Article Abstract:
The UK's banks are competing fiercely in the area of overdraft fees. In particular, they are moving towards dropping monthly fees on arranged overdrafts. Royal Bank of Scotland, for example, will make no arrangement fee or monthly service charge from Dec 1, 1997, and will charge only 1.25% a month interest. Banks are also seeking to boost their competitive advantage by offering access to more branches and ATMs. Royal Bank of Scotland is now the first traditional bank to offer its customers access to any of the 22,000 cash machines in the UK.
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Article Abstract:
The UK Treasury plans to introduce a seal of approval for savings products which are simple, inexpensive and accessible. It hopes that this move will be of assistance to savers seeking to choose between the more than 14,000 savings products now available. The seal of approval will be awarded only to cash deposits, tracker funds and unit-linked insurance, as these are the simplest and least expensive products. However, savings experts point out that the cheapest products are not necessarily the best.
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Article Abstract:
Concerns are being raised about the UK government's plans for Individual Savings Accounts (ISAs), which are designed to double the number of savers to 12 million. There are particular concerns about the idea of the government granting approval to certain types of ISAs through a 'CAT-mark' awarded by the Treasury. Some form of ISA will be launched in Apr 1999, but it is uncertain whether it will really boost saving among the poorest people.
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