Category Archives: Banks

Banks

Banks, Credit Cards, Financial, Financial Services, Loans, Money, Personal Finance

Barclaycard has announced it is to freeze its rates for existing customers, as well as offering a reduced APR for new Barclaycard Platinum and Barclaycard OnePulse customers

Barclaycard is freezing the prices for all its UK personal customers for at least the next four months. Although committed to the principle of risk based pricing, Barclaycard has decided to suspend the process to help its customers, meaning no individual will have their purchase interest rate increased until at least June due to the change in their risk profile.

At least three million UK Barclaycard customers will benefit from the freeze in rates, with purchase interest rates being reduced by between 2.5% and 5%. Selected customers will be informed directly of the change, with half of these reductions being implemented in February and the remaining taking place throughout the year. These customers have been identified as having a low risk profile and they include both those who clear their account regularly and customers who borrow.

As well as freezing rates for its existing customers, Barclaycard has reduced the headline APR for its flagship Barclaycard Platinum credit card (the most popular card in the company’s portfolio) and Barclaycard OnePulse (the combined credit, contactless and Oyster card) by 2.5% to 12.4% for new customers. In addition, Barclaycard will continue to offer a full range of cards to new customers, depending on individual circumstances and needs.

Barclaycard has also established a new helpline for customers concerned about their financial situation. Those who believe that they may get into difficulty can talk directly to an expert and receive practical support and advice by calling the helpline number available in the credit card guidance section of the Barclaycard website.

By using behavioural data shared with other credit card lenders and additional information about the total borrowings of customers, Barclaycard can now able to predict accurately when customers may be getting into difficulty, and the company is launching a programme of contacting customers who are showing potential signs of financial difficulty before they miss payments, offering support and advice to individuals as soon as possible.

Barclaycard has committed not to contact customers for up to two months to seek payment if they are actively working with the free money advice sector to sort out their financial difficulties. Continuous training of collections advisors is being undertaken to ensure that all customers in difficulty are treated with compassion, empathy and respect. Barclaycard has also committed £4.3 million over the next three years to the company’s flagship community initiative Horizons, which it launched in 2005. Working with three charity partners, including Citizens Advice, the additional money will enable Horizons to support 450,000 lone parents and their children to deal with financial hardship and build their skills for a brighter future through a programme of debt advice, financial literacy training, grants and an employability programme.

Antony Jenkins, Chief Executive of Barclaycard, said: “We recognise that 2009 is going to be a difficult year for many people and we want to do what we can, when we can, to help Barclaycard’s customers.

“Today’s announcement will assist millions of our customers and we are determined to support them further, in innovative ways, over the coming months.”

Barclaycard Platinum, APR of 12.4% with 0% BT for 12 months (3.0% BT fee applies) and 0% on purchases for 3 months.

Barclaycard OnePulse, APR of 12.4% with 0% BT for 12 months (3.0% BT fee applies) and 5% cash-back on Transport for London spend plus 0.5% on all other spends until the end of 2009.

About Barclaycard:
Barclaycard, part of Barclays Global and Retail Commercial Banking division, is a leading global payments business which understands the needs of both purchasers and sellers. It enables retailers and merchants to accept cards, helps customers make payments through card, contactless and mobile applications as well as extending credit to consumers. In addition to the UK, Barclaycard operates in the United States, Europe, Africa and the Middle and Far East.

Via EPR Network
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Banks, Financial, Financial Services, Money

Tracing Agency to help reunite customers with their dormant accounts

Tracesmart has been exclusively appointed by Britannia Building Society to help reunite missing customers with their accounts. As part of Britannia’s comprehensive program of activity to trace customers with unclaimed assets, Tracesmart, the Cardiff based tracing agency, is to trace people who hold accounts which have been dormant for 15 years or more.

Assets go missing in a number of ways; account holders lose track of accounts when they change address and forget to notify their financial institution; other assets are ‘lost’ when customers pass away and their relatives are not aware of accounts; so over time savings are forgotten.

The Government has defined a dormant account, in this instance, as one where there has been no customer activity for a period of 15 years. Astonishingly, vast amounts of money are lying unclaimed in financial institutions across the UK as people lose track of their assets. According to The Commission on Unclaimed Assets, one in three adults in Britain believes they have a dormant account of some description.

Tim Franklin, Managing Director of Member Business at Britannia, said; “Our programme to reunite customers with their unclaimed accounts has been successful, but there are some members who we’ve not been able to trace through the records we hold. We enlisted Tracesmart to find those customers using their advanced tracing methods and expertise.”

Michael Trezise, Tracesmart’s Managing Director, commented, “We are of course delighted to be exclusively appointed by Britannia, the UK’s second largest building society, to assist them with their asset reunification program. Our advanced data cleansing systems, skilled tracing agents and unique multi-tiered search solutions have enabled us to work closely with Britannia, reinforcing our claim to be the UK’s leading tracing agency. Tracesmart’s continued investment in key personnel and cutting edge technology is now reaping significant reward.”

Trezise added, “Following the enactment of the Dormant Bank and Building Society Accounts Act in November 2008, Tracesmart is now well placed to assist more and more financial institutions as they enter into their asset reunification program.”

For more information on the Tracesmart/Britannia asset reunification program visit http://www.tracesmartcorporate.co.uk/britannia/

About Tracesmart Ltd

Tracesmart Ltd formed in 1999, is one of the UK’s market leaders in the provision of online consumer data intelligence, serving both the consumer and corporate markets. To the corporate markets, Tracesmart offers a powerful data cleansing and tracing service in addition to an identity verification system, a facility that businesses and organisations from SME to Blue chip companies employ to combat fraud and money laundering activity. Tracesmart’s electronic ID service delivers fast, regularly u p d a t e d  and unfailing information and is relied upon by a growing legion of operators in the financial, legal and retail sectors.

Mike Trezise – is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience his unrivalled knowledge provides the company with a distinct competitive advantage.

Dormant Bank and Building Society Accounts Act 2008 The Act was put in place to enable the banking industry to transfer unclaimed assets in the banking system so that they may be reinvested in society, whilst ensuring the rights of owners to be reunited with their assets are protected. The Act defines unclaimed assets as broadly covering all bank and building society accounts where there has been no customer-initiated activity for 15 years. The Act also allows for a reclaim fund to be set up to manage customer reclaim across the industry, on which the liability to repay customers will be placed, and to be authorised by the Financial Services Authority. The Act makes provision for assets to be distributed to the community via the Central Reclaim Fund, with a focus in England on youth services, financial capability and inclusion and (if funds permit) social investment. Devolved administrations will decide their own spending priorities.

 

Banks, Checking & Savings, Debts, Financial, Financial Education, Financial Information, Loans, Money, Taxes

Many receiving a tax refund see it as “free money”. But when used wisely it can be a way to catch up on bills and set up future financial success

Receiving a tax refund can be nice in tough economic times, providing service members and families with extra money they may not have anticipated. Often, those receiving a tax refund see it as “free money” they can use to splurge on items they might not otherwise afford. But when used wisely it can be a way to catch up on bills and set up future financial success.

Pioneer Services’ newest article, Making your tax refund work for you, provides detailed suggestions on what to do with a tax refund. The article focuses on debt reduction and long-term solutions, and is suggested reading not just for military families, but for anyone getting money back from the Internal Revenue Service this year.

“Very few people enjoy paying taxes, but many enjoy getting some of it back,” said Laura Stack, chief financial officer for Pioneer Services and author of the article. “Early filers will soon start receiving their tax refunds, and it’s important for their financial health to use it wisely.”

You can read the complete article over here.

Pioneer Services, the military banking division of MidCountry Bank, provides financial services, personal loans, and award-winning financial education to members of the Armed Forces. For more than 20 years, Pioneer Services has been a leader in military lending, and supports military families and communities through a variety of partnerships, programs, and sponsorships.

For more information, visit PioneerServices.com. For loan information, visit PioneerMilitaryLoans.com.

 

Via EPR Network
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Banks, Financial, Financial Education, Financial Management, Insurance Services, Investment, Money

Quest CE announces the hiring of Marcy Kalat as Vice President of Business Development for Quest

Quest CE’s President & CEO, Alan Krenke recently announced the hiring of Marcy Kalat as Vice President of Business Development for Quest. Marcy brings over 15 years of Sales and Relationship Management experience to Quest working previously for RegEd and FIRE Solutions Inc. as Vice President of Sales, Penton Media as an Account Executive and UConnections.com as Area Sales Manager.

Marcy received her undergraduate degree in Social & Behavioral Science from Indiana University. Marcy’s industry affiliations include the National Society of Compliance Professionals and the Securities Industry & Financial Markets Association.

Marcy will be working directly with Quest’s Sales and Marketing Team to aggressively expand Quest’s market share in the continuing education arena .leading Quest to become the premier provider of compliance technology solutions.

Marcy resides in San Rafael, CA with her husband Peter and daughter Marley and their chocolate lab Maggie. She is active in her community as a volunteer and is a member of the National Charity league.

Marcy can be reached by phone at 877-593-3366 or mkalat@questce.com.

About Quest CE:
Quest CE offers customized continuing education and online compliance management programs to financial service firms across the country. With over 100 clients in the insurance, mutual fund, broker-dealer and banking industries, Quest has the resources and expertise necessary to create and administer successful training programs for organizations of all sizes. For more information about Quest CE you may also contact Quest CE at 877-593-3366 or visit our website at www.questce.com.

Via EPR Network
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Banks, Financial, Interest Rate, Loans, Money

There are reasons the recent base rate cuts have not led loan providers to slash the interest charged on secured loans, as financial solutions provider Think Money points out

Following the recent spate of rate cuts, financial solutions provider Think Money raised a few points about the secured loans market.

Melanie Taylor, Head of Corporate Relations at Think Money: “In just three months, the Bank of England’s base rate dropped from 5% to just 1.5%, prompting substantial changes in the mortgage market – but not in the secured loans market. Many people have questioned this: if mortgage lenders can lower their rates, they ask, why are loans providers seemingly unwilling or unable to do the same?

“The answer lies in the differences between the mortgage market and the secured loan market. Both deal with secured credit and so depend heavily on trends in the housing market as well as the availability of credit, but the two markets are fundamentally different.

“First – and perhaps foremost – a secured loan is a second charge. If a property ends up being repossessed, repayment of the first charge (the mortgage) will always take priority over repayment of the second charge. So from the lender’s perspective, a secured loan is simply more risky than a mortgage – and greater risk has always been accompanied by higher interest charges.”

Committed to the principles of treating customers fairly, lenders will enter into possession proceedings only as a last resort, but the ‘second charge’ issue is still very much a factor in today’s economic climate, with the Council of Mortgage Lenders predicting 75,000 repossessions this year, and no clear indication of when we’ll see a recovery in the housing market.

“Second, it’s clear that the Government’s initiatives aimed at keeping people in their homes are focusing on mortgages, not secured loans. Government help is welcome, as it could help homeowners and limit the damage to the housing market, but this focus on mortgages does add to the difference between mortgages and secured loans, in terms of risk to the lender.”

At the same time, the secured loans market is being adversely affected by the same issues currently plaguing the mortgage market – primarily, the shortage of wholesale funding and the ongoing drop in property prices.

“It’s a common misconception that the base rate dictates the cost of wholesale credit, but this is simply not the case. As the Council of Mortgage Lenders has stated: ‘the cost of funds to lenders depends not on Bank rate, but on a range of other factors, including what they have to pay savers to attract deposits, how much it costs them to borrow in money markets, and the costs of holding capital and sufficient liquidity’.

“Falling house prices, meanwhile, have made lenders much more cautious about granting either secured loans or mortgages. Most analysts seem to expect prices to bottom out after falling another 10% or so this year, but there’s no guarantee this will happen, or that the subsequent recovery in prices will be either immediate or rapid.

This explains why most lenders are reluctant to offer mortgages or secured loans which would leave the homeowner with less than 20% equity. After all, a property worth £200,000 today could be worth £150,000 this time next year. It’s a worrying thought for the homeowner, but also for the lender, who might find a portion of their loan isn’t actually secured against anything – at least, not until property prices rise again.”

Think Money specialises in finding secured loans for people with all kinds of financial backgrounds. If you are thinking about getting a secured loan – or looking for loan advice – contact one of our expert loan advisers today.

Via EPR Network
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Anti-Money Laundering, Banks, Business, Financial, Financial Services, Loans, Money

Tracesmart Now A Member Of The Debt Buyers And Sellers Group

Cardiff based Tracesmart, renowned supplier of debtor tracing services, has announced it has become a member of the Debt Buyers and Sellers Group (DBSG). Tracesmart has joined the DBSG as part of its commitment to the debt collection industry and to provide valuable specialist input on some of the core processes used to recover debt, namely data cleansing and tracing.

Formed for the benefit of companies who buy and/or sell debt, the DBSG is the official voice of the sector, administering best practice and offering guidance and support where needed. Created by the Credit Services Association (CSA), the group’s inaugural meeting took place in December 2003 and was officially launched at the CSA’s 2004 Annual Conference. Today the DBSG has in excess of 80 members including some of the biggest companies in the industry who trade billions of pounds worth of debt each year.

As well as helping to expand the company’s presence within the debt collection arena, joining the DBSG will help Tracesmart to keep its finger on the pulse of one of its core industries. Chris Rothwell, Sales Director for Tracesmart explained further,

“Tracesmart is already an active member of the CSA, having a regular presence at their events and in their publications and also providing consultation on key industry topics. Having a pro-active involvement has helped us expand our knowledge of the industry, build our customer base and also allowed us to provide valuable guidance on the areas in which we specialise. We now hope that by working closely with the DBSG we can both provide our expertise to enhance best practice in key recovery activities and raise our company profile.”

Tracesmart currently holds memberships and affiliations with many professional organisations and bodies; these allow the company to remain up-to-date with industry trends and also provide forums through which valuable information can be shared. Mike Trezise, Managing Director at Tracesmart, comments on the importance of aligning with industry professional bodies,

“We have a hugely diverse customer base and whether the client is a firm of solicitors conducting identity checks for anti-money launderingpurposes, or a debt collection agency using our systems to trace people, we want our services to completely fulfil their particular needs. By affiliating with professional organisations we are able to identify changes in relevant industries as they happen and tailor our services to meet client needs.”

  • Tracesmart Limited – was formed in 1999 and supplies a diverse range of consumer data cleansing, identity check and tracing tools to a wide variety of industries. Their client base ranges from SME to Blue Chip, who are all recipients of bespoke solutions, built around their specific needs.
  • Chris Rothwell – Tracesmart’s Sales Director – previously worked in both the financial markets and tracing industry. With a wealth of knowledge and experience, Chris is well placed to head up Tracesmart’s corporate sales team.
  • Mike Trezise – is the founder and Managing Director of Tracesmart. With over 25 years tracing and fraud analysis experience his unrivalled knowledge provides the company with a distinct competitive advantage.
Banks, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Insurance, Insurance Services, Loans, Money, Personal Finance

Lloydstsbcompare.Com Raise Public Awareness Of The Need To Tackle Household Bills Ready For The New Year

Skyrocketing energy costs have been a prime concern for many Brits in 2008 but switching suppliers could save a typical household up to £454 – that’s £7,384 million across the entire country.

To help raise awareness, LloydsTSBCompare.com declared December 30th to be ‘tackle your bills day’ to encourage people to assess their household bills and save money in 2009.

According to research by LloydsTSBCompare.com, 80 per cent of people have seen a rise in their energy bills this year. Over one in four (27 per cent) of UK households saw their energy bills rise by more than £40 per month and 30 per cent think they could rise by a further £40 per month this winter.

Despite the pressure from rising bills, one in three (36 per cent) households has never switched energy providers and one in four believes shopping around will not make any difference. But those who have used comparison sites to switch providers have, in recent months, benefited from average annual savings of £284.

By using a comparison site such as LloydsTSBCompare.com customers can compare gas and electricity, telephone and broadband providers, as well as travel and car insurance. The site also has supermarket and petrol price checkers, helping customers to secure the best deals in and around their local area.

Steve Grainger, LloydsTSBCompare.com, said: “A concerning 40 per cent of Brits said they don’t know how they will cover their bills if prices continue to increase. December 30 was the perfect day for us all to concentrate on getting on top of our finances for the New Year. LloydsTSBCompare.com gives customers all the tools they need to cut their household bills and save money.”

Stealing the crown from TescoCompare, LloydsTSBCompare.com was recently named ‘Britain’s best car insurance comparison site‘ by Defaqto, the independent product research company.

The ‘tackle your bills day’ declaration comes at a time when many UK households are feeling the pinch and LloydsTSBCompare.com hope it will encourage homeowners to push sorting out their personal finances higher up the list of new year’s resolution for 2009.

About LloydsTSBCompare.com:
LloydsTSBCompare.com has been developed by Lloyds TSB Insurance Services Limited to offer our customers a choice of independent impartial quotes from a wide panel of insurance providers and energy suppliers. Comparison features include price, policy benefits, plan features and customer service rating, so consumers can make sure they get the policy that best meets their individual needs.

LloydsTSBCompare.com is a trading style of Lloyds TSB Insurance Services Limited registered in England and Wales under company number 968406, with registered offices at 25 Gresham Street, London EC2V 7HN.

LloydsTSBCompare.com is authorised and regulated by the Financial Services Authority (Registration number: 310738).

Via EPR Network
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Banks, Debts, Financial, Financial Management, Financial Services, Financial Solutions, IVA, Loans, Money, Mortgage, Personal Finance

Debt Advisers Direct remind consumers with debt problems of the importance of seeking debt advice early on, before their finances are further affected by the recession

Commenting on the nation’s economic troubles, Debt Advisers Direct stressed the importance of seeking debt advice in time, before debt problems can escalate out of control.

“Whatever the economic climate, it always makes sense to address debts at the first sign of trouble,” said a spokesperson for the company. “During times of economic uncertainty, it’s more important than ever.

“The problems in the housing market alone pose a significant threat to the livelihoods of people in all walks of life. What was initially seen as an issue for estate agents has grown to affect builders, movers, decorators, furniture stores and so on – after months of negative news from companies directly linked to the housing market, we’re now hearing of problems in a much wider range of industries.

“With so many either out of work or facing the possibility of unemployment, people are spending less and problems in the housing industry are spilling over into the high street, placing even more jobs at risk – at a time when new employment may be hard to find.

“Coping with a period of reduced income is never easy, but people with high levels of debt are far more likely to experience financial problems almost as soon as their income drops.

“This underlines the need to tackle debt problems sooner, rather than later. Many people with smaller debt problems may find a chat with a debt adviser could help them get on top of their finances without making any major lifestyle changes. Once the adviser understands their financial circumstances, they should be able to provide some budgeting advice and suggest practical ways of reducing their level of debt.

“When it comes to more serious financial problems, however, many people are put off by the sheer size of their debts. Someone who owes tens of thousands of pounds may not feel there’s anything they can do to make an appreciable ‘dent’ in their debts.”

In most cases this is unlikely to be true: “However much they owe, they may still have a range of options, depending on their circumstances. A debt consolidation mortgage, for example, could be right for someone who wants to reduce their monthly outgoings and simplify their finances, while an IVA (Individual Voluntary Arrangement) could help someone who literally can’t keep up with their debt repayments – and who can’t realistically expect to repay their debts in a reasonable timeframe.

“We were very pleased to see the emphasis which the Chancellor’s Pre-Budget Report placed on debt advice – the Government is dedicating more than £15 million of additional funding to ensure people can access debt advice when they need it. Similarly, we were pleased to see certain credit card providers and mortgage lenders extending a ‘grace period’ to people who fall behind on their repayments.

“Even so, we remind borrowers how important it is to talk to a debt adviser before things reach the stage where they’re missing payments of any kind: taking steps to tackle their debt today is virtually certain to improve their chances of getting through the recession with their finances in a good state.”

Via EPR Network
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Banks, CDs, Checking & Savings, Financial, Financial Services, Money, Online Banking

National Savings & Investments win industry award for successful MyLostAccount campaign

National Savings and Investments (NS&I) has been awarded the Most Effective Advertising Campaign at this year’s Financial Services Forum Awards for Marketing Effectiveness for the successful campaign for mylostaccount.

Launched in January 2008, mylostaccount is the free, ‘one-stop shop’ website to trace bank, building society and NS&I savings accounts. Designed to make it quicker and easier to search for lost savings, the website brings together the existing tracing schemes from the British Bankers’ Association (BBA), Building Societies Association (BSA) and NS&I.

mylostaccount was promoted by an extensive online and print campaign that commenced in February 2008. The campaign was fronted by a cartoon image, ‘Fetch’ the dog, and was designed to appeal to a wide audience.

Ayesha de Silva, Online Marketing Manager at National Savings & Investments who collected the award said, “To receive the award is a real honour for all of us at NS&I and our partners, the BBA and BSA. The mylostaccount website has certainly proved popular with the public in 2008 and the concept of ‘Fetch’ was a straightforward and fun way to make people aware of the new website.”

The campaign identity and advertising was developed and produced by CST and media buying handled by OMD UK. The website was built by Wrenhill.

In the first six months of mylostaccount, more than 140,000 people submitted search forms for money left unclaimed in dormant bank, building society and NS&I accounts. This compares with 44,000 claims in 2007, via the BBA’s, BSA’s and NS&I’s own tracing services, prior to the launch of the website.

The free website has also averaged over 760 claims per day since its launch, as savers have become more aware of this easy way of checking whether any of the estimated £1 billion lying in dormant accounts is rightfully theirs.

The Financial Services Forum Awards for Marketing Effectiveness, introduced in 2002, are dedicated to recognising and rewarding proven success in the presentation and promotion of financial services and products. At the award ceremony the site was also Commended for two other awards, in the Digital Activity and New Product, Service or Innovation categories.

About mylostaccount:
mylostaccount is a free website created by NS&I along with the British Bankers’ Association (BBA), the Building Societies Association (BSA), which is designed to help account holders search for lost bank, building society and NS&I accounts by simply completing just one application form.

About NS&I:
NS&I is one of the largest financial providers in the UK with 28 million customers and over £83 billion invested. It is best known for Premium Bonds, but also offers High Income Bonds, ISA accounts, Guaranteed Equity Bonds and Children’s Bonus Bonds in its range. All products offer 100% security, because NS&I is backed by HM Treasury.

NS&I products are available over the telephone, internet, post and by standing order. They are also available through a network of 14,000 UK Post Office branches.

Via EPR Network
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Banks, Checking & Savings, Financial, Financial Management, Financial Services, Financial Solutions, Home Equity, Loans, Money, Mortgage, Personal Finance

The Bank Of England’s Decision To Cut The Base Rate Could Be Particularly Welcome Among People Looking To Remortgage

Welcoming the Bank of England’s decision to cut the base rate to 2%, financial services provider Think Money (www.thinkmoney.com) highlighted the positive effect this could have on people looking for a remortgage.

“Many people paying – or looking for – a mortgage will welcome the base rate falling to levels we’ve not seen in over 50 years,” said Melanie Taylor, Head of Corporate Relations at Think Money. “However, we anticipate the greatest sense of relief will be among people coming to the end of their mortgage term.

“Primarily, this is because these are the people who are tied to a specific time period. Most people moving house or buying their first home will have a degree of flexibility in the timing of their move, but when a mortgage term expires, it expires. This is an absolute deadline – and before they reach that point, the homeowner should have decided whether they’ll revert to their mortgage provider’s SVR or look for a new mortgage deal altogether.

“To anyone in that situation, the base rate cut will come as a great relief, as it could make either option more appealing. In some cases, it could make all the difference between being able to stay in the house and having to sell it.”

However, as the Council of Mortgage Lenders (CML) has pointed out, lenders don’t necessarily benefit from cuts to the base rate in the way that many people believe. As the CML website states: ‘the cost of funds to lenders depends not on Bank rate, but on a range of other factors, including what they have to pay savers to attract deposits, how much it costs them to borrow in money markets, and the costs of holding capital and sufficient liquidity … Far more important than the Bank rate in determining lenders’ funding costs is the three-month London inter-bank offered rate (libor)’.

Nonetheless, the rate which the Bank of England charges lenders is still an important factor, affecting the entire monetary system: “Many mortgage providers passed the full 1.5% of November’s cut on to borrowers on their SVR deals. Various lenders have already announced they will pass on all or most of this latest reduction too, making the thought of reverting to their SVR much more attractive.

“At the same time, this reduction in the base rate will make it easier for lenders to lower the interest rates they charge for new mortgages of all kinds, helping people remortgage at a more attractive rate.”

But homeowners at the end of their mortgage term won’t be the only ones to benefit from the base rate cut. “According to the Bank of England’s November 2008 Inflation Report, around 7% of mortgagors are spending 35-50% of their pre-tax income on their mortgage payments – and 5% are spending 50%-100%. Given the historically high salary multiples we’re seeing in today’s mortgage markets, the ability to remortgage at a lower rate could make all the difference to the finances of many homeowners.”

“Of course, there’s always the question of Loan-to-Value (LTV), a particularly important ratio in today’s economic environment: with house prices dropping and credit relatively scarce, lenders are reserving the best deals for people with LTV ratios of 60% or less. Even so, a base rate of 2% is indisputably good news for most homeowners with mortgages across the country, whatever their situation.”

Via EPR Network
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Banks, CDs, Checking & Savings, Financial, Investment, IRA, Money

During an economic downturn most investors resort to bank CDs, but CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee

Stock Market Investors Shift From Wall Street To High Yield Investments On Main Street. Most investors traditionally resort to bank CDs during an economic downturn. But CDs may not be the best option considering the low returns they guarantee. Therefore, a more favorable option during this economic downturn could be in an alternative private investment with higher yield and a guarantee offered by a financial company such Integrity Financial AZ based in Sacramento, CA.

Investors across the stock market could soon find a better alternative to the traditional bank CDs in guaranteed return investments, claims Integrity Financial AZ, a leading financial investment company headquartered in Sacramento, California.

Financial companies realize that the current credit crisis is causing an economic downturn as well as apprehension among the investors losing their retirement savings due to the stock market plunge. Analyzing the current scenario, investors are also worried that the stock market may not recover in the near term from the recent “Ticker Shock” being reported minute by minute by the media.

In order to escape the financial morass, “Wall Street investors are scrambling for alternative investment vehicles to recoup their stock market losses in the safest investments possible while at the same time staving off the under-toe of inflation,” says Stanley Paulic, CEO of Integrity Financial AZ, www.IFAZLLC.com, and one of the leading financial companies of the United States. “Finding a high equity yield investment on Main Street to recoup one’s losses is even doable in this economy,” Paulic adds.

“Earning higher yields and a guaranteed rate of return does not automatically correlate to ultra-high risk. It might just mean that it is a better investment vehicle with better margins for investors. After all, what is riskier than Wall Street, especially right now where most investors are suffering from double-digit negative returns?”

“You can earn a guaranteed return with a bank CD, but the return will be low.” His statements are based on the fact that the rate of return for investors on bank CDs is 2-3% during economic downturns.

Company management states that investors can rollover their 401k or transfer an existing self directed IRA to purchase 10% guaranteed investment contracts secured by real estate. Over the long run these contracts earn more in comparison to CDs making such guaranteed investments more preferable.

About Company
Integrity Financial A-Z Company was founded by Steven R. Long, President, and Stanley M. Paulic, Chief Executive Officer, with the vision to create financial independence for internal clients so that they are self-sustaining, self-generating, and self-perpetuating as stated in Latin on the logo. The company aims to provide clients with financial independence assuring high equity yield investments and 10% guaranteed returns, which three to four times the rate of return of normal Bank CDs.

Via EPR Network
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Banks, Checking & Savings, Credit Cards, Financial, Financial Services, Insurance, Insurance Services, Loans, Money, Personal Finance

Virgin Money UK Has Strengthened Its Management Team With The Appointment Of Rob Clifford As UK Managing Director

Prior to joining Virgin Money, Rob was Chief Executive at Mortgage Force and has over 20 years experience in financial services. A serial entrepreneur, he has led a number of successful start-ups and has a proven track record of creating significant shareholder value, as well as having been repeatedly elected to the boards of regulatory and trade bodies.

Rob Clifford will join the firm on 6 January 2009* and will report into Jayne-Anne Gadhia who will now drive the worldwide financial services strategy forward. Virgin Money has a presence in the UK, Australia, South Africa and USA.

Virgin Money UK has seen strong growth since 2003 (CAGR 30.50%) and in his new position as UK Managing Director, Rob will be tasked with ensuring the business continues to grow quickly and profitably across credit card, protection and investments, as well as developing a new mortgage proposition for the business.

Jayne-Anne Gadhia, Executive Chairman of Virgin Money worldwide said: ‘I am delighted that Rob Clifford has agreed to join us. He has focused on value creation throughout his career and will bring his vast experience of the UK financial services market to make a major contribution in shaping and growing the Virgin Money business in the UK.’

Rob Clifford said: “I’ve spent over 20 years in financial services and been lucky enough to build several successful businesses with fantastic colleagues during that time. About 10 years ago I met Jayne-Anne Gadhia and became a fan of Virgin Money. We always believed that we’d eventually create the right opportunity to work together and now is that time.”

Rob added: “Having made massive emotional and physical investment in building businesses which became trusted and admired, there was no way I could miss an opportunity to become a custodian of one of the most powerful brands around. Virgin is all about being passionate, challenging and innovative and I’m certainly up for the challenge.”

* Subject to regulatory approval

About Virgin Money

Virgin Money is Virgin’s financial services arm and was established in 1995.

Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.

Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271

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Banks, Debts, Financial, Financial Management, Financial Services, Money, Personal Finance

Debt management company Gregory Pennington welcomes the recent fall in inflation – in particular, the indication that some of the financial pressures on struggling borrowers are starting

Welcoming the recent fall in inflation, debt management company Gregory Pennington highlighted the significance of this drop to people struggling to manage their debts.

In October, the CPI (Consumer Price Index) measure fell from 5.2% to 4.5% – the largest month-on-month fall in 16 years. Having said that, the reading of 5.2% was the highest reading in 16 years, so even a reduction of 0.7% falls far short of returning inflation to a ‘normal’ level.

“Remember the Bank of England’s target for CPI inflation is just 2%,” said a spokesperson for the debt management company. “At 4.5%, today’s rate of inflation still means prices are rising more than twice as fast as the Bank would like – this reduction simply means that the speed with which things are getting more expensive is slowing.

“More to the point, CPI has been over the Bank of England’s 2% target ever since October 2007, so today’s consumers are still dealing with the cumulative impact of a full year of high inflation. And the timing makes that elevated cost of living particularly dangerous: today’s consumers are also dealing with record levels of personal debt, as well as rising unemployment.”

As a result, there are many people finding it hard to manage their debts: trying to stretch a shrinking budget further each month. “For anyone in that position, any decrease in inflation can’t come fast enough. They’ll be relieved to see some expenses – such as petrol – coming down, but many other things are still far higher than they were a year ago. A recent article in The Guardian, for example, reported that a basket of 24 staple items in the UK’s biggest three supermarkets now costs 17.8% more than it did last November.”

Looking forward to next year, it seems the Bank of England is expecting inflation to eventually drop below its 2% target, and perhaps as low as 1%. “This is good news for two reasons,” said the spokesperson for the debt management company. “Not just because it’ll mean prices are (relatively) coming down, but also because it could allow the Bank to cut the base rate even further.

“Clearly, a lower base rate could help many people currently struggling with their finances. People on tracker mortgages will see the most immediate benefit – many of them have already seen their mortgage payments drop by hundreds of pounds compared with July, when the base rate stood at 5.75%.”

Nonetheless, too little inflation can be as dangerous as too much – and we’re now facing the possibility of deflation in 2009. While economists agree that a short stint of deflation would not be a problem, any sustained period of shrinking prices could seriously damage the economy.

Deflation means a decrease in the price of property, shares and goods of all kinds. People therefore wait to buy expensive items, as it only makes sense to wait until the price comes down. Falling demand means companies sell less and are forced to reduce their workforce.

“It’s clear the Bank of England has a delicate balancing act ahead of it: when it comes to normal people managing their debts, deflation could be as big a danger as high inflation.”

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Banks, Financial, Home Equity, Loans, Money, Mortgage

US Mortgage, a diversified mortgage products and services provider that offers net branch affiliate programs, commented today about how mortgage rates held even despite last week’s historic changes, which has resulted in a time for consumers to take advantage of historically low interest rates

In a time of historic changes last week in the US financial markets, mortgage interest rates held pretty much even across the board. With the market making the largest one-day drop in decades and also one of the largest one day gains in a long time to mention nothing of the historic $700 billion bailout package, the country would have expected something to happen with mortgage rates. Instead, the country experienced the smallest changes in mortgage rates it’s seen all year.

US MortgageMany experts think the markets reacted somewhat positively to the bailout but at the same time the economic outlook has soured. Additionally, the initial positive reaction to the bailout has softened as some have started to question whether the bailout will actually work. Subsequently, in a week of unprecedented changes in the mortgage industry, mortgage rates didn’t move an inch.

“Despite all the historic moves economic moves as of late,” added Frank Kuri, Vice President of Net Branch Development at US Mortgage Corp.,“there has never been a better time to take advantage of historically low interest rates. Our net branch affiliates are ready to help our customers leverage these opportune times.”

About US Mortgage
Headquartered in Pine Brook, NJ, US Mortgage is a licensed mortgage banker founded in 1996. US Mortgage’s owners and principals founded West Jersey Community Bank, a de novo corporation, prior to the incorporation of US Mortgage. Sharing the vision of a national, multi-platform, mortgage banking organization, the company subsequently broadened the business with the formation of CU National Mortgage, a national provider of transparent mortgage services for credit unions; US Capital Markets, a secondary market resource to investors and sellers; Icon Residential Capital, a national wholesale lender and BranchLink, the branch affiliate program that is bringing US Mortgage to locations throughout the United States.

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Banks, Costs, Credit Cards, Credit Repair, Debts, Financial, Financial Management, Financial Services, Financial Solutions, Loans, Money, Mortgage, Personal Finance

Debt Advisers Direct have warned that the squeeze on incomes could become tighter in the coming months

Debt Advisers Direct have responded to findings that Britons’ disposable incomes have fallen by nearly 30% on average in the past two years, warning that the pressure on incomes could increase as the economic crisis progresses, and have advised consumers to take care of any debts as soon as possible.

Responding to research by Abbey Credit Cards claiming that British citizens have seen their disposable income fall by nearly 30% during the past two years,Debt Advisers Direct have warned that the squeeze on incomes could become tighter in the coming months, and have advised consumers to take care of any financial issues, especially outstanding debts, as soon as possible.

According to the research, the average household now has only 25% – around £382 – of their monthly income left after essential costs such as mortgage payments and energy bills have been paid.

That figure is down from £541 in disposable income available to British households just two years ago – a 29% fall.

The research also claims that one in ten spend 90% of their income on bills and other essential costs, leaving only 10% as disposable income.

On average, British households were spending 7.4% of their total income on repaying debts, not including mortgages, the research claimed.

Meanwhile, an average 24% went towards mortgage or rent payments, 17% on household bills, 16% on food, and 8% on transport costs.

British incomes have been put under pressure on two fronts throughout the economic crisis, with costs of living such as energy bills and food prices rising rapidly, and the credit crunch limiting access to additional funds in the form of loans and mortgages.

The effects have been tangible, with overall retail sales gradually declining over the year, and profits for ‘budget stores’ increasing – a sign that consumers’ perceived priorities are shifting as their disposable incomes shrink.

An expert from Debt Advisers Direct said: “Many people consider disposable income a luxury that can be spent on ‘unnecessary’ items, but it’s important to remember that disposable income is also a very important buffer against unexpected rises in outgoings.

“For example, if someone depends on their car to get to work, and they have to pay for a £500 repair with only £200 disposable income, that person could be forced into debt in order to make ends meet. That’s why it’s important for people to minimise their outgoings, and make savings where possible.

“The overall situation has become worse over the past year because costs of living, especially energy prices have risen so quickly. Food and other retail products are now falling in price, but energy prices have shown no sign of doing the same – and this continues to push more people towards debt.”

The Debt Advisers Direct spokesperson added that there are a number of debt solutions that can help to minimise outgoings when finances are limited.

“For people with multiple debts, a debt consolidation loan can be spread out across a longer period of time than the original debts, meaning monthly payments are lower,” she said. “Interest rates can also be reduced, especially when consolidating high-APR debts such as credit cards. However if the debt is repaid over a longer period, the additional interest from this can counteract some of the savings made.

“For debts that are becoming unmanageable, a debt management can help. It involves arranging to repay creditors in smaller amounts, based on how much the person in debt can afford, over a longer period of time.

“As always, we advise anyone looking to tackle their debts to seek professional debt advice beforehand.”

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Banks, Credit Cards, Debts, Financial, Financial Services, Financial Solutions, Loans, Money, Personal Finance

Following the first rise in consumer confidence since December 2007, debt management company Gregory Pennington have said that while this may bode well for the health of the economy in some respects, it is by no means a sure sign of economic recovery, and consumers should not be complacent about their finances in the coming months

Following the announcement from Nationwide Building Society that consumer confidence has improved for the first time since December 2007, debt management company Gregory Pennington commented that this is an encouraging sign that the Government’s recent actions aimed towards economic recovery may be working, but warned consumers that difficult times may still lie ahead – and those facing financial worries, particularly debt problems, should tackle those issues as soon as possible.

Nationwide’s overall Consumer Confidence Index (CCI) rose 8% in the month, bringing the index up from 51 in September to 55 in October. Most significantly, this is the first rise since December last year – a sign that some form of economic recovery could be on the horizon, possibly as a result of the recent Government bank bailout scheme.

The number of people who thought the economy would be performing better in six months time almost doubled from 14% in September to 27% in October.

However, Nationwide’s figures showed slightly less optimistic opinions amongst consumers regarding the current state of the economy: three quarters (75%) of those questioned believed the current economic situation is bad, compared with two thirds (66%) in September.

A spokesperson for debt management company Gregory Pennington said that increased consumer confidence for the future is encouraging, but added that consumer confidence should not be confused with expert’s predictions.

“The Consumer Confidence Index is to do with how people feel,” she said. “It’s likely that consumer confidence has improved on the back of the recent Government bank bailout scheme, as well as cuts in the base rate. But that doesn’t necessarily mean we are much more likely to avoid any of the issues highlighted by economists in recent months.

“On the one hand, consumer confidence is very important for the economy and could be pivotal in terms of how soon and how quickly the economy recovers. When consumer confidence is high, people are more willing to spend their money and less inclined to save, therefore pumping more cash into the economy and maintaining a healthy cycle. Conversely, when consumer confidence is low, less money flows through the economy – and that puts the economy at risk of recession.

“The Consumer Confidence Index is a reasonable indicator of how the economy could fare in the coming months, as long as attitudes remain the same. But it doesn’t tackle the underlying issues that continue to threaten the economy – issues which could cause consumer confidence to fall back down.”

The spokesperson added that even though consumer confidence on the whole is recovering, there are many people facing financial hardship due to fast-rising inflation over the past year, many of whom find themselves struggling with debt.

“We have been through an unusual situation for the economy over the past year, in which affordable living costs suddenly became unaffordable for many households,” she said. “The sharp rises in food, energy and petrol prices have prompted many people to cut back, but many people who were already stretched financially may have been forced into debt in order to make ends meet.

“We advise anyone who finds themselves struggling with debt to seek professional debt advice. The right form of debt management could help to bring down monthly outgoings and really relieve the pressure on those hardest-pressed by the financial crisis.”

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Anti-Money Laundering, Banks, Checking & Savings, Credit Cards, Financial, Financial Management, Financial Services, Financial Software, Financial Solutions, Mobile banking, Money, Online Banking, Personal Finance

Barclays release new video highlighting the risks of online fraud that their customers may face when using the internet

Barclays new video, which is presented by television reporter Spencer Kelly, outlines the key risks such as phishing and malicious software and provides advice on what can be done to avoid these threats as well as the things Barclays does to protect customers.

Barclays is a leader in online banking security initiatives having launched PINsentry in 2007. PINsentry uses a handheld card reader and chip and PIN technology to verify customers’ identities for online banking. Without the need for passwords or memorable words, PINsentry has introduced a new layer of security to online banking, with users being issued with a unique eight digit code, helping to fight fraudsters who hack into people’s computers or utilise “phishing” emails to steal login details. Over 1.5 million customers are now using PINsentry and it was recently named the Best Security Initiative at the Nominet Best Practice Challenge 2008 awards.

In June 2008 Barclays became the only bank to offer all of its customers a full freeonline security software package. The package, from award winning internet security provider Kaspersky, includes anti-virus software as well as a spam filter, parental controls, spyware, adware and firewalls and is available to all customers who are registered with Barclays online banking. As a result of these initiatives and continuing work behind the scenes, Barclays has seen a dramatic 91 per cent drop in the money lost to fraudsters from 2006 to 2007 and is the only UK bank to have seen a reduction in the number of phishing attacks.

Barclays fight against online fraud continues with a new ‘vidcast’ advising people on the best methods of internet security. The five minute video is available to watch at www.barclays.co.uk/video where viewers are also invited to post their comments including suggestions for subjects of future videos.

For more details on PINsentry, free Kaspersky internet security software and other online security information please go to www.barclays.co.uk/security.

About Barclays

Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services, with an extensive international presence in Europe, the USA, Africa and Asia.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 143,000 people. Barclays moves, lends, invests and protects money for over 38 million customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com.

Video on www.youtube.com/barclaysonline

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M&S Money reports sales of Dubai currency hit record levels as the QE22 prepares to leave the UK for the final time

As the QE2 leaves the UK for the final time before becoming a floating hotel in Dubai, figures from foreign currency expert M&S Money suggest that the region continues to be a popular winter destination for Brits.

Last month saw the highest ever amount of sales of foreign currency for Dubai, with more than

£1million worth of UAE Dirham (AED) being sold through the network of M&S bureaux de change, as well as on the phone and internet.

October’s record figure has contributed to a 15% year-on-year increase in sales of the UAE Dirham – the currency used in the seven states which form the United Arab Emirates.

Dubai and the other UAE states have grown in popularity as a destination for Brits in recent years, whether on holiday, for business or visiting friends and family.

Hotels in Dubai have reported growing visitor numbers this year. According to the Dubai Department of Tourism and Commerce Marketing there was a 22 per cent growth in hotel revenues during the first three months of 2008, compared to the corresponding quarter last year.

The Queen Elizabeth 2 (QE2) cruise liner is the longest-serving ship in the 168-year history of the Cunard line and is currently owned by Carnival, the world’s largest cruise operator.

Having now left Southampton for the last time she will arrive in Dubai later this month, where she will undergo extensive refurbishment to become a floating hotel.

Fraser Millar, M&S Money Head of Travel Services, said: “Our travel money sales figures show that the UAE Dirham is one of the most popular currencies outside the Euro and US Dollar.

“October and November are usually the peak months for sales of the Dirham as people prepare to head-off for some winter sun. The high sales figures of last month may indicate that those who are travelling to the region are taking more cash as a result of the increased cost of living in Dubai. Travellers should bear this in mind when deciding how much currency to purchase before travelling.”

According to www.dubaifaqs.com, visitors can expect to pay around:

  • Hotel room (per night): £50
  • Small car rental (per day): £17
  • Petrol (per gallon): £1.05
  • Beer (pint): £5
  • House wine: £30
  • Bottle of water (1.5 litre): 40p
  • Burger: £2.40
  • Foreign newspaper: £3

Brits spend on average £821 per visit to the UAE, or £76 per day (Figures from the

Office for National Statistics Travel Trends 2006).

 

About M&S Money

M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top-ten credit card provider and the second-largest travel money retailer in the UK. M&S Money also offers travel insurance as well as providing insurance for homes, cars, travel, pets and weddings, along with loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 76 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer — quality, value, service, innovation and trust.

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Banks, Financial, Financial Services, Financial Solutions, Interest Rate, Loans, Money, Mortgage, Personal Finance

Think Money have welcomed the Bank of England’s shock base rate cut to 3%, commenting that the mortgage market could benefit as a result

Following the Bank of England’s shock base rate cut to 3%, financial solutions company Think Money have welcomed the news, commenting that firm action is more likely to encourage banks to consider cutting their interest rates accordingly. However, they added, there are still some factors that may prevent lenders from passing on the full 1.5% cut to their mortgages and loans.

The base rate cut, from 4.5% to 3%, is the biggest cut since the Bank of England lowered the rate by 2% in 1981. The base rate now stands at its lowest point since 1955.

Many economists had predicted an aggressive cut in base rates, but the extent of the cut was still unexpected. Most predictions in the run-up to the Bank of England’s announcement pointed towards a 0.75% or 1% base rate cut – and only a few days previously, 0.5% seemed a more realistic figure.

A spokesperson for financial solutions company Think Money said: “It would seem that the Bank of England are acting based on Mervyn King’s recent statements that the recession would be long and drawn-out, and rather than take the base rate down in small increments, they have ‘bitten the bullet’ and taken it down further than most people expected.

“Potentially, it’s very good news for people and businesses looking for loans, but not such good news for savers.”

However, the spokesperson stressed that as with previous base rate cuts, there is no guarantee that lenders will pass the full cut onto their mortgages and loans – although the extent of the cut could at least increase the impact on lenders’ behaviour.

“There will still be a lot of uncertainty with regards to what will happen in the economy in the future, as well as some apprehension amongst banks as to how much they might lose from things like defaults on mortgages as the recession takes hold,” she said.

“The base rate cut only affects how cheaply lenders can borrow funds from the Bank of England. It does not directly affect the LIBOR rate, which is the measure of how expensive inter-bank lending is. Since lenders rely heavily on borrowing from each other to fund their loans and mortgages, they may well be slow to bring their rates down.

“That said, the Bank of England will have no doubt had this in mind when deciding on their base rate cut – and it may well be that such a large cut is sufficient to encourage some lenders to bring their rates down to more competitive levels.”

However, a number of banks appeared to take defensive action even before the 3% base rate had been announced, with several lenders removing tracker mortgages from their product ranges on Wednesday and Thursday morning, while others upped their interest rate margins on tracker mortgages.

“This may just be a temporary measure by lenders in order to avoid any risks in the short term,” the Think Money spokesperson said. “A number lenders have said they will be taking some time to think about their next step, so it’s possible that we will still see some significant interest rate cuts in the next week or two.”

The spokesperson was also keen to emphasise the importance of good mortgage advice. “With so much uncertainty surrounding what will happen with mortgage rates in the next few months, it often pays to speak to a mortgage adviser who understands the market. They should be able to point you towards the best mortgage deals for your circumstances, which could save you a lot of money in the long run.”

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Lloyds TSB have reported that while many Britons have taken action to clear their debt, they are saving less money

Lloyds TSB Consumer Banking released a new report revealing that over half of UK adults have taken action to clear their debt, but despite gathering economic gloom, almost two in five Britons (37%) are saving less money.The ‘Financial Face of Britain’ report reveals the nation’s savings and spending habits, debt levels and tests Briton’s overall financial know-how.

The in-depth study, of over 5,000 adults*, shows a distinct change in financial behaviour as the credit crunch bites. But whilst spending levels have been curbed, the current financial crisis has hit consumer’s appetite to save at a time when acash reserve is vital.

The report reveals a third of people have changed their spending habits in the last six months and spent less to cope with the credit crunch, with almost 40% of under 35s reporting that they have been cutting back.

People have also reassessed their finances, with over half (55%) of UK adults taking action to clear their debt. Almost one in three (32%) have increased the amount they pay off each month, with a fifth (19%) focusing on paying off more of their debt which is on higher interest rates, such as store cards.

But, almost two in five (37%) are saving less, particularly the older age group; with 43% of 45-54 year olds currently neglecting their savings. While the younger generation are bucking this trend, with almost a third (32%) of under 25s currently putting more money to one side. But when it comes to long term savings, almost three quarters (74%) of under 25s do not have a pension and are not saving enough to secure their future.

Worryingly, one in five people have less than £500 in their savings, with four out of ten families having less than £500 available to them should disaster strike, making many consumers vulnerable to financial difficulty during these uncertain times.

In addition, over two million families are also failing to put enough money aside to secure their child/children’s future and the average family savings balance of£7,542 is considerably lower then the national average (£12,703) for a single person.

Consumers are aware that they need to save more but many people want more guidance and support to kick start the savings habit. Research shows that the majority of consumers are looking for advice and guidance on how to save more money and how to make long term savings.

Ian Larkin, managing director, Lloyds TSB Consumer Banking said: “It has never been more important to save. Economic conditions are set to become more challenging and a healthy savings balance could prove to be a financial lifeline for some families during the economic storm.

“But, with rising bills it’s becoming harder to put money on one side. We all understand the need to save but what consumers told us they need is more guidance and advice on how to save more when their finances are being squeezed. To tackle this, we are launching a nationwide programme to help get Britain saving, which is going to be packed full of advice on how to boost your savings balance and make saving a habit.”

About Lloyds TSB:

Lloyds TSB offers customers a wide range of current accounts, savings accounts,insurance, loans and credit cards, designed to meet different customers’ needs. Lloyds TSB Bank plc and Lloyds TSB Scotland plc are authorised and regulated by the Financial Services Authority and signatories to the Banking Codes.

Lloyds TSB Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065.

*Research conducted by ICM with 5000 UK adults between 29th July – 4th August 2008.

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