General
UK consumers against monthly banking fees
The results of a recent survey carried out in the UK has revealed that customers in the UK would prefer to pay charges and penalties on going overdrawn with their current account rather than having a set monthly fee applied to their accounts. There has been a great deal of controversy over bank charges, which are applied for exceeding the overdraft limit, and also for returned cheques and direct debits, and many consumers have been claiming back these fees going back up to six years after regulators labelled them unfair and unlawful last year.
Popularity: 24% [?]
Brits can now buy travel cards from Barclays
One of the concerns of so many Brits taking summer vacations in other countries is how best to carry their money safely. Some vacationers depend on cash and traveller’s cheques, while others rely on using credit cards and debit cards. However, there are risks associated with all of these, especially when it comes to using plastic abroad. Barclays has come up with a safer alternative for using money abroad that is safe along with being easy and convenient to use.
Popularity: 25% [?]
Customers want to see more financial products at the supermarket
According to the results of a recent survey customers in the UK are eager to see a wide range of financial products being made available from their local supermarkets, as many feel that the supermarket can offer far better service and far better value for money on these services and products compared to traditional banks. Many supermarket giants, such as Asda, Tesco, and Sainsbury’s, already offer a range of financial products and services such as insurance, loans, savings, and most popularly credit cards.
Popularity: 34% [?]
Difficult retirement for those in their thirties
Many consumers in their twenties and thirties give little or no time to the thought of how they will fund their retirements, and a recent report has shown that those in their thirties could be heading towards a very bleak retirement due to lack of money fuelled by frivolous spending and failure to put any money aside for their futures. Hundreds of younger people were polled in a survey for the Skipton Building Society, and the result showed a worrying trend amongst consumers in their thirties.
Popularity: 33% [?]
Customers flocking to put savings with Icesave
Many UK consumers are now taking action with regards to making their savings work harder for them by placing their money into an Icesave account, which pays an impressive interest rates, enabling savers to earn more in interest than they may be getting with their existing provider. Icesave is part of Iceland’s Landisbank, and was launched in October 2006, under one year ago. Since its launch Icesave has enjoyed great success with billions of pounds being invested by savers.
Popularity: 34% [?]
Four Big Banks Not Providing Value and Service to Customers
There are specific standards that banks must adhere to when dealing with the service and value they provide to their customers. According to recent industry reports, the Big Four are enjoying huge annual profits, but are not living up to the required standards with regard to providing service and value to their customers. Barclay’s, Lloyds TSB, NatWest, and HSBC are the biggest banks in the UK and are not rated as the “best buy” in good service or the best value for the money they provide for their customers.
Popularity: 25% [?]
Savers wondering if they will benefit from the latest rise in interest rates
Banks in the UK have come under fire from savers who have not yet seen a change in the interest on their accounts due to the increase in rates. The controversy arises from the fact that the increase in interest rates was applied by the Bank of England about four weeks ago, but savers have not yet seen it applied to savings accounts. There have been several increases in interest rates during this past year and while banks have been very quick to apply them to loan accounts they are not so fast to apply the same increases to interest on savings accounts. In the past, some savers have not seen only a partial rise in the interest on their savings account, if they saw any change at all.
Popularity: 26% [?]
Banks closing due to online banking
According to one banking official in the UK the popularity of Internet banking is now having a profound impact on high street banks, and is resulting in branch closures and job losses. As the popularity of Internet banking continues to grow throughout the UK it seems as though more and more high street banks and branches could be affected, as many are losing business hand over fist to their online counterparts, as consumers with busy lifestyles carry out their banking transactions from the comfort and privacy of their own homes at a time that suits them.
Popularity: 20% [?]
Dual fuel not necessarily the best option
In the past many consumers in the UK have taken both their gas and electricity from the same suppliers, and this is because this was often the cheapest option, with many energy giants offering big discounts to consumers that take both gas and electricity from them, known as dual fuel. However, according to recent reports from price comparison services this may no longer be the cheapest option for consumers, and many consumers may find that going through different suppliers for gas and electricity is the most cost effective option.
Popularity: 28% [?]
Natwest customers could have option of paying monthly fee
Customers of one of the UK’s leading banks could be given the option of paying a monthly charge on their current account in exchange for lower fees and charges when they exceed their overdraft limits, according to recent reports. Like other banks, Natwest charges a hefty fee to customers that exceed their credit limits, and for many customers these fees quickly add up, amounting to a substantial sum each month. Natwest claims that this option could help some customers to cut back on the amount that they have to pay in charges each month.
Popularity: 23% [?]