Category Archives: ISAs

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

Northern Rock Cuts Mortgage Rates

Northern Rock has reduced mortgage rates, making its range even more competitive. As well as reducing selected rates across its core mortgage range by up to 0.50%, it has improved its 2-Year Fixed rate deal available exclusively through Northern Rock’s intermediary partners. The product is now available at 2.99% for those with a 30% deposit (70% LTV).

All of the remaining reduced deals are available to both purchase and remortgage customers, the latter benefiting from Northern Rock’s usual incentive of a free basic valuation and free standard legal costs.

Northern Rock has reduced rates for customers with a 25% deposit. A 2-Year Everyday Fixed rate deal with a £995 product fee is available at 3.19% for those with a 25% deposit (75% LTV). The same deal is available without a product fee, priced at 3.65%.

Alternatively, those with a 25% deposit (75% LTV) can choose a 3-Year Fixed rate mortgage with a £995 product fee at 3.93%, and a 5-Year deal with a £995 product fee is 4.59% up to 75% LTV. Those who choose not to pay a product fee, can secure the same product at 4.79%.

Competitive Buy to Let rates start from 3.39% for a 2-Year Everyday Fixed rate mortgage with a 3.5% product fee, up to 60% LTV. Those preferring a flat fee of £1,995 can choose a 2-Year Fixed rate up to 60% LTV, priced at 4.79%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays. Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission.

Via EPR Network
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Northern Rock Wins Prestigious National Big Tick Award

Northern Rock has been heralded among the most responsible businesses in the UK after receiving Business in the Community’s (BITC) coveted national Big Tick for its work to tackle financial exclusion in partnership with credit unions.

The Big Tick award is the first level of award available to entrants of the national BITC Awards for Excellence, which recognises inspirational programmes that are making a positive impact on the community, the environment or wider society.

Northern Rock’s contribution, which involved volunteers skilled in a number of disciplines, helping to rebrand and relaunch South Tyneside Credit Union as Bridges Your Community Bank, has also been shortlisted for consideration for the title of Example of Excellence – the overall winner for the Building Stronger Communities category.

The final results will be announced at the BITC Awards for Excellence Gala Event, sponsored by Unilever, which will be held at the Royal Albert Hall on 5 July.

Northern Rock’s Customer and Commercial Director Andy Tate said: “We are absolutely delighted to receive this Big Tick in recognition of our important work in the local community, in this instance for our work with Bridges.

“We are also honoured to have been shortlisted for the overall Example of Excellence and we are very proud of what has been achieved through the dedication of our staff.”

Stephen Howard, Chief Executive of Business in the Community said: “I congratulate Northern Rock on achieving its Big Tick. It is a challenging time for business, but this is a sign that companies are not losing their focus and are transforming their businesses to make a positive impact on people and society; and are prepared to lead by example. That’s what Business in the Community’s Awards for Excellence is all about – celebrating responsible business, the leadership that makes it happen and the benefits to the business and society of doing so.

“Communities and consumers need to see that businesses are proactive, visible and engaged on the big issues of the day, as Northern Rock has demonstrated.”

Representatives from Northern Rock will be presented with the Big Tick award at a regional celebration event at the Gateshead Hilton at the end of June.

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Northern Rock Launches Improved E-bonds

Northern Rock has launched two new improved issues of its online fixed rate e-bond account, providing competitive interest rates for those savers who wish to operate their accounts online. E-bond (Issues 7 and 8 ) will be available from April 2011.

With a minimum deposit of just £1, customers can benefit from a competitive fixed rate of interest until 20 May 2012 on e-bond issue 7, which pays 3.10% gross*/AER** annually, or choose e–bond issue 8, which pays 4.10% gross*/AER** pa, fixed until 20 May 2014. Monthly interest rate options are also available for both products. Accounts must be opened and operated online and initial deposits can be made online by electronic transfer from another bank or building society.

E-Bonds account holders can choose to have their interest paid annually (interest is calculated daily) on 5 August, or monthly (the monthly interest rate is 0.30% below the gross* annual rate) on the 7th of the month (available next business day).

Additional deposits to the fixed rate bonds can be made during the offer period up to a maximum of £250,000 per customer. E-bonds (Issues 7 and 8 ) are non-redeemable and neither issue allows any withdrawals or closure during its respective fixed rate period. The bonds are offered on a strictly limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

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Northern Rock has announced the launch of its Easy ISA Issue 2

Following the success of its recently launched Easy ISA, Northern Rock has improved the variable rate cash ISA account, which offers a competitive tax-free* interest rate for a minimum deposit of just £1.

Easy ISA can now be opened and administered by post, as well as in branch.

The Easy ISA Issue 2 account provides a variable rate of interest, and easy access to savings funds. With a minimum deposit of £1, a competitive flat rate of 2.65% tax free*/AER** pa, and the option to transfer across any existing Cash ISAs, Easy ISA makes sense. Balances below £1.00 will earn the basic savings rate of 0.10% tax free* per annum and deposits into the Variable Rate Easy ISA will be allowed from all Northern Rock variable rate accounts, instant access and notice accounts. Transfers from online accounts must be made via the nominated bank account. Transfers in from other organisations are allowed.

The product welcomes additional deposits and transfers within HM Revenue and Customs limits (£5,340 pa from 6 April 2011). Interest, which can be added to the account or paid into another account, is paid annually on 30 November and will be available the next business day.

Charge-free and notice-free withdrawals and transfers (minimum £1) can also be made from the account (there is a £35 fee for transfers via CHAPS).

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Northern Rock Launches Improved e-ISA Issue 2

Northern Rock has launched a new issue of its online variable rate ISA to complement its competitive portfolio of branch, postal and online savings accounts.

e-ISA Issue 2 offers those who prefer to operate their savings accounts via the internet, an online option for their tax-free* savings. e-ISA is a variable rate Cash ISA set at a competitive rate of interest.

Northern Rock’s customer and commercial director Andy Tate said: “Our customers want options. They want to be able to choose the best account to meet their individual needs, whether that be tax-free or not, and variable or fixed rate.

“We are pleased to increase our ISA rates, as the previous issue was well received by our customers and the market as a whole.”

For customers who prefer to earn a variable rate of interest on their tax-free* savings, variable rate e-ISA Issue 2 can be opened with no initial deposit.

Interest, which can be added to the account or paid into another account, is paid annually on the first business day following the 11 March and available the next business day on minimum balances of £1.00 (balances which fall below this amount will earn Northern Rock’s prevailing rate of interest, 0.10% tax free*/AER** pa).

e-ISA Issue 2 allow transfers in from other providers and additional deposits can be made to the Cash ISA, within HM Revenue and Customs limits (£5,340 pa from 6 April 2011) up to 30 days after the product is withdrawn.

Minimum withdrawals of £1 by BACS and £250 by CHAPS can be made from the account.
There is a £35 fee for transfers out via CHAPS.

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Northern Rock Plc Launches New Savings Website

Northern Rock plc has launched a new interactive savings website to make it easier for customers to find a Northern Rock savings product from the competitive range available.

The new savings website follows the introduction of Northern Rock’s award-winning Mortgages website, which was launched in April 2010.

The new site offers helpful advice and practical information, as well as full details on Northern Rock’s savings products.

For those customers thinking about investing their savings, at-a-glance guides are available to help them choose which savings product, such as savings accounts or anISA; best suits their needs; whether they’re new to Northern Rock or an existing Northern Rock customer. For those customers who are not sure which savings product they wish to use there is an in depth learning section explaining what Northern Rock’s products are all about, and offering helpful advice and practical information. Customers will also be able to make use of a budget planner to help them plan their finances.

For those looking more closely into applying for a savings product, such as a Cash ISA, the new website contains information about Northern Rock’s entire suite of savings accounts and a selector tool to help narrow down and filter their selection as well as a range of tools which help customers cut through the jargon. Customers will also have the option of being able to use a product calculator for each of Northern Rock’s products to help work out their estimated return on investment.

Northern Rock has also made it easier for its existing customers to find their existing accounts and any supporting information they might need to manage them.

Customers can now select a suitable savings product, which they can save and come back to at a later date, or begin their application online. Or if they feel they need further information, customers can call the dedicated Northern Rock savings team at their UK based contact centre to find out more.

Andy Tate, customer and commercial director at Northern Rock said: “The new website is a fantastic tool, developed for our customers, with the aim of improving the whole process of evaluating and applying for a savings product.

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

Northern Rock Further Improves Its Award-Winning Mortgage Website

Northern Rock has further enhanced its mortgage website, less than six months after scooping a prestigious award for ‘best use of digital’, with the addition of a new video guide, to help home-buyers through the exciting but sometimes daunting journey of buying their first property.

Northern Rock’s mortgage website was launched in April 2010, and in September won the ‘best use of digital’ accolade at Communicate Magazine’s Digital Impact Awards 2010, held to celebrate excellence in digital stakeholder communications. The site was also named among the contenders for the Financial Services category of the British Interactive Media Association (BIMA)’s annual awards last year, and highly commended for best use of technology at the Mortgage Finance Gazette Awards.

A brand new, animated video guide has now been added to the website, to help steer customers step-by-step through the house-buying process. Using a simple 10-step format, each of the segments covers a different area of the house purchase journey, from setting an affordable budget at the outset, right through to exchange and completion.

The video guide adds a new dimension to the site which is already populated with useful advice and information for different mortgage customer groups. The site also includes a range of interactive tools such as a jargon buster, budget planner and overpayment calculator to help take the complexity out of selecting a mortgage and buying a home. The new guide should prove essential viewing for anyone facing the daunting prospect of looking for a first time buyer mortgage.

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

Northern Rock Cuts Everyday Mortgage Rates

Northern Rock has improved its Everyday mortgage range, offering lower rates which will make it more affordable for those looking to buy a new property or remortgage their home. The new Everyday fixed rates start from just 3.09%.

Everyday mortgages offer customers simple, straightforward mortgage deals with competitive rates and the ability to make overpayments of up to 10% each year, as well as the option to apply for payment holidays.

The news comes just weeks after it reduced its application fee for purchase customers to just £99.

Until Saturday 23 October 2010, all successful mortgage applicants on any Northern Rock purchase product who complete by 31st January 2011 will be entered into a prize draw with the chance of winning a home ‘makeover’. This prize will include a personal consultation with an interior designer to help them plan the change, and gift vouchers from retailer John Lewis.

Lloyd Cochrane, Head of Mortgage Products at Northern Rock said: “Buying a new house can be very exciting, but making your new house your home can also be expensive. Northern Rock understands this and so, as well as making rate cuts across our Everyday range of mortgages, we are offering one lucky mortgage customer the chance to win a fantastic new home makeover which we hope will help things along a little.”

Northern Rock continues to offer a choice of Fee Saver options across its Everyday and Flexible product ranges for customers who are looking to keep their costs as low as possible. And there is also a competitive range of Buy-to-Let mortgages available.

Northern Rock continues to operate its mortgage product range within the constraints of the competitive measures agreed with the European Commission. Full details of the entire mortgage product range offered by Northern Rock are included for information.

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Lloyds TSB Is Searching For The The Weather Photographer of the Year

A leading panel of award-winning photographers and acclaimed meteorologists launched a major amateur weather photography competition – with a top prize of £10,000.

Lloyds TSB Is Searching For The The Weather Photographer of the Year

The Lloyds TSB Insurance Weather Photographer of the Year will run for six months, culminating in a public exhibition in London where the finalists’ entries will be on show ahead of the winner being announced in November.

The winner will be chosen by an expert panel featuring acclaimed weather photographers Roger Coulam and Mark Humpage – who will be looking for images that capture our love of the weather, demonstrate originality and creativity, and chart the ever changing British climate.

In addition, the public will also have the opportunity to vote on their favourite pictures online, with £100 going to the most popular photo uploaded each week.

Entrants can upload their photos at http://www.lloydstsb.com/weathercompetition.

The Lloyds TSB Insurance Weather Photographer of the Year has been organised by the leading insurer, which is proud to sponsor the Channel 4 weather.

Paula Llewellyn, Head of Marketing Services at Lloyds TSB Insurance said: “As a proud sponsor of the Channel 4 weather, we’ve launched the Lloyds TSB Insurance Weather Photographer of the Year Competition so Brits can show us what they love about the climate, and what ‘British Weather’ means to them.”

Lloyds TSB Home Insurance provides cover for a range of weather related problems such as windstorm and lightning damage.

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UK Savers Losing Billions Of Pounds In ISA Accounts Each Year

As billions of pounds of British savers money is being lost in ISA accounts, the government’s consumer watchdog Consumer Focus is due to launch an official complaint on the matter. The move which could potentially ‘shake up the ISA industry’ is a long time coming suggests Matt Spencer, founder of UK based personal finance blog Moneystand.co.uk.

Consumer Focus have highlighted numerous ‘unfair obstacles’ financial providers have put in place for savers to transfer their accounts to other banks, which pay higher interest rates.

The cash ISA market is currently worth around £158 billion, as savers flocked to the tax free service introduced in 1999. Upon its launch rates averaged a healthy 6.32 %, however this figure has plummeted to 0.42 %, a figure that is below the Bank of England base rate.

Mike O’Connor, chief executive of Consumer Focus suggests that a slow ISA transfer process and bureaucracy from the banks has caused many of these problems. He suggests that only 12 % of people have moved their ISAs to a more preferable savings rate, which is costing UK savers millions per year in lost revenue.

As a large consumer group, Consumer Focus can launch a ‘super-complaint’ to the Office of Fair Trading (OFT). This would force the OFT to give an official response within 90 days to the matter and a decision over what action it would take towards the issue.

Common issues that arose include the length of time it takes for transfers to occur when sending funds and information from one bank to another. Official government guidelines recommend a limit of four weeks for this process. Findings from Consumer focus show that a third of people switching their ISAs waiting more than five weeks for funds to clear into the new account.

Customers should be wary when looking for a new ISA provider however warns Matt Spencer, suggesting:

“Banks are offering introductory rates with high interest levels to entice new customers to open new ISA accounts. These short term bonuses often hide very poor interest rates once the honeymoon period is over.

It’s time for savers to get the rates they deserve, so be sure to make your money is working as hard as possible for you. This might mean that you need to change your current ISA provider, despite the long transfer times between banks.”

Personal finance blog MoneyStand provides unbiased personal finance, IVA help and debt related information. Founded in 2008, MoneyStand was created in response to the worsening financial situation of individuals in the UK and across the world. For more information on personal finance, visit www.moneystand.co.uk.

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A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

A new Government-run service is set to provide impartial financial advice for millions of UK citizens looking for help with money matters.

A New Government-Run Service Is Set To Provide Impartial Financial Advice For Millions Of UK Citizen

The service – called Moneymadeclear – was launched by Chancellor of the Exchequer Alistair Darling and will provide free consumer advice from independent financial experts.

Moneymadeclear gives people the chance to pick up the phone, talk face-to-face or get information online with regard to money worries, financial planning and information on consumer rights.

The service also gives advice to consumers who think they may have been mis-sold a financial product and don’t know what action to take.

A service such as this is long overdue says life insurance comparison site QuoteBoffin.co.uk:

“Consumers have long deserved a service that is concise and impartial as Moneymadeclear, especially for people who have concerns over money but do not know who to turn to.

Moneymadeclear also supports the different ways in which people take in information as well as the resources consumers have available. For example, some people prefer to use the web to get information whilst others are more comfortable meeting an advisor face to face and so forth.”

The Government has trialled the service in the North East and North West since last April. The trial helped 500,000 people and is expected to assist a million people in the next year alone.

Chancellor Alistair Darling said:

“Moneymadeclear is free, impartial advice for all, whether you are unsure about the small print in a mortgage form; want advice opening a savings account for your children or grand-children or want some help dealing with repayments before they get out of hand.”

In a post recession economy the importance of financial support for concerned consumers will undoubtedly be welcomed by people looking to firm up their finances.

QuoteBoffin.co.uk went on to say “Although the UK has officially left the recession it’s going to take many years to see a full recovery. This means that continued job losses, mounting debt and high interest rates will put continued strain on consumers.

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Research: Britons Not Yet Planning For New ISA Limits

NS&I has revealed new research that shows people across Britain are not yet planning for the changes to ISA entitlements this year and risk missing out on tax-free returns. Just 15% of Britons surveyed say they understand the new limits, which enables individuals to save up to £10,200 per year tax-free.

Research: Britons Not Yet Planning For New ISA Limits

Research shows that a quarter (25%) of those surveyed incorrectly believe ISA allowances will remain the same in the new financial year while 24% are aware new changes are due, but are unsure what these will be. A further 10% think the ISA limit will be higher for over 50 year-olds only, which is no longer the case once the changes come into effect

It is not just the changes to the ISA entitlement that Britons are unsure of, but ISAs in general.16% of those who are aware of ISAs say the reason they haven’t invested in an ISA is because they find it confusing, while one in ten people (10%) admit that saving money in an ISA this year has never occurred to them.

John Prout, Sales Director at NS&I said: “The fact that all interest earned in an ISA remains tax-free means it’s a must-have product for people looking to maximise their hard earned savings. Understanding the allowances and reviewing the terms of the product is vital for savers. With less than two months to go until the end of the tax year, there is no time like the present for everyone to check their finances and plan to benefit from tax-free savings.”

Uncertainty about ISAs can result in people failing to take full advantage of their entitlement. Just 16% say they will definitely use their full tax-free ISA allowance and feel it is important to do so. 15% of the population say they will take up a proportion, but do not expect to use all of it.

35% of people aware of ISAs have been put off the account in general by the current low ISA interest rates on offer, while under a third (29%) of people say they are not planning to use their full ISA allowance because they can’t afford to. A similar number of people (31%) say the current climate and outlook for 2010 means they will look at other financial products, rather than ISAs. 29% say wider economic pressures have also led them to start diversifying their financial portfolio, perhaps a reason for not using the full entitlement.

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M&S Money Launches New Flexi Cash ISA Option

M&S Money has announced the launch if its new flexi cash ISA option, offering a variable rate of 2.65% AER/tax-free. This includes a bonus rate of 1.25% for 18 months from initial deposit.

M&S Money Launches New Flexi Cash ISA Option

Research commissioned by M&S Money revealed that people are now more concerned about easy access to their savings (53% compared to 22% in 2009) and are looking for interest rates with a bonus, as well as fixed rates. When asked what an important factor was to them when putting money into savings, 56% of respondents wanted a savings provider they could trust, compared to 34% in 2009.

The new Flexi Cash ISA requires a minimum deposit of £100 to be made, either paid in one lump sum or £25 by monthly direct debit, up to the Cash ISA allowance of £3,600 or £5,100 per tax year. Transfers from other ISA providers are also allowed under the Flexi Cash ISA.

Flexi Cash ISA is one of the options customers can use within the M&S Cash ISA account to divide their tax free savings allowance between variable and fixed rates. From April 2010, the new limit for Cash ISA savings will be £5,100 per tax year for everyone aged 16 and over. This new limit will already exist for those aged 50 and over from early April 2010.

As an example, with the M&S Cash ISA, a customer would be able to save £2,550 in the variable Flexi Cash ISA option, and the remaining £2,550 in one of the fixed rate savings options available.

Colin Kersley, Chief Executive of M&S Money, commented: “Our research shows that more people than last year are looking for a savings provider they can trust. At M&S Money we have been providing a safe home for customers’ savings for many years, and the company itself is 25 years old this year.

“We are also part of HSBC, one of the world’s largest banking and financial services organisations, and are continuing to develop our savings range. Cash savings are protected under the UK Financial Services Compensation Scheme and the first £50,000 of our customers’ savings are 100% guaranteed.”

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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.

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