May, 2011 news
Bank account satisfaction `on the decline`
New research suggests that many bank account customers have become disillusioned with their current account provider, with some considering looking elsewhere for a better deal. ... Read more »
`Ostrich generation` facing financial worries in retirement
A generation of people are risking serious financial problems in later life by not preparing adequately for retirement, according to HSBC.... Read more »
Virgin Money eyes the High Street
High Street banks may have another competitor in the coming months: Virgin Money is preparing to make a bid for Northern Rock and 600 branches of Lloyds Banking Group.... Read more »
Google announces `wave and pay` system for phones
At a joint press conference in New York, Google, Citibank and Mastercard announced plans to turn Google`s Android mobile phone into a `Google Wallet` - which will allow users in the US to make `wave and pay purchases`, the Guardian reports.... Read more »
2015: majority will manage bank accounts by mobile
Just three years from now, most people in Britain will manage their bank accounts - as well as paying bills and making purchases - using their mobile phones.... Read more »
Drop in number of home loan approvals
Figures from the British Bankers` Association (BBA) have revealed that the numbers of home loans approved for people buying a home and switching to a new deal fell during April, The Independent reports.... Read more »
75% of first-time buyers back `tougher` mortgage rules
Three quarters of first-time buyers support stronger mortgage regulation, according to a new survey by Shelter.... Read more »
Are higher interest rates `a price worth paying`?
Departing Monetary Policy Committee (MPC) member Andrew Sentance has said that a base rate increase would be a `price worth paying` to curb inflation, the Guardian reports.... Read more »
Average wait on life insurance payouts `to drop to four weeks`
The average time bereaved families have to wait for life insurance payments is to be cut from four months to four weeks, after the Association of British Insurers (ABI) issued new guidelines to life insurance providers. ... Read more »
Banks` figures indicate cautious approach from consumers
The latest High Street banking figures from the British Bankers` Association (BBA) suggest that consumers remain cautious about their finances in the current financial climate. ... Read more »
Pensioners and debt - a look at some figures
According to analysis by equity release adviser Key Retirement Solutions, the average pensioner - with debt - who takes out an equity release plan on the value of their home owes £25,418.... Read more »
Technology turns iPhones into credit card readers
As reported on The Wall Street Journal`s `Tech Europe` blog, a device that allows anyone with an iPhone to receive payments from chip-enabled credit cards is due to go on sale in Sweden next month.... Read more »
Economy grew by 0.5% during Q1 2011
Official figures from the Office for National Statistics (ONS) have confirmed that Gross Domestic Product (GDP)* did increase by 0.5% in Q1 2011.... Read more »
Volcanic dust again: another reason to look into insurance
Iceland`s volcanoes are in the news again, with volcanic dust clouds once more threatening air safety and as a result leading to cancelled flights.... Read more »
Big Lottery Fund to help people without bank accounts
Improving Financial Confidence is a programme funded by the Big Lottery Fund, aiming to help `financially excluded` people - people who don`t have access to basic financial services, from bank accounts to credit cards and affordable loans.... Read more »
Bank accounts: returns squeezed by inflation
Just two accounts are currently paying enough interest to counter the effects of inflation.... Read more »
Rising debt contributes to decline in household finances
35% of households saw their financial situation worsen in May, according to the Household Finance Index (HFI) from Markit, with a slight increase in household debt one of many contributing factors.... Read more »
Gross mortgage lending `down in April`
Gross mortgage lending fell to an estimated £9.8 billion in April, according to new figures from the Council of Mortgage Lenders (CML). ... Read more »
Families spending 10% of income repaying debts
Families are spending 10% of their household income on repaying their debts, insurance group Aviva has found.... Read more »
Britons too sick to work will lose two thirds of income
Nine out of ten Britons who are too ill to work will see their income slashed by two thirds, a report from think tank Demos has revealed.... Read more »
Mortgages for first-time buyers - there`s no `magic bullet`
There`s no `magic bullet` that can solve the problems faced by (would-be) first-time buyers. That`s the `key conclusion` of the Council of Mortgage Lenders (CML).... Read more »
Two thirds `prefer online banking`
Fully 67% of Britons say that online banking is their favourite way of managing their money, recent research by the UK Payments Council indicates.... Read more »
Third of households `couldn`t cope without main income`
A third of households (8.5 million) couldn`t cope financially if they lost their main source of income, research by Scottish Widows has found.... Read more »
Demand for payday loans increases
There was a major increase in demand for payday loans at the start of the month, moneysupermarket.com reports. The UK comparison site saw a 58% rise in demand for these short-term loans between 2-12 May 2011, compared with the same ten-day period in April.... Read more »
Bank of England voted 6-3 to hold base rate
Minutes from May`s Monetary Policy Committee (MPC) meeting show that its members once again voted 6-3 in favour of keeping the base rate at 0.5%.... Read more »
Modifying a car `could significantly increase insurance premium`
Making modifications to your car could significantly increase the cost of a car insurance policy, according to moneysupermarket.com.... Read more »
Different kinds of debt - a look at payday loans
These days, loans are far from the only kind of credit available. Overdrafts, credit cards, store cards, payday loans... there are many ways of borrowing money, and each type of debt comes with its own `pros and cons`.... Read more »
Insurance warning: watch out for `slam-on` accidents
Not everyone on the road plays by the rules. There are dishonest drivers out there who intentionally `slam on` the brakes to make the car behind run into them for insurance purposes.... Read more »
A quick guide to keeping your personal details safe online
Stories about viruses and online security problems are hardly unusual these days (you can find two here and here on Think Money), but you can do a lot to protect yourself online. A few pointers.... Read more »
Adults carrying too much debt to feel `financially secure`
According to Scottish Widows` second annual `Priorities of Life Index`, one third (35%) of British adults are `neglecting their finances`.... Read more »
Interest rate rise speculation led to rise in remortgages
According to figures from the CML (Council of Mortgage Lenders), remortgaging accounted for over one third (37%) of all lending during the first quarter of the year - which was significantly higher than the 30% recorded during the final quarter of 2010.... Read more »
Wedding debt `takes three years to repay on average`
As the nation watched the biggest Royal wedding in years, thousands of happy couples across the UK will no doubt have entertained thoughts about their own big day.... Read more »
New man at the Bank
In future, there`ll be a new voice on the Monetary Policy Committee (the MPC - the nine-strong group within the Bank of England that sets the base rate every month).... Read more »
What does it cost - really?
When someone buys an item in the shops, the price tag almost always tells them exactly what it costs; they simply pay that price and leave the shop. But not everything is that straightforward. What if a company charges extra for things you might have assumed were included in the price?... Read more »
Number of home loans in arrears falls again
According to figures from the Council of Mortgage Lenders (CML), the total number of home loans in arrears has fallen again, with the number in arrears worth 2.5% or more of the outstanding balance falling to 166,900 at the end of March.... Read more »
Households `facing biggest drop in income for 30 years`
UK households could experience the sharpest annual fall in incomes since 1981, with average (median) income heading for a return to 2004-2005 levels, according to the Institute for Fiscal Studies (IFS).... Read more »
Inflation forecast kick-starts debate over base rate
The latest inflation forecast from the Bank of England has kick-started fresh debate over when the base rate will be increased. ... Read more »
Bank of England cuts economic growth forecast
The Bank of England has cut its growth forecast for the UK in its quarterly Inflation Report, released this morning. ... Read more »
Inflation - why it isn`t the same for everyone
Today, inflation stands at 4%, but that doesn`t mean everyone`s living costs are going up at the same rate.... Read more »
Small personal loan rates hit all-time high
The interest rates lenders charge on small personal loans reached an all-time high last month, figures from the Bank of England (BoE) have revealed.... Read more »
Windows trojan `a threat to bank accounts`
A Microsoft Windows malware platform, which has been identified by web access security provider Trusteer, has `morphed` into a threat that can `see` a user`s bank account details while they are managing their finances online, networkworld.com reports.... Read more »
Energy bill increases could leave more people in debt
Energy bills could be set to rise once again, according to the Bank of England, potentially leaving many more billpayers struggling to meet their financial commitments.... Read more »
60% of high-value homes `without adequate insurance`
Around 60% of `high net worth homeowners` underestimate the overall value of their personal possessions, and could be underinsured as a result, according to home and contents insurance company Hiscox.... Read more »
Insolvencies hit all-time high in Northern Ireland
Personal insolvencies in Northern Ireland hit an all-time high over the first three months of the year, the latest figures from The Insolvency Service show.... Read more »
Law change `will make people shop around for insurance`
As of June, motorists will no longer be able to keep a vehicle without insurance unless it`s been officially declared `off road`.... Read more »
Over 50% of couples who live together don`t share a bank account
A survey conducted by First Direct has revealed that 58% of couples who have moved in together don`t open a joint bank account, the Daily Mail reports.... Read more »
Bank of America to test `text overdraft` program
Bank of America (BofA) is set to test an overdraft program at the start of next year that will allow bank account customers to accept an overdraft fee when a transaction they have tried to make is rejected, reuters.com reports.... Read more »
Bank`s Inflation Report out on Wednesday
This Wednesday, the Bank of England is due to publish its Inflation Report, giving us all a look at what the Bank thinks we can expect in the months and years ahead.... Read more »
Britons shun debt in favour of cutting back
Following the release of the latest insolvency figures - which revealed that 30,162 people were declared insolvent in England and Wales during the first quarter of the year - it has been suggested that Britons are `dramatically cutting back on their spending rather than taking on more debt`, The Telegraph reports.... Read more »
Little change in the price of five-year fixed-rate mortgages
According to mortgage broker John Charcol, the rates charged on five-year fixed-rate mortgages haven`t changed much recently, even though it doesn`t look like we should expect a base rate rise in the near future. The Independent provides some information.... Read more »
Credit card rates `at 13-year high` - but why are they increasing?
Credit card rates have reached a 13-year high, according to comparison website Moneyfacts.co.uk - with the average credit card now charging 19.1% interest.... Read more »
Fresh price war emerging in the loans market
We are starting to see signs that a fresh price war is emerging in the personal loans market, The Independent reports.... Read more »
Insolvency levels continue to fall - but could we see a rise soon?
Insolvency levels in England and Wales continued to fall in the first quarter of 2011, despite warnings from many experts that we could be about to see an increase.... Read more »
More than half of adults `don`t have life insurance`
More than half of UK adults (56%) don`t have a life insurance policy, according to Scottish Widows - meaning they could be putting their family`s financial security at risk.... Read more »
Bank accounts: `free` current accounts in decline
There are now more current accounts that charge a regular fee than accounts which are `free` to customers, according to the Financial Times.... Read more »
FTBs turning to loans and second jobs to fund deposits
Research by Santander has revealed that some first-time buyers (FTBs) are turning to personal loans and second jobs to fund the deposits they need to get onto the property ladder, moneyfacts.co.uk reports.... Read more »
Rate rise `would make many mortgages unaffordable`
Financial Services Authority (FSA) guidelines indicate that almost 3 million homeowners (37%) would be unable to afford their monthly mortgage payments if their interest rate increased by just two percentage points, according to The Telegraph.... Read more »
Have we seen the worst for individual insolvencies?
The Insolvency Service is set to release its latest insolvency figures this Friday, and some economists are suggesting that we may have already seen a peak in the number of people struggling to keep up with their debts.... Read more »
`Roller coaster` ride for UK house prices continues
Figures released by the Nationwide Building Society have revealed that UK house prices `continued their roller coaster route` in April, recording a 0.2% fall following a 0.5% rise in March, the Guardian reports.... Read more »
Wedding debt `takes 33 months to repay`
The average wedding debt takes fully 33 months to repay, figures from insolvency trade body R3 have indicated.... Read more »
Travel insurance guide launched
This year, we can expect 15 million UK people to go on holiday abroad - and while most of those holidays will work out (more or less) as planned, some are bound to run into trouble.... Read more »
`Bump` allows users to transfer money between bank accounts
An updated iPhone app (known as `Bump`) has been released by ING Direct - which allows bank account holders in America to transfer payments between two phones by tapping them together, mashable.com reports.... Read more »
Banking around the world: over 50% without bank account in India
Over 50% of the people living in India don`t have a bank account, Shyamala Gopinath, deputy governor of Reserve Bank of India (RBI), has revealed.... Read more »
UK economy `ground to a halt`
Official figures from the Office for National Statistics (ONS) have revealed that Britain`s economy `ground to a halt` over the last two quarters, The Telegraph reports.... Read more »