Tag Archives: Checking & Savings

Checking & Savings

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Over 800,000 Knee Jerk Fixers Need Instant Access

This year really has been a savings rate massacre for consumers, with rates falling to historic lows in line with the plummeting base rate. New research from uSwitch.com reveals that in response to this rate land slide, 9 million savers have locked away a total of £131 billion in fixed rate savings accounts in a desperate bid to bag a decent rate. Unfortunately, a turbulent financial climate has led to almost one in ten of these consumers being forced to access their savings early due to job losses (6%) and mounting housing bills (32%). As a result, these savers have incurred penalty fees averaging £132 each.

In total, over 800,000 consumers have made an average withdrawal of £3,738 each from their fixed rate account in the last year, with over a third of these incurring penalty charges. As a result, these cash hungry savers have racked up a total bill of £40 million in withdrawal penalties which are predominantly made up of interest charges. Going forward this issue is only going to get worse as a further 1.7 million (19%) people with fixed rates claiming that they might have to access their money early.

With each of these savers locking away a total of £14,237 each, this has clearly made a positive boost to the UK’s £1.1 trillion savings pot which is held by 35 million consumers. This may sound like a lot of money in the current climate but it’s hardly surprising as further reports have shown that the amount of money consumers are stashing away has actually gone up by 26% since January this year.

However, with 47% of fixed rate savings accounts offering consumers absolutely no access to their money before the end of the term, it’s hardly surprising that 6% of these knee jerk fixers already regret locking their money away. 87% of fixed rate savers only chose this type of account because it was the only decent rate available at the time and 17% admit to making a rash decision.

Rumina Hassam, savings expert at uSwitch.com, comments: “Fixed rate savings accounts can offer consumers some really competitive returns, but the reality of this extra interest can be harsh. Almost half of the accounts available do not allow consumers to access their cash under any circumstances which, in a climate of recession and redundancy, is a dangerous situation for some people. The devil really is in the detail as far as fixed rate savings are concerned. Even if consumers are allowed to make withdrawals, the extra interest earned could be completely wiped out by the penalties incurred.

Variable rate savings deals are on the up and there are currently deals paying as much as 3.3% with no restrictions on access with Citibank. This explains why 37% of people don’t feel their rate is quite as competitive as it seemed when they first took it on. The average one year fixed rate bond now pays an average of 3.11% but Chelsea Building Society is offering as much as 3.8%. Five year bonds have gone up from an average of 3.33% to 4.61% since January however, one year fixed options have actually dropped down from 3.62% to 3.11% in the last nine months. For details of the best savings accounts available consumers can log onto www.uswitch.com.

Via EPR Network
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Majority Of Over 50s Unaware Of October ISA Limit Increases

Lloyds TSB has revealed new research that shows two thirds (61 per cent) of over 50s do not understand the approaching ISA changes which will enable more than 21 million savers to benefit from an increased tax free savings allowance.

As part of this year’s budget, the Chancellor announced that the total ISA limits would increase from £7,200 to £10,200, £5,100 of which can be saved in cash. For those born on or before 5th April 1960 the new limits come into effect on October 6th, whilst younger customers will need to wait until the start of the 2010/2011 tax year next April.

Despite the imminent changes, the findings show that just 15 per cent of over 50s know that the new ISA limit will be set at £10,200. Four out of ten over 50s are not even aware that increases have been announced.

Lloyds Banking Group customers can take full advantage of the increased limits, as the Group has confirmed that all of its ISA products will accept top ups when the new rules come into effect on 6th October.

Colin Walsh, managing director of savings and investment, Lloyds Banking Group commented: “As the UK’s largest ISA provider, we want our customers to be able to reap the benefits of the new rules and make use of their entitlement. This historic low rate environment has meant a challenging time for savers, especially for those who rely on returns to supplement their monthly income, so maximising your full tax free allowance has never been more important.”

Savers will be able to top up their existing ISA balance in any of the Group’s fixed and variable rate cash ISAs, as well as investment ISA products. New customers can also take advantage of the new entitlement and open one of the competitive products offered by the Group’s ISA brands, which include Halifax, Lloyds TSB, Scottish Widows, Bank of Scotland, Cheltenham & Gloucester, Birmingham Midshires and Intelligent Finance.

Colin Walsh continued: “Traditionally the ISA transfer market peaks in April around the new tax year, but this year’s changes will no doubt result in a ‘mini ISA season’ as savers look to take advantage of competitive rates on an increased balance.”

Earlier this year, Lloyds Banking Group announced its participation in electronic transfers for the cash ISA market, allowing customers to benefit from a more efficient process and reducing the delays caused by sending cheques in the post.

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The Most Popular Baby Names In The UK Revealed By The Children’s Mutual

According to research by The Children’s Mutual, leading Child Trust Fund (CTF) provider, Jack and Olivia have maintained their position as the most popular baby names in the UK for a second year.

Jack leads the pack at the head of the Top 10 boys’ names, which have remained the same for the past two years. However, a review of almost 150,000 new CTF account holder names revealed that the girls’ names are more imaginative, varied and less traditional than the boys’ names.

With newcomers Amelia and Evie entering the list this year, the Top 10 girls’ names has had new entrants for the last three years despite Olivia clinching the top spot for the last two. Ava, Freya and Isabelle have entered the Top 20 for the first time. However in contrast, there have been falls for Grace, Lucy, Katie and Megan during 2009.

Within the top boys’ names there are some signs of influence from celebrity names, with Lewis racing into the Top 20 and both princes’ names, William and Harry, staying in the Top 10. Harry Potter also appears to have had some influence, with Harry and leading actor Daniel Radcliffe’s first name both having moved up the chart.

Tony Anderson, Marketing Director at The Children’s Mutual, said: “We’ve had lots of new children on our books in the past 12 months, with almost 150,000 new accounts opened, and it’s always interesting to see how the trends in babies names change each year. We realise that choosing a name can be daunting for parents as they want to give their child the best start in life.

“As well as the choice of name, parents should also be considering their child’s future and how they plan to save for important milestones such as university or a first car. If parents top up their child’s CTF monthly by £24 – the average amount saved by customers – these 2009 babies could receive a lump sum of over £9,750 when they reach 18.”

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible child (born on or after 1 September 2002) receives a £250 (£500 for low income families) Child Trust Fund voucher from the Government when their parents register for Child Benefit. The Government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and potentially a third in the child’s teenage years.

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Joe Freeman Of MidCountry Bank Has Been Appointed To The National World War I Museum’s Board Of Trustees

Joe Freeman, Chief Operating Officer of Pioneer Services, the Military Banking Division of MidCountry Bank, has been appointed to the National World War I Museum‘s Board of Trustees. Freeman joins a group of other notable and distinguished community leaders such as Henry Bloch, William Dunn, Sr., R. Crosby Kemper, and Dr. Thomas Hoenig, all who are committed to preserving, promoting, and improving the nation’s official WWI Museum.

Freeman’s strategic and entrepreneurial business skills, along with his knowledge of the military and national security communities, and the financial services arena, will benefit the Museum. “Each new Trustee brings a diverse base of experience and knowledge that will help further the Museum’s mission”, said Brian Alexander, President and CEO of the National World War I Museum.

Freeman is active in local business, philanthropic, and community service efforts, including ; the UMKC Board of Trustees Bloch School Blue Ribbon Committee; the Institute for Entrepreneurship & Innovation Council; the Dean’s Bloch School Advisory Board, Chairman of the International Entrepreneur of the Year Dinner; Business Executives for National Security; the Association of the United States Army; the Greater Kansas City Chamber of Commerce Armed Services Committee; Angel Flight Central; the FBI Citizen’s Academy, and more. He was named one of Ingrams’ magazine’s “40 Under 40 Power Elite” in 2006.

He is responsible for all lending and retail operations at MidCountry Bank’s military division, as well as strategic planning. In his position, Freeman manages a diverse group of more than 200 associates in various departments and geographic locations. He has more than 15 years of business experience in accounting, operations, consulting, and marketing.

Freeman is a graduate of the Henry W. Bloch School of Business and Public Administration at the University of Missouri-Kansas City, and earned a Bachelor’s of Science in Accounting. He is the author of several published articles on management and financial matters.

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One In Five Stock Market Investors Never Check Share Performance

Prudential has revealed that over one in five (22 per cent) of UK stock market investors never check the performance of their shares. Furthermore, it has been revealed that 65% of investors don’t seek any professional advice prior to investing.

The findings, f r o m new research conducted for Prudential, found that 36 per cent of UK adults aged 18+, equivalent to 17.23 million people, have invested in the stock market over the past 10 years. However, more than half (53 per cent) of these investors admit they only check share performance every six months or less frequently, with one in five (20 per cent) saying they only review their stock performance once a year and 22 per cent admitting they never do.

When it comes to gaining advice on where the best place is to invest their savings, UK adults appear to be equally apathetic with around two thirds of investors (65 per cent) saying they rely on internet searches or media reports when selecting which shares or investment fund to buy with just 16 per cent seeing an independent financial adviser, four per cent consulting a stockbroker and 10 per cent gained advice f r o m bank or building society staff.

However, while many stock market investors fail to adequately monitor share performance or gain financial advice on how to invest, they are at least exposing themselves to an asset class which has historically shown some of the strongest growth. This sits in stark contrast to the rest of the population with around 30 million UK adults (64 per cent) having made no stock market-based investments in the past ten years.

Trevor Cheal, Retirement Savings Business Director, Prudential said: “While not everyone is fortunate enough to have spare funds to save or invest, many people do and it is staggering how few are seeking financial advice or looking to capitalise on the growth potential that the stock market has historically offered.

“Those who invest in the stock market have taken the first important step towards benefiting f r o m the long-term growth of the economy, but they stand a greater chance of maximising its value if they re-evaluate their investment arrangements regularly. However, in volatile markets, investors may not want all their eggs in one basket and multi-asset funds which provide diversification can give them some degree of comfort while still having exposure to the stock market. Those who feel they lack the knowledge to manage a diversified portfolio should consider getting professional financial advice f r o m a stockbroker or an IFA.”

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Lloyds TSB Is Encouraging New Students To Eat Healthily Whilst Staying Within A Budget With The Launch Of Its ‘Budget Cook Off’

Lloyds TSB is encouraging new students to eat healthily whilst staying within a budget with the launch of its ‘Budget Cook Off’ section of the Savvy Saver student hub, an all round guide for students, advising them on how to manage finances during their time at University.

The new section of the site contains practical tips for healthy eating with limited finances and also offers a video showing students putting the budget cooking tips into practice.

Included in the range of tips is information on how to make sure a healthy diet is maintained throughout the day, even when students are pushed for time or under stress from upcoming exams or deadlines. The ‘Budget Cook Off’ section also advises prospective students on how to find the best deals on food in the shops and habits to avoid, such as junk food and eating out, in order to make the most of their money.

The savvy student hub has been launched in response to student concerns about their finances. As part of its annual research* with more than a thousand 17-25 year olds who hope to start a degree course in the autumn, Lloyds TSB found that three quarters of would-be freshers think that money management is especially important in the current economic environment.

Catherine McGrath, director of current accounts, Lloyds TSB, commented: “We want to do everything we can to support young people manage their finances responsibly but also have fun and enjoy their studies. We hope the hub will show them that it is possible to study on a budget, and also that they’re not alone in being concerned about looking after their pennies during their degree course.”

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Pioneer Services Recognized By The American Banker’s Association

Pioneer Services was recognized recently at the American Banker’s Association (ABA) Financial Marketing Awards ceremony, receiving runner-up for its Military Spouse Finance Guide: Financial Advice for the Homefront. The book offers comprehensive financial education for military spouses, and was published last year. This is the second ABA award for Pioneer Services—the company won last year for its entire range of financial education materials.

Established in 1972, the ABA Awards recognize those who have displayed excellence in their financial materials, and are one of the most coveted awards in the financial services industry. Pioneer Services received the award in the financial education category, which recognizes those that work to educate customers on responsible and sound financial practices.

“Military spouses take care of the family and finances during their husbands’ or wives’ deployment, and really are the unsung heroes of the military,” said Karen Von Der Bruegge, Chief Marketing Officer of Pioneer Services. “We’re honored to provide them with information that can help them throughout their military and civilian lives, and to have that information recognized as being the best in the banking industry.”

The book was based on two years of research, and included input from military spouses, industry experts, and Pioneer Services associates. Available for sale on Amazon.com and Barnes and Noble.com, Pioneer Services has also distributed thousands of free copies of the book to military families. It has been featured in several media outlets. And its website, www.MilitaryFinanceGuide.com, offers more information about the book, testimonials praising its content, and a free chapter on debt prioritization.

“We’ve been providing free financial education to military families for several years, and know it has helped thousands take control of their finances,” said Von Der Bruegge. “Being recognized by the ABA for our continuing efforts is a great honor, and reaffirms our commitment to helping educate the military community.”

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Barclaycard Has Becomes The First Provider In The UK To Launch A Credit Card Pre-Application Check

The simple, one step, online facility allows potential and existing customers to establish their likelihood of being eligible for a Barclaycard, without the need to complete a full application.

The new service leaves a search ‘footprint’ on the customer’s credit file, to show their information has been accessed, but it isn’t a formal credit application and it will not affect their ability to get credit in the future. The pre-application check takes a couple of minutes and is available on the Barclaycard website.

This unique new service will not impact the applicant’s credit rating. Amer Sajed, chief executive of Barclaycard UK, explained: “Consumers currently need to apply in full for a credit card UK, without knowing whether they are likely to be accepted or not, leaving a search on their credit file which can potentially have a negative impact on their credit rating. This unique pre-application check solves this problem. The check can be completed in a few minutes and gives consumers a good indication of whether their application will be accepted.”

Since its launch, 4000 potential customers have used the pre-application check to determine whether they would be accepted for a Barclaycard, giving them a better idea of whether or not they would be successful in an application for a credit card.

As of August 2009, Barclaycard had 11.9m UK customers and a further 11.8m international customers, with 88,000 retailer/merchant relationships.

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Experian Payments Gateway Achieves Approval Under The Faster Payments Approved Software Scheme, Operated By Bacs

Experian, the global information company, has announced that its payment processing product, Experian Payments Gateway, has achieved approval under the Faster Payments Approved Software Scheme, operated by Bacs. As the first software to receive approval for unattended use with Direct Corporate Access (DCA), it will enable users to fully automate their Faster Payments and participate in the Barclays launch of DCA to Faster Payments in September.

Originally developed to enable payments originators to process Bacs Payments, Experian Payments Gateway has been extended, tested and approved for use with Smartcards and Hardware Security Modules (HSM) in both attended and unattended modes. It supports Faster Payments DCA via Secure-IP, the secure channel for corporates to initiate Faster Payments.

James Hilliard, Senior Product Marketing Manager, Experian Payments, said, “Many of our large customers use automated payments systems to help increase efficiency and reduce their risk and costs. Recognising their need to automate their Faster Payments securely, we have worked closely with the Faster Payments Approved Bacs Software Scheme to ensure they are able to gain maximum benefit from the new Faster Payments Service.”

Gareth Lodge, Regional Research Director, TowerGroup, said, “Automating payments has always been a key priority for corporates as it has multiple benefits, from cost reduction to improved risk management. But in the current economic environment, it probably is even more important than it has ever been, with working capital benefiting in particular. And of course, the deeper that SEPA Payments are integrated into the end-to-end process, the greater the benefits.”

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According To The Prudential’s Equity Release Index, Homeowners In England And Wales Own £654 Billion Property Equity

According to the Prudential’s Equity Release Index, Homeowners in England and Wales aged 65 and over have retained £611billion of equity in their property – with a further £43bn held in Scotland – as the housing market begins to show signs of stabilising following two years of decline.

Prudential’s Equity Release index tracks the amount of equity held in property by people over 65 years old in England and Wales. Figures are based on Prudential’s analysis of data from the ONS Family Spending Report (2006), the Land Registry House Price Index (August 2008) and GfK NOP (2007). Specifically, weighted number of households data is taken from the ONS Family Spending Report 2006. Home ownership data is taken from the NOP data. Average house price per region is taken from the Land Registry Index.

The Index also shows modest gains for homeowners aged over 65 in Wales, the West Midlands, London and the North West.

In Wales, the over-65s saw values rise by £3448, followed by London’s over-65s who gained £3296, while in the West Midlands retired homeowners gained £2789 and the North West saw increases of £818.

Homeowners in Scotland aged 65 and over have retained £43billion of property equity and saw modest gains in the second quarter of 2009, with an average increase in property values of £5235 since March, although the total value of property equity for the over-65s is still more than £3 billion lower than it was a year ago.

The Prudential Equity Release Index shows that, in the second quarter of 2009, Scottish over-65s saw the value of the equity in their homes increase by 3.7%. Over the same period, the equity in homes owned by over-65s in England and Wales remained almost level, decreasing by just 0.03%.

The picture across England and Wales as a whole is one of stabilisation, with property equity for the over-65s falling by less than £43 since February – the lowest fall recorded by the Prudential Equity release Index.

The recent fall of just £43 contrasts sharply with the period between October 2008 and February 2009 when property equity in England and Wales for homeowners aged 65 and above dropped by an average of £21,377.

Property equity can provide a valuable source of retirement funds, especially against a backdrop of low interest rates and equity price falls in the past two years which have hit pensioners’ non pension savings.

About Prudential
“Prudential” is a trading name of The Prudential Assurance Company Limited, which is registered in England and Wales. This name is also used by other companies within the Prudential Group, which between them provide a range of financial products including life assurance, equity release, annuities (including an income drawdown option), pension plan options and investment products like the unit trust and tools, such as the tax calculator. Registered Office at Laurence Pountney Hill, London EC4R 0HH. Registered number 15454.

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Report Says The Recession Will Have A Positive Impact On The Savings Habits Of Today’s Seven Year Olds

The Children’s Mutual’s ‘Turning Seven’ report has revealed that the recession will have a positive impact on the savings habits of today’s seven year olds. According to the leading Child Trust Fund provider, the current recession is developing a younger generation with a more responsible attitude towards money – the likes of which has not been seen since the end of the Second World War.

‘Turning Seven’, which delves into the financial attitudes of seven year olds and their parents, found that two thirds of parents polled insisted that their seven year old children were better informed about finances than they were at the same age. 47% also revealed their seven year olds have already saved up money for something specific, such as a computer game. The report highlights that the current generation of seven year olds will be much more pragmatic about money.

Two thirds of parents feel that their seven year olds now understand that money ‘does not grow on trees’ and are optimistic that the economic hardship currently being experienced is a positive for their children, with a third of parents believing it will make their child more astute and responsible with money. Indeed, 83% of UK parents now insist that their children ‘earn’ their pocket money.

David White, Chief Executive of The Children’s Mutual, said: “We are all acutely aware that the recession has put many people in difficult financial situations, but what is surprising is that there has been a positive impact through prompting reflection and encouraging a change in attitude and behaviour. We know that many families are feeling the squeeze, but encouragingly, our report demonstrates that parents and children are creating a ‘positive austerity’ and are using the downturn as an opportunity to educate their children about the value of money which ultimately could alter savings habits in the UK f r o m the ground up.”

The ‘Turning Seven’ report has been released today to coincide with the oldest members of the Child Trust Fund Generation turning seven, and as a result receiving an additional £250 top up payment f r o m the Government into their CTFs.

Child Trust Funds are designed to provide a tax efficient, long term savings vehicle for all eligible children. Each eligible newborn child (born on or after 1 September 2002) receives a £250 (£500 for low income families) Child Trust Fund voucher f r o m the Government when their parents register for Child Benefit. The Government will make a second contribution of £250 (£500 for low income families) when the child reaches seven and is considering a third in the child’s teenage years. Parents, family and friends can all then add to this account up to a maximum value of £1,200 each year.

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UK Workers In State Of Pension Inertia

New research f r o m Prudential shows that nearly a third (30%) of Britain’s 8.8 million active occupational pension scheme members pay no attention to how their retirement savings are invested and 29% – more than 2.5 million scheme members – have never reviewed how their chosen pension fund is performing.

The pension provider’s study also shows that 48% of workers aged 25+ have their money invested in the ‘default’ fund of their company pension scheme.

Pension savers are failing to take an active role in managing their assets to produce the best possible retirement income. Around 29% admit they have never reviewed the progress of their selected pension funds.

Prudential warns that workers who do not regularly review the progress of their pension fund to deliver asset growth, or simply select the default fund offered by their employer without studying any other options available to them or seeking advice, could then risk limiting the value of their pension pot at retirement.

Andy Brown, director of investment funds at Prudential, said: “It’s worrying that so many people who pay into a company pension scheme appear to be in this state of inertia and aren’t taking an active role in the management of their pension savings.

“You routinely check your savings, utilities, insurance cover, mobile phone contract and broadband arrangements to make sure you’re getting the best f r o m them, and checking the performance of your pension should be no different.”

Prudential urges workers who have not reviewed their pension investments, especially during the stock market turbulence of the past two years, to review them now as a priority to ensure they are correctly positioned to take advantage of any market upturn.

Many pension scheme members are doing virtually nothing to ensure their pension funds are invested in the best place to maximise growth and maintain the right balance to protect fund values in the last few years before retirement.

When it comes to paying more money into company pension schemes, Prudential’s research found that 37% of people with a defined contribution pension have either made Additional Voluntary Contributions to their pension fund or increased the amount they pay in.

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NS&I Finds The Luckiest Premium Bonds Regions

NS&I has released a list of the luckiest regions for winning Premium Bonds prizes showing that those firstly in the South West, and then in the East Midlands, win more Premium Bonds prizes of £1000 or more, than the rest of the UK. Ranking as third luckiest was Wales, while the North East of England emerged as the least lucky of all the regions.

Sally Swait, Premium Bonds manager at NS&I, commented: “Each month ERNIE randomly generates the winning Premium Bonds numbers from his home in Blackpool, where all eligible Bonds – regardless of their age – have an equal chance of winning.

“The last year has seen the South West region receive the greatest luck in having their numbers come up, though all other regions were not without their own significant wins. As the numbers are generated randomly each month, we may very well see a change in the rankings of the luckiest regions in the UK next year.”

NS&I also discovered that there are currently more than 599,000 unclaimed Premium Bonds prizes across the UK, worth over £35 million.

The good news is that there is no time limit for claiming prizes. Premium Bonds results can be found by using the Premium Bonds draw prize checker or writing in to NS&I.

Premium Bonds are an investment where, instead of interest payments, investors have the chance to win tax-free prizes. They were officially launched by Harold Macmillan, Chancellor of the Exchequer, in his 1956 budget.

At the end of June 2009, more than 23 million people had a total of over £40 billion invested in Premium Bonds. There are currently more than one million tax-free prizes from £25 to £1 million being won each month.

Calculations for the luckiest regions data is based on the total value of prizes (£1000 and more) won by counties with at least 100,000 Premium Bond holdings. Information is for the period July 2008 – June 2009.

The current Premium Bonds prize fund rate is 1.0% tax-free. The current odds of each £1 Bond number winning any prize are 36,000 to 1, so with average luck, an investor with £30,000 in Premium Bonds could win 10 tax-free prizes a year.

All Premium Bonds prizes are free of UK Income Tax and Capital Gains Tax!

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M&S Money Has Announced That Its 10% Cashback Reward Offer To Customers Who Take Out A Personal Loan Is Being Extended Until 7th September 2009

The offer, which was originally due to end on 11th August, is now being made available to all customers who take out a personal loan for a repayment period of between 36 months up to seven years. This gives customers a refund of 10% of the interest they have paid once their final repayment has been made.

When the cashback reward is taken into account, the typical rate of 8.7% APR on a£10,000 loan over a 36 month period is equivalent to a rate 7.9% p.a.

Monthly repayment £319.48 total interest £1,501.28 total amount repayable£11,501.28. The cashback reward is not available on refinanced loans, loans repaid early or loans terminated by M&S Money.

The extended offer is also available with the M&S Car Buying Plan, which means that the cashback reward offer is likely to be of particular value customers who are considering buying a new vehicle at the start of September. The M&S Car Buying Plan also allows customers to defer a fixed percentage of their loan, as well as giving them several options at the end of the term. Customers can keep the car and carry on making monthly payments until the whole of the loan is repaid, keep the car and pay off the remainder of the loan with a lump sum or sell the car and use the money to pay off the remainder of the loan.

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MidCountry Bank Supports 2009 Effort To Save Eternal Flame At National WWI Museum

With the possibility that the National World War I Museum’s eternal flame could be extinguished due to government budget cuts, MidCountry Bank, through its military banking division, Pioneer Services, has stepped up for the second year in a row with a sizeable financial contribution to keep the flame burning atop the Liberty Memorial in Kansas City, Mo.

MidCountry Bank Supports 2009 Effort To Save Eternal Flame At National WWI Museum

“The eternal flame remains a symbol of our gratitude for those who made the ultimate sacrifice,” said Tom Holcom, president of Pioneer Services. “Since we work exclusively with the military community, we could not just sit back and let the flame be extinguished, especially after our organization’s successful efforts to save the flame last year,” said Holcom. “The WWI Museum is the only museum in America that preserves the legacy of those who served in the Great War and MidCountry Bank and Pioneer Services are committed to doing whatever we can to help ensure that legacy is honored.”

In 2008, budget cuts threatened to extinguish the eternal flame except on special holidays. At the time, MidCountry Bank and Pioneer Services initiated the “Save the Flame” campaign, an international awareness and fundraising effort that successfully raised more than $68,000 in just four weeks. The two organizations donated an initial $5,000 to keep the flame lit during the fundraising campaign from Memorial Day to July 4, 2008, contributing a total of $22,500 in matching funds to the widely-publicized campaign. The efforts were profiled in USA Today, Stars and Stripes, and through extensive broadcast coverage.

Since its dedication in 1926, the memorial has been a Kansas City and national monument, looking over the downtown skyline. The National World War I Museum, which opened in 2006, was built beneath the existing Liberty Memorial. It is designated by Congress as the nation’s official WWI Museum .

MidCountry Bank’s military banking division recently committed $5,000 to keep the WWI eternal flame burning through 2010. The companies continue to manage the campaign’s fundraising and awareness Web site, www.SaveTheFlame.org, promoting the need for continued assistance and to facilitate donations.

MidCountry Financial Corp. is a financial services holding company with subsidiaries that deliver high-quality and diversified financial services to targeted markets.

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NS&I Report Reveals Future Families Founded On Fortune

The new National Savings and Investments (NS&I) commissioned report, ‘Families, Finance and the Future’, suggests the existence of a new institution of British life – the ‘Financial Family’ – a collaborative unit of close friends and family marked by financial interdependence. It does not simply show a steady flow of cash down the generations, or the ‘sandwich generation’ arrangement observed in recent years, but also shows flows of money and advice, up and down the generations as well as between siblings.

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The costs of living and care for the elderly are recognised as rising, and the report suggests that the traditional family unit is shifting – yet family ties will be stronger than ever, and people will rely much more on financial networks. By 2029, there will be more cohabiting couples, and more single-person households than married couples living together** – so the Financial Family will be important even after the traditional family has declined.

According to the new survey research, the majority of people felt financially responsible for family members (54%), while 70% stated that current economic trouble meant families needed to support each other (70%).

Young people are more engaged with the Financial Family, with 50% of 16-24s identified as members of a Financial Family, compared to 30% of 25-34s and 20% of 35-44s. As this generation grows up, the Financial Family will become more and more widespread.

Technology will also mean that people are better equipped to share financial advice – but will also make it more important they do so. As the amount of information that tries to reach consumers increases, people will rely on the insights of their financial network to process this mass of information. This network is likely to revolve around the family as most people feel comfortable discussing financial matters (55%) with close friends and family, or sharing financial tips and advice (60%).

Barry Clark, Associate Director at the Future Foundation said: “We feel we’ve revealed a new way for people to look at British family life – and one that will become increasingly common. When we look at several demographic trends, like the rise of single-person households, the advance of technology and young people’s involvement in financial matters, we can expect the Financial Family to be a very important feature in the future. The Financial Family is here to stay.”

Tim Mack, Savings Spokesman at NS&I, said: “We started from an intuitive feeling that discussing money isn’t taboo any more, but the results far exceeded our expectations. The research shows that the discussion of finances, and our relationship with money, extends beyond the traditional family.”

About NS&I
NS&I is one of the largest UK investments and savings organisations, offering a range of savings accounts and investments products, including fixed rate savings bonds, fixed term investments, Premium Bonds, savings certificates, and ISAs to almost 27 million customers. Established in 1861.

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Banks, Checking & Savings, Financial, Financial Services, Financial Software, Financial Solutions, Money, Security

Survey Finds SEPA Still A Priority For UK Corporates

Experian, the global information services company, has revealed that while the majority (67%) of large UK-based organisations are primarily focused on enhancing business efficiency and reducing costs over the coming six months, payment regulation will also remain high on the corporate agenda.

Survey Finds SEPA Still A Priority For UK Corporates

According to a survey of payments professionals conducted at Experian’s Payment Strategies 2009 conference, complying with changes in payments regulation, such as the migration to the Single Euro Payments Area (SEPA) and the Payment Services Directive (PSD), remains a priority for 40% of large companies. The survey also found that finance companies are most focused on complying with upcoming payments regulation (53%), while 26% of the insurance companies questioned are making it a priority to become compliant by the end of the year.

Almost a third of corporates are planning to make use of the SEPA Direct Debit service in the next twelve months, indicating that they are far better informed about the SEPA initiative and its value to their businesses. Another Experian survey undertaken in 2008 revealed that 48% of corporates felt that there was insufficient information provided on the move to SEPA.

Jonathan Williams, Director of Product Development and Strategy at Experian Payments, commented: “While most corporates involved in the migration to the pan-European Direct Debit scheme would admit that it has not been a smooth path to tread, SEPA does create direct business opportunities for these organisations. Those planning to make use of the initiative will benefit from greater efficiency in terms of consolidating their systems and rationalising the number of bank accounts they hold as well as having a common standard for direct debit transactions in Euro countries. Those corporates which need to make payments to and receive payments from the European Economic Area will benefit from this more standardised approach to payment transactions.”

He added: “Under SEPA, the use of BIC and IBAN to identify the bank and account of a payment beneficiary will become mandatory for all cross-border SEPA payments. Corporates need to be aware of the fact that failure to validate these details before making a payment will result in increased costs and poor customer service. They will need to make the necessary changes in the coming months to avoid these pitfalls which, if not addressed, could affect the profitability of their business.”

About Experian Payments
Experian Payments, develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation, including processes to convert IBAN, and the processing of international payments, Experian Payments’ platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian.

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