FOR IMMEDIATE RELEASE London, UK, 5th October, 2010: Tesco has confirmed it will offer its customers current accounts and mortgages next year as it looks to expand its banking division. The supermarket giant already offers savings, loans and insurance products following its split from the Royal Bank of Scotland in 2008. Tesco plans to launch mortgages during the first half of next year and...
FOR IMMEDIATE RELEASE London, UK, 27th September, 2010: UK consumers who do not have access to the internet are missing out on the best deals offered by banks, it has been claimed. Consumer magazine Which? has revealed that the average online saver earned around 37 per cent more interest a year than those who used branch-based accounts. Furthermore, a typical instant access account available in...
FOR IMMEDIATE RELEASE London, UK, 22nd September, 2010: Business Secretary Vince Cable has warned banks they could face further taxes if they award excessive bonuses to staff. A bank levy which could raise around £8 billion over four years is already set to come into force next January but Mr Cable has suggested that financial institutions could face further hits to their balance sheets. During...
FOR IMMEDIATE RELEASE London, UK, 21st September, 2010: Consumers should shop around for the best deals on loans as banks will no longer provide their customers with the best available rate, according to an expert. A new report from the Bank of England has revealed that lenders are increasing the margin they charge on unsecured lending. Mark Bower, managing director of moneymaxim.co.uk, has...
FOR IMMEDIATE RELEASE London, UK, 7th September, 2010: Barclays has confirmed that US banker Bob Diamond will become the firm’s chief executive next year. Mr Diamond will take over from current boss John Varley in March 2011, who has been a huge success following his development of the company’s investment banking unit. His appointment is likely to be unpopular with many as Mr Diamond...
FOR IMMEDIATE RELEASE London, UK, 31st August, 2010: The majority of UK consumers are unlikely to be successful in their application for an attractive credit card deal, it has been revealed. Financial website thisismoney.co.uk has reported that one in two applicants are now rejected, while two out of three were accepted in 2004 and 2005. A third of those who fail to fulfil the criteria for the...
FOR IMMEDIATE RELEASE London, UK, 20th August: The cost of borrowing on a credit card has increased despite the historically low interest rate, according to new research. The Bank of England’s latest Trends in Lending report has revealed that the average interest rate on a credit card is now 12.38 per cent, compared to 12.08 per cent in June 2008. Credit card providers were therefore...