Tag Archives: banking

Bank Account Holders Concerned About Data Loss

31 Mar

A recent study has shown that customers in the UK are concerned about data loss by their banks to the extent that they would move their savings or business account if information was lost. Security is a big concern and although the government has lost sensitive data on more than one occasion so far most of the major banks have not. The study, which was undertaken by ArmstrongAdams risk management, will make compelling reading for the banks in what is now an even more competitive market.

55% of bank account holders would move their savings account if their existing provider lost the personal data of their customers. 22%  were “very likely” to switch and 19% were “certain” they would switch current account.

“The survey results clearly show the continuing concerns that British consumers have with regard to the security of their personal information held by British banks as well as the safety of their money. And although the survey only looked at personal bank accounts, it, it is not an unjustified extrapolation to say that all financial institutions that deal with large amounts of customer data should continue to pay serious attention to the concerns of their customers and ensure they are taking a very robust approach to information risk management.” -Tim Kipps

First Homes Becoming More Affordable

30 Jan

It’s not all doom and gloom for young people in the UK, economically speaking at least. Petrol prices, rental costs and council tax may all be at an all time high but house prices are actually falling. This is either a very good or very bad thing depending on weather you have brought a house yet or not.

Average house prices have fallen an estimated 16 per cent in the past year.

Those of us who are renting are pleased to hear that first homes are becoming increasingly affordable. Some are suggesting that now is a good time to buy, before prices hit rock bottom and it’s too late.

In order to get a mortgage that wont completely strangle your finances you will need as much money as possible in your savings account. In fact, if you have enough of a deposit you could pay a lot less on a mortgage then on rent. Spending money on owning your property every month feels a lot more like making  investments than paying a landlord.

So is now the best time to buy? It all depends on your financial situation, good luck!