uk banks

One-Quarter Of Smallest British Companies Could Tank By 2015

February 23, 2012

British micro-firms are companies that employ fewer than ten people. Managers of more than one-quarter of them believe their company will fold by 2015. One in six worries their company will close by the end of this year. With millions of these small businesses predicted to close, the British economy will suffer. These alarming statistics [...]

Loans May Be Hard To Come By But Bank Accounts Are Not

February 13, 2012

When it comes to loans, bank offerings are few and far between. Only UK consumers with good credit are approved and just a small number of them qualify for the lowest loans APR. Everyone else is either rejected or saddled with a very high APR. This is driving consumers toward no credit check loans that [...]

UK Bank Overdraft Charges Reach Alarming Levels

December 8, 2011

Recent research regarding unauthorized overdraft charges from High Street banks revealed a very alarming situation. Some banks are charging an APR of more than 819,000 percent, which is enough put any customer into shock. The British Banking Association (BBA) has referred to using APR to calculate overdraft charges as “mathematical manipulation” but is willing to [...]

Protecting Your Deposits From Inflation And Bankrupt Banks

October 27, 2011

People who have saved money their entire lives never dream of needing loans to pay their bills. However, some savers may find themselves in this situation due to no fault of their own. As countries going bankrupt are unable to print euros, the global banking system is seriously threatened. In addition, money printing like that [...]

Moodys Downgrade UK Banks Is Your Bank Safe

October 11, 2011

The credit rating agency Moody’s recently downgraded deposit and senior debt ratings for 12 financial institutions in the UK. It believes that the largest lenders will continue to receive government support, while smaller banks will be left to fail. This recent move by Moody’s has only worsened an already shaky level of consumer confidence. Moody’s [...]

Deposit Insurance Works Against Financial Stability

September 22, 2011

For years, academics in money and banking have promoted the idea that deposit insurance is detrimental to the stability of banks. In the 1980s, the U.S. savings and loan crisis illustrated how deposit insurance can fail. Based on this, many experts are less than pleased about deposit insurance developments in the UK in recent years. [...]

Separating Retail Banks May Take A While

September 12, 2011

Recommended UK governmental legislation regarding a ring fence of retail banking operations by big banks is expected to be handed down by the Independent Commission on Banking. This ring fence will separate investment banks from retail banks. Experts say that it should be phased in over several years in order to prevent bigger issues. Large [...]

Insurance Industry And Bank Response To UK Riots

August 12, 2011

Multi-day rioting in England to protest government cuts has become violent. These activities have now spread outside the boundaries of London, affecting more residents and business owners. British insurance companies and banks recently announced emergency support for their customers. Barclays, Co-operative Insurance, and Zurich are each trying to help affected personal and business customers. Business [...]

European Central Bank Holding Interest Rates Steady And Offering Additional Loans

August 10, 2011

European Central Bank (ECB) President Jean-Claude Trichet recently announced something most UK residents know- that the region is experiencing “particularly high” economic uncertainty. Given this, the ECB will engage in another refinancing operation, he said. The bank has also decided to keep the eurozone interest rate at 1.5 percent, as was predicted. Mr. Trichet was [...]

Interest Rates Should Remain Steady Until 2012

August 7, 2011

The BBC recently polled 32 economists regarding UK interest rate movement and a majority of them predicts that rates will remain unchanged until 2012. Three of them estimated that a rate increase would not occur until 2013. However, over half said the Bank rate would increase to 1.5 percent or higher before 2012 ends. For [...]

Interest Rates Increased by European Central Bank ECB

July 12, 2011

The European Central Bank (ECB) is not taking it easy this summer. It just increased the interest rate, much to the chagrin of the 17 members of the euro bloc. This is the second rate increase since April and is designed to keep inflation under control. Even the ever-growing Greek debt crisis is not enough [...]

Let The RBS Group Become A National Bank

July 11, 2011

The British banking industry faces an uncertain future. Bankers are lobbying the independent banking commission led by Sir John Vickers. They fear that increased financial stability will affect their global business plans. Last weekend, liberal Democrat and Labour MPs sent a letter to the Observer regarding the issue. Those who signed this letter believe that [...]

The World Debt Situation Worsens

July 4, 2011

The global debt crisis continues, with many countries seemingly going broke. Speculators are placing bets on the order in which national financial systems will collapse. Central Banks have done what they can are now falling behind. We took a brief break from the financial crashes but we now seem to be headed back down this [...]

Greek Debt Solution Being Presented At Summit

June 28, 2011

Greece needs a lot more than payday loans to get out of its current financial situation. European leaders will spend part of Thursday and Friday presenting a plan to help Greece avoid default. These powers will inform the Greek Prime Minister that 12 billion euros of emergency aid will be released as long as Greece [...]

Being Loyal To Your Bank Can Literally Pay Off

June 17, 2011

In a move to retain its most lucrative customers, banks have begun tailoring interest rates for borrowers and savers. The profitability and loyalty of a customer may now determine the rate the person receives for a savings account, mortgage, credit card, or loan. This is causing some people to think twice before changing financial institutions. [...]

Latest Premium Bond Winner Hits It Big

June 10, 2011

The National Savings and Investments scheme of the UK government issues a lottery bond called a premium bond. Interest is paid by the government but goes into a prize fund rather than an individual account. Each month, a lottery randomly draws bond numbers and awards tax-free prizes to winning bondholders. Prize amounts range from £25 [...]

Europe Divided On Greek Debt Crisis

May 27, 2011

Things are getting heated between politicians and central bankers in Europe regarding the debt crisis of Greece. Some euro-zone states, including Germany, have called for a restructure of Greek debt. One of the top officials with the European Central Bank referred to this idea as a “horror scenario.” Things seem to have entered a new [...]

The Latest Regarding The Greek Debt Crisis

May 21, 2011

The debt crisis in Greece will likely take many twists and turns during the next few months. The €110 billion bailout from the EU and IMF is not enough because as of March 2010, Greece needed at least €151.5 billion to repay its debts. Since then, the numbers have become worse and things look even [...]

My Bank Won’t Let Me Cut My Overdraft Why Is That

May 18, 2011

The situation in question relates to an individual who had their account frozen in overdraft status and for some reason they were unable to make payments against the debt owed. This is a fairly rare situation and we believe it may have been more of a miscommunication than anything else. When an account goes into [...]

Why Is The £5 Returning To Cash Machines

May 18, 2011

This is a surprising question in that many people seem to be asking the very same thing. While there are mixed feelings about it, the move actually makes perfect sense in today’s economy. The smaller denomination offers a bit more flexibility for those of us using cash machines. There is no real rhyme or reason [...]

I am Bankrupt Can I Open a Bank Account

May 18, 2011

Unfortunately, in today’s economy, bankruptcy is a harsh reality for many people. After dealing with the trials and tribulations of going bankrupt, these people often find themselves in the very difficult situation of needing to open a new bank account to handle their daily finances. The question here is if you have a low income [...]

How To Make Sure You Receive Your PPI

May 18, 2011

Banks have officially given up their attempts to fight the High Court regarding payment protection insurance (PPI). This means millions of UK customers can begin reclaiming their money. The waiting now begins, as banks must refund an estimated £10 billion. Consumer advocate groups are seeing to it that people receive their money in an efficient [...]

Greek Debt Downgraded By S and P

May 13, 2011

On Monday, Standard & Poor’s (S&P) downgraded the credit rating of Greece, leading to renewed concerns that the debt crisis in Europe is worsening. According to the bond rating agency, Greece will likely be provided additional time for bailout loan repayment. A similar deal will probably be negotiated on bonds that are held by commercial [...]

Lloyds Banking Group Moves Regarding PPI Payment Protection Insurance

May 11, 2011

The payment protection insurance (PPI) saga goes on in the UK. Last week, Lloyds Banking Group announced that it will not pursue legal action regarding issuance of this insurance. It also has allocated approximately £2.3 billion to compensate the thousands of people who were missold PPI, which is designed to cover credit card or loan [...]

no credit check bank accounts for people with bad credit

May 2, 2011

If you have been searching in vain for a no credit check bank account you may find the following resources useful. There are videos blog information sources and tweets all addressing this subject. Hopefully there will be something here of interest to you all. No credit check bank accounts videos: Bank Account With No Credit [...]

Update On Iceland Bank Foreign Deposits

April 29, 2011

Banks in Iceland were kind enough to offer residents of other countries, namely the Netherlands and UK, the ability to hold high-yield savings accounts in the country. However, no explicit guarantee was provided by the government. When the global financial crisis hit in 2008, banks in Iceland failed and these depositors fell victim. Unlike Ireland, [...]

The Banks Are Not The Only Ones To Blame

April 28, 2011

Two weeks ago, everyone was reading the Vickers review on banking, another blow to bankers. For three years, banks have been blamed for the financial crisis because they are a great alibi. Blaming them relieves everyone else of responsibility. However, the government is partially to blame for the crisis because it never saw the asset [...]

UK Banks Lose Fight Against Payment Protection Insurance

April 26, 2011

Payment protection insurance, also called PPI, is an insurance product that covers outstanding debt like overdrafts or loans. Banks and credit providers sell it as an add-on to an overdraft or loan product. PPI covers a borrower against events that may limit earnings used to repay the debt such as sickness, unemployment, accident, or death. [...]

Plan To Rescue Greece Portugal And Ireland From Economic Woes

April 15, 2011

Leaders of the eurozone are formulating a plan to rescue the struggling economies of Greece, Portugal, and Ireland. These may not be the only eurozone countries that need assistance because Spain has been mentioned and others may follow. Germany is leading the rescue effort for the three countries in the most dire straits, promising a [...]

Independent Commission On Banking Report Released

April 14, 2011

On Monday, the Independent Commission on Banking released a report questioning whether making basic rules more restrictive can lessen the tendency for modern banks to take risks. Panel head Sir John Vickers, an Oxford economist and his panel want to make it less tempting for banks to engage in risky behavior. They also want to [...]

Higher Interest Rates Have Arrived

April 12, 2011

The European Central Bank recently issued the first interest rate increase from 0.25pc to 1.25pc. This may seem like a minor change but for a €300,000 mortgage, it represents €40 per month. This is just the first incremental increase, with analysts expecting the ECB to increase rates by at least 1.5pc during the next 18 [...]

Prime Minister Of Portugal Calls For A Bailout

April 11, 2011

Fellow UK member state Portugal is in quite a pickle. On Wednesday, the country’s Prime Minister announced that a financial bailout is being sought from the European Commission due to skyrocketing debts and trouble raising money within international markets. Portugal now joins Ireland and Greece in requesting assistance from the International Monetary Fund and European [...]

Cyprus President Continues To Blast Central Bank Governor

April 8, 2011

Athanassios Orphanides, Central Bank Governor, was the subject of a recent attack from Cyprus President Demetris Christofias regarding the financial situation in Cyprus. The Cypriot President blamed the Central Bank governor for failing to control Cypriot banks that made heavy investments in Greece. The result was a credit agency downgrade in the sovereign credit ratings [...]

Trade Suspended In Two Irish Banks Prior To Stress Tests

April 2, 2011

Trading in shares of Allied Irish Banks and the Bank of Ireland was suspended prior to the publication of stress tests on Thursday. This information is expected to reveal that these banks require billions of dollars in aid. The 24-hour suspension of trading was handed down by the Central Bank of Ireland and the Irish [...]

Will Banks Really Follow Through On Their Anticipated £190 Billion Business Lending Goal

March 4, 2011

For the past ten weeks, the UK Treasury and the four largest banks in the region have searched for middle ground between letting market forces dictate business lending and nationalizing credit provision. Ministers want the financial institutions to increase credit in support of economic recovery in exchange for a “responsible” approach regarding bonuses. In the [...]