Student Accounts Ready For The New Term

Published: 8/5/2010

Abbey National has announced the introduction of 2 new student bank accounts, one aimed specifically at those from other countries coming to the UK to study.

The international student account that Abbey National has introduced pays interest of 6 percent on credit balances up to GBP500, no charge for the presentation of foreign cheques and an opening balance required of just GBP5.

The other student bank account is aimed squarely at the regular student market, with the key aspect being the overdraft, which steps up each year to a maximum of GBP2000. Credit balances are rewarded with an interest payment of 4 percent per annum and the Abbey National are kindly offering to fund part of the Freshers Ball with a cash payment upon opening the account of GBP50.

Five Percent Inflation Predicted

According to a Lloyds TSB poll of UK consumers inflation is expected to rise yet again, this being the tenth month in succession where the people of the UK have felt that inflation would increase. The monthly survey carried out by Lloyds TSB has seen the expectation of people for inflation in 12 months time to be at 5 percent, up from the 4.8 percent they had forecast a month earlier. It is interesting that the recent price reductions on fuel at the forecourt did not stop people from anticipating this further increase. A different view comes from the Bank of England say Lloyds TSB, with their own forecast being that inflation will be lower than 2 percent within two years.

Lloyds TSB Figures On Course For 2008

Although the credit crunch has impacted on the performance of financial organisations across the country Lloyds TSB feel they are still on course to achieve their objectives for the year. The well known high street operator Lloyds TSB saw their results down by almost GBP390 million because of the credit crunch but still saw a Q1 pre-tax profit that was up by over 10 percent. This is a great achievement for the organisation though some observers will wonder how much customers are paying over the odds to help them achieve such results. A representative from Lloyds TSBexplained that they operated in a prudent fashion and so were not over exposed in the American sub prime mortgage collapse like many others.

Full Bank Status On The Cards For Supermarket

Tesco Finance is understood to be aiming for a full retail bank status, offering the full range of bank products and services to customers. The 50 percent stake RBS hold in Tesco Finance is to be bought back by Tesco itself, at a cost of GBP950 million. The initial plan appears to be an expansion of the current product range offered, with home insurance the first to receive the extra attention. After that Tesco Finance are expected to start offering basic bank accounts, placing themselves in direct competition with the high street banks. The position of Tesco Finance, using its core Tesco brand to win customers through supermarket retailing, is a strong one. Most people in the UK use Tesco at some time, so the chance to promote a full bank operation via the stores and online could prove an excellent opportunity.

Student Accounts Ready For The New Term

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Five Percent Inflation Predicted

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