The doughty members of Cheshire Building Society who turned up at Thursday's meeting over its proposed 'rescue' by the mighty Nationwide left the Financial Services Authority and Cheshire's chief executive, Karen McCormick, in no doubt about their grave concerns over the way the deal is being done and rushed through.
The meeting in Macclesfield Town [...]
But her son Don, 73, had another reason to raise a glass at the party last month. A few weeks earlier, Don, who has power of attorney over his mother's affairs, received a cheque on her behalf, refunding £8,600 in excess fees, after a six-month struggle with the local council.
Confusion over the rules setting [...]
A new report has warned investors considering opting for a with-profits policy to avoid them like the plague.
An estimated 25m people, or 42% of the UK's population, have with-profits policies worth a massive £400bn, for their pension, savings or as a mortgage endowment.
But people with new money to invest should avoid these [...]
This has left the savings account market transformed, with high-fliers now relegated from the top of the best-buy tables and little-known banks stepping up.
A total of 24 savings account providers have already cut their variable rates, and 14 of these either match the 1.5% cut or outstrip it, according to [...]
The Bank of Ireland is advertising an 18-month bond at 8% but an EAR of only 5.26%. Is this better that the Saga offer of 6.85% AER?
I'm afraid I don't understand the difference between AER and EAR. M.W., Havering, Essex
Simon Moon from This is Money replies: Comparing like with like is the only [...]
While politicians have fought the corner of borrowers, pensioners living on income from their savings have been abandoned.
Many could see their income from savings cut by a third, leaving them struggling to cope with higher energy, council tax and shopping bills.
Over the past 12 months, the income paid by some accounts has halved as [...]
The borrower, of course, is the Government and in the wake of the banking bail-out and commitments to spend as the economy enters recession, it needs more money.
The Government raises cash primarily by issuing bonds, also known as gilts. The term 'gilt-edged' stems from the initial practice of producing the bond certificates with gold [...]
Pensioners who rely on regular monthly interest from banks and building societies to supplement their meagre state pension will be hit hardest.
If banks impose the full 1.5 percentage point cut, a pensioner with £50,000 in their account could see their income dive by £62.50 a month.
The early signs are not good. National Savings & [...]
On the day after Diwali, India's explosive annual festival of light, burnt out fireworks litter Mumbai's busy pavements.
But while the excitement of the day before has died down, the heat is still on one standout business in the city's burgeoning financial district, ICICI bank, which has spent a substantial time [...]
The Bank of England's Monetary Policy Committee is expected to cut interest rates by at least half a percentage point this week. And some predict a full one point cut.
Rates could eventually go as low as 1% or 2%. So what can savers do to protect their income? SAVINGS [...]
© 2008 Daily Financial News