Government-backed NS&I increases its rates, as building societies and banks launch better deals
Amid the mortgage misery, there was more good news this week on savings rates, with a growing number of accounts now paying 6%-plus interest.
Meanwhile, the government-backed NS&I – a favourite of many in these uncertain times – has upped the rates on some of its popular fixed-rate accounts.
Continue reading...Financial Conduct Authority to meet executives on Thursday as part of its investigation into savings market
UK bank bosses have been summoned to a meeting with the financial watchdog this week amid mounting concerns that they are profiting from rising interest rates by offering paltry savings rates to customers.
Executives from the big high street names Lloyds Banking Group, NatWest, HSBC and Barclays, as well as from smaller lenders, are due to attend a meeting at the Financial Conduct Authority (FCA) on Thursday to discuss concerns that savings rates are lagging far behind the soaring costs of mortgages and loans.
Continue reading...Rises of up to 0.75 percentage points follow increases at First Direct
Customers of HSBC will receive a boost to their savings after the bank announced an increase to interest rates, as Britons enjoy some of the highest rates in more than a decade.
The lender is increasing rates on some of its savings accounts, with increases of up to 0.75 percentage points.
Continue reading...Wifi, Netflix, a laptop, presents for family and the odd night out with friends are in this year’s Minimum Income Standard
What constitutes a no-fripperies minimum standard of living in the UK in 2022? It’s not just sufficient money for three meals a day, suitable clothes, heating and a roof over one’s head, according to the public, but enough for a Netflix subscription, a smart speaker, the odd night out with friends and a supply of Covid masks.
It’s about being able to afford things such as a smartphone, a laptop, wifi, a cooker, a TV, the odd alcoholic drink and also enough to take an unostentatious week’s holiday away in the UK once a year, treat yourself to an occasional takeaway, buy presents for the children and family, and make charitable donations.
Continue reading...Move comes 16 years after collapse of Christmas savings club Farepak, which left thousands unable to access cash
New laws are to be announced this week aimed at protecting the hundreds of thousands of Britons who use savings clubs to put money aside for Christmas or pay for other items in advance.
The government said it would also look at whether there were other sectors posing risks to people who prepay for goods or services, and whether similar protections were needed. Home improvements and weddings are two examples of big-ticket items where people frequently hand over substantial sums in advance.
Continue reading...From building up a nest egg by earning interest on small change, to using an app for budgeting
There is no point trying to save if you are burdened by costly debts.
Continue reading...The authors Kristy Shen and Bryce Leung are part of a movement called Fire that encourages people to save intensively to retire early
Growing up in poverty in rural China, where her family collectively lived on as little as $0.44 a day, Kristy Shen learned to make decisions based on pragmatism rather than passion from a young age.
On her first ever trip to a toy shop aged eight, after her family moved to Canada, she declined the offer of a teddy bear in favour of a cheaper one and requested that her father send the remainder of the money to their family in China. As a teenager, she chose to be a computer engineer, ignoring her dream to be a writer, based on a formula she devised to rank the best value university courses based on tuition fees versus future pay. And as an adult, any domestic disagreements with her husband, Bryce Leung, are generally won or lost based on who makes the best mathematical case.
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