Monthly Archives: December 2015

New rules come in on 1 January, which will reduce compensation to £75,000 per account, per institution.

Previously the Financial Services Compensation Scheme (FSCS) protected savings of up to £85,000 per account.

Joint accounts will see protection cut from £170,000 to £150,000.

The maximum compensation across the European Union is set at €100,000, and the British level was reduced as a result of the pound gaining strength against the euro.

You are reminded that you may need to move some of your cash, to guarantee it will be fully protected in the event of your bank going bust.

The precise rate was set on 3 July 2015.

Bank base rateBank of England votes 8-1 to hold rates at 0.5%

UK interest rates have been left unchanged again at 0.5% by the Bank of England’s rate-setters.

The nine rate-setters on the Monetary Policy Committee (MPC) voted 8-1 for no change, predicting that inflation would stay below 1% until the second half of next year.

Ian McCafferty, one of four external members of the MPC, was the only one to vote for a rate rise.

He also voted for a quarter-point rise at each of the previous four meetings.

It is the 81st meeting in a row at which rates have been left unchanged at 0.5%.

The minutes of the meeting showed policymakers concentrated on the continuing subdued inflation environment.

Inflation as measured by the Consumer Prices Index (CPI) stood at -0.1% in October and the rate-setters predicted it would be slightly positive in November.

The MPC’s job is to keep CPI close to the government’s target of 2.0%.

Last week, the European Central Bank took steps to boost the eurozone economy, cutting its overnight deposit rate and extending its €60bn stimulus programme by six months.

But the Federal Reserve in the US is widely expected to raise rates at its policy meeting next week.

TestimonialsVanessa gave me a great service that I could trust, and kept me informed throughout the process. I feel that I got a good deal, and she walked me through the details in a friendly, easy to understand way. I look forward to working with Vanessa again when my fixed rate mortgage deal comes to an end.