Millions of pounds have been stripped from the nation’s unused savings accounts in order to fund Big Society Capital, a government initiative designed to provide working capital to deserving community projects and charities.
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Angela Knight stepping down as BBA chief executive
Angela Knight, the British Bankers’ Association’s chief executive through the Lehman Brothers collapse and the taxpayer bailout of RBS and Lloyds TSB, recently announced her intentions to step down this summer, banking industry insiders recently reported.
RBS sell-off to sovereign wealth funds draws criticism
Plans to sell taxpayer shares in one bailed out personal and business bank account provider to sovereign wealth funds has drawn strong criticism from both Labour and the Liberal Democrats, it was recently reported.
Saga launches 3.6 interest rate fixed cash ISA for over 50s
A provider of savings accounts specialising in the over 50 crowd has recently made waves with a new 3.6 per cent cash ISA launch, soaring to the top of the fixed-rate one year savings tables, experts say.
Natwest offers transfer-friendly 3.5% ISA – with a catch
One personal and business bank account provider has offered what many have thought impossible – a 3.5 per cent instant access ISA that permits transfers in – but what would otherwise be a best buy for many savers is limited by a catch, experts say.
Fixed rate bonds still competitive in today’s market
Two-year fixed rate bonds are still drawing savers in with their competitive rates, with some providers offering as much as 4 per cent before tax to those interested in using online banking or the telephone to manage their affairs, experts say.
Savers offered insultingly low interest rates
Even as many personal and business bank account providers offer stellar deals on their cash ISAs in the run up to the April 5 deadline, there are all too many savers left earning insultingly low returns on older existing accounts.
Virgin Money increases credit card rates for some customers
One major banking retailer has recently announced that the interest rates associated with its credit cards will be increasing to 24.9 per cent for many of its customers, experts say.
FSA chief says free banking outmoded and not working
Providers of free personal and business bank account services in the UK have beenstruggling with an ‘outmoded concept’ that works poorly if at all, according to Martin Wheatley, the head of the Financial Services Authority.
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