Category Archives: Banks

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Banks, Checking & Savings, Credit Cards, Financial, Financial Management, Financial Services, Financial Solutions, Money, Personal Finance

Barclaycard Brings Freedom To Over 30,000 Retail Outlets Across The UK

Barclaycard has announced that it will be launching Barclaycard Freedom in March – the broadest retail rewards scheme the UK has ever known. The groundbreaking new loyalty scheme will be available to over eight million cardholders who will be able to earn rewards in an unprecedented number of shops, restaurants and online outlets across the UK, without having to do or pay anything to join.

Barclaycard Brings Freedom To Over 30,000 Retail Outlets Across The UK

The scheme allows cardholders to interact at the point of sale, bringing a new level of simplicity to the concept of customer rewards. There is no need to collect and save vouchers and coupons, no need to replace their card or carry an additional one, and with no points to calculate – the rewards will be recorded in pounds and pence. It will utilise a state of the art technology system and the chip within the credit cards will be totally electronic, instant and intuitive to cardholders. Retailers who participate in Barclaycard Freedom will be able to offer rewards and relevant offers at their point of sale to over eight million cardholders.

Barclaycard cardholders will automatically earn rewards, called ‘Reward Money’, when they use their Barclaycard at a participating retailer – 1 per cent on most transactions alongside regular special promotions and giveaways. When cardholders use their card in a participating retailer they will see the value of their Reward Money balance appear on the card machine before they enter their PIN to pay. They can then choose to redeem some or all of their Reward Money rewards towards that transaction or to continue to save up for a future purchase at another retailer within the scheme.

Barclaycard has invited more than 30,000 retailers of all sizes to be partners in the scheme, meaning that when it launches in March it will be a rewards coalition of unprecedented size and scope. On average, there will be 200 retailers within five miles of where a cardholder lives. Barclaycard Freedom will be supported by a significant marketing campaign with TV, online and print advertising driving awareness about the programme for customers.

Participating retailers will benefit from a loyalty scheme that includes over eight million cardholders at launch meaning there will be on average 75,000 Barclaycard cardholders within five miles of a retailer’s store.

Via EPR Network
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Midcountry Bank Honored By USDA For Increasing Rural Home Ownership

MidCountry Bank was recently recognized by the U.S. Department of Agriculture and Rural Development (USDA) for utilizing federally-guaranteed mortgages that increased, and made more affordable, home ownership in rural Illinois. Each year the USDA honors lenders that excel in using the federal agency’s guaranteed loan program in rural areas.

“In this difficult housing marketing, MidCountry Bank is committed to using Rural Development’s guaranteed home loan program to help as many homebuyers as possible,” said Jim Davis, a Rural Development specialist in the USDA’s Marion , Ill. , office. “They helped borrowers buy their first homes, or upgrade to better homes. We are extremely pleased with MidCountry Bank’s achievement.”

MidCountry Bank provided Illinois homebuyers with more than $1 million in Rural Development-backed loans in 2009. With the Rural Development guarantee, MidCountry Bank offers 100 percent loans with no required down payment, no private monthly mortgage insurance (PMI), no maximum purchase prices, competitive fixed interest rates, and 30-year terms. The program also includes flexible credit guidelines and generous income limits.

“This program has helped put many families into a home and strengthened rural communities by providing stability in a challenging housing market. It is easily the best 100-percent program in the market,” said MidCountry Bank Regional President Randy Forby. “We’re proud to have received this honor from the USDA, and even more so to have helped families throughout rural Illinois realize their dreams of homeownership.”

For nearly a decade, MidCountry Bank has been serving the communities of southern Illinois and central Minnesota with a full spectrum of financial products that are matched with excellent customer service. Its retail banking division offers a variety of deposit and loan products to meet consumers’ needs, its business division helps small business by providing them with the financing they need to grow, and its military banking division serves those who serve our nation with personal loans and award-winning financial education programs. Every MidCountry Bank associate is dedicated to creating a high-quality and well-respected financial services organization, and is committed to the values of integrity, fairness, honesty, excellence, and compassion.

Via EPR Network
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Assets, Banks, Checking & Savings, Financial, Financial Information, Financial Services, Investment, ISAs, Money, Personal Finance, Retirement

Prudential Reveal Concern Over Asset Allocation And Fund Selection

Prudential has revealed new research that shows nearly six out of 10 financial advisers are concerned about possible regulatory action over asset allocation and fund selection decisions. The research found that 39 per cent of advisers are concerned they could face problems justifying decisions while another 19 per cent are concerned but have plans in place to deal with potential regulatory issues.

Prudential Reveal Concern Over Asset Allocation And Fund Selection

The survey f r o m Prudential also shows that 50 per cent of advisers would welcome support f r o m providers on asset allocation and fund selection as they battle to cope with the fallout f r o m the recent extreme stock market volatility.

With the research showing advisers currently spending around five hours per week on asset allocation and fund selection, 56 per cent of firms say expertise in these areas is important to the success of their business model. One in five advisers suggest that this activity could be outsourced.

Andy Brown, Director of Investment Funds at Prudential, said: “The unprecedented economic and market events of the past 18 months have increased the need for advisers to help their clients understand the implication of their risk and fund selections.

“Providers should be doing more to support advisers and giving them access to expert advice and help. It is in the interests of advisers and providers to come up with innovative solutions that meet clients’ expectations and their assessed risk levels.

“Asset allocation and fund selection are vital in ensuring that client needs and long-term investment expectations are met. However, both are potentially demanding and time-consuming. Finding reliable sources of both can enhance the service advisers offer to their clients.

“We believe that the interests of intermediaries and their clients are best served by providing risk-rated portfolios that can be mapped to the independent profiling systems used by advisers to assess their client’s attitude to risk. This is a better solution than relying on tools offered by product providers.”

Prudential and Old Broad Street Research (OBSR) have been working together since 2008 on the PruSelect fund range which offers 100 ‘best of breed’ funds as part of a drive to help advisers with fund selection and asset allocation.

Andy Brown continued: “This research demonstrates there is a real need for support f r o m providers to help advisers with the increasing regulatory pressure they face. In addition, the time advisers are currently spending on asset allocation and fund selection cannot be underestimated. We only see this requirement increasing over the next 12 months and we estimate more advisers will look to providers for support in meeting their regulatory obligations.”

Prudential’s research also reveals that only just over half of advisers (52 per cent) say they feel very confident in their level of knowledge of investment products and how to invest which points to a real need for support in this area f r o m providers.

The information contained in Prudential UK’s press releases is intended solely for journalists and should not be used by consumers to make financial decisions. Full consumer product information can be found at www.pru.co.uk.

Via EPR Network
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MidCountry Bank Military Division’s Volunteer Time-Off Program Recognized Nationally For Corporate Social Responsibility

An effort to promote community service within its national workforce was recently recognized when MidCountry Bank‘s military banking division, Pioneer Services, was named a finalist for the Corporate Social Responsibility Award for Workplace Innovation by PR News. The company received the honor for creating and offering all of its associates a Volunteer Time-Off (VTO) benefit, providing each individual up to 16 hours of paid time off annually to volunteer in their communities.

MidCountry Bank Military Division's Volunteer Time-Off Program Recognized Nationally For Corporate Social Responsibility

To encourage additional participation in the VTO program, last year the company initiated the Be the Difference campaign, an internal effort to increase usage of this unique benefit. The campaign included a Volunteer Fair at its headquarters that featured 23 nonprofit organizations, the creation of a new volunteerism website, t-shirts, promotional posters, and other items—all of which was led by an associate-ran Volunteer Committee. The result was a 400 percent increase in VTO usage, and numerous individual recognition and awards for associates, both locally and nationally.

“Giving back to the community is a key component of our corporate culture,” said Karen Von Der Bruegge , chief marketing officer of Pioneer Services. “We are proud to receive recognition for our social responsibility efforts, but must also recognize our associates around the country. Their efforts and willingness to give back have made the VTO program a great success.”

Winners of the PR News Corporate Social Responsibility (CSR) Awards are announced Feb. 24, 2010, at the National Press Club in Washington, DC . Pioneer Services is joined as a finalist in the Workplace Innovation category by Pepsi, Deloitte, and Butterball, and finalists in other categories include Bank of America, Chipotle Mexican Grill, Coca Cola, GE, Oracle, and eBay.

Via EPR Network
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Barclaycard Reveals Christmas Spending Increased In 2009

Barclaycard Payment Acceptance reveals spending on credit and debit cards was up this Christmas compared with last year.

Barclaycard Payment Acceptance, one of the largest processors of debit and credit card transactions in the UK has announced that shoppers spent more on debit and credit cards from 19 December to 31 December 2009* compared to the same period last year. This new data from Barclaycard provides a snapshot of how customers of all UK banks and credit cards were using their cards over this period.

The data showed that the busiest day prior to Christmas Day for turnover came on the 23 December with £497m being spent. After Christmas Day, sales peaked on the 29 December with £376m being spent.

Other highlights from the data include:

– Total turnover over the period was £4,085m compared to £3,989m in the same period in 2008 – a 2.4% increase
– Post Christmas spending up in 2009 against 2008 – £1,683m versus £1,642m
– Christmas Day – £24m over 0.7m individual transactions processed
– Christmas Day transactions peaked at 12.08pm with 32 transactions a second
– Boxing Day saw an average credit card transaction of £72.46. This was largely driven by the DIY and electronic stores sectors
– Online retailers saw £9.5m of turnover on Christmas Day compared to £8.1m for Christmas Day 2008 – an increase of 17%

Marc Pettican, Head of Sales at Barclaycard Global Payment Acceptance said “Our retailers have seen an increase in turnover compared to the same period last year with over £4 billion being spent. We’ve also seen a stronger post-Christmas performance as shoppers take advantage of the sales discounts and consider the effects of the imminent VAT increase.”

Via EPR Network
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Supermarkets Beat Big Banks In Credit Cards Customer Satisfaction Awards

•Supermarket sweep: M&S and Tesco credit cards (89.4%) top the table for overall customer satisfaction, closely followed by Amex (88.6%)

•Poor service: nearly two million customers dissatisfied with the everyday customer support from their credit card companies with Halifax, Lloyds TSB and Natwest coming bottom of the table

•Biggest improver: MBNA jumps from bottom slot to eleventh place in poll of 16 – overall satisfaction score rises six percentage points from 68% to 74% satisfied

•Better the devil you know: half of customers (50%) have held onto their main credit card for over 5 years, yet over 1 in 3 (34%) don’t know if the interest rate is competitive
•Growing gap: difference in customer satisfaction between the best and worst providers widens to 22% making it more important than ever for consumers to check they are on the right deal.

As 2009 proved to be another rocky year for borrowers and lenders alike, the annual credit card Customer Satisfaction Survey from uSwitch.com reveals supermarket brands to be stealing a march on traditional financial institutions. Marks & Spencer and Tesco have together narrowly taken the top spot from American Express to win Best Overall Satisfaction, but with less than a one per cent difference between the top three, the credit card companies still have everything to play for. The survey of over 10,000 credit card customers also reveals that nearly two million are dissatisfied with the everyday service provided by their card company, and a staggering 22% gap in satisfaction levels between the best and worst provider.

Via EPR Network
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NS&I Reveal Findings Of Families, Finance And The Future Report

NS&I’s ‘Families, Finance and the Future’ report has shown that before having children, Britons believe you should have an income of at least £25,000 per annum to ensure financial security, while 20% of those surveyed said that they would seriously consider not having children because the cost of having them nowadays is so high.

The NS&I report, Families, Finance and the Future, was written by the Future Foundation and commissioned by NS&I. The report was produced by a combination of desk research and original survey work. Figures taken from a nationally representative sample of 1,049 adults aged 16+. Other sources the report used include the British Household Panel Survey, the ONS, Eurobarometer, the Department for Communities and Local Government, and previous surveys conducted by the Future Foundation.

Almost two-thirds (64%) said people should be financially secure before starting a family, while 78% agreed that the standard of living was an influencing factor when deciding on how many children to have. Just 26% of Britons believe that money shouldn’t be a consideration when deciding to start a family.

Tim Mack, NS&I Savings Spokesman, said: “Starting a family is always going to be much more than a purely economic decision, though for some the financial requirement is clearly an income of £25,000 per year. Britons are also considering their financial future when deciding on the number of children they will have.”

More than one in ten respondents (12%) thought that those thinking of starting a family should be earning between £40,000 and £70,000 before having children, while a similar number (13%) believed that they didn’t need anything as they would always be able to get by. Men were more likely to suggest a bigger financial cushion than women – £27,000 per year, compared to just £23,000 for women – while people without children gave much higher estimates, saying people should be earning at least£30,000.

As well as looking at the situation for individuals, the report also argues that finances and families are linked on a larger, macroeconomic, level.

Barry Clark, Account Director at the Future Foundation, said: “Baby booms tend to follow economic booms and the reverse is true too. Our data suggests that over the past 60 years, GDP growth and the change in birth rates in the UK have been closely linked, so we expect that the coming years will show more than ever that finances and families are related on both a personal and national economic scale.”

The primary consideration influences on the number of children people decide to have appeared to be common:

78% – standard of living they can give their children
73% – meeting the cost of raising their children
51% – size of the house they can afford to raise their family in
39% – education they can make sure their children receive

It is evident that perceived affluence has an effect on the birth rate. In fact, Future Foundation research and the British Household Panel Survey both have shown that in European countries where more people have an income that is either in line with or above their financial expectations, families bear more children.

Barry Clark added: “The highest earners would seem less likely to have larger families owing to the demands of, and devotion to, their careers, or a sharper awareness of just how much children cost to raise.”

Via EPR Network
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Experian Teams with Citi to Provide SEPA Data Conversion Service

Experian, the global information services company, is partnering with Citi to provide an automated International Bank Account Number (IBAN) and Bank Identifier Code (BIC) conversion and validation service for SEPA-compliant cross-border payments. While Experian’s Data Conversion Service will be delivered across all 31 countries in the SEPA region, the partnership also extends to Citi customers initiating payments to and from the SEPA area from anywhere in the world.

Use of SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) schemes requires corporates to submit a valid BIC IBAN for all EU cross-border Credit Transfers and, from November 2009, for all direct debit payments. Additionally, several European countries have adopted the IBAN as part of their own domestic payment standard. In order to enable Citi’s customers to take advantage of the SCT and SDD schemes, the IBAN and BIC Conversion service will ensure customer databases are as accurate and complete as possible.

Experian will check, validate and convert existing domestic BBANs (Basic Bank Account Numbers) to the required IBAN and BIC standard in bulk, enabling customers to avoid rejection or failed payments, thereby reducing transaction costs and improving straight through processing of payment instructions. In addition, the bank’s customers will be able to identify invalid records that require further or correct information to be obtained or verified, including invalid account numbers and closed bank branches.

Ruth Wandhöfer, EMEA Head of Payment Strategy & Market Policy Global Transaction Services at Citi, commented: “Submitting invalid data when making a payment can be costly for corporates and their customers. However, by teaming up with Experian to ensure bank account details are converted into the right format, we will enable our customers to reduce the cost of correcting rejected payment information. In addition, the service enables us and our customer base to be ready for the introduction of SEPA Direct Debits in November 2009.”

Jonathan Williams, Director of Product Development and Strategy at Experian Payments, added: “Experian’s conversion service is already used by many of the world’s leading organisations to check their data, convert their data and then keep their data clean. By partnering with Citi, Experian is enabling a growing number of the world’s biggest businesses to make SEPA payments, while at the same time helping the bank to improve its operational efficiency.”

Via EPR Network
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Barclaycard Announces 100 EAT Stores Across The UK To Go Contactless

Barclaycard has announced that EAT, a leading sandwich, soup and coffee shop, will rollout contactless technology and payment across its entire network of 100 stores from mid November. The rollout of contactless follows a successful pilot project in 24 London based EAT stores over the past 18 months.

The rollout, which began in March 2008 and will be completed by mid November, will see contactless payment available in EAT stores in a range of towns and cities across the UK including Manchester, Birmingham, Oxford and Cambridge. These stores join Barclaycard’s ever-expanding contactless payment network, with more than 9,000 outlets now accepting contactless payments across the UK.

Contactless allows customers to purchase items of £10 or under without the need to enter a PIN or sign, with customers requested to enter a PIN occasionally for added security.

Dan Salmons, Director of Payment Innovations at Barclaycard commented: “Contactless is the future of payments and we believe that contactless payment, via card or mobile phone, is one of the safest and most secure ways to pay. We welcome this rollout as it demonstrates how both consumers and retailers are benefiting from the convenience of quick, secure payments with contactless. Consumer feedback highlights the growing demand for contactless and we expect EAT to be amongst the first of many major retailers who will become contactless enabled over the coming months.”

Rene Batsford, Head of IT at EAT commented: “For the last 18 months we have accepted contactless payments in over 30 stores in London, and the success and feedback from our customers meant the decision to rollout contactless across our entire network, was an easy one to make. Customers across all our stores can now benefit from a fast, secure way to pay.”

Barclaycard and Barclays have issued over four million contactless enabled credit cards since Barclaycard OnePulse credit card launched in September 2007 and have the highest market share of contactless terminals in the UK. Other well-known brands such as Prêt a Manger, Coffee Republic, the National Trust, Books Etc and Yo Sushi also accept contactless payments.

Via EPR Network
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NS&I Has Announced Changes To The Way Customers Can Invest In Its Fixed Rate Bonds

From the end of October, the products will only be available directly from NS&I (by freephone, online or by post) and no longer available through the Post Office.

NS&I and the Post Office have jointly agreed to this change, which is in part a reflection of the development of the Post Office’s own brand of savings products. These include Post Office Growth Bonds – a very similar range of fixed rate savings bonds to the two NS&I products. The decision also reflects NS&I’s desire to develop its direct sales channels.

The Post Office will continue to offer a wide range of other NS&I savings products – including Premium Bonds and Savings Certificates – which can be purchased over the counter.

Existing NS&I Guaranteed Growth Bond and Guaranteed Income Bond customers will not notice any change as all post-sale servicing and support is already carried out directly through NS&I.

Peter Cornish, Director of Customer Offer, NS&I, said: “We are committed to making our products as straightforward as possible and ensuring that customers understand where they are investing their money. The changes we have jointly agreed with the Post Office will do just that. Our Guaranteed Income Bonds and Guaranteed Growth Bonds will continue to offer customers a simple and straightforward saving opportunity.”

“The Post Office is our key distribution partner and we recognise it is a familiar option for many savers looking to invest with NS&I. Therefore, a wide range of our savings products will continue to be available over the counter in Post Office branches.”

Gary Hockey-Morley, Post Office Limited marketing director, said: “NS&I savings products will continue to be a key part of the ever expanding range of value for money financial services available at Post Office branches. We look forward to continuing our long standing partnership with NS&I well into the future, through providing easy access to a wide range of their savings products through our 12,000 branches which lie at the heart of communities across the UK.”

Customers can invest between £500 and £1 million in total in an NS&I fixed term bond, with guaranteed rates of interest. NS&I’s Guaranteed Income Bond offers customers the opportunity to receive their interest as a monthly income, whilst the interest earned on NS&I’s Guaranteed Growth Bonds is credited to the Bond annually.

NS&I’s fixed rate bonds are available in terms of one, two, three and five years. The two-year term was launched in July 2009 and is only available directly from NS&I.

Via EPR Network
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Recession Raises Fear Of Identity Theft

New research from Lloyds TSB has revealed 76% of adults are currently worried about identity theft and 39% feel more at risk now than they did six months ago, with the recession playing a major contributing factor. The research was conducted September 2009 by ICM for Lloyds TSB amongst 1,000 UK adults aged 18+ years.

Over half (52%) of those concerned about ID theft believe that the recession has increased the risk as rising unemployment drives more people towards criminal activity and ID theft. Coupled with this, is the fear expressed by 57% of people that social networking sites have made it easier to steal personal details – a 10% increase on those with the same worries last year.

The study shows that as many as 38% of Brits have experienced ID fraud, with almost half of those (18%) having been victims personally. However, 57% of those surveyed admit that they have not done enough to protect themselves and 25% don’t know how.

According to CIFAS, the UK’s Fraud Prevention Service, it takes an estimated 48 man hours to repair the damage resulting from fraud, and the cost to victims is frequently as high as £8,000. Typically, it takes an average of 539 days for someone to discover that they’ve been a victim of ID theft and it is on the increase; latest CIFAS figures show that it increased by 15% in 2008.

To combat this growing trend, Lloyds TSB has launched its ID Aware prevention and advisory service to help protect customers and bring them peace of mind.

Lloyds TSB’s ID Aware product allows customers to stay on top of their credit status and safeguard their identity, providing credit monitoring services and an early warning system to alert the customer to any activity involving their account. In addition, customers benefit from access to their credit status and payment history in one easy-to-understand document showing all credit cards, mortgages and loans. Credit alerts to warn the customer in the event that someone has been checking their credit status or doing anything fraudulent that affects their credit score. And if the worst should happen, expert help is on-hand. ID Aware provides 24 hour access to an advisor who will take control and set everything back on track.

Jatin Patel, spokesperson for Lloyds TSB commented: “As technology improves, it gets easier and easier for criminals to steal our identities and during tough economic times the temptation becomes greater. Protecting ourselves by shredding documents and protecting passwords is a good start, but having someone else keep an eye on your ID offers extra peace of mind.”

Lloyds TSB is also offering help and guidance through the National Identity Fraud Prevention Week (NIFP) which Lloyds TSB has supported from its birth in 2005. The Group will be putting up posters and providing leaflets in branches detailing ways to spot potential fraud. The bank is also giving information on how customers can protect themselves by safeguarding documents and making it as difficult as possible for criminals to access personal information.

Via EPR Network
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Lloyds TSB is Hitwise UK Online Performance Award Winner

Lloyds TSB has been named the number one website in the Business and Finance – Banks and Financial Institutions category for January – June 2009 in the latest Hitwise UK Online Performance Awards program. The annual Hitwise UK Online Performance Awards recognise excellence in online performance through public popularity, awarding websites in more than 50 key industries online.

This year is the fifth Hitwise Annual Awards and Lloyds TSB has been awarded number one every year since the awards began.

In addition to the Internet Banking top spot, online.lloydstsb.co.uk was also awarded a Hitwise Top 10 Online Performance Award for January – June 2009, ranking number two based on market share of visits among all UK websites in the Hitwise Business and Finance – Banks and Financial Institutions industry.

Results of the Hitwise UK Online Performance Awards are based on the Internet usage of more than 8 million UK Internet users with winners receiving the greatest market share of UK visits throughout the first half of 2009 in their online industry.

Jason Bacon, head of Digital Marketing for Lloyds Banking Group which includes Lloyds TSB said: “The Internet has fast become one of the most popular ways for customers to get information about financial services and to do their banking. Over the years we made sure that our online services evolve to meet customers’ needs and as a result we’ve seen both our website and our internet banking service grow in popularity. This award is a fantastic recognition of that.”

Daniel King, General Manager of Hitwise UK said, “With the dynamics of online marketing continually evolving, the online success of LloydsTSB during 2009 is an incredible achievement. Receiving a Hitwise UK Online Performance Award acknowledges that Lloyds TSB is amongst the most popular websites visited by UK Internet users, signifying the strength of their online marketing”.

Via EPR Network
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NS&I Unveils The First Live Vegetable Plot At BBC Good Food Shows

NS&I (National Savings and Investments), one of the UK’s largest savings organisations, is delighted to be working with Matthew Biggs to encourage ‘growing your own’ at this year’s BBC Good Food Show events.

Visitors to this year’s events in Glasgow (SECC, 30 October – 1 November), London (Olympia, 13 – 15 November) and Birmingham (NEC, 25 – 29 November) are encouraged to stop by the ‘Grow Your Own Food with NS&I’ vegetable plot. The plot will be tended to by Gardeners’ Question Time expert Matthew Biggs, who will be on hand to offer visitors helpful hints and tips on growing fruit and vegetables.

Matthew Biggs commented: “I am delighted to be working on the ‘Grow Your Own Food with NS&I’ feature. I’m looking forward to speaking to visitors at this year’s events, offering advice on how they can make the most of growing their own fruit and veg.”

He added: “Growing your own is the perfect way to cut down your shopping bill, as a bumper crop of ingredients such as tomatoes or rocket, can be grown easily for the small cost of a packet of seeds. It’s also fun for the family and a great way to enjoy fresh food with the finest flavour long after you’ve planted the first seed.”

About NS&I
NS&I is one of the UK’s largest savings accounts providers with almost 27 million customers and over £96 billion invested. It is best known for premium bonds, but also offers a Direct ISA, guaranteed growth bonds, guaranteed equity bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

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Barclaycard Advises Customers To Use Mybarclaycard Following UK Postal Strike Fears

Barclaycard is advising its customers to manage their accounts online with its new online account management, mybarclaycard, following the announcement of a possible national postal strike in October.

The new mybarclaycard service offers Barclaycard customers a variety of secure online payment options, including one off payments and the setting up of regular direct debits so customers do not have to worry about missing a payment deadline.

mybarclaycard is simple to use and gives customers more control over their accounts as they can choose how to view their account information and spending online. Customers will also be able to view statements online, request a balance transfer, query or dispute a transaction and request a new credit limit quickly and securely.

To avoid the impact of prolonged postal problems Barclaycard customers can register online using a simple registration process which offers customers instant access to their account so there is no need to wait for login details to come through the post.

Amer Sajed, Chief Executive Barclaycard UK, said: “We want to make our customers’ lives as easy as possible and by managing their account online, customers can take control.

“Managing an account online with mybarclaycard will avoid the impact of issues such as postal strike action. If customers do not have access to internet facilities, they can make a payment over the phone.”

Via EPR Network
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National Savings And Investments Is Increasing The ISA Allowance On Both Its Direct ISA And Cash ISA For Its Over 50s Customers

The revised allowance will come into effect from 6 October 2009. This change will enable existing Direct ISA and Cash ISA customers who will be 50 years or over on the 5 April 2010 to deposit up to £5100 into their ISA in the current tax year. From 6 April 2010 more than 400,000 of NS&I’s Direct ISA and more than 231,000 Cash ISA savers will be eligible for the higher allowance.

These changes reflect the Chancellor’s announcement in his 2009 Budget which stated that cash ISA customers aged 50 years or over should have an increase to their tax-free ISA allowance, increasing the maximum investment from £3600 to £5100 from 6 October.

The interest rate paid on NS&I’s Direct ISA is currently 2.50%, and 0.5% per annum on its Cash ISA.  John Prout, Director of Customer Sales and Retention at NS&I, said: “We have contacted the 365,000 of our ISA customers who will be 50 years or over on the 5 April 2010 to let them know that they can make use of their higher allowance from 6 October. They can do this by calling NS&I on our new freephone number, 0500 007 007.

At NS&I we pride ourselves on being straightforward in both our communications and our savings bond range. We urge all of our eligible ISA customers to take full advantage of the increased allowance available to them.”

NS&I has changed its general enquiries number. Customers will now need to call the freephone number 0500 007 007 to contact NS&I directly. The former chargeable enquiries number, 0845 964 5000, will continue to operate but customers may incur a charge from their provider. NS&I’s sales line will continue to operate through 0500 500 000.

Via EPR Network
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Ruling Out Stock Market Investment Hits Long-Term Returns

Prudential has recently released new research that shows that one in four investors have ruled out a return to stock market investment in fear of losing money.

Around one in four potential investors – equivalent to 11.9 million people – are ruling out equity investments because of a lack of confidence in the stock market or because they don’t want to lose more money.

The FTSE-100’s 43 per cent surge from its low-point of 3,512.1 on March 3rd 2009 to more than 5,000 now has yet to convince millions of investors to return to stock market investing, Prudential believes.

But the retirement and savings giant warns that by ruling out stock market investments now, those people who can afford to save are potentially missing out on long-term gains delivered by the historically strong performance of shares.

The research shows 1.9 million – around 4 per cent of the population – have been put off investing more because of recent losses while approximately 12 per cent say they have no confidence in the stock market over the next 12 months and around another eight per cent say they have no confidence at all in the stock market.

Trevor Cheal, Retirement Savings Business Director for Prudential said: “The saying that it is not timing the markets but time in the markets that matters could never be more apt. Investors often act irrationally and driven by fear they sit out the markets as they begin to recover, missing out on some potentially spectacular gains.”

Prudential research shows that 32 per cent of those who do not intend investing in the stock market would be convinced to do so if they could be guaranteed they would not lose money, while 13 per cent say they will invest if the market shows strong signs of recovery. Another 6 per cent would do so if they had access to expert advice on where to invest.

However 25 per cent of those who reject stock market investments say there is nothing that could convince them to return to the stock market.

There are investors willing to buy however, with 9 per cent of the population – 4.3 million people – planning to invest directly in shares with another 11 per cent – 5.2 million people – planning to buy unit trusts or an ISA.

But direct equity investment is not the only option as Prudential’s Trevor Cheal, points out: “It is understandable that in volatile markets, investors may not want all their eggs in one basket and multi-asset funds which provide diversification can give them some degree of comfort while still giving the investor exposure to the stock market. Those who feel they lack the knowledge to manage a diversified portfolio should consider getting professional financial advice from a stockbroker or an IFA.”

Via EPR Network
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