July 2012 Archive

Taxpayer could lose out if Hester leaves RBS over Libor fine

Stephen Hester, chief executive of the Royal Bank of Scotland

The UK taxpayer could lose out if the repercussions of the Libor scandal lead to the exit of taxpayer-owned Royal bank of Scotland chief executive Stephen Hester.

Santander plan to charge business account customers a monthly fee

Santander business customers are to be charged for their banking

230,000 small business customers with Santander are likely to have £7.50 monthly charges imposed on them despite being promised free banking "forever" when they originally opened the accounts.

HSBC increases half-yearly profits by 11% to £8.1b

HSBC has announced an 11 per cent increase in profits up to £8.1 billion even as it set aside $2 billion for compensation for mis-selling and money laundering fines in the US.

US economic growth slows to annual rate of 1.5%

UD GDP data out shows a slowdown in growth

Economic growth in the United States slowed to an annualised rate of 1.5 per cent, adding to concerns that unemployment will not fall as quickly as hoped.

FSA publishes new rules on insurance in packaged bank accounts

The FSA has published new rules on packaged bank accounts

The Financial Service Authority (FSA) has published new rules surrounding the eligibility of customers to claim on insurance products included within packaged bank accounts.

Nationwide and NatWest banking errors fixed

Nationwide and NatWest technical errors have been fixed

The errors that affected thousands of Nationwide and NatWest bank account holders on Wednesday have now been fixed.

Lloyds TSB cashpoint in Ipswich paid out "free money"

A Lloyds TSB cashpoint in Ipswich paid out double briefly on Tuesday evening in Ipswich

Cashpoint customers at a Lloyds TSB hole-in-the-wall in Ipswich started receiving twice the amount of cash they requested on Tuesday evening.

Nationwide issues statement on technical glitch

Nationwide customers are reporting problems with debit card payments

Nationwide has issued a statement apologising for the technical errors that have led to some customers having payments taken twice and say that "no-one will be out of pocket".

Coventry BS launch one-year savings bond paying 3.25%

Coventry BS has launched a new savings bond

The Coventry Building Society has launched a new one-year savings bond that pays 3.25 per cent AER.

Lloyds loses £439m as it increases PPI provision by £700m

Lloyds Banking Group has announced a £427m loss in the six months to June 2012

Lloyds Banking Group has announced a loss of £439 million in the six months to the end of June and says that it is increasing PPI provision by £700m to £4.27 billion.

Islamic Bank offers 4% profit on 2-year fixed term savings

The Islamic Bank of Britain has a new savings product out

The Islamic Bank of Britain (IBB) is offering a projected return of four per cent profit on its new two-year fixed rate savings deposit account available until August 19th.

UK GDP expected to contract by 0.3% in 2nd quarter

Data out on Wednesday is expected to show the economy contracted by 0.3 per cent

Official data out tomorrow is expected to reveal tha the economy shrank by 0.3 per cent in the 2nd quarter of 2012, cementing the UK in a double-dip recession.

Post Office announces new online savings rate of 3.01%

The Post Office has released a new issue of its Online Saver account, offering a return of 3.01 per cent AER which includes a 1.36 per cent introductory bonus.

£538m taxpayer boost from sale of Northern Rock to Virgin Money

Virgin Money is to pay an additional £538m for Northern Rock

Virgin Money has agreed to pay a further £73 million for the purchase of Northern Rock and £465 million for a range of high quality mortgages which will be repaid to the taxpayer.

4.4m UK adults financially supported by their parents

Adult children still rely financially on parents

Around 4.4 million adults in Britain are turning to the Bank of Mum and Dad for financial support, research by LV= shows.

Sir Michael Rake rules himself out of Barclays top job

Barclays are searching for a new chief executive and chairman

Deputy chairman Sir Michael Rake has ruled himself out of becoming the new chief executive at the bank.

Treasury to "name and shame" tax avoiders

The government plans to "name and shame" tax avoiders

The government plans to force financial firms to reveal details of clients who use aggressive tax avoidance schemes and to get companies to explain how they work.

Bank of England minutes point to base rate cut possibility

The Bank of England voted 7-2 to increase QE by £50 billion

The Bank of England voted 7-2 to increase its programme of quantitative easing by £50b to £375b and the minutes reveal that the MPC has considered cutting base rate further.

Yorkshire BS announces new savings bond paying 3.4%

New fixed rate bond from Yorkshire Building Society

Yorkshire Building Society has unveiled an 18 month fixed rate bond offering savers interest at 3.4 per cent gross/ AER.

AA launches fixed rate savings bond at 3.8%

The AA has introduced a two year, fixed rate postal bond offering a return of 3.8 per cent. The account can be opened with £1.

Marks & Spencer to charge £20 a month for current account

M&S to charge monthly fee for bank accounts

Marks & Spencer is to charge its bank customers up to £20 a month for a current account, the high street retailer has announced.

One week left for Cahoot’s one year fixed rate bond at 3.6%

Savers looking to deposit their cash into cahoot’s latest one year fixed bond only have a week left to do so. The bond pays a return of 3.6 per cent.

Inflation expected to fall slightly in June

Inflation is expected to fall again in June

On Tuesday, official figures for June inflation are published and are expected to show a fall in the consumer prices index (CPI) from 2.8 per cent down to 2.7 per cent.

Nationwide BS launches two year loyalty bond at 3.8%

Nationwide Building Society has released a new bond, aimed at rewarding loyal customers. The savings account offers a fixed rate of 3.8 per cent for two years.

Co-op acquisition of 630 Lloyds branches will boost competition

The Co-op is set to acquire 630 Lloyds branches

The Co-operative Bank is set to acquire 630 Lloyds branches for less than £1 billion and increase its market share in the UK retail banking sector to ten per cent.

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