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Banking | Finance

Nationwide sends Cats' Eyes reflectors to UK schools

Of those most at risk, child pedestrians are perhaps one of the more vulnerable groups of road users, with many still learning road awareness skills as they walk to and from school on an almost daily basis. To help combat this serious issue, and for the eighth year running, Nationwide Building Society has this week distributed close to one million Cats' Eyes reflectors to schools across the UK.

Better protection for borrowers

Customers borrowing money will get greater protection under the new Lending Code which comes into effect at the beginning of November.

FSA begins new banking regulation

The Financial Services Authority (FSA) will begin regulating banks' and building societies' day-to-day contact with their customers from 1 November 2009, covering everything from direct debits, payments, instant access and savings accounts through to unauthorised transactions and notification of interest rate changes.

FSA announces tough new code for financial reporting disclosure

The Financial Services Authority (FSA) has announced today that the major UK-headquartered banks have agreed to implement a tough new code for financial reporting disclosure.

Barclays deal with EIB gives boost to Further Education Colleges

Some 24 Further Education Colleges across the UK will benefit from lower cost finance comprising a total of £200 million to fund almost £1billion of capital projects, due to a loan facility made available following the signing of a new contract between Barclays and the European Investment Bank (EIB).

Virgin Money applies to become a bank

Commenting on news Virgin Money has applied to the Financial Services Authority for a licence to become a bank, Kevin Mountford, head of banking at moneysupermarket.com, said; "Although this news has been long expected, it will be interesting to see if and when it comes to fruition.

Stake your own claim, says Which?

Some claims management companies are discouraging consumers from claiming back excessive bank charges or mis-sold payment protection insurance (PPI) by themselves, reveals an undercover investigation by Which?.

Banks surpass target to halve number of unbanked households

The British Bankers' Association welcomed the Treasury's confirmation that the number of UK households without bank accounts fell from two million in 2003-04 to fewer than 900,000 in 2007-08.

Leeds BS donates £7,915 to Age Concern and Help the Aged

Leeds Building Society has made a £7,915 donation to Age Concern and Help the Aged, which is one of the Society's partner charities. This donation has two components to it.

Number of households without bank accounts cut by half

The Government and the Financial Inclusion Taskforce have announced that the shared goal to halve the number of adults living in households without access to a bank account has been achieved.

For banks, sorry seems to be the hardest word

A year after the financial sector bailout, Which? has found that there is still widespread consumer resentment against the banks.

Businesses looking at borrowing needs as confidence returns

With three quarters of businesses confident about their prospects in the next six months, new research from Santander Corporate Banking has found that one in seven UK businesses (15%) are looking to increase their borrowing as business confidence begins to pick up.

BBA cautions consumers on claims handlers

Bank customers could be putting their money at risk by paying consumer claims handlers who mis-manage their complaints, an independent study for the British Bankers' Association has found.

Virgin Money expands into online charity fundraising

Virgin Money has launched its not-for-profit online charity fund-raising service as part of a drive to significantly increase the money going directly to good causes.

Avoid the ski holiday slalom of foreign currency charges

Travellers planning on hitting the slopes this October should beware when purchasing foreign currency, FairFX.com reveals. Holidaymakers who buy their foreign currency from the airport risk paying as much as 14 per cent more for their money if they leave it to the last minute.

Leeds BS mortgage and savings deals for rail passengers

Leeds Building Society has launched a unique and innovative scheme, incorporating significant deals and discounts on savings and mortgages, for season ticket holders on the Northern Rail network.

Recession raises fear of identity theft

Three quarters of adults (76 per cent) are currently worried about identity theft and well over a third (39 per cent) feel more at risk now than they did six months ago, with the recession playing a major contributing factor, according to a study carried out by Lloyds TSB.

Young people want a return to the values of the past

Britain's high unemployment, financial problems and swathe of social issues has led to 77% of young people - and 90% of all Britons - yearning for the values of the past, according to new research from Chelsea, the UK's fifth largest building society. The survey shows that all age groups consider that Britain has changed for the worse in the past 20 years, citing a lack of discipline in schools (77%), family breakdown (74%) and individual greed (70%) as the worst factors that have led to this decline.

Bond issue underlines strength of Coventry Building Society

Coventry Building Society has secured £350 million in long term funding from the financial markets in a deal which shows the strength of the UK's third largest building society.

UK interest rates kept at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain UK interest rates at 0.5%.

Tesco move into full service banking

Commenting on Tesco's move into full service banking, Kevin Mountford, head of banking at moneysupermarket.com, said; "We welcome this news and although it had been strongly rumoured it is good to hear it formalized."

Banks to improve current account market

The OFT announced that banks have agreed to make personal current account costs more transparent and the switching process more reliable and trusted.

Lloyds TSB launches service to protect SMEs against bad debt

Lloyds TSB Commercial Finance has launched a service to help SMEs guard against bad debts, as insolvencies are forecast to reach record highs.

Leeds BS raises £7,000 for three charities

The Leeds Building Society harvest festival themed day raised over £1,000 through a dress down day, quiz and via the sale of raffle tickets and cake.

Leeds BS supports Operation Christmas Child Appeal

Leeds Building Society is delighted to again support the Samaritan's Purse Operations Christmas Child appeal. This is the third successive year the Society has taken part in this national initiative, and Leeds Building Society branches will be collecting shoeboxes from members of the public until 18th November.

Halifax daily overdraft charging structure

As previously announced in December 2008, Halifax confirms that it will be moving all full facilities current account customers to its new daily overdraft charging structure which is already in place on Halifax's Reward Current Account.

Mail fraudsters target UK renters

UK renters are falling prey to identity fraud as post is stolen and personal details used for illegal purposes.

Brits discard unspent currency

British holidaymakers are sitting on a pile of unspent foreign currency from their holidays, new research by Santander Cards has revealed. The card provider discovered that holidaymakers have returned home with a colossal £1.78 billion worth of foreign currency this year, as a result of Britons overestimating their spending while abroad.

A&L and B&B staff receive new uniforms

Alliance & Leicester (A&L) and Bradford & Bingley savings (B&B) branch staff have all received new Santander uniforms this week ahead of adopting the Santander global brand in 2010. Branch staff at Abbey already wear the Santander uniforms. The move is the first visible sign for our customers in the UK of Santander's intention to move to one brand.

New Guaranteed Return Account from Skipton International

Skipton International Limited, the new Guernsey bank created on 28 September 2009 following the amalgamation of Skipton Guernsey and Scarborough Channel Islands, has launched a new fixed return account paying 3.00% gross/AER on deposits of over £100,000. The interest rate is guaranteed until 31 October 2010.

Skipton International Limited launched

A new and enlarged bank was launched in Guernsey on 28 September 2009, following the amalgamation of Skipton Guernsey Ltd and Scarborough Channel Islands Ltd. The launch follows the merger in the UK of the Skipton and Scarborough Building Societies on 30 March 2009.

New Abbey International Premium Notice Accounts

Abbey International has launched a new range of Premium Notice accounts designed for clients who can specify notice requirements for cash withdrawals and as a result, can benefit from higher interest returns. The accounts offer higher savings rates for longer notice periods and provide a good solution to those clients who only wish to tie funds up over short periods.

Government should remutualise Northern Rock

A new report published for the Building Societies Association (BSA) reveals a strong case for converting failed banks into mutual organisations. In light of the report, the BSA urges the Government to consider seriously returning Northern Rock bank to the mutual sector.

Lloyds TSB supports students affected by loans delays

Lloyds TSB has announced that it would offer its student account holders, starting University this autumn, an increase to their interest-free overdraft while the Student Loans Company processes a backlog of applications for grants and loans.

HSBC Student Bursary Awards - Last chance to apply

HSBC is providing £120,000 in university bursaries to help four promising students realise their potential and make the most of their time at university.

The Cheque Guarantee Card Scheme to close 30 June 2011

Today the 24 bank and building society members of the UK Domestic Cheque Guarantee Card Scheme have announced that the Scheme will close on 30th June 2011, meaning that it will no longer be possible to guarantee a cheque under the Scheme after this date.

Dollar takes a dive against euro

With the US Dollar falling to a one-year low against the Euro, and the pound also falling again this year, travellers should look for the best ways to make their holiday money go significantly further.

Banks back improved supervision

Proposals from the European Commission to improve the system of pan-European banking supervision address some central industry concerns.

Abbey Student Accounts give-away ends soon

HSBC Passport account helps International students

International students moving to the UK to study can now avoid one of the biggest hassles of moving to a new country thanks to an innovative current account from HSBC.

Security reminders for writing or receiving cheques

In response to the fact that we are using cheques less often than ever before, the Cheque and Credit Clearing Company has published a reminder guide to help people avoid common pitfalls and safeguard themselves from fraud when writing and receiving cheques.

Most customers content with banks

New figures reveal that most customers are satisfied with their bank. This is based on the number of complaints handled by the Financial Ombudsman Service.

Santander extends partnership with Vodafone McLaren Mercedes

Banco Santander extends its Corporate Partnership with the Vodafone McLaren Mercedes Formula 1 team, with the high profile Santander branding present on all four of the team's drivers.

Online banking users urged to take care

It’s a simple case of Mouse to Mayhem when the growing trend to shift money online has led to the next generation of theft that could cost 20 million online banking users a staggering £439m, and not even the Ombudsman can help get it back.

Santander Corporate Banking launches new fixed term bonds

Santander Corporate Banking has launched two new fixed term deposit accounts aimed at businesses with a turnover above £1 million. The six and nine month bonds offer market leading interest rates of up to 2.20 per cent gross pa/AER and are available from Monday 14 September.

UK interest rates held at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £175 billion financed by the issuance of central bank reserves.

One year on from Lehman Brothers collapse

Ahead of the one year anniversary of the Lehman Brothers collapse, Kevin Mountford, head of banking at moneysupermarket.com, said: "It's hard to believe that a year has passed already since Lehman Brothers collapsed. And in this period we have seen a far greater level of consolidation within the banking sector than many of us would have predicted.

Barclays improved mobile banking service

Barclays today unveils improvements to two key areas of its popular mobile phone banking site barclays.mobi providing additional relevant services and simplified access to online banking for our mobile customers.

Near zero interest rates opportunity of a lifetime

David Kuo, Director at financial website The Motley Fool - Fool.co.uk, says: "The patient has been defibrillated, put on life support and now it's time for a period of slow rehabilitation.

FSA fines Barclays £2.45m

The Financial Services Authority (FSA) has fined Barclays Capital Securities Ltd and Barclays Bank PLC (Barclays) £2.45m for failing to provide accurate transaction reports to the FSA and for serious weaknesses in systems and controls in relation to transaction reporting.

Half a year at half a percent

Bank of England base rate has been at 0.50% for six months now, but consumers have seen very little benefit.

RBS decreases overdraft fees

Commenting on RBS decreasing its overdraft fees, Ian Williams, director of communications at moneysupermarket.com said: "Although any reduction in fees is good news for consumers, RBS customers will still be subjected to high unauthorised overdraft fees and rates - up to £15 a day. Most of the major banks have made changes to their unauthorised overdraft fees over the past 12 months, which suggests they are struggling to prove these fees are fair. The banks have always argued that their charges reflect the costs associated with managing unauthorised borrowing. If this is the case, I would question how they have been able to reduce their costs so significantly?

Abbey International lifts interest rates

Abbey International has announced that sterling interest rates on its popular Gold current account are to rise with effect from 01 September 2009.

Abbey International fixed rate account paying 3.50%

Abbey International has launched a second edition of its 12 month fixed rate account paying a guaranteed 3.50% gross/AER over 12 months. The account has a minimum balance requirement of £50,000 available to new and existing clients. It is expected to be highly popular, given the combination of an attractive interest rate and the stability of Abbey International. This limited offer account will be withdrawn once fully subscribed.

Abbey and A&L £100 current account switching incentive

From 7th September Santander's UK current account brands, Abbey and Alliance & Leicester, are offering a £100 cash incentive to those switching to an Abbey Preferred Overdraft Rate (PODR) account or an A&L Premier Current Account.

Abbey and A&L Business Banking launch new fixed rate bonds

Abbey and Alliance & Leicester Business Banking have launched new fixed rate bonds, aimed at businesses with a turnover of up to £1 million. The one year fixed rate bonds, which are available from 3 September, offer a market leading interest rate of 3.00 per cent gross pa/AER and mature on 1 October 2010.

High interest current account and savings deal about to end

Santander's UK current account brands, Abbey and Alliance & Leicester are urging consumers who want to make the most of their cash to take advantage of its ‘6% + 6%' current account and regular savings account deal before the promotion ends on 6 September 2009.

£68,000 donated to charities in YBS mad giveaway

More than 1,200 charities throughout the UK have received a share of £68,000 in Yorkshire Building Society Charitable Foundation's annual giveaway - Make a Difference Week.

Insider fraud on the increase

Analysis of the staff frauds filed during the 12 months from July 2008 to June 2009 reveal some interesting shifts in the frauds identified by Members of the CIFAS Staff Fraud Database.

Yorkshire Bank Signature Current Account

Yorkshire Bank is offering a current account that helps you to manage your lifestyle as well as your finances.

Abbey student accounts £50 give away via Facebook

Abbey Student Accounts is giving away £50 an hour, on the hour, every day for the whole of September, in the ‘Money for Nothing' prize draw which is available to both customers and non-customers. This £50 prize mirrors the £50 cash bonus that new Abbey Student Account holders get when they open a Student account.

Leeds Building Society makes dreams come true 47 years on

Leeds Building Society recently ran a competition for fans to win tickets for Huddersfield Giants forthcoming Challenge Cup Final with Warrington Wolves at Wembley Stadium.

Skipton and Scarborough in joint savings account launch

Skipton Guernsey Limited and Scarborough Channel Islands Limited, who, subject to regulatory approval, are soon to amalgamate to form a single specialist savings and mortgage bank on Guernsey, have launched an innovative new deposit account, called the International Bonus Account, which is designed to reward those customers who open their accounts with new money.

Threadneedle: UK banks sector - one year on

Christopher White, UK equities fund manager and banking sector specialist comments: Last September, we were in the midst of probably the severest crisis the UK banking sector has ever seen. The casualties have included many banks and building societies including Northern Rock, Bradford and Bingley, Alliance and Leicester, HBOS and the Dunfermline Building Society amongst others.

Students ensure your finances are first class

With the new university term nearly upon us, young people around the country will be getting ready to start or resume their studies.

Ten reasons not to use your debit card abroad

The number of banks charging customers for using their debit cards abroad has almost doubled, according to research by uSwitch.com, the comparison website.

Other countries must play part in bank pay reform

Coordinated action by the world's financial regulators will be the only effective way to reform pay structures in the financial sector, the British Bankers' Association said today in response to the FSA's paper.

FSA confirms introduction of remuneration code of practice

The Financial Services Authority (FSA) has today introduced a new code that will require large banks, building societies and broker dealers in the UK to establish, implement and maintain remuneration policies consistent with effective risk management.

5,000 HSBC customers reunited with missing cash

HSBC has so far reunited more than 5,000 customers with more than £8.55 million since launching a national campaign to bring customers back together with forgotten savings and current accounts. Launched in September 2008, HSBC's campaign has focused on 40,000 accounts with more than £38.8 million that has lain untouched for more than 15 years.

Three quarters of Brits settle for second best

Three quarters of Britons are currently settling for second best in some part of their lives, according to new research from Abbey Current Accounts. Striving for the best in life has fallen down the priority list for millions of Britons, as they opt for the easier alternative.

Students urged to do homework on current accounts

The cost of studying beyond the age of 18 is continuing to creep up as students face the possibility of rising tuition fees, debt, and not even a job to look forward to at the end of their studies. Meanwhile, new research from uSwitch.com has revealed that in just one year students entering university this September could also find themselves shelling out £75 in interest payments - simply by choosing the wrong current account - racking up a wasted total of £30 million.

Nationwide increases rate on Lifetime Guarantee Issue 13

Nationwide International, the offshore subsidiary of Nationwide Building Society, has increased the interest rate of its latest issue of the Sterling Lifetime Guarantee account.

Simon: Co-op Bank's got talent

In what is a ‘first' for a financial services organisation, The Co-operative Bank has decided to thank its customers for the recent Which? Award for being Best Financial Services Provider by singing them a ‘thank you' song.

UK interest rates held at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain UK interest rates at 0.5%.

Leeds online easy access account paying 3.05%

Leeds Building Society has re-launched its easy access online account paying a variable rate of 3.05%, combined with unlimited withdrawals at any time without notice or penalty.

Net yourself the best deal this season

With the transfer season in full swing and the 2009 football season fast approaching, devoted fans should ensure their football related credit cards and savings accounts are the best on the market. There is a wide range of products to choose from and some great deals on offer, so fans should take time to shop around to avoid scoring an own goal.

Half of current accounts pay no interest on your money

Latest Moneyfacts.co.uk figures show that 83% of all non fee paying current accounts pay just 0.10% or less, with half (49%) of accounts paying no interest at all.

Post Office Overseas Property Money Transfer service

Transferring money between UK and overseas bank accounts is set to become significantly easier following the launch of the new Post Office Overseas Property Money Transfer service.

Abbey Business launches new fixed rate bonds

Due to the popularity of the Abbey Business fixed rate bonds launched in June, the bank has today launched two new bonds, available to businesses with a turnover of up to £1 million. The offers available are a 12 month Fixed Rate Business Bond, with a great fixed interest rate of 3.20 per cent gross pa/AER, maturing on 1 September 2010, and a new 9 month Fixed Rate Bond, with a competitive rate of 2.80 per cent gross (2.81 per cent AER), maturing 1 June 2010.

Holidaymakers missing out on travel money savings

A survey currently being conducted by MoneySavingExpert.com has found that 18 per cent of couples expect a week's holiday abroad will cost them from £402 to £1002.

Britannia Co-op merger creates powerful force

The final stage of the merger between Britannia and The Co-operative Financial Services (CFS) is now complete. Following the overwhelming support from members together with final approval from the FSA, the new business was legally formed on August 1, 2009.

Santander offers high interest current account deals

Santander's UK current account brands, Abbey and Alliance & Leicester, are making saving money twice as nice by offering a high interest regular savings account which is linked to a market-leading high interest current account.

Calls for more action on bank lending to businesses

A third of small and medium-sized (SME) retailers and almost a fifth of large retailers have experienced a reduction in bank lending in the last three months.

Number of fraud victims reaches worrying level

In the first half of 2009 over 52,000 victims of impersonation were recorded by CIFAS Members. This represents a truly alarming 43% surge from the first half of 2008. Richard Hurley, CIFAS Communications Manager, comments: "The traditional focus on the ways in which fraudsters operate draws attention away from the number of fraud victims being recorded, and these figures surely underline the very real human cost of fraud in the recession."

Leeds Building Society Gibraltar fun day a great success

Leeds Building Society recently invited Gibraltarians to join them for their third annual fun day at the Piazza. Entertainment included a puppet show, face painting, arts and crafts and lots of balloons and other freebies. The event enabled people to meet the friendly team in the Branch.

Mercantile merger makes massive difference

Leeds Building Society is celebrating the third anniversary of its successful merger with Mercantile Building Society, which took place on 1 August 2006.

FSA betrays financial services customers, says Which?

As the Financial Services Authority today decides that mis-selling costs can still be charged to inherited estates, Which? chief executive, Peter Vicary-Smith, says: "This is an unbelievable betrayal of consumers who are taking hits from all sides. It appears the FSA is allowing the financial services industry to dictate policy once again.

FSA changes to the Financial Services Compensation Scheme

The Financial Services Authority (FSA) is introducing new rules for the Financial Services Compensation Scheme (FSCS) on banks, building societies and credit unions, which will see individuals and small businesses compensated quicker, and will ensure protection for increased numbers of people.

Leeds staff raise £3,000 for Marie Curie Cancer Care

Over thirty Leeds Building Society staff raised £3,000 for Marie Curie Cancer Care by climbing the Three Peaks at the weekend in a 25-mile charity challenge.

Barclays new student package

Barclays has unveiled its improved student package for 2009 providing them with an interest-free overdraft facility of up to £2,000, regardless of year of study, and a mobile broadband offer through Orange giving our customers 25 per cent off the normal monthly cost and a free USB modem, with potential savings of up to £112.50.

Graduate Banking top tips

Andrew Hagger of Moneynet.co.uk looks at the options facing students as they finish university.

Your money, you choose

Following recent news that future £50 notes will feature Scottish engineer James Watt and Matthew Boulton and that Henry VIII will appear on limited edition £5 coins, new research by The Co-operative Bank Current Accounts reveals who the nation really wants to see on our bank notes.

Which? calls for an end to bonus culture

With the publication today of the Walker review of banking governance, Which? personal finance campaigner, Lucy Widenka, says: "The sort of bonus culture that encourages bankers to take huge risks for short-term gain has to end.

Graduate finance

As another academic year draws to a close, many graduates are leaving university to enter very challenging times. The recession is having a detrimental effect on the number of jobs available, so it is important that students take their finances seriously.

Nationwide's members help raise £250,000 for Macmillan

At Nationwide's Annual General Meeting (AGM), held today at the International Convention Centre in Birmingham, the votes of almost 1.4 million Nationwide members helped to raise £250,000 for its chosen charity, Macmillan Cancer Support.

Lending to small businesses rises

High street banks' lending to small businesses rose by £153 million in May and deposits increased by £250 million. Over 45,000 new small business banking relationships were established in the month, according to the British Bankers’ Association.

Tesco backs charity campaign with ATM donations

Tesco Personal Finance is giving customers the opportunity to support the Tesco Charity of the Year, Muscular Dystrophy Campaign, just by using a cash machine at Tesco.

Abbey launches Income Accelerator Account

A new savings account from Abbey International has been launched which is designed to appeal to clients with differing investment and savings needs. Unlike many structured accounts, income is available every six months, so providing the potential of a regular return twice a year. Whilst capital invested is 100% guaranteed at all times, investors have the option to choose between maximising income or guaranteeing a return with the new Abbey International Income Accelerator Account, a sterling 5 year structured account.

Same old hold but consumers need to be wary of inflation

David Kuo, Director at popular financial website The Motley Fool - Fool.co.uk says: "It is no surprise that the Bank of England has kept interest rates on hold. The UK economy continues to stutter under the weight of consumer debt accumulated over the years.

Bank of England maintains interest rates at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £125 billion financed by the issuance of central bank reserves.

Abbey wins Best Bank in the UK

Euromoney magazine has named Abbey ‘Best Bank in the UK' for the second consecutive year. The Euromoney Awards for Excellence are the benchmark for the financial industry. The awards are decided by the editors of Euromoney on the basis of objective figures such as profitability, growth and efficiency, combined with subjective criteria.

Lloyds TSB launches 2009 Student Account

Lloyds TSB launches its 2009 Student Account, offering students planning to go to university this autumn a strong banking package with practical money management features including a tiered interest-free planned overdraft of up to £1500 in their first year and free mobile banking until August 2010.

We need more common sense not more rules

Commenting on the Government's bank reforms, David Kuo, Director at Fool.co.uk, says: "Today's announcement is nothing more than spray painting a rust-heap.

Government plans for the reform of financial markets

The Chancellor of the Exchequer Alistair Darling has today published 'Reforming Financial Markets', a document setting out the Government's proposals for the reform of the financial system.

Scottish Widows Bank double business offering

Scottish Widows Bank has launched a new 1 Year Fixed Term Business Deposit Account and a Business 7 Day Notice Account.

Currency dumping at the airport falls dramatically

The amount that British holidaymakers spent in airport departure lounges in the last 12 months has fallen to £378 million, down from £1 billion in September 2007, new research by Santander Cards has revealed.

Halifax continues market leading student account

Halifax has announced its 2009/2010 student account offering. Students will continue to benefit from an industry leading interest free overdraft of up to £3,000.

Bankers recognise the need for change

Bankers are not complacent and recognise the need for change, the British Bankers' Association said today.

Leeds Building Society donates £9,610 to Marie Curie

Leeds Building Society has made a £9,610.73 donation to Marie Curie Cancer Care, which is one of the Society's partner charities.

Sterling could go further against dollar

Sterling is set for further gains against the dollar in the third quarter, according to Caxton FX, the leading foreign exchange broker, and could touch $1.70 in the late summer or early autumn.

Get independence from your poor value current accounts

One in five Britons (21 per cent) fail to switch their current account, simply because they say they don't have time to do so, according to a study by Santander's UK current account brands, Abbey and Alliance & Leicester. This is despite accounts such as Abbey's Preferred In-Credit Rate Account and A&L's Premier Direct paying at least 60 times more than other accounts on the market.

Leeds Building Society ‘nets' £2,000 for charity

The Leeds Building Society Wimbledon themed fundraising day was held on Friday 26th June. The event raised £2,000 through a dress down day, quiz and via the sale of raffle tickets and cake.

Lloyds TSB first bank to launch on demand text balances

Lloyds TSB has become the first bank in the UK to launch ‘on demand' text message balance updates for its customers. The new Balance on Demand service means that customers can request an up to the minute snapshot of their account, straight to their mobile phone, simply by sending a text message.

Strengthening the Financial System

The Bank of England is today publishing its bi-annual Financial Stability Report. The Report assesses the current state of the financial system and discusses ways to strengthen the system in the future.

Sky-high rates for those in the red

Interest rates for bank customers who exceed their overdraft limit, or go into the red without an authorised facility from their provider have remained sky high over the last 12 months, despite a crash in the Bank of England base rate, according to MoneyExpert.com.

Poor exchange rate maths costs travellers £288 million

More than a third of UK adults (38 per cent) are unable to convert popular currencies into sterling and are losing out on a staggering £288 million a year on holiday as a result.

Basic bank accounts and financial inclusion

Figures from the BBA show that 145,000 post office-accessible accounts were opened in the first quarter of the year and 26,000 existing accounts upgraded.

Banks pledge to build on financial inclusion progress

Britain's banks are committed to building further on progress in improving financial inclusion through the provision of basic bank accounts, the British Bankers' Association said today.

Nationwide scrapping overseas fee increases

Commenting on Nationwide's decision to scrap the planned increase on debit card fees for use outside Europe, Peter Harrison, travel money expert at moneysupermarket.com, said: "This is welcome news indeed. Nationwide doesn't charge any fees for using its debit card in Europe, and currently charges a modest fee of only 0.84 per cent per transaction outside of Europe. For any Nationwide debit card users travelling outside Europe this summer, this news should save them 0.16 per cent on every transaction they make on their trip.

One in five ID fraud victims not reimbursed

Most victims of identity fraud get their money back, but new research from Which? has found that one in five victims has not got the full amount back and in some cases their bank has refused to reimburse them at all.

Caxton FX’s Global Traveller ideal choice for gap year students

The summer exams are over and the start of the gap year is here. Many students are planning long trips overseas, often away from home for the first time. Access to money and top-up of funds while away is essential.

Nationwide Building Society launches Members' Zone

Nationwide Building Society today announces the launch of its new Members' Zone website - a site created exclusively for all customers of the Nationwide Group. The portal, accessible from either the homepage of nationwide.co.uk or via nationwide-members.co.uk is a one-stop-shop for information about forthcoming member events, industry news and what it means to be part of the Nationwide Group. Site users can also listen to podcasts and watch videos about the issues members have told the Society are important to them.

Prepay your way to a budgeted get away

If you are going on holiday this summer you will most likely spend hours finding the best deals on flights, hotels and even sun cream, but you should make sure you get the best deal on your travel money too.

Abbey launches 6% reward packaged current account

Abbey has announced the launch of the Reward Bank Account, a new packaged current account giving new and existing Abbey bank account customers a market-leading credit interest rate of 6% AER (fixed for a year), and a package of benefits worth a total of over £400 a year, including exclusive travel insurance worth £150.

Holidaymakers brace themselves for expensive trips abroad

Despite the pound showing recent signs of recovery, British holidaymakers are still bracing themselves for more expensive trips abroad this year as a result of the fall in the value of the pound compared with 12 months ago. New research from Sainsbury's Finance's Travel Money, which offers commission-free foreign currency, reveals that when compared with last year's exchange rates, the pound has fallen in value by 17.74% against the US dollar, for example. This means that £300 will now only get you US$484.56 as opposed to US$589.05 last June. This was the biggest decline in value seen across the currencies of 11 popular holiday destinations researched by Sainsbury's Finance, where the average fall was 9.05%.

Fixing exchange rate maybe only way to avoid volatility trap

A seven month high in Sterling/Dollar and a five month high in the Sterling/Euro exchange rates may have offered short term good news for British holiday makers, but the currency markets continue to be extremely volatile according to the HiFX Global Currency Moves Report for May.

Charities are struggling because of low interest rates

CAF Bank, the not-for-profit bank run for charities, has published the results of a survey of 280 charities that reveals 42 per cent of charities are struggling to deliver services because of low interest rates.

Make your gap year wonga last for longer

Gap year travellers could be wasting up to €300 or $400 unknowingly by having the wrong foreign spending habits. A better choice of travel money could give their budget some much-needed extra stretch.

New hope for British expats in the USA as Pound strengthens

Changes in foreign exchange rates are bringing good news for those considering a move across the Atlantic. The changing value of the US Dollar is significantly reducing the cost of moving to the US with the Pound rising above US$1.60 last week, an increase from US$1.43 in April this year.

New online debt management campaign for young people

Young people who have struggled with debt problems and sought advice to overcome them have created two entertaining documentary style short films in a bid help others in the same situation.

Which bank? - The Co-operative Bank

The Co-operative Bank scoops ‘Best Financial Services Provider' at the annual Which? awardsThe Co-operative Bank has been awarded another top accolade, by winning the prestigious 2009 Which? award for ‘Best Financial Services Provider'.

West Bromwich Building Society to be rescued

Commenting on reports that the West Bromwich Building Society is to be rescued, Kevin Mountford, head of banking at moneysupermarket.com, said: "If the reports about the West Bromwich Building Society (BS) are true it will be another sad day for the sector. However, West Bromwich's customers can be re-assured that the FSA and Treasury appear to be engineering a seemless transition. All the same, it reinforces the fact that consumers should spread their savings to ensure they have no more than £50,000 with any one provider, to stay under the FSCS compensation limit.

2009 NatWest student account

This week NatWest launches its 2009 Student Package offering both competitive financial benefits and market leading incentives including the very popular 5-Year 16-25 Railcard, worth £130. This card gives students a one third discount on most rail fares across Great Britain every time it is used. The Railcard can now also be used to take advantage of special discounts at hundreds of top student high street and online stores. Students continue to tell us that the Railcard is by far the most useful student account benefit. This year students will be able to apply for and track their Railcard online.

Alliance & Leicester Business Bank launches 6% current account

Alliance & Leicester Business Bank has launched an improved current account offer for small businesses with a turnover of up to £1 million. In addition to free day-to-day banking and free cash deposits, the award winning Free Business Current Account will now also offer a market leading in-credit interest rate of 6.00 per cent AER (5.85 per cent gross) fixed for the first year, on balances up to £2,500.

Banks impose increases on overseas money transfer charges

The cost of sending money overseas is soaring as banks impose huge increases in the fixed transfer fees they levy on each transaction, making the charges as high as 40% on small sums, according to leading foreign exchange broker, Caxton FX.

FSCS leaves charities unclear about protection of banked deposits

A survey of 280 charities by the Charities Aid Foundation (CAF) reveals that only a quarter (25%) are certain they know how much of their funds are protected under the Financial Services Compensation Scheme (FSCS) should their bank fail.

Organisational changes at Lloyds Banking Group

Commenting on the announced organisational changes at Lloyds Banking Group, Louise Cuming, head of mortgages at moneysupermarket.com says: "There was always going to be a major reorganisation at Lloyds Banking Group following the merger of Lloyds TSB and HBOS and the first phase in that process is now clear. Lloyds' announcement that the Cheltenham & Gloucester (C&G) branch network will close, and Bank of Scotland and Intelligence Finance (IF) products will no longer be available via intermediaries are all highly significant changes . In deed, in a radical shift in focus IF will primarily be used to drive savings products - IF was previously most commonly associated with offset mortgages, which will now only be available via Scottish Widows.

Gap in financial help for over 50s

A Citizens Advice pilot project which has seen Independent Financial Advisers (IFA) give their time pro-bono in bureaux to advise CAB clients on their financial concerns, has exposed a gap in the availability of impartial help for people who can't afford to pay for advice on their mortgages, pensions or investments.

Santander increases current account credit interest rates

Santander's UK current account brands, Abbey and Alliance & Leicester, are once again challenging the current account market by bucking the trend and increasing the credit interest rate to 6.00% AER on their already popular high interest accounts.

HSBC wins 'Responsible Lender of the Year' award

HSBC has been named the UK retail banking industry's most responsible lender at the 2009 Credit Today awards.

Alliance & Leicester launches new 12 month Business Bond

Alliance & Leicester Business Banking has launched a new limited edition 12 month Fixed Rate Business Bond, available to businesses with a turnover of up to £1 million. The new bond has a great fixed interest rate of 3.20 per cent gross pa/AER and matures on 1 July 2010.

Money saving tips for Lions fans heading to South Africa

Rugby fans following the British Lions on their tour of South Africa will find that their money goes a lot further than in the UK, according to travel money expert M&S Money.

HSBC cuts Bank Account Plus credit interest rate

In response to HSBC's 2% AER reduction to the Bank Account Plus in-credit interest rate, Louise Bond, personal finance manager at uSwitch.com, comments: "As Santander does the decent thing by increasing the in-credit interest rate on both Alliance and Leicester (Premier Direct and Premier 50) and Abbey (Credit Option) current accounts to a market leading 6% AER, HSBC cuts rates by 2% AER for all Bank Account Plus customers.

Abbey launches new summer offers for small businesses

Abbey Business is to launch a range of market leading products for small businesses with a turnover of up to £1 million. The new range includes an improved bank account offer, providing market leading in-credit interest of 6.00 per cent gross/AER, fixed for the first year, on balances up to £2,500. In addition, two new savings accounts will be available, providing more choice and flexibility for business banking customers. These new accounts will be available from Monday 8 June 2009.

The Co-operative launches international development fund

The Co-operative Bank has unveiled an innovative new global $50m co-operative development fund aimed at helping to alleviate poverty in some of the world's poorest communities.

FSA proposes extension of separate deposit protection limits

The Financial Services Authority (FSA) today proposes to extend until December 2010 interim rules which allow separate compensation cover for customers with deposits in two merging building societies.

We are not out of the woods yet

The Bank of England has kept interest rates on hold. It has also left its target for Quantitative Easing unchanged. Neither decision was unexpected following news that lending by banks to businesses dipped in April while lending to individuals rose slightly.

UK interest rates held at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 0.5%.

Abbey Business launches new 12 month bond

Abbey Business has launched a new limited edition 12 month Fixed Rate Business Bond, with a great fixed interest rate of 3.20 per cent gross pa/AER, maturing on 1 July 2010. In addition, Abbey has also extended the offer period for its 9 month Fixed Rate Bond, with a competitive rate of 2.80 per cent gross (2.81 per cent AER), maturing 1 April 2010.

Overdraft rates set to increase

Most banks have counter-intuitively been increasing overdraft interest rates (Equivalent Annual Rates) even whilst the Bank of England has been cutting the Base Rate. Analysis by price comparison site moneysupermarket.com shows current account overdraft interest rates have risen by an average of 1.54 percentage points since February last year.

‘Scary and crippling'- victims of facility takeover fraud speak out

Fraud victims are preyed upon by organised criminals, faceless fraudsters and sometimes even those close to them.

Nationwide International announces new savings rates

Nationwide International, the offshore subsidiary of Nationwide Building Society, has announced details of its new savings rates on its Euro savings accounts following the 0.25% reduction to the European Central Bank (ECB) Base Rate.

Nationwide announces new overdraft rate

Nationwide Building Society has today announced that from 1 June 2009 the authorised and unauthorised overdraft rate will increase from 17.90% to 18.90% EAR. The rate remains below the average charged by most major high street banks.

NatWest and RBS lead in protecting online banking customers

NatWest and RBS have become the first of the UK's high street banks to introduce a leading online security solution to protect their online banking customers. The innovative ‘Rapport' security software from Trusteer is available for online banking customers to download, for free, from the RBS and NatWest websites.

Current account funding clauses

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Santander to rebrand its UK businesses in 2010

Abbey, Alliance & Leicester (A&L) and Bradford & Bingley savings (B&B) will all become known as Santander by the end of 2010. Abbey and B&B savings will be rebranded from the first quarter of 2010 and A&L will follow later in the year, as IT changes ensure any Santander customer in the UK can transact in all its UK branches.

The Spanish have landed

Santander gained a foothold in the UK when it bought Abbey in 2004, and continued to build its presence in the UK banking sector when it acquired Alliance & Leicester, and part of Bradford & Bingley during last year's banking crisis.

Too many complaints wrongly dismissed, says Which?

As the Financial Ombudsman Service (FOS) publishes its annual report, Which? personal finance campaigns manager, Doug Taylor, says: "It's shameful that some firms are dismissing so many justified complaints that are upheld. This could be just the tip of the iceberg as many people give up at the first hurdle rather than going to the Ombudsman. Companies have a duty to treat their customers fairly and this means giving all complaints due consideration and, if appropriate, accepting them."

Man U fans urged not to score a currency own goal

As thousands of Manchester United fans prepare to descend on Rome for the Champions League final, leading travel money provider M&S Money is offering supporters tips on how to make the most of their money in the Italian capital.

Pawnbrokers go where banks fear to tread

David Kuo, Director at leading financial website The Motley Fool - Fool.co.uk, says: "Recessions can often be good news for pawnbrokers and a trading update from Albemarle & Bond highlights why. It is reaping the benefits of going where banks fear to tread.

Travellers could save money using a pre-paid currency card

Despite the credit crunch putting a squeeze on everyone's wallets new research from FairFX.com reveals British holiday makers still aren't spending prudently abroad. 69% of people might say every penny counts when buying their foreign currency, but 98% still don't use pre-paid currency cards - the cheapest way to spend abroad.

Consumers seek good deals in tight credit market

Consumers continue to seek good value during the credit crunch, in what remains a tight market. The latest figures from the Finance and Leasing Association (FLA) show a 12% reduction in overall new consumer lending by its members in March 2009 compared with the same month in 2008. The total new lending figure for the year ending in March was £58 billion, some 13% down on the previous year.

Thousands up for grabs in week-long charity giveaway

Hundreds of charities and community groups across the nation could soon be benefiting from a cash boost as the Yorkshire Building Society Charitable Foundation invites people to nominate good causes to share in its annual week-long charity giveaway - Make a Difference Week!

Darling must come clean on bank stress test results

The Motley Fool - Fool.co.uk - is calling on the Treasury, the Financial Services Authority and the Chancellor to release the stress-test results on Royal Bank of Scotland and Lloyds Banking Group.

Better news for holidaymakers as sterling holds its ground

Holidaymakers heading to the US who timed their currency exchange right last month will have been delighted with an exchange rate of over 1.50 for the first time since January, according to the HiFX Global Currency Moves Report for April. Anyone planning to head down under to New Zealand will have still found themselves in a difficult position however, as GBP/NZD remains the most volatile currency pair on our list for the period. The HiFX report also shows that Sterling held its ground against the Euro despite the Chancellor failing to convince the market with his optimistic growth forecasts in the annual budget.

Brits set to pay out millions in unnecessary foreign exchange fees

Britons holidaying abroad this summer are on course to pay out more than £73 million pounds in unnecessary foreign exchange fees, new research by Abbey Credit Cards has revealed.

Alliance & Leicester £100 switching offer ends soon

Current account customers are being urged to go online within the next 7 days and take advantage of Alliance & Leicester's £100 incentive by switching to its Premier Current Account or Premier 50 Current Account before the offer ends on 28 May 2009.

Barclays improves mobile banking services

With a growing trend of people using mobile phones to access banking, Barclays.mobi unveils a revamped site making banking simpler and more intuitive.

BBA LIBOR: The world's most important number now tweets daily

The benchmark for an estimated $350 trillion worth of financial contracts worldwide is now using the online messaging service Twitter to provide daily updates to borrowers.

Nationwide launches Issue 12 Sterling Lifetime Guarantee account

Nationwide International, the offshore subsidiary of Nationwide Building Society, has announced details of its latest issue of the Sterling Lifetime Guarantee account.

Credit card, overdraft or unsecured loan?

There are three mainstream ways of unsecured borrowing from banks and building societies: credit cards, overdrafts and unsecured loans and there is a wide variation in the interest rates charged.

Sterling hits a 5 month high against dollar

As Sterling advanced to a five month high against the Dollar this morning (GBP/USD 1.5533) currency strategist, Marc Cogliatti from HiFX explains the implications: "The news of a stronger Pound will help ease some of the tensions felt by UK importers, however we would suggest that all companies should be wary of getting too carried away. The global economy is still very fragile and volatility in the currency markets is likely to remain an important driver going forward.

Shopping around for travel money makes good cents

People looking to get a good deal despite the weak pound could make considerable savings by buying foreign currency from city-centre bureaux de change or online, rather than from the airport, travel agents and banks, says Which? Money.

Fraud threats change but the damage remains

Research carried out by CIFAS - the UK's Fraud Prevention Service, among its 260 Member organisations, reveals that two of the largest fraud threats facing businesses during the recession are facility takeover and online fraud.

Three million Brits could end up as phish food

The first recession of the internet age poses a threat that many of Britain’s thirty million online banking users are not prepared for, according to a study commissioned by money.co.uk. The study found that more than nine million people (31%) do not know how to identify the fake emails that cyber-criminals use to steal online banking details. The practice is known as phishing and is often a precursor to the online banking fraud which cost the UK £52.5m in 2008.

Abbey launches new issue of Base Rate Tracker Term Account

Abbey International has launched a new issue of its Base Rate Tracker Term Account (Issue 10) as part of its range of deposit accounts.

FastPay - The perfect way to transfer money overseas

CaxtonFX, the leading foreign exchange broker, is delighted to announce its latest new service for its customers: FastPay.

Consumer trust in financial services remains robust

A new survey shows that consumer trust in the financial services industry remains remarkably robust despite the banking crisis and global recession.

Consumers to benefit from free financial education sessions

Nationwide Building Society has formally launches MoneyActive, a three year partnership with the national charity Citizens Advice at an event in the House of Commons. 100,000 people are set to benefit from the financial education sessions, which are being funded by the Society's £3 million investment and delivered by 1,300 specially trained CAB volunteers.

Make the most of improved exchange rate by limiting charges

The pound is moving higher against the dollar and the euro but travellers must still work hard to stretch their pounds overseas as high bank charges wipe out most the gains, says Caxton FX, the leading foreign exchange broker.

Another QE surge necessary to win battle for risk appetite

Comment by Stuart Thomson, economist at Ignis Asset Management: "Central banks should heed the warning from the history of George Bush and refrain from crying ‘mission accomplished'. There has certainly been shock and awe as they have driven overnight rates close to zero, but global Taylor rules suggest that official interest rates should be negative, which has in turn encouraged central banks to engage in unconventional quantitative easing. The ECB is the latest central bank to join the QE party, but its move smacks of tokenism.

Supermarkets major threat to banks

Supermarkets such as Tesco, should be in a strong position when they expand their personal finance offerings to include products such as current accounts according to Defaqto's latest report into the banking market.

BBA: Treasury Committee must move beyond blaming

Today's Treasury Committee report on the financial crisis does too little to reflect the work banks are undertaking with the Government to restore the economy, says the British Bankers' Association.

Banks mustn’t be architects of reform, says Which?

As the Treasury Select Committee report, "Banking Crisis: dealing with the failure of the UK banks" is published, Which? personal finance campaigns manager, Doug Taylor, says: "The banks brought about their own downfall so unless we want history to repeat itself, they mustn't be the architects of reform. It's time for a new order in the banking world based on stability, genuine competition and the interests of consumers.

Britannia members back merger with The Co-operative

Members of Britannia Building Society have voted overwhelmingly in favour of merging with The Co-operative Financial Services (CFS) to create the first super-mutual - an ethical alternative to shareholder- and Government-owned banks.

Leeds donates high quality garments to Barnardo’s

Leeds Building Society has replaced its corporate uniform to a design that reflects its modern and forward thinking image. The redundant high quality garments from the previous uniform range have been donated to the children's charity Barnardo's.

What a difference a year makes

A year ago moneysupermarket.com launched the weekly credit crunch monitor to track changes in financial products ranges during the credit crunch.

Banks to spearhead economic recovery

British banks and financial services will be at the centre of the UK's economic recovery, the British Bankers' Association [BBA] said today.

BSA: April Bank Rate announcement

Commenting on the decision by the Bank of England to keep the Bank Rate at 0.5%, Adrian Coles, Director-General of the BSA, said: "The Bank's interest rate decision is no surprise. While hard pressed savers should see interest rates maintained, this decision does nothing to help lenders to attract new deposits that could be used to fund mortgage lending.

Bank of England maintains interest rates at 0.5%

The Bank of England's Monetary Policy Committee today voted to maintain interest rates at 0.5%. The Committee also voted to continue with its programme of asset purchases financed by the issuance of central bank reserves and to increase its size by £50 billion to a total of £125 billion.

UK March money numbers weak - should QE be expanded?

Henderson New Star’s Simon Ward, says: "Broad money figures for March show a disappointing initial impact from QE. It is too early to make a firm judgement but the numbers suggest that Bank of England asset purchases will need to be expanded beyond the planned £75 billion by early June to boost monetary growth sufficiently to support a sustained economic recovery. (The Bank has Treasury authority to buy up to £150 billion.)

Consuming lending down in March

The increase in total net lending to individuals in March (£0.9 billion) was lower than the February increase and below the previous six-month average, according to the Bank of England (BoE).

Spanish GP travellers urged to shop around for euros

Caxton FX, leading foreign exchange broker, is urging travellers heading to Barcelona for the Spanish Grand Prix on 10th May to seek out competitive exchange rates when they swap their pounds for euros and to avoid high commission and transaction fees.