Safe haven bank accounts recommended

Bank account customers should be offered ‘safe haven’ accounts that guarantee their money is only being invested in safe assets. That is one recommendation from the Future of Banking Commission founded by consumer body Which? and led by MP David Davies. It has released a report suggesting that these accounts would give better protection to customers. The panel says it is ‘unacceptable’ that people’s savings are put at risk without their knowledge. It has also called for banks to be stopped from paying commission to…

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UK economic growth predictions slashed

The growth forecasts for the UK economy have been slashed as the government’s new independent watchdog has reassessed the figures in light of the damage caused by the recession. The Office of Budget Responsibility has downgraded the expected growth in the UK economy to just 2.6 percent for next year, that’s down from the previous prediction of 3.25 percent. However the watchdog also found that public borrowing would be lower than expected and that unemployment would begin to fall. With the economy still in turmoil it’s more necessary than ever to make sure that you make the most of your money. At Compare…

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BRC: credit card payments costing shops too much

Credit card customers could be paying out more, because banks are charging shops too much for accepting their payments. That’s the view of the British Retail Consortium (BRC). It says banks charge up to 17 times more for retailers accepting payment by credit card than it does for cash payments. An average cash payment costs a shop 2.4pence, paying on a debit card will cost 8.5 pence while transactions of credit cards cost on average 34p according to the industry body. It believes customers could save a total of £480m if lower…

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Plan ahead for petrol stops and travel money

Holidaymakers taking their car to the continent are being urged to think tactically when deciding where to fill up their petrol tank. A new survey by the Post Office has found that while prices in general have rocketed across the content, careful planning can still save motorists money. While Spain remains relatively cheap compared to the UK, France has seen prices soar so much that motorists travelling through the East of the country may be better to cross into Luxembourg to refuel. For diesel drivers filling up is likely to…

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Savers need to search for the best bank accounts

The nations savers, already hard pressed by low interest rates, have taken another hit as banks and building societies have withdrawn some of their highest paid ISAs and savings accounts. According to the Daily Telegraph the shake-up is a result of the coalition government’s announcement that the country’s finances are in an even worse state than expected. It’s also been brought about by a readjustment in the way the banks raise funding on the international markets. The move means that savers looking for a decent home…

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