Moneybox launches new personal pension

Moneybox launches new personal pension

Moneybox launches new app-based personal pension to help people save for retirement 

Brean Horne
Tue, 03/10/2020 – 15:05

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Savings and investing app Moneybox has launched a personal pension, which allows new and existing customers to save for retirement.

New and existing customers can choose to consolidate their workplace pensions into a self-invested pension plan, (Sipp) or start a new pension pot from as little as £1.

Customers will be able to choose one of the following funds to save for retirement:

  • BlackRock LifePath Fund
  • Fidelity World Index fund
  • Old Mutual World ESG Index fund

Moneybox charges an annual platform fee of 0.45% for pension pots up to £100,000 and 0.15% for pots over £100,000.

The annual fund provider costs range from 0.12% to 0.3%.

Savers will also be able to add individual contributions to their pension savings through the Moneybox app.

They can also make contributions by using a ‘round-up’ feature.

For example, if you a morning coffee for £2.40, Moneybox would round this up to £3 and put the extra 60p into your Sipp.

The Sipp can be monitored and managed through the Moneybox Sipp.

Moneybox first opened its waiting list for its pension in April 2019 and 100,000 people signed up.

Ben Stanway, Moneybox’s co-founder, says: “The overwhelming level of interest we’ve seen so far in our pensions service demonstrates a real appetite for change in an industry that has been difficult and confusing for customers for too long.

The Sipp can be monitored and managed through the Moneybox Sipp.

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Coronavirus: RBS and TSB customers allowed to defer mortgage payments

Coronavirus: RBS and TSB customers allowed to defer mortgage payments

Banks pledge financial help to customers and businesses affected by coronavirus

Brean Horne
Tue, 03/10/2020 – 12:47

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The Royal Bank of Scotland (RBS) will allow customers affected by coronavirus to defer mortgage and loan repayments for up to three months.

TSB will also give customers repayment holidays for up to two months. 

The change mirrors action taken by the Italian government, which has suspended mortgage repayments and other household bills while the country is on lockdown because of coronavirus.  

Both RBS and TSB will waive early closure charges on fixed-rate bank accounts to allow customers to access their cash if they face financial difficulty due to coronavirus.

Customers who face financial difficulty as a result of coronavirus will also be able to:

  • Get refunds on credit card cash advance fees
  • Increase credit card cash withdrawals on their credit cards up to £500
  • Have the option to temporarily increase their credit card limit

A spokesperson from RBS, says: “We are monitoring the potential impact of coronavirus across all our customers to ensure we can support them appropriately through any period of disruption.

We also have operational resilience plans in place that reflect guidance from public health authorities to ensure we can continue to serve our customers.”

Financial help for businesses

NatWest has pledged £5bn to help small and medium sized enterprises (SMEs) across the UK that are disrupted by coronavirus.

Support for businesses will include loan repayment holidays and temporary emergency loans with no fees.

Alice Rose, CEO at NatWest says: “This is a priority for NatWest and we will remain proactive, continuing to listen to our customers – we are here to support and can help businesses manage any short-term disruption.

“SMEs should not feel like they have to go through these uncertain times alone, we are here to help.”

Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, has pledged £2bn of funding to help SMEs affected by the virus.

Businesses will not be charged arrangement fees for new overdrafts or overdraft limit increases.

Arrangement fees will also be waived for new or increased invoice discounting and finance facilities.

Some business customers will also be able to take loan repayment holidays depending on their circumstances.

David Oldfield, group director of commercial banking at Lloyds Banking Group says: “We fully understand how worrying these times are for business owners, concerned not only about their and their own family’s health and wellbeing, but also of their employees.

“They are also worried what the outbreak might mean for their business and with no knowledge of how or when they might be affected

 

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Asda slashes petrol prices by 2p a litre

Asda slashes petrol prices by 2p a litre

Asda cuts petrol prices for the third time since January 2020

Brean Horne
Tue, 03/10/2020 – 11:23

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Asda has cut fuel prices for the third time this year, saving drivers 2p a litre of unleaded petrol or diesel. 

Filling up at any of Asda’s 322 petrol stations will cost no more than 114.7p per litre on unleaded and 116.7p per litre on diesel. 

Since January this year, Asda has cut fuel by 11p a litre.

The latest price cut takes prices at the pump down to their lowest level since November 2017. 

Dave Tyrer, Asda senior fuel buyer, says: “Once again we’re pleased to be passing on wholesale cost reductions to customers.

“It will be a welcomed boost, especially to diesel drivers who are seeing some of the lowest fuel prices since 2017.

“Anybody filling up at Asda will pay no more than 114.7p a litre on unleaded and 116.7p a litre on diesel regardless of where they live.”

Supermarkets should cut petrol costs further

Asda’s petrol price cuts follow an announcement from the RAC which suggested that petrol prices in the UK should fall by 10p a litre in the coming weeks. 

This is due to the wholesale cost of oil falling to a four-year low as a result of coronavirus fears and Saudi Arabia starting a price war with Russia. 

Despite Asda making some reductions at the pump, the motoring group believes supermarkets should go further with passing on fuel savings to customers. 

Simon Williams, a spokesperson at the RAC, says: “We hope other retailers large and small follow Asda’s lead by trimming their prices and delivering good value to UK drivers.

“But despite these headline-grabbing price reductions, it remains the case that the wholesale price of both petrol and diesel has fallen so far that we really should be seeing far deeper cuts at the pumps.

“We believe there is scope for a further 7p to 8p to come off the price of both fuels over the next fortnight – so we will be keeping a close eye on what the supermarkets do in the coming days.

“The market is awash with oil, with the fall in demand brought about by the coronavirus outbreak and new tensions between Saudi Arabia and Russia.

“Collaboration between Russia and OPEC, of which Saudi Arabia is a key member, on the quantities of oil produced had helped to prop up the oil price in the last few years, but with the apparent end of their pact it is difficult to see oil prices rising very much in the next few weeks.

“Clearly, with all the current volatility this is no time for the Chancellor to consider a hike in fuel duty at tomorrow’s Budget.”

How to cut your car fuel costs

The cost of filling up your car can fluctuate depending on a variety of factors. These tips can help you cut the price you pay for fuel all year round. 

1. Shop around

Shopping around for the best petrol prices will help you cut the cost of your fuelling bill. 

Websites like PetrolPrices.com are a quick and easy way compare prices at petrol stations in your local area. 

If your cheapest petrol station is quite far away from you then it’s worth considering whether driving that distance could end up eating into the money you save at the pump.

MoneySuperMarket has a handy fuel cost calculator which lets you compare how far you should travel for cheaper fuel. 

2. Use loyalty schemes

Loyalty card schemes can help you cut the cost of what you pay at the pump. 

Supermarkets Morrisons, Sainsburys and Tesco all offer schemes which allow you to earn points while you shop which can be used to pay for fuel. 

BP, Shell and Texaco also offer their own loyalty schemes which could help you save on fuel costs once you’ve collected enough points. 

3. Drive more efficiently

Making adjustments to the way you drive can also help reduce the amount of fuel you use. 

For example, it’s best to avoid heavy acceleration, excessive speeding and harsh braking.

Using the wrong gear and straining your car’s engine also uses more fuel than is necessary. 

 

 

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