Time to move on from Northern Rock
The Treasury has announced that it is reducing the guarantee on Northern Rock savings accounts. So move to a better rate, says Ruth Jackson. Plus, a round-up of this week’s personal finance news.
HM Treasury has announced that it is reducing the guarantee on Northern Rock savings accounts. From 24 May money held with the bank will no longer be covered by a 100% government guarantee. Instead, it will revert to being covered by the Financial Services Compensation Scheme (FSCS). This only guarantees the first £50,000 deposited with banks and building societies.
The exception to this will be money held in Northern Rock fixed-rate accounts. These deposits will continue to be 100% guaranteed until the fixed term ends, says Justin Modray, director of Candidmoney.com. If you are on a variable rate, then move your money in May. "Northern Rock's interest rates are uncompetitive against the best of the market and are, in some cases, downright awful,"says Modray. So move to a better rate, unless you are on a fixed rate.
Save money with your iPhone. A new iPhone app allows users to find nearby restaurants with discount deals. The free Vouchercloud app downloadable from Vouchercloud.com uses GPS to show the user the deals available at nearby restaurants. Simply choose a restaurant and show the waiter the voucher code on your iPhone screen to get the discount.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
If you don't have an iPhone, don't worry, as you can still enjoy restaurant discounts. Gordon Ramsay is offering two courses from £18 at his restaurants. The offer is available via Lastminute.com. The £18 deal is available at Maze Grill; The Devonshire; Foxtrot Oscar; The Narrow and The Warrington.
This year's Isa battle is preparing to enter its final month before the end of the tax year. And the good news is, the deals are steadily improving. Nationwide has launched a three-year fixed-rate cash Isa paying 4.4% AER. It's a good deal, but hang on a couple more weeks to see if any better ones surface before you commit your money.
Barclays has infuriated its customers by announcing that it is going to increase overdraft rates. The rates on some current accounts will increase by as much as 5%. Vote with your feet and switch to Alliance & Leicester. It offers an interest-free overdraft of up to £2,000 on its Premier Current Account. And you'll receive £100 if you switch using its switching service before 7 March.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.
Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.
Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.
-
Tycoon Truong My Lan on death row over world’s biggest bank fraud
Property tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
By Jane Lewis Published
-
Why undersea cables are under threat – and how to protect them
Undersea cables power the internet and are vital to modern economies. They are now vulnerable
By Simon Wilson Published