Top Money and Finance News

Derin Clark

Derin Clark

Online Reporter
Published: 17/07/2019

With the academic year coming to an end many students are busy celebrating their summer of freedom, but HSBC UK is already looking ahead to September when freshers will be packing up and leaving for university by releasing its new Student Account.

This student account is restricted to new university students for the 2019/2020 academic year and offers a £100 cash incentive, which is paid within one week of account opening. It is available for first-year students and apprentices (those with a conditional university place or a confirmed apprenticeship on an accredited scheme at Level 2 or above). HSBC UK revealed that it is offering the cash incentive as feedback from students the bank surveyed showed cash is king when it comes to their preferred incentives to open a bank account.

In addition to the cash incentive, another change HSBC UK has made is to make this student account available now, meaning students will not have to wait until after they receive their A-level results to open the account. By offering the account early, the bank believes this will help students get their financial arrangements more organised.

Statistics released today show that the inflation rate (Consumer Price Index) remained at 2.0% during June, meaning that 114 fixed rate bonds and 12 fixed rate ISAs (based on a £10,000 deposit) can now match or beat inflation*.

Every month, two lucky Premium Bond holders scoop a £1 million jackpot from NS&I, and thousands of others win smaller amounts ranging from £25 to £100,000. Are you one of them? Find out now!

Shawbrook Bank has increased the rate on its one-year fixed rate ISA to 1.62% on maturity, seeing it now sit joint-top of its respective chart. This follows recent increases from Cynergy Bank and Paragon Bank in the one-year fixed sector and could be an early start to an Autumn ISA season.   

Shawbrook Bank’s 1 Year Fixed Rate Cash ISA Bond Issue 33 requires a minimum deposit of £1,000 and allows further additions while the issue is open. Early access is also allowed but subject to 90 days’ loss of interest. Transfers in from cash and stocks and shares ISAs are permitted, while transfers out are allowed but again subject to the 90 days’ loss of interest. The ISA must be opened online but can then be managed by phone as well.

Research from Moneyfacts.co.uk shows that the average two-year fixed and tracker mortgage rates have remained unchanged since the beginning of June at 2.49% and 2.01% respectively, while the average five-year fixed rate has remained unchanged at 2.85% since the beginning of May this year. However, the average 10-year fixed rate – a sector with only 151 individual products – did see some movement, albeit only increasing by 0.01% to 3.01% last month.

The lack of rate change this month comes despite SWAP rates – a derivative market lenders use to hedge themselves against interest rate fluctuation – falling noticeably since the beginning of May this year. The two-year SWAP rate has fallen by 0.31% to 0.74% since May this year, while the five-year SWAP rate has dropped by 0.39% to 0.80% and the 10-year by 0.40% to 0.95% over the same period.

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