Banking

banking

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Digital shake-up for banks

Digital shake-up for banks

The banks of the UK aren't exactly trusted by consumers, and with that, the Competition and Markets Authority (CMA) have brought about new measures to shake things up. The CMA have said that banks need to improve their mobile services, as well as making it easier for people to switch. Another big bit of news…

Pension case brought against Lloyds

There's trouble with the Lloyds Banking Group, and this isn't about shares and PPI scandals - this time, they're getting in legal trouble over the pensions they give their staff. The Lloyds Trade Union, numbering 30,000 members, are starting to take action against the bank about a problem which could cost big UK companies £20…

PPI deadline confirmed - hurry up and make your claim

If you haven't made your PPI claim yet, you'll now have until June 2019 to get your compensation from the mis-selling scandal. Now, before we continue, we'll again point out that you can make your own claim and it is completely free. Don't give money to people who say they'll do it for you. It…

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Lloyds to close 200 branches

Lloyds to close 200 branches

The Lloyds Banking Group has announced that they're going to close 200 branches, and with that, go 3,000 jobs as well across the UK. To add to the cheerful news, they also announced that they're looking at cutting interest rates following the UK's EU Referendum. All-in-all, they're looking at saving £400 million in the process.…

Santander to cut interest rate?

Santander are launching a lite version of their popular 123 account. However, the main 123 account could see its interest rate cut, which is a bit of a kick in the teeth for customers. The bank has been looking at cutting the interest rate on the 123 Current account from 3% to 2%, which could…

Credit card holders to be texted when deals end

Around 5 million credit card holders are going to be getting texts and emails when introductory deals end, and when new (often rip-off) fees kick in. This is all thanks to a new crackdown by City watchdogs, the Financial Conduct Authority (FCA). Basically, if you've been wooed with a good deal on a credit card,…

RBS may charge to keep money in accounts

The financial situation, post EU Referendum, is frankly, a mess. The Bank of England are weighing up whether or not to cut base rates below zero, and as a result, RBS Group have issued a warning that customers could be charged for their accounts, even if they're in credit. That's a negative interest rate, for…

Banking apps on the up, as payment via apps goes up by 54%

Banking apps on smartphones are surging in popularity in the UK, with payments via mobile going up by 54% in 2015, with a value of £347 million. It isn't surprising really, as more and more people have smartphones than ever before. Of course, desktop banking can be a slight faff, remembering passwords and the like,…

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HSBC exec charged with fraud

HSBC exec charged with fraud

Mark Johnson, a big HSBC executive, has been charged with fraud in the USA, along with a former colleague called Stuart Scott. Johnson, HSBC's global head of foreign exchange trading, was arrested after being accused of using insider information to make money off a currency deal, say the US Department of Justice (DoJ). HSBC are…

Santander launches £1 123 account

Santander's '123' account has been rather successful for the bank, however, in the last few months, they've seen a large drop in the number of people switching to them. This is because they upped the monthly fee on their account from £2 to £5 per month. To reverse this trend, they have now launched a…

Virgin Money offers 2.5% on one-year fixed savings account - with a Man Utd shaped catch

Virgin Money have hit on a strange idea - they've launched a new savings account which offers a rate of 2.5%, but that's only if Manchester United win the 2016/17 Premier League title. The 'Champions Bond' is fixed for one year at 1.25%, but if Man Utd win the league, it unlocks your bonus. Feel…

M&S Bank £316 for new current account customers

M&S Bank are bringing back their £316 offer for new customers who sign up to their current account. You get £220 for switching to them, and you also get a £100 M&S gift card for using their Current Account Switch service, as well as a bonus of £10 a month in the first year. You…

FCA announce worst savings accounts

The UK financial regulator, the Financial Conduct Authority, have named the worst savings accounts. Some are paying between 0.01% and nothing when it comes to interest. The FCA looked at 32 providers, and found that the Post Office paid no interest at all on some open and closed accounts in April 2016. They also found…

Santander to take RBS branches?

Santander is looking at taking millions of customers from the Royal Bank of Scotland. This revolves around RBS being restructured after the bail-out, which is going to forge a new bank called Williams & Glyn. RBS are having some technical issues getting it up and running, but when they do, the Spanish-owned bank might be…

Mastercard to pay out £68 million over fees

We told you that Mastercard were getting in trouble, and that compensation might be due for some people. Well, it's all kicking off and Mastercard have been ordered to pay Sainsbury's £68 million over excessive fees. The people at the Competition Appeal Tribunal awarded the damages to the supermarket for "interchange fees", which MasterCard had…