Smarter Finances » Banking

Banking Changes?

drew — Wed, 09 Jul 2008 08:55:53 +0000

I currently bank woth Barclays Bank PLC and have done for about 10 years, whilst things have been pretty much plain sailing there have been a few times where they have annoyed me.

The most recent one involves going over my overdraft and being clobbered with an “admin” charge, this is despite having several thousand pounds deposited in a linked savings account.

I find it highly irritating that they would slap the charge on knowing that there is a significant balance in another account. I took them to task over this and demanded my money back, they quickly obliged and paid the £30.00 back into my account.

So if you get an over zealous bank slapping you with “admin” charges i suggest you contact them and complain because they will pay you back.

On that note i decided to look at alternative banking arrangements, its an incredible amount of hassle to change banks especially with the amount of direct debits i have. Some banks offer a service where they do it for you, Alliance & Leicester for one.

I may get round to it in the future, but right now i’m too lazy.

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Redstone Mortgages

drew — Fri, 04 Jul 2008 09:01:32 +0000

Redstone Mortgages PLC are a known sub prime lender, they often lend money to people with poor credit ratings, they are typically known as sub prime lenders.
In the current economic climate taking out a mortgage with a sub prime lender will be seen as madness by some. Others understand the need to enter the property market and get a foot on the ladder, but at what cost.

Whilst renting can be seen as dead money taking out loans with lenders who charge high interest rates is a risky move. With the interest rate rises of late 2007 many mortgage companies increased their rates to follow, some companies increased the rates higher than the Bank of England. As the BOE cut the rates the mortgages companies did not follow, many people were left facing hikes in their monthly repayments, home owners that had stretched their budgets to the limit are now finding life difficult, subsequently many homes are being repossessed. Companies such as Redstone Mortgages are far less forgiving when homeowners default on mortgages.

Before taking out a mortgage with any lender the best piece of advice i recommend is not to extend yourself, if you’re are currently renting a property sit it out, i think things will get worse before they get better.

The above text is not professional advice , just my take on the current housing situation.

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Finding the Best Loan Rate Online

drew — Thu, 05 Jun 2008 07:36:09 +0000

When shopping for a loan, you need to take many details into consideration. One of the most important is the rate that you secure. The question is: how are you going to find the best loan rate? There are many answers to this question, but perhaps the most common is online. By using the internet you should be able to find a loan rate that is not only acceptable but one that is among the best being offered at the current time.

If you are going to shop for a loan online, you need to make sure that you are careful about what you are doing. Unfortunately, there are some lenders who will try to deceive you as a way of gaining your business. You may think that they are offering a great rate, but soon enough you will find out that there are hidden fees and that the terms were not exactly what you thought they were.

What type of loan rate can you shop for online? Generally speaking, there is no limitation in this area. Most commonly, you will find rates for automobiles and home loans online. But with that being said, if you search long and hard you can find rates for any type of loan that you are interested in obtaining.

To find the best loan rate online, you need to take your time. Even if you find a great deal after a few minutes, you should continue to search. You never know when another deal is going to cross your computer screen that is just as good or better. With a lot of competition, lenders are forced to offer good rate deals if they want to secure new business.

Overall, finding the best loan rates can be done easily enough with the help of the internet.

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Savings via direct deposit

drew — Fri, 23 May 2008 13:35:33 +0000

Do you have a difficult time saving money each month? There is a good chance that you have enough money leftover after bills to save, but blow through this cash for one reason or the next. If this is the case, you may want to look into the benefits of direct deposit. There are many ways that you can make this work to your advantage, and you should definitely consider all of them.

Direct deposit is exactly what it sounds like. This is when money from your paycheck is deposited into a particular account. For instance, you could have the entire sum put into one account. But on the other hand, you may be better off taking some of your check and putting it into an account that is used for savings only. This way you have the ability to keep your money for bills separate from the funds that you want to save.

If you are interested in getting started with direct deposit, you will have to speak with your employer’s human resources department. They will be able to supply you with all of the paperwork that you need in order to get started. Although you will have to fill out some forms, they are not nearly as extensive as many people think. As long as you have your personal and bank account information on hand, you should be able to breeze through the process within a matter of minutes.

Before you finalize all of the details, make sure that you have your money going to the right places. You may have to study your expenses and budget to ensure that you are allocating your funds to the proper accounts.

Overall, direct deposit is one of the best ways to help you save. With this option, you never have to worry about going through money that you wanted to keep safe.

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Online savings accounts

drew — Fri, 23 May 2008 13:33:39 +0000

Are you looking for a way to save money while making a little bit as well? If so, you will want to check out one of the many online savings accounts that are available. These accounts are usually much better than any that you could get at a local bank. The main reason for this is the interest rate that you will be able to receive. In most cases, you should be able to double your rate by using an online savings account. And as you can imagine, this can mean a lot of money in the long run; especially if you keep a good amount of money in your account.

The question is: how do you get started with an online savings account? Believe it or not, this is easy to do. The first thing on the agenda is to find which financial institution you want to deal with. There are several that are well known for their online savings account programs such as HSBC. Once you choose a bank, you will then have the ability to move forward with the application process. This is when you will supply basic information. At this time, you may also want to add an account. By doing this, you will be able to transfer money from an account at your local bank into your online account. This is the quickest and most efficient way of transferring funds.

>Many people are afraid to open an online savings account because they think that there money will get lost. Keep in mind that this is nothing more than a myth. The majority of banks that offer these accounts are FDIC insured. For this reason, you do not have anything to worry about.

Overall, using an online savings account is a great way to save money. If you regularly contribute to one of these accounts, you will see your savings sky rocket while also earning a bit extra in interest.

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Save money by shopping for a car loan

drew — Fri, 23 May 2008 13:31:09 +0000

When buying a new car, only a select few people have enough money to do so in cash. If you are one of the many people who will need to take out a car loan, you need to keep one thing in mind: shopping for the best option will pay off in the long run. As you can imagine, there are hundreds of lenders who offer car loans. If you find the one that best suits your needs, you are sure to save yourself a lot of time, money, and stress over the course of your payments.

What should you look for when trying to find the best car loan? First and foremost, you want to secure the best possible interest rate. The lower your rate the less money you will pay each month. And while this may not seem like a big deal on a month to month basis, over the course of a loan a lower rate can save you thousands of dollars. If the dealer is not willing to help you find the car loan with the lowest rate, you can shop around on your own. Many people think that they have to rely on the dealer’s financing department, but nothing is further from the truth.

You should also make sure that you do business with a lender that has a good reputation within the automotive industry. This will help to ensure that you get the best deal without having to worry that something will change on you in the long run.
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You can save a lot of money by comparing car loans before finally signing on the dotted line. If you save yourself even one percentage point this will mean thousands of extra dollars in your pocket over the term of your loan. Doesn’t that sound good to you?

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