Browsing "Latest Updates"

Cheshire Draws Swords with Santander over ISAs

Previously, on IS4

  • 27-02-12: Nationwide leads the way, at 3.10%.
  • 02-03-12: Cheshire strikes the front, at 3.16%.
  • 05-03-12: Santander’s new rates reach 3.30%.
  • 08-03-12: Cheshire is poised to re-take the lead at 3.35%.

ISA Countdown 08th March 2012

The battle over ISAs has taken another development as the Cheshire Building Society, parented by Nationwide, re-raised its instant access cash ISA rates to 3.35% to seize the initiative back from Santander.

It seemed like Santander’s ‘Promethean’ revelation of its latest ISA rates would prove to be the last word on the matter – at 3.30% AER for the instant access cash ISA and 4.00% AER for the two-year fixed-rate ISA. But Nationwide and Cheshire were not ready to surrender there and they have struck back with interest.

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The ISA Contagion

Mar 7, 2012   //   by Keith McDonald   //   Banking and Savings Accounts, Latest Product Updates  //  Comments Off on The ISA Contagion

There’s a new contagion going around during ISA season. It’s called longevitus. And it’s catching fast.

As it stands, the usual game of cat-and-mouse is taking place as banks continue to snare UK savers seeking the right home for their tax-free cash ISA allowance.

Some banks have declared their rates early, hoping to tempt savers into an early decision. Others have paused, observed their rivals, and tried to usurp them with Promethean intent.

As more reveal their sparkling new ISA products, there is a distinct pattern emerging which differs from the recent past. Few institutions are still banking on a one year plan. The assumption must be that consumers are not thinking this way either.

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What To Do With Your Savings

Feb 16, 2012   //   by Keith McDonald   //   Banking and Savings Accounts, Latest Which4U Updates  //  Comments Off on What To Do With Your Savings

It’s an interesting time in the UK economy. The cost of living has started to fall sharply, as many expected it would. With the rise in VAT from January 2011 now leaving the 12-month comparison, the RPI measure of inflation has dropped below 4%.

Now, for the first time in several months, fixed-rate bonds and fixed-rate ISAs are in a position to offer real rates of return. But even so, none of us can be absolutely sure whether this will hold in the medium term. The Bank of England has announced further quantitative easing measures, and opinion between forecasters varies considerably.

This fall in inflation has prompted consumers to think about saving. However, many remain unsure about their best options. Which4U’s new savings guides focus on these savings issues to present the best options. Let’s preview a few of these now:

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How much compensation are you entitled to if a bank fails?

Dec 21, 2011   //   by Keith McDonald   //   Banking and Savings Accounts, Latest Which4U Updates  //  Comments Off on How much compensation are you entitled to if a bank fails?

Any ideas? Don’t worry if not. You’re in the majority.

UK savers are protected for up to £85,000 per person per financial institution.

And despite a multi-million-pound television advertising campaign designed to raise awareness about the guaranteed compensation level for savings UK deposits, only 3% of people are aware of the measures at the close of 2011, according to the Financial Services Compensation Scheme (FSCS).

FSCS Advert…? (Nope. Me neither)

[Read more at Which4U]

Nationwide Increases Savings Rates

Sep 15, 2011   //   by Daniel Morris   //   Banking and Savings Accounts, Latest Product Updates  //  Comments Off on Nationwide Increases Savings Rates

Nationwide have increased their rates on a wide range of its saving products from last week (September 7th).

The interest that is paid on their six-month and one-year Fixed Rate Bonds and e-Bonds has raised by 0.2 per cent. This will also apply to their 18 month Tracker Bond and Tracker e-Bond.

As well as this, Nationwide have also announced the launch of a new two-year deal to go along side their existing three-year option, which is set to stay the same.

For Fixed Rate ISAs, the rate has grown by the same percentage for the one-year deals, stays the same for the three-year option and there is a new two year account now available to customers.

In related news from Nationwide, there has been an interest increase on their MySave Online Plus account, and in addition to this a new 75 Day Saver product has now been launched by the bank.

Richard Marriott, head of savings at Nationwide, has recently said: “As one of the country’s leading savings providers we aim to ensure our savers get a competitive return on their money and these new rates will help do just that. In the current climate, it is important to cater for a variety of savings needs.” Read More »

ISA limit increase

Apr 6, 2011   //   by sam   //   Banking and Savings Accounts, Latest Product Updates  //  Comments Off on ISA limit increase

From today (6 April), anyone that qualifies for an ISA can enjoy an increase of £480 per year to their tax free savings allowance.

Many people may not know it, but any earnings made through interest from standard savings accounts is counted as a form of income, so it qualifies for income tax.

This can be anything from 10% to 50%, which can significantly lower the total returns on your investment.

However, with a tax free ISA savers can benefit not only from tax free interest paid in their savings, but also tax free returns from shares spanning a large number of businesses and companies using an share dealing account or investment ISA. Read More »