Today, most UK banks deliver or aspire to deliver a wide variety of ways for their customers to do day-to-day banking with them, otherwise known as a multi-channel approach. For example, if a customer prefers to do their banking in person at a branch, over the telephone by voice or text, by using an ATM (automated teller machine) or even via the internet, the major banks will allow them to do so by successfully integrating all their systems.

Of course, it is not completely altruistic of banks to offer a multi-channel approach. Certain ways of interacting with customers cost banks less than others, and although bank accountants would prefer all their customers to interact via the cheapest channel, not all customers want to do their banking in that way. So, it is also in the bank’s interest to ensure that customers can still do their personal banking according to their own individual preference, or a variety of methods if that is what the customer wants.

As more of the younger generation - who accept technology change more readily - open bank accounts, combined with the growing trust in internet and other technologies from a section of reluctant older users, more of the total number of transactions on the internet will inevitably grow. However, as yet it is still impossible to physically pay cash into an account without either using an ATM, bank branch or approved collector such as the post office so they will continue to operate into the foreseeable future.

Indeed, many people still prefer to do their personal banking face to face, so the major five UK banks all possess significant branch networks that allow for personal interaction. At bank branches customers can do all the usual financial transactions such as withdraw or deposit cash and cheques. In addition, administration queries can be handled by staff, such as setting up a standing order, change of address and various other changes to details. A number of major banks also offer free personal financial reviews in their branch networks, during which they will look at all your financial dealings to make sure you are getting the best deals available on the market.

The massive numbers of daily transactions that take place in the banking world mean that the quicker and simpler banks can make any process the better it is for both customer and bank. In an ever demanding world the banks that thrive will be those that can deliver instant service across a multitude of platforms.

Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

These records included details such as parents’ and children’s names, dates of birth, addresses, National Insurance numbers and, in some cases, even banks and building society account details – just about everything a potential fraudster would need to steal from innocent people.

However, it didn’t stop there. The Ministry of Defence then admitted losing sensitive material concerning people who had applied for jobs in the Royal Navy. The MoD revealed that they were investigating the loss of 69 laptops and seven PCs, including a laptop stolen from a Naval Officer’s car, which was thought to contain unencrypted files on over 600,000 people – including Navy recruits. The laptop also included the National Insurance and NHS numbers of some 153,000 Naval applicants, and the bank details of a further 3,700.

It is little wonder then, that people were anxious about these breaches in National Security, especially when a recent survey revealed that one in four Britons has been the victim of Identity Fraud, and that the overall cases of Identity Theft are on the increase: over 185,000 cases were identified by Cifas, the UK’s fraud prevention service, in 2007: a rise of 8% on the previous year.

The rise in identity theft over recent years can partly be attributed to the increase in internet spending – where the lax security of certain online stores has led to individuals’ bank details to be hacked and stolen by online fraudsters, for their own nefarious use, which can range from anything to buying illicit DVDs to funding international terrorism!

As with most mistakes, though, it isn’t just the government and the big corporations that make errors – each year £430m is stolen through the theft or loss of credit cards, and that’s something that can happen to anybody at any time, and not just online.

There are, however, certain ways you can help yourself stay protected in an age when identity theft is becoming a favourite of criminals and fraudsters. When using the Internet, even if not shopping, it is important to protect your computer from malware (malicious software) - which can be used to steal information from your PC – by installing and maintaining anti-virus and anti-spyware software. Also, consider adding an extra security layer with software which can detect phishing websites - a favourite weapon of internet fraudsters designed to lure unsuspecting internet users to part with their credit card details.

Additionally, register your credit card for additional verification checks, such as the ‘Verified By Visa’ service which prompts the user to answer a series of questions designed to authenticate the user before any transactions are processed.

If you plan to travel somewhere where it is easier to lose your wallet or credit card, consider credit card protection, which provides an easy way to cancel your cards should they go missing; all it takes is one phonecall and your credit and debit cards will be cancelled and replacements arranged with all your card issuers.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

The word mortgage is derived from the French language and literally means “dead pledge”. It was based on the fact that early mortgages were settled upon death, at which point the obligation to the lender ended - either because it was fulfilled or the property was repossessed.

These days, throughout much of the western world a mortgage is the main financial mechanism used to buy a home. A modern residential mortgage entails the pledge of property as security to a lender in exchange for a loan to buy the property. By taking out a mortgage the cost of buying a home can be spread over a number of years, and a lender provides the funds to purchase a house, which the mortgagor would not otherwise possess.

In the UK approximately seven in ten people own their homes, most using a mortgage at some point to get onto the property ladder. By comparison, in Germany that figure is just over four in ten, and in Denmark, which was recently voted as the ‘happiest place on earth’ only half of the population own their homes.

There are many different types of UK mortgages, and those available in the market place at any given time vary according to prevalent economic conditions. For example, during 2006 mortgages offering 100% or more of the property value were widely available throughout the UK. However, following the onset of the credit crunch during 2007 such products were gradually withdrawn and by mid-way through 2008 were not available from any reputable high street lender.

However, whatever the state of the mortgage market, the most common UK mortgage is the Standard Variable Rate (SVR). The interest rate on this type of mortgage varies dependent upon the Bank of England Base Rate and the policies of the lender. Other types of mortgage products include fixed rate and discounted mortgages. Such products normally involve a pre-agreed number of years during which the interest rate is either fixed at a particular rate, or discounted against the SVR. But, once that period expires, typically between two to five years, the interest rate payable on the loan reverts to the SVR.

Other types of mortgage products are also available such as tracker mortgages, but generally the types of mortgages offered by lenders depends upon the state of mortgage market at the time. Because the availability of mortgage products varies from month to month anyone considering taking out a mortgage to buy a property would be well advised to seek professional advice before committing to a particular product and lender.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Since the concept of the credit card was first described in Edward Bellamy’s utopian novel ‘Looking Backward’; a book written in 1887 and set in the year 2000, credit cards have come a long way to the point where people are more comfortable paying with plastic than with cash.

According to a recent study by personal finance website ‘Fool’, 69% of people use credit or debit cards for everyday purchases, compared to only 29% using cash. As well as not using cash to make everyday payments, the research also revealed that less people than ever were withdrawing cash. A third of people admitted to carrying less than £10 on them at any time, and 47% of people said that they withdrew money once a week or less!

And without the hassle of having to go to the cash point, and fiddle with the change at the till, it is little wonder that Britain has seen a surge in plastic popularity. Figures from Apacs, the UK payments association, showed that between October and December 2007, £32.4 billion was spent on credit cards and £59 billion on debit cards. These sums reflected the highest figures on debit card records, and the second highest in credit card history.

Indeed, Britain’s passion for plastic has even acquired a certain cult status. Switching credit cards in order to utilise credit card providers’ 0% introductory offers, for example, has become somewhat fashionable, those who research the market and switch at the right times being nicknamed ‘Rate Tarts’. Okay, maybe not the most glamorous of nicknames, but if you know when to switch and onto which credit cards, you’ll wear that title with honour – and be laughing all the way to your new bank!

One thing to bear in mind if you’re considering switching your card, or even giving the Rate Tart culture a go, is to be wary of how much you are spending, and to keep clear records of how much credit you do owe, and not to get in over your head. It seems simple, but it has been reported in recent times that around 3 million Britons are juggling more than 5 credit cards! David Kuo of Fool.co.uk stated in response to Britain’s increased spending on plastic, that the figures were a reflection of Britain’s increased reliance on credit, and the ease with which one can forget how much they’re spending when suing plastic. Sean Gardner, chief executive of MoneyExpert.com supported this claim, adding that 3 million Britons juggling 5 or more credit cards suggested that they were using cards in the wrong way, and added that, although it is entirely healthy if people are switching debts from one card to another, in order to take advantage of the 0% balance transfer offers that new card users receive, owing money on a number of cards could land consumers in real trouble.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

We all knew this day would come, as change is inevitable; but many of us have been surprised that it took this long for things to turn the other way. Today the marketplace is significantly different and affecting all major sectors of the economy, with slowing business growth, falling house prices and difficult credit conditions dramatically altering consumer spending and confidence.

Outside of the financial sector, homeowners and potential home buyers are paying most attention to the grim news circulating around Britain’s media. This is a time for information gathering and measured thinking, not rash decisions and blunt generalisations. Whatever your view on the current state of the economy and housing market, it cannot be ignored.

Britain is more vulnerable to an economic slowdown because of the high levels of debt held by many households that are well used to the widespread spending that typified the good years. Now higher interest rates have seen spending replaced with more cautious behaviour as more people become aware of the perils of these uncertain times.

The high cost of housing in the last decade has not helped as house prices have not really corresponded to income levels. People now have little to be optimistic about as house prices suffer their sharpest monthly falls since the early 1990s, down 11% compared to this time last year, 2007.

Hundreds of thousands of homeowners are looking to renegotiate or compare mortgages, only to find that their choice of available deals has decreased dramatically and average borrowing costs have risen sharply as banks struggle to cope with high lending rates and falling profits.

New buyers looking to get their foot onto the property ladder don’t fare much better when comparing mortgages. 100% mortgages are, for now anyway, a thing of the past while average two-year fixed-rate deals are less attractive than previous years and new mortgage lending has fallen to a 15-year low.

This property malaise has swept across the US and UK and is rapidly affecting other countries too as news of mortgage brokers, estate agents and house builders shedding jobs due to lack of demand is now common place in the national media.

It is understandable to wish to turn away from the somber news of negative equity, repossessions, and mortgage struggles but now is an important time to take stock, examine your spending and speak to your financial advisor. Patience and reliable information are key, it is important to acknowledge that this is a period of change, but also to remain upbeat as after the rain, there is always sunshine.

Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

Perspective nudges you in the direction of the wiser choices in life. It prevents you from rushing headlong into a mistake and warns you when something appears too good to be true. This useful friend appears more often in later life, surfacing as a result of the highs you have cherished and the lows you have endured.

For some, turning 50 is greeted with dread; but more and more are finding themselves in the elevated position of not being surprised anymore by having seen and done it all before. Now you find you can look a little closer and listen a little harder as the need to acquire things is not as strong as it once was.

Although a part of you still craves for the joys of youth, advancing years bring with them maturity and clarity; decision making becomes easier as you simply know yourself better. It is easier to look around and see what is truly important when you have experienced things that turned out to be of minor importance.

After your fiftieth year, it is not difficult to focus on all those whose lives you touch and what those people mean to you. Their concerns become yours and you start to think of ways in which you can be of assistance. Life cover is a way of easing their future financial burden and your thoughtful consideration now, can be felt long after you are gone.

Life is a great teacher and a life insurance over 50 plan allows you to apply what you have learned about yourself and those you hold dear. This is a way you can put family first; a way of recognizing and validating the growing feeling that those close to you are now your main priority in life.

It is worth bearing in mind that as your life circumstances change, so too must your life insurance cover. A new grandchild, a marriage, a divorce or a job change are all major changes to your circumstances. Your life cover is similar to your other finances in that it needs reviewing from time to time to make sure you have the best available package.

It may not be a popular topic but it is better to engage with and become familiar with your life insurance options than view it is a necessary evil. An over 50s life insurance plan can help your loved ones and you can rest easy knowing that your life cover is all about them.

Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

A mortgage is essentially a loan to aid you in buying the house of your choice and is usually paid back over a relatively long period of time, commonly twenty five years. It is secured against the property, meaning the lender has the right to repossess the house if you fail to make the scheduled repayments.

There are many types of mortgages available and their suitability depends largely on both your personal and financial circumstances and the type of life you want to lead once you have your mortgage.

There is no shortage of information out there, not to mention competition between mortgage providers, so you have ample opportunities to gather information before deciding on the option that is best for you.

Fixed-rate mortgages allow you to fix the rate of interest you pay on your loan for a set period of time, usually between two and five years, although longer term fixes are available. Your repayments cannot increase during the fixed-rate period, enabling you to have certain knowledge of your monthly commitment and plan your finances around it.

A fixed-rate mortgage protects you against any rise in interest rates during your fixed term, meaning you can save money if interest rates are rising. Conversely, if the interest rate falls you can end up paying more than borrowers on variable rate deals. Most mortgage providers apply early redemption charges to a fixed-rate deal, meaning a charge is incurred should you choose to move your mortgage during that time.

The attractions of fixed rate mortgages are that they make it easier for you to plan your monthly expenses, as your mortgage payments will remain constant during the fixed-rate term. Many prefer knowing exactly where they stand with their personal finances - holidays and car purchase calculations are made easier as you simply deduct this monthly obligation from your earnings.

These mortgages, like any other mortgages, can appear at first to be an enormous, sometimes overwhelming commitment. Over time however, you will find you make your peace with it and despite its strong presence, it will not prevent you living the life you want, rather it becomes a constant companion in that life.

Like anything else, fixed-rate mortgages are best approached with a positive attitude. Millions have them and many more will do so this year. Research, advice, a good solicitor and the ability to listen objectively will determine if they are the right choice for you.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Logical factors to think about before starting the search relate to the level of cover you feel you need. You may want to cover your mortgage repayments or replace the primary earner’s salary. If you have children, covering education or childcare expenses may be of utmost importance.

Starting with the least expensive, the most basic type of life insurance is known as term insurance. This type of protection is usually chosen in order to cover mortgage or loan payments. The key point to remember is that at the end of the term nothing is payable to you if you haven’t claimed and there is no surrender value. This is a good option if all you want to do is cover the outstanding balance of a loan, but as there are several different types of term insurance a bit of research is required.

Whole life insurance is a more comprehensive option which, unlike term insurance, is not limited to a specific time period. You can be certain that the insurance company will pay out the sum insured and because of this the premiums are usually more expensive. Whole life insurance is available at different levels, namely ‘non-profit’, ‘with profit’ and ‘low cost’ so do your sums if looking at the possibility of taking out a whole life insurance policy.

If profit is a factor you see as a benefit of your life insurance policy then it’s a wise idea to review endowment life insurance which is essentially a savings scheme married with a life insurance policy.

There are also different premiums to consider - guaranteed and reviewable. With the guaranteed option your insurer promises never to increase your premium whereas reviewable premiums mean your policy can be reviewed and premiums are likely to increase.

This is merely a scratch on the surface of life insurance options so it really is worth investigating further and comparing offers. Premiums can vary widely between companies for the same policy and spending an hour or two shopping around could save you thousands of pounds. Shaving just £10 a month off a twenty-five year policy would leave you with an extra £3,000 in your pocket. Not bad for a few hours research especially when considering the possibility of online research which lends itself to easy and accurate comparison; all crucial factors to making the best choice.

Most people need to compare life insurance for the benefit of their family and loved ones but do remember that it is also possible to list business partners as beneficiaries of your life insurance policy. Whatever your needs there’s a policy out there to suit you, it’s simply a matter of finding it.

Adam Singleton writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.

But how do you cope when you need to save a large amount of money? It doesn’t matter what the event is – it could be a holiday, it could be a new car, or even the year’s tax bill if you are self employed. The point is that we all have reasons why we need to put some cash aside, but in doing so we want to be sure it’s earning the best possible interest while we’re putting it away.

The key to making sure we are going to be able to save enough to cover this future event is to plan for it. The best way to do this is to start by working out how much you are likely to need and when you will need to have the amount of money by. You can then divide that amount by the number of months you have before the event – whatever it may be - arrives. This will tell you how much you need to save each month to have the right amount of money available by the due date.

Some people find that the best way to make sure they put the right amount away is to set up a standing order to do so; that way they don’t have to remember to do it each month. If you find that you don’t have enough surplus cash available each month to do this, look at your outgoings and see where you could tighten your belt to get the required funds. Most people can cut back in some way – and you can often save a lot more money than you think each month.

The next step is to find a UK saving account to put that money into. The better the rate of interest you can get, the more you will benefit while the money is mounting up. It’s also necessary to make sure you can get instant access to the account, since you will want to be able to withdraw the money when the time comes to do so.

Some people actually set up several savings accounts to save money for different purposes. This is an excellent way to keep tabs on how you are doing, and it can give you a much more accurate idea of whether you are saving enough for each purpose. If you save everything in one account it is much harder to see whether you will be able to do everything you want to.

In short, organise your accounts and plan for each large payment that comes your way. You’ll find it much easier to afford everything if you do.

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

There is, then, a clear majority of those who do drive as opposed to those who don’t. This highlights that, despite small fluctuations, there has been a steady rise in the number of drivers on the UK’s roads for many years – when the statistics are compared with the same numbers 30 years earlier, only 29% of women and 69% of men could legally drive.

Surprisingly, an increase in other forms of travel hasn’t altered the steady increase in the usage of cars. In terms of road travel for example, bus and coach traffic increased by 53% between 1980 and 2006, motorcycle traffic increased by 38% between 1996 and 2006 and even pedal cycle traffic, between 2000 and 2006, grew from 4.2 to 4.6 billion vehicle kilometres, the highest since 1992.

The majority of the growth in road usage, however, has been in car traffic. Since 1980, there has been an 87% rise, with 402 billion kilometers being traveled in 2006 by cars alone. It seems they remain, and become increasingly, essential to the average Brit. This need to drive, however, can have unfortunate effects. With so many people contributing to road usage, a certain number of collisions are obviously expected. In 2006, there were around 189,000 road accidents, with around £8 billion of insurance claims to compensate for the resulting damage.

Accidents are so prevalent because there are so many causes, from falling asleep to adverse weather conditions, from playing music to tiredness, from drink and drugs to using mobile phones. Even a whole range of animals have been blamed for accidents. Motorists have blamed cats, dogs, deer, rabbits and even bees for causing accidents from which claims have been made.

There are, however, plans to construct a car that is effectively ‘crash proof’. Volvo are developing a vehicle that, aside from having the best in-vehicle safety systems, will actually be able to avoid crashing at all, by monitoring other road users and avoiding hazards, even being able to move out of the path of other cars when in danger. Although the car will not be on general sale for a few years, it represents the continued efforts to protect not only drivers and passengers, but vehicles too.

Until then, car insurance will continue to be the only option to protect against accidental damage. Indeed, it is illegal to drive without having protection, due to the sheer number of accidents every day that have to be paid for. With driving maintaining its importance for so many of the UK’s population, minor mishaps will, inevitably, continue to be a danger, so drivers should be covered when those mishaps happen.

Paul McIndoe writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.