Savers seeking the most effective way to save should not only build up a tax free savings pot using ISAs, but also be aware of the rates paid on balances to ensure they are earning the best ISA rates. bmi credit cards

This usually means transferring cash ISAs to get a better deal, but what are the rules around moving your cash between ISAs?

Which4U is aware that many savers are either baffled by the rules around ISAs, or not given useful information from providers. (more…)

A survey carried out by department store John Lewis reveals that 18-24 year olds are the one of the most ‘house proud’ age groups, with almost a quarter of those that took part in the survey revealing that they are reluctant to entertain at home for fear of potential party accidents – close to three times  those aged 65 and over, with just 8% worrying about damage, and more than double 55-64 year olds (10%).

The study, involving 2,014 adults from Greenbee Home Insurance (part of the John Lewis Partnership), also found that 26% of this age group ask guests to remove footwear before entering their homes, almost double that of those aged 65 and over (14%) who have been found to have a more relaxed attitude.

It has been suggested that this new age of thinking has been brought on by the credit crunch, as 14% of Brits said they could not afford to replace damaged or broken items based on their current financial situation.

These findings may come as a surprise, turning stereotypes on their head, with a new breed of CHAPS – Cautious Hosts Against Party Stress.

It appears that the Midlands is Britain’s most house-proud region, with an above-average concern in all areas. Over a fifth (21%) of Midlanders make their friends remove their shoes when visiting (compared to 15% of people in South East/London) and 16% prefer not to host house parties, fearing that a party could result in damages caused by party accidents (compared to just 10% of Scots).

These results confirm that the financial crisis has turned the Britain into a nation of paranoid party poopers, but this view can be seen as well justified, as 14% said they’re more worried about household accidents or breakages than ever before as in the current economic climate as they can’t afford to replace any damaged items – rising to one in five (20%) of 45-54 year olds and 17% of women (compared to 11% of men).

James Furse, managing director, greenbee.com said: “It’s no surprise that people, regardless of their age, are cautiously house-proud, particularly with financial concerns foremost in the thoughts of a significant proportion of people.

“While those without cover are understandably concerned about the cost of an unfortunate accident while entertaining, even those with home insurance may want to consider checking their policy small print to make sure they’re covered for all eventualities. Ensuring you have the right home cover in place may offer peace of mind, along with valuable protection.”

There are a number of insurance providers offering cover that will help to offer peace of mind when hosting such an event, so if you fit into the ‘concerned host’ group, be sure to check them out!

There have been a number of significant changes in the credit card market since the last quarter of 2008, mainly

Credit Cards

caused by the the credit crunch.

Irresponsible lending has been blamed for causing the credit crunch, so it is understandable that  credit card providers have become stricter on who they lend to, tightening acceptance criteria making it harder for some to be approved for credit.

This caused a fall in the acceptance rate, as providers recognised that this previous lending trend needed to be broken as many believed it was this that triggering the financial crisis in the first place.

However, within the last few months the market has seen a rise in competition, which has increased the amount of choice available and in turn led to a growth in consumer appetites for credit cards.

Something else worth noting is that many providers have made these attractive deals available to existing customers only as a way of reducing the risk factor, as this allows the provider to have a pre-existing relationship with the customer, thus enabling them to make a better judgement based on customer profile history.

An existing customer is someone that already holds an account with the provider, such as a savings account or current account.

An example of this is Natwest and RBS, both of which recently increased the balance transfer duration on their Platinum credit cards from 13 months to 15 to all existing customers.

There is nothing stopping you from exposing yourself to the best credit card deals on the market by opening a number of different current accounts spread across multiple banking institutions, as these days most accounts cost you nothing to open with no maintenance costs, so you have nothing to lose in doing so.

According to the British Bankers’ Association, in April, the amount of outstanding credit fell by £412 million to £64.3 billion, £457 million less than the same month last year. The proportion of balances accumulating interest also fell by 0.9 percent to 72.9 percent.

If you have been rejected for a credit card, it is probably due to your credit history not meeting the lenders criteria. It may be worth looking into adverse credit cards, as these are designed to accommodate people that have found it hard to be accepted for a credit card due to a number of reasons.

Abbey Fixed Rate Bonds

Abbey has launched a new fixed rate bond offering very competitive rates of interest on one & two year terms. These great accounts allow you to calculate exactly how much interest you will earn from your investment, so you can sit back and watch your money grow.

The new Abbey fixed rate bonds have been designed to suit all types of savers, with the Abbey 1 year account offering savers a rate of 3.0% on balances of £1 up to £24,999 and 3.5% from £25,000 up to £2,000,000, and the 2 year account offering 4.01% on balances of £30,000 up to £2 million.

On maturity you can have your deposit plus the interest earned paid into an Abbey savings account or any other UK account held in a bank/building society.

These accounts are available to new and existing  customers who plan to transfer or deposit funds that are not currently held within the Santander Group (Abbey, Alliance & Leicester, Bradford & Bingley, cahoot and Cater Allen)

You cannot make any further payments to your bond after the initial opening deposit, so make sure you put in the full amount you decide on at the start

This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time.

This years budget has proved to have its ups and downs, but a definite bonus to all you savers out there is that the amount of money in which you can invest into an Individual Savings Account (ISA) will be increasing from the current maximum of £7,200, to £10,200!

This means that you can boost your current annual £3,600 cash ISA savings to £5,100, and the same goes for your stocks & shares ISA allowance, but with this type of ISA you can invest up to your full ISA allowance, giving you the option to potentially invest £10,200 every year – either entirely into a stock & shares ISA, or a combination of the two.

This is great news, as it effectively means that you can invest a higher amount and receive 100% of the returns, without having to pass a penny on to the tax-man!

However, the new allowance will not be made available instantly. If you’re less than 50 years old, you will have to wait until the beginning of the new tax year (6 April), and even for those that are aged over 50, you will have to wait until 6 October before you become eligible to invest the increased amount.

Due to popular demand the Alliance & Leicester £100 switching incentive is back for one month only!

All you have to do to qualify for the free £100 is switch current accounts from your existing provider to the Alliance & Leicester Premier or Premier 50 Current Accounts. Apply online and benefit from the free Premier Switching Service.

The Alliance & Leicester Premier Current Account comes with a great overdraft facility with a 0% EAR typical on up to £2,000 for the first year, then a 50 pence per day (up to £5 per month) usage fee after this period, which will only be applied if the overdraft is used. You can also benefit from a points scheme, exclusive mortgage and loan deals, and free breakdown cover when you buy car insurance through Alliance & Leicester. You must be aged 21 years or over to  qualify for this account.

The Alliance & Leicester Premier 50 Current Account comes with some great features, like annual multi-trip travel insurance covering anyone up to 79 years of age,plus health care and fraud protection, as well as a great interest rate of 5.0% on balances up to £2,500. After one year, 1.00% AER (variable) applies. Balances over £2,500 earn 0.10% AER (variable). To qualify for  this account you must be over the age of 50. Get all of this for just £10 a month.

You can access to your account wherever and whenever you like with internet, phone and mobile banking services, or during opening hours at your local Alliance & Leicester branch.

On successful approval of your application, £100 will be deposited into your new Premier or Premier 50 Current Account within 15 weeks.

This great offer is only available until 28/05/2009, so if you missed out last time make sure you take advantage before it’s too late!

Virgin Money Credit Card

Virgin are now offering a fantastic 16 months interest free on balance transfers. This has increased from it’s previous period of 15 months, stepping it up to the longest period available on the credit card market.

This card is recommended for those that wish to transfer a balance over to pay it off, rather than a card to make purchases with, so if the Virgin money credit card sounds right you you, come and apply at Which4U

Please note: If you have one of Virgin’s sister credit card with MBNA, you are unlikely to be accepted.