rewards!
  • 0% on balance transfers and transferring cash into your current account until August 2009 (2.9% handling fee applies)
  • 0% on purchases until October 2008
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insurance
Nationwide Home Insurance
  • 20% off when you buy buildings and contents cover together
  • And 20% off your renewal price next year
  • PLUS 10% off this year's discounted price when you buy online (terms and conditions apply)
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Protected Life Insurance
  • We search over 300 insurance plans
  • From 12 leading providers
  • Compare your options online today in minutes
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More Th>n Life Insurance
  • Quality Life Insurance
  • MORE TH>N will find the most affordable deal from our panel of insurers
  • More is... life cover from only £5 per month. Apply Now!
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Tesco Health Insurance
  • Straightforward protection for you and your family
  • Kids go free for the first year
  • Get a quote and then buy Tesco Health Insurance
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homeowner loans
Ocean Finance
  • Need extra cash? Nothing to repay for up to 3 months
  • Do you want to borrow £5,000 - £100,000 for any purpose?
  • Apply today for a no obligation free quote. All circumstances considered
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
mortgages
Nationwide Mortgages
  • First Time Buyer
  • Mover and remortgage deals
  • Find out more
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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Moneynet is a trading name of Sterling Business Consultants Limited of Sussex House, 8-10 Homesdale Road, Bromley, BR2 9LZ. Registered office is 51 Eastcheap, London EC3M 1JP, Reg No: 03165711. Moneynet is authorised & regulated by the Financial Services Authority. This site is intended for UK residents only. Information correct at time of publication.
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