■ Savers are still getting hammered, says the latest survey from Investec Private Bank, which says that only one in ten savings accounts for balances of £25,000 or over pays two per cent or more. The average return on a £25,000 balance between February 1 and May 1 was a paltry 0.89 per cent.
■ The average credit card purchase rate has climbed to 18.1 per cent, against 16.3 per cent two years ago, according to Moneyfacts.co.uk analyst Michelle Slade. “Customers who repay the minimum will be hardest hit with an additional £408 in interest now being payable on a modest balance of £2,000,” she said.
■ Homebuyers leaving fixed, discounted, tracker and capped-rate deals to move onto standard variable rate (SVR) loans could be clobbered for an extra £20m a month because banks have lifted the SVR to 4.6 per cent above Bank base rate, against 1.9 per cent in the second quarter of last year, said Richard Mason at Moneyextra.com. He said: “It’s blatant profiteering."
■ Holidaymakers heading abroad must plan their travel money carefully to avoid being hit by the weak sterling, says Andrew Hagger at Moneynet.co.uk.
For instance, they should take a prepaid travel card, for a better exchange rate.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here