December 9th, 2015 | Andrew Hagger | News

For personal customers:

·         Mortgage and loan repayment deferral for up to three months

·         Customers can close fixed savings accounts to access cash with no Early Closure Charge

·         Refunds on credit card cash advance fees

·         Customers can apply for increased temporary credit card limit

·         Customers can request an increased cash withdrawal limit of up to £500

For business customers:

·         New or increased overdrafts with no arrangement fees for up to six months

·         Capital repayment holidays and reduced payments for up to six months with no arrangement or administration fees

·         Fee-free loan funding to replace assets.

The serious flooding across much of North West England and Southern Scotland is likely to have financially affected many people and businesses in those areas. This is a difficult time for those impacted, so NatWest and RBS have introduced a range of measures to support our personal and business customers and ease the financial strain caused.

Les Matheson, CEO of Personal and Business Banking at RBS and NatWest, said: “We want to help the people and business owners affected by the recent flooding by making banking the least of their worries.  We’re providing additional credit or access to finance where needed, so they can concentrate in getting their homes or businesses back to normal.

All of our branches in the affected areas have remained open, but we know some of our customers may not be able to get to us. We would urge our affected customers to get in touch with us, either by phone or in a branch, to discuss how we can help them get back on their feet.”

Further information on all the measures being offered, including specific contact numbers, are detailed in the notes to editors. Where a number is not specified, customers should call the following numbers or visit a branch:

NatWest personal banking                                                         03457 888 444

RBS personal Banking (with accounts in Scotland)            0345 6002230

RBS personal Banking (with accounts in England)             0345 900 0400

NatWest Business Banking         03457 11 44 77

RBS Personal Banking                    03457 888 444

December 2nd, 2015 | Andrew Hagger | News

Christmas is the one time of year when your bank balance can take a real hammering, so it’s a big help if your employer enters into the festive spirit and pays your December salary a week or two in advance.

This may initially prove to be a godsend particularly when faced with the extra cost of paying for presents, festive food and drink and those parties and extra nights out.

However the downside of getting paid a little earlier means it’s easier to lose track of your debit card transactions and direct debits, particularly when your next payday could be up to six weeks away.

Failing keep tabs on your current account balance with a ‘worry about it later’ attitude, could see you exceeding your agreed overdraft limit and facing a hefty bill for bank charges come the first few weeks of 2016.

That’s not the best way to kick off the New Year, particularly as you’ll have the post-Christmas credit card bills to deal with too.

If you don’t already have an agreed overdraft in place or you think you could do with a little more financial breathing space over the festive period, speak to your bank or building society now to arrange an authorised overdraft sufficient to see you through to the end of January.

It’s usually a simple and pain free process and can be arranged very quickly either online, by phone or if you prefer the face to face approach then pop down to your local branch.

Once you’ve got your safety net arranged, make sure you keep a close eye on your balance – there’s no excuse not to these days with the information available 24×7 online, on your Smartphone App or via an ATM.

To put into perspective the importance of staying within your agreed limit, we looked at how much it could cost you if your bank allows you to drift £200 over your limit due to two £100 debit card payments and then your account remains overdrawn by this amount for 7 days in a row.

The numbers are too big to ignore, with customers of Lloyds Bank account facing a bill of £76, NatWest and Santander customers £42.00 and Halifax and Barclays  both £35.00 – so it’s definitely worth being proactive and getting your finances organised otherwise whichever tariff you’re signed up to, it can end up hitting your pocket hard.

December 2nd, 2015 | Andrew Hagger | News

New research from Charter Savings Bank  has found that more than a fifth of UK adults with savings are earning 0.5% interest or less on their primary savings account, which is less than the base rate set by the Bank of England. The research shows that as a result of historically low interest rates, combined with poor High Street offerings, the average UK savings pot, now £8,500, could earn just an average of £43 a year of annual interest.

These ‘modern day mattress savers’ are earning only slightly more in interest than the 174,000 UK adults who keep the majority of their savings  in an unsecured place, such as under real mattresses or in shoe boxes. To give an idea of the scale, the Bank of England recently estimated that UK homes have £3 billion of cash stashed away. 

The research also reveals that whilst saving is a habit for the UK, many are simply not engaging with their hard-earned money: nearly a third (32%) of UK adults with savings admitted they do not know the current rate of interest on their main savings account, while almost a fifth (17%) admit to having never checked the rate on their primary savings account.

Paul Whitlock, Director of Savings at Charter Savings Bank, said: “High street banks are offering little more to the UK than a secure mattress for their savings, and with news that more than 400,000 NS&I savers will see interest rates on their Isas cut, it’s no surprise UK savers have themselves lost interest in their savings. People are simply not aware of how much harder their money could be working for them and so have become apathetic to taking their money from under their mattress, or from out of their High Street bank.”

November 30th, 2015 | Andrew Hagger | News

As Britain hits the shops ahead of Christmas and Government figures show one in 12 of us is falling victim to scams, Nationwide Building Society has just released its 12 top tips to avoid fraudsters during the busy festive period, as follows:

1. Trust your instincts – is that must-have toy back in stock on an unusual website? If an offer’s too good to be true, it usually is.
2. Don’t be fooled by phony websites – make sure a website begins ‘https’ rather than ‘http’ and that it has the padlock icon in the address bar before you enter your card details.
3. Think twice before clicking – jokey emails and videos are a Christmas staple, but think twice before clicking a link. If asked to upgrade to the latest software – don’t! It’s almost certainly malware.
4. Don’t listen to fake IT support – bought a laptop? Got a phone call from IT support wanting to fix your router or upgrade your software? Hang up – it’s likely to be a fraudster after your personal details.
5. Keep your details up-to-date – always ensure your building society or bank has current contact numbers so they can get in touch if they spot unusual activity.
6. Shoulder surfing – ensure no one can see your pin when using a card at a cashpoint or till. It’s an easy target for pickpockets.
7. Party time – at the office party, don’t be tempted to leave your card behind the bar. A heavy bar tab is one thing, but a cloned card isn’t worth the hangover.
8. Avoid paying by money transfers – money transfers aren’t secure, and reputable sellers won’t ask you to do this. Use an online payment option such as PayPal, or a credit card which offers greater protection.
9. Delete unsolicited emails – and don’t follow links. Fake websites with great-sounding offers can look convincing, so don’t be tempted.
10. Keep your security software and firewall up-to-date – banks often offer free virus and firewall software via their online security centres, so make sure you’re protected.
11. Keep receipts and check your statement – if you spot an unrecognised transaction, speak to your building society or bank straightaway.
12. Never give out your account details – no building society or bank will ask for your personal banking details and information. If you’re being asked for them, it’s likely to be a scam.

Allan Clare, Nationwide’s Financial Crime Director, said: “Christmas is an opportunity to celebrate after a long year, but it’s also open season and a prime opportunity for canny fraudsters to take advantage of our goodwill.

“The good news is that by knowing what to look out for, we can protect ourselves. Fake emails, websites and offers are tactics commonly used by fraudsters, but can be easily avoided by deleting anything unsolicited.

“Protecting yourself against fraudulent phone calls is important too – no building society or bank will ever ask for your personal details or PIN code. If you’re being asked to provide this, hang up.

November 24th, 2015 | Andrew Hagger | News

Tesco Bank customers with its credit building Foundation Credit Card are to receive free access to their credit score and be alerted every time there is a change to their credit report.

The service is free for 3 years and is available to the Bank’s existing Foundation Credit Card customers immediately and to new card customers from 11^th December.

This is a responsible move from Tesco Bank and it would be good to see this adopted as the norm rather than the exception by all personal finance providers.

It’s important that people are encouraged to understand and take control of their credit record – by seeing their score increase it encourages people to manage their money more responsibility.

Not having to pay for their credit report will be a major plus point for many people – particularly those already managing on a tight budget as it will enable them to keep an even closer eye on their finances

November 24th, 2015 | Andrew Hagger | News

The government’s latest bid to boost UK home ownership and get more people on the housing ladder is officially launched on 1^st December.

Details of the new ‘Help to Buy ISA’ initiative which rewards people saving for a first home with a 25% bonus have been patchy and there’s been some confusion about how the scheme works, so here are a few pointers to clarify some of the more common misconceptions.

I can’t take out a HTB ISA if I’ve already taken out a Cash ISA in the 2015/16 tax year

This is not necessarily the case as at least one provider; Nationwide Building Society, will allow you to have both a Cash ISA and HTB ISA within the same ISA wrapper as long as your total savings don’t exceed the annual tax free savings limit of £15,240.

I’ve only got 3-6 months until I purchase my first home so it’s not worth taking out a HTB ISA

Even if you’ve only got three months this gives you time to put in the initial £1000 maximum lump sum and three £200 monthly payments – so you’ll have a £1600 balance which entitles you to a £400 bonus contribution from the government. If there are two of you buying for the first time and you save £1600 each then your bonus will be £800 – that’s got to be worth it!

I’m not sure when the HTB ISA bonus get paid into my account

The bonus won’t appear in your account, instead when the time comes to purchase your first home, the conveyancing solicitor acting on your behalf will claim the bonus directly from the government and use it as part payment towards the purchase price of your home.

I have to start my HTB ISA on 1^st December 2015

You can open your account any time within four years of 1^st December 2015 – the maximum term you can save for is four years and you must claim your bonus by 2030.

Saving £200 per month (or £400 per month for joint buyers) will take too long to build the deposit required.

This is the situation that some savers will face, particularly in London and the South East where prices (and required deposits) are much higher than the national average. However the bonus structure is far more rewarding than any interest bearing savings account, so it’s worth saving the maximum in an HTB ISA while simultaneously saving the remainder in a separate savings account.

November 21st, 2015 | Andrew Hagger | News

Savings interest rates have slowly begun to pick up over the last few months, particularly with regards to fixed rate bonds.

Paragon Bank, Shawbrook Bank, Secure Trust Bank and Charter Savings Bank have been jostling for best buy top spots with the latter being the most consistent player for fixed rate savings deals this year

You may not yet be familiar with some of these names but they are fully regulated and offer the same level of Financial Savings Compensation Scheme protection as you’d get from your high street bank.

The best fixed savings rates at present include the 2.15% AER 1 year and 2.35% AER 18 month bonds from Shawbrook Bank, alternatively you can earn 2.55% AER with Charter Savings Bank if you are comfortable with a longer term 3 year lock in.

The recent competition has seen some better deals appearing for those who want to stick with an FSCS protected provider, even though the level of protection is to be cut from £85,000 per person per authorised provider to £75,000 per person from next January.

If you’re prepared to take a calculated risk to secure a far higher interest rate, retail focused Peer to Peer firms Lending Works, Zopa and RateSetter are worthy of closer inspection.

November 18th, 2015 | Andrew Hagger | News

It’s a well-known fact that people over 50 are savvy with their money and it seems they are making the most of technology to keep track of their finances. Research shows that eight out of ten over 50s have used the internet in the last 12 months and half of these people use the internet to do online banking.

An online survey by Saga Personal Finance shows that one in five over 50s say they check their bank account online every day and one in three look at their balance two or three times a week.

In fact, the over 50s like online banking so much that six out of ten say they couldn’t live without it now. This is because they say it’s convenient to check their bank balance from the comfort of their own home and it stops them worrying about their money.

Seven out of ten over 50s say they hardly ever visit their local branch anymore, which could be a combination of banks closing smaller branches and because over 50s like to be able to transfer money online at any time of the day. However, our research shows that one in eight over 50s are still traditional bank users and one in ten say they don’t trust online banking.

Men keep the closest eye on their account as one in five log in to their online banking daily, compared to one in seven women. Furthermore, the online survey by Saga shows that its people aged 80 to 89 who are the most likely to log in to online banking every day with one in five turning to the internet at home instead of their savings book to see how much money they have.

November 18th, 2015 | Andrew Hagger | News

Shoppers will have more time to enjoy the festivities this year, as when it comes to buying Christmas presents  for loved ones, more than two in five will have everything ‘wrapped up’ by mid-November (22^nd), according to new figures from Co-operative Insurance

A further third will be hitting the shops between 23 November and 6 December – the most popular time to pick up presents – meaning they won’t be on the last minute either.  The average amount consumers will spend on gifts is £437, however up to one in twenty people expect to spend over £1000 on gifts this Christmas.

To help people keep their valuable presents safe this Christmas, Co-op Insurance spoke to ex-burglars to find out what put them off when it came to targeting homes in the past as thefts are most prevalent in the winter months, increasing by 38%.

Motion activated security lights are most likely to put would-be burglars off with 26% steering clear of homes with these installed.

CCTV cameras are also a useful deterrent with over a fifth (22%) of potential thieves wanting to avoid houses with these in place.  A total of 15% are fearful of Fido, with a dog’s bark making them walk away, whilst professionally monitored burglar alarms were avoided by 11%.

However, noisy gravel driveways and ‘Beware of the Dog’ stickers aren’t a successful turn off for brazen burglars who are more likely to try their luck than turn around.

While the majority of people will be storing their presents for friends and family in their house, (92%) many may worry about having additional expensive items under their roof.

A spokesman for Co-op Insurance, said: “As Christmas approaches houses begin to fill up with valuable items, all of which are desirable to thieves, which many people have saved up for months to afford.

“Many people will be visiting their nearest and dearest over the holidays but nobody should have to deal with somebody entering their home and stealing their possessions.  Our research has shown that simply installing a security light outside the home can deter burglars from targeting properties.  If you are going away you could ask a family member or neighbour to visit your property whilst you are away to keep a check on things.

“Whilst insurers such as ourselves increase cover limits on the items in your home by 10% at Christmastime and during other religious festivals, prevention is always better than cure and a few simple steps can ensure that nobody has a ‘Blue Christmas’ this year.”

November 16th, 2015 | Andrew Hagger | News

The clock is ticking for customers looking for a market leading switching offer. Customers have just two weeks left to switch their current account to Clydesdale and Yorkshire Banks and benefit from a £150 switching offer.

A deadline of 30^th November has been set for customers to take advantage of the offer when they complete a full current account switch to Clydesdale and Yorkshire Banks using the Current Account Switch Service (CASS).

Customers must have applied to switch either by phone by 8pm or in branch by close of business on Monday 30^th November 2015 in order to qualify for the offer and the full switch must be completed within 31 days.

It is available to new customers who hold a current account with another bank or building society as well as existing Clydesdale and Yorkshire Banks customers who meet the qualifying criteria, and use the Current Account Switch Service to transfer in an account held elsewhere.

Steve Fletcher, Director, Retail Banking, said: “Time is running out for customers to take advantage of the £150 switching offer and we would urge people to act quickly to make sure they don’t miss out.

“We have already had a very positive response with tens of thousands of customers benefitting from the offer and we would like to thank them for switching to Clydesdale and Yorkshire Banks.”

For more information, customers can visit their local branch, call the Banks on 0800 028 1512 or visit www.cbonline.co.uk orwww.ybonline.co.uk.