Daily Archives: August 19, 2011

Banks, Bonds, Checking & Savings, Financial, Financial Services, ISAs, Mortgage, Personal Finance

Northern Rock launches new fixed rate e-ISAs

Northern Rock has launched three new online issues of its fixed rate cash e-ISA to complement its competitive portfolio of internet-based savings accounts.

e-ISA offers those who prefer to operate their accounts via the internet an online option for their tax-free* savings. e-ISA is a cash ISA set at a competitive fixed rate of interest over a choice of one, two or three years and can be opened with no minimum initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following 5th August on minimum balances of £500 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free* pa /AER**).

Strictly limited issues, the fixed rate cash e-ISAs (issues 19, 20 and 21) allow transfers in from other providers and additional deposits can be made to the cash ISAs, within HM Revenue and Customs limits (£5,340 per tax-year from 6 April 2011) up to 30 days after the product is withdrawn (excepting postal applications to transfer in from other banks and building society ISA accounts, which must be received while the product remains on sale).

To guarantee funds are accepted into a new account, Northern Rock advises all funds to be deposited within 30 days from the account opening date. Any deposits received after 30 days may be returned to customers. This includes any funds transferred in from an existing cash ISA, therefore customers should ensure that they initiate any Cash ISA transfers in as soon as they receive their new Cash ISA details. Subscriptions are not allowed to any other Cash ISAs in the same tax year(s) that customers subscribe to this Cash ISA, even if they have not used your full annual allowances(s).

30 days following the products withdrawal, no further deposits will be accepted and all three issues may be withdrawn without notice once fully subscribed.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account, subject to a charge equivalent to 60 days’ loss of interest on the amount withdrawn (Issue 19), 90 days’ loss of interest on the amount withdrawn (Issue 20), or 120 days’ loss of interest on the amount withdrawn (Issue 21). There is a £35 fee for transfers out via CHAPS.

Via EPR Network
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Business Monitor International report highlights the risks of a double-dip recession

Business Monitor International (BMI) has released its latest special report, “Market Meltdown: Global Economy On The Edge” evaluating the major risks to the world economy arising from the recent slump in global stock prices and rise in vulnerable government bond yields.

With the Eurozone affected by the on-going sovereign debt crises, the US faced with debt concerns after losing its AAA credit rating, and Japan still suffering from the consequences of March’s earthquake, the global economy is threatened by a risk of another recession.

On August 5 2011, Standard & Poor’s (S&P) lowered its long-term sovereign credit rating for the United States to AA+ from AAA, while maintaining a negative outlook. Prior to S&P’s announcement, poor Q211 GDP data and revisions to the GDP series going back to 2010 had a significant impact on the US economic outlook. The report focuses on the recent market developments, outlines revisions to BMI’s US growth forecasts and provides insight into the US ratings downgrade. Furthermore it examines a possibility of a double-dip recession in the US.

BMI also analyses the implications of the Eurozone debt crisis for European politics, financial market strategies and the European banking sector. Considering market scepticism over the sustainability of the Eurozone, the current crises represent the biggest test for European institutions since the collapse of Yugoslavia in the 1990s, and one with far graver economic implications.

Moreover, “Market Meltdown: Global Economy On The Edge” assesses the contagion risks of the eurozone and US crises for Asia; from banking sector exposure, the stress on states with weak fiscal positions, and the impact on China’s economy and the rest of the region should global trade flows be disrupted by a weakening US dollar, or lower import demand from the US and Europe.

BMI’s unique combination of global macro-economic forecasting, industry knowledge and long track-record of emerging markets forecasting enables global investors, strategists and decision-makers across the corporate spectrum to identify key market opportunities and avoid market risks wherever they operate.

Via EPR Network
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TradingFloor.com Releases Video On The Swiss Franc Dilemma

TradingFloor.com, the home of Saxo Bank’s trading commentary, financial research and analysis, has released a video discussing the current dilemma involving the Swiss Franc.

The Swiss Franc has appreciated of late, and therefore so has the focus of what the Swiss Bank and the Swiss government will do to curb this strength, as it is hurting businesses and therefore the Swiss economy.

One of the steps which have been discussed the most is a peg to the Euro; however this is yet to happen, despite much speculation. With the attempts to weaken the currency’s strength possibly only providing temporary relief, it is seen as only a matter of time before more extreme measures, such as a peg to the Euro, are taken.

Ken Veksler, senior manager, Trading Advisory at Saxo Bank discusses his opinions on the likelihood of a peg to the Euro and the effect the Swiss Franc dilemma is having on the Swiss economy.

Veksler believes that a peg to the Euro is an extreme measure, and the likelihood of that happening is fairly minimal. There was a successful attempt made in 1978, where the Swiss Franc was pegged to the German Deutschmark for around 18 months, however, Veksler thinks it will be unlikely that this extreme measure will be taken again, even though the scare in the market in recent days and weeks has made it more of a serious topic than previously thought.

The Swiss government would be unhappy to put a peg to the Euro in place because it would mean a loss of its position as an independent state within a wider UN zone, which they have prided themselves on for quite some time.

Veksler believes that if the peg did come into place the Swiss Bank would have to revert to printing money to allow themselves adequate reserves to put this sort of action into place. However, this is more of a band aid for the problem rather than a full term solution.

Via EPR Network
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