20/11/2008 by bill.

It has been revealed that the Bank of England Monetary Policy Committee voted unanimously for the 1.5% cut in interest rates last month with some members seeking a bigger cut. It seems likely that we can expect further cuts in coming months.

This is good news for borrowers, provided the banks pass the reductions on, but savers will see their returns fall further. It is worth looking around for fixed rate savings account and bonds even though the rates on offer are well down on what was available just a few weeks ago.

Click here for information about selecting the right savings account on moneyjungle.net

Posted in Interest rates, Savings | Print | No Comments »

19/11/2008 by bill.

Anyone tempted to consider switching savings to Premium Savings Bonds as a result of cuts to the interest rates paid on their savings account should bear in mind that the notional interst rates used to pay out prizes has fallen dramatically as a result of the fall in the Bank of England lending rate to 3%.

The notional interest rate for Premium Bonds is now down to 1.8% with the odds of any bond winning a prize in any month now 1:36000.

For more information about Premium Savings Bonds see moneyjungle.net

Posted in Premium Savings Bonds, Interest rates, Savings | Print | No Comments »

18/11/2008 by bill.

We always recommend anyone thinking of opening a savings account to shop around for the best deals. Interest rates can change quickly in this highly competitive market. Several top deals have already been reduced or withdrawn in anticipation of the Bank of England cutting the base rate this week. Interest rates may be variable at short notice or fixed for a specified period. However, we have identified the following Internet accounts as good deals available on-line on 18th November 2008:

Savings accounts

The AA - Internet Saver 6.46% aer
Alliance and Leicester - eSaver Issue 2 6.30% aer
Saga - Online Top 5 Tracker Account 6.04% aer Available to the Over 50s
Intelligent Finance - isaver 5.9% aer

See moneyjungle.net for more on selecting the right savings account.

Please note that although we check rates regularly moneyjungle.net does not claim that the products listed above are the most appropriate for an individual investor and does not claim that the list is exhaustive. We exclude introductory offers that offer short term high interest rates that later fall or those that require the customer to open another account such as a current account. We always recommend thorough research, reading terms and conditions carefully and, where appropriate, consulting an independent financial advisor. See the moneyjungle.net independent advice page for further information.

Posted in Personal Finance, Savings, Investments | Print | No Comments »

16/11/2008 by bill.

As they turn their back on stocks and shares and property investments, many investors turn to gold as relatively safer. Although gold prices have fallen back in recent weeks, many experts suggest that gold should form part of the portfolio of any serious investor. However, as with most investments it is important to take a medium to long term view, investing in gold or other precious metals should not be seen as a way of making a quick buck.

As with any investment, My Money Jungle recommends that you seek independent expert advice before investing in gold but if you decide to do so it is really easy to invest on-line through BullionVault.com.

For more about investing in gold, other precious metals and gemstones see moneyjungle.net.

Posted in Gold, Investments | Print | No Comments »

15/11/2008 by bill.

Most of the major lenders have cut the interest charged on their variable and tracker mortgages over the past few weeks, but first time buyers will find that many lenders require deposits of as much as 40% of the value of the loan. The number of deals available for first time buyers with only a 10% deposit are few and far between.

We recommend seeking expert advice in selecting the most appropriate mortgage for your circumstances. Click here for more information about selecting a mortgage.

moneyjungle.net does not offer financial advice but we can connect you with an impartial, FSA qualified adviser.

Just complete this simple form and an adviser will call you back to discuss mortgage options tailored to your needs.

Posted in Mortgages | Print | No Comments »

12/11/2008 by bill.

Scottish and Southern, the second largest energy company in the UK, has said that consumers should expect to see lower gas and electricty bills early in 2009 provided that wholesale prices continue to fall.

However, many householders could save money by switching suppliers now rather than waiting to see what happens in the new year. To see what tariffs are available in your area go to Energy Helpline.

For more ways of saving money on household bill see moneyjungle.net.

Posted in Fuel prices, Energy bills | Print | No Comments »

12/11/2008 by bill.

Credit card companies have not passed on recent interest rate cuts to customers, in fact many credit card issuers have increased rates in recent months. Interest rates vary from just over 6% to over 30% a year with some store cards charging even more.

The card companies are also now much more selective in who they will offer cards with lower rates to. The card company will check your credit report before deciding if you qualify for their card or, in some cases may actually offer you a card but at a higher interest rate if the credit report shows any county court judgements of even missed payments on loans or credit cards.

Now you can see the information the credit card companies look at. Click here for your free Experian credit report.

See the moneyjungle.net credit card section for more about applying for credit cards in the UK.

Posted in Credit report, Credit and Debit Cards, Interest rates | Print | No Comments »

07/11/2008 by bill.

You might have been saving for a holiday or wedding, to pay your mortgage or credit card bills, to fund your retirement or to buy a home, but if you are one of the hundreds of thousands of people who find their money frozen as a result of recent bank collapses, you may be wondering what to do until you get your hands on it again.

The Financial Services Compensation Scheme expects to start repayments to savers with IceSave in mid-November but people with money trapped in some offshore bank accounts or saved via bonds and other financial products may have to wait much longer, if they are repaid at all. You need a plan - so here is some help to get you started.

To find out what our top tips are, click here for the full article.

Posted in Icesave, Credit report, Bank accounts, Credit and Debt, Savings | Print | No Comments »

07/11/2008 by bill.

Some of the big mortgage lenders have cut their variable mortgage rates by 1.5% following the cut in the Bank of England Lending rate earlier this week.

Lloyds TSB, RBS/NatWest, Northern Rock, HBOS, Abbey and Nationwide have announced that they will pass the cut in full on to borrowers. A borrower with a £150,000 repayment mortgage will see their repayments fall by around £138 a month.

Anyone looking for a mortgage should compare available rates before applying for a mortgage or consult an independent mortgage broker. The moneyjungle mortgage finder facility can help you find an idependent FSA approved broker.

Posted in Mortgages, Interest rates | Print | No Comments »

06/11/2008 by bill.

The Bank of England has cut interest rates this week by 1.5%.

This may be good news for borrowers but not for savers. Now is a good time to shop around for fixed rate savings deals or bonds but you need to act quickly - most banks have already reduced rates or withdrawn products in anticipation of a cut in bank rates.

For more information to help you find the best place for your savings see moneyjungle.net

Posted in Interest rates, Savings | Print | No Comments »