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News in Banking
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Brits urged to make savings on payday
A well-deserved payday is one of the greatest joys for a worker, a recognition that the past month has been worth it.
While the temptation of heading straight to the pub and blowing the month's earnings in the space of two weeks is very prominent, Brits are being urged to make savings when their pay check lands in their bank account.
Price comparison site MoneySupermarket.com believes that putting a percentage of a wage to one side will help to safeguard against any unexpected eventuality that may happen in the future.
With the country recently entering a double-dip recession the majority of people are tightening their belts in times of economic downturn.
Kevin Mountford, head of banking at MoneySupermarket, said: "Having money set aside for a rainy day can help you keep your head above water should the worst happen. In an ideal world, you should have at savings worth at least three months' salary, but for many this may seem an ambitious and unachievable goal." More »
By Sarah Engle, Banking - Tue 1 May 2012
O2 launches revolutionary mobile banking service
Consumers will be soon able to transfer money to their bank account with just a text message.
Mobile network O2 has launched a smartphone app which allows people to transfer up to £500 by simply sending a text. Dubbed the "wallet", the application will help consumers "digitise" their banking accounts and help to speed up debit and credit transactions.
The company has also revealed that it intends to follow the example of Barclaycard and launch near-field communication (NFC) chips to allow people to make contactless transactions in high street stores.
James Le Brocq, managing director at O2 Money said: "We believe it will transform the way people manage their finances and spend money. This is, we believe, the safest and most secure way to deliver mobile payment services."
Barclaycard recently launched its "stick-on" card, which is attached to the back of a smartphone and allows people to purchase products up to £15, rising to £20 in June. More »
By Sarah Engle, Banking - Thu 26 Apr 2012
Finances increasing worry for Brits
Ahead of the impending spring Budget this week, many Brits still admit to having major concerns over their finances. More »
By Sarah Engle, Banking - Mon 19 Mar 2012
17 million Brits living in their overdrafts
Many British consumers are constantly living in the red with over a third using an overdraft in the past year.
With the country going through a period of economic downturn, times are hard for UK workers and overdrafts are being more frequently used. Many people are losing their jobs and those in full-time employment are struggling to keep their head above water due to the increased cost of living.
Research by Moneysupermarket.com revealed that 17 million Brits (35 per cent) have used an overdraft in the past 12 months, with those aged between 18 and 34 being the most common users of the facility.
Over a quarter (27 per cent) admitted to going into the red 15 days after being paid whilst a further seven per cent hit overdrawn stage five days following payday.
Kevin Mountford, head of banking at of the price comparison site, said: "It's no surprise to see many Brits living in their overdrafts or being forced to dip into it throughout the year to help cover these costs." More »
By Sarah Engle, Banking - Tue 13 Mar 2012
Millions of Brits keep savings quiet
Over 17 million Brits keep quiet over the amount of savings they have, according to new research by the Post Office.
Whilst some UK consumers find it difficult to stow away money for a rainy day, those who do can be inclined to not tell anyone for fear of friends or family asking for funds or making them feel guilty for not having savings themselves.
The Post Office's research found that one in three (34 per cent) of British adults are "secret savers".
People living in London are the least likely to divulge information about their funds with 26 per cent stating they did not tell anyone because they had not saved much.
However, the majority (70 per cent) said they believed that personal finance was a private matter and did not need to be discussed.
Richard Norman, director of savings at the Post Office, said: "While most think money matters are private, it seems savers feel they have to tip toe around their family and friends so as not to hurt their feelings or worse still, feel pressured to lend them money." More »
By Sarah Engle, Banking - Tue 13 Mar 2012
Brits keep £5.6bn in their homes
British homeowners are leaving a total of over £5.6 billion in their properties without any protection.
A study by the Financial Services Compensation Scheme (FSCS) found that the average household in the UK has £218 stored somewhere in the property. Whilst 33 per cent of people said they only kept £20 in their house, three per cent had more than £1,000 at home.
The FSCS stated that even if everyone had the top policy it would still mean a loss of £170 million as people would not incur any interest or benefits that they would by keeping the money at a bank.
Burglary rates are on the increase in the UK with 20 per cent of homes being broken into more than once a year. However, with less people keeping money within their properties that figure could decrease.
Mark Neale, chief executive of the FSCS, said: "In these tough times no one can afford to lose any hard earned cash. It is encouraging that people are keeping less money at home than they did in 2011." More »
By Sarah Engle, Banking - Mon 27 Feb 2012
More Brits saved less in 2011
Over 23 million Brits stopped or reduced the amount of money they were putting into savings in the past year.
Research by Moneysupermarket.com found that 47 per cent of UK consumers cut down on their savings with the survey revealing that 12 million people have been forced to stop due to the increasing cost of day-to-day living.
With the rising rate of energy bills more and more homeowners are finding it difficult to keep up with the payments and it has forced many to forget putting money away for future investments.
In a bid to save money the survey found that 45 per cent of people no longer ate out and a further 40 per cent cut down on buying new clothes.
Kevin Mountford, head of banking at Moneysupermarket, said: "It comes as no surprise that many people have reduced and even stopped saving completely at a time when the cost of living is high against a backdrop of ongoing low interest rates." More »
By Sarah Engle, Banking - Tue 21 Feb 2012
Brits switching to online banking
Nearly a quarter of Brits access their banking records online every day, according to research from the Payments Council. More »
By Sarah Engle, Banking - Thu 19 May 2011
UK consumers banking on their savings
There is an increased enthusiasm for people banking on their savings in the UK, according to Moneymagpie.com. More »
By Sarah Engle, Banking - Wed 20 Apr 2011
Banking: One in five parents not prioritising time with family
One in five adults do not prioritise time with their children or grandchildren as much as they would like, according to banking firm Scottish Widows. More »
By Sarah Engle, Banking - Wed 6 Apr 2011
Ethical banking: People want to see returns on their savings
Consumers are looking for a good return when they are saving and investing in the banking sector, according to Triodos Bank. More »
By Sarah Engle, Banking - Wed 6 Apr 2011
Over a quarter of Brits less likely to save
Over a quarter of Brits will be less likely to save over the next three months, according to data from National Savings and Investment (NS&I). More »
By Sarah Engle, Banking - Mon 4 Apr 2011
Quarter of Brits are worried about their financial position
Four in ten Brits have been left worried about their financial position as they compare the potential effects of the Budget, according to research from uSwitch.com More »
By Sarah Engle, Banking - Fri 25 Mar 2011
Younger generation 'need more help understanding Isas', says Lloyds
The younger generation need more help to understand the benefits of banking with Isa's, according to research from Lloyds TSB Savings. More »
By Sarah Engle, Banking - Tue 22 Mar 2011
One-third of Brits do not understand banking
Nearly one in three Britons have no idea what the banking sector actually does with their money, according to new research. More »
By Sarah Engle, Banking - Fri 4 Mar 2011
Rainy day savings 'being made by numerous people'
Rainy day provisions are being focused on by almost one quarter of the country's savers right now, it has been suggested, which may interest those who are looking to compare money saving products. More »
By Sarah Engle, Banking - Thu 24 Feb 2011
Inflation 'reducing the value of savings'
The recent increase in inflation has reduced the incentives for Brits to save, according to one commentator. More »
By Sarah Engle, Banking - Fri 18 Feb 2011
Base rate rise 'would not increase repossessions'
The number of properties being repossessed would not be significantly affected by an increase in the base interest rate, it has been claimed. More »
By Sarah Engle, Banking - Thu 17 Feb 2011
Savers 'need to maximise returns'
Savers need to look for the best places to put their money in the current low-interest environment, an expert has suggested. More »
By Sarah Engle, Banking - Fri 11 Feb 2011
