Banking

A new savings account provider offering high interest is NOT protected by any compensation scheme, which means if it went bust savers would be likely to lose their cash.

Labour is planning to turn its fire on pension companies which rip off their customers with excessive fees and charges.

Current accounts are to fall under the microscope of a consumer watchdog after the Office of Fair Trading (OFT) today launched a review of the market, aimed at improving competition and ensuring banks pay more attention to their customers.

Many Lloyds TSB and Halifax customers have reported being unable to log into their online accounts this morning, though the banks say the problem is now fixed.

The Government wants banks and credit unions to create new current accounts to help benefit claimants better manage their money when its universal credit comes into force next year.

Farepak campaigners are reportedly set to press the firm's bank for another £10 million in compensation for customers hit by the collapse of the Christmas hamper business.

Labour leader Ed Miliband says the big five banks should sell up to 1,000 more branches to increase competition.

A further £50 billion was injected into the economy today as the UK struggles to pull out of its double-dip recession and the eurozone debt crisis intensifies.

Ulster Bank customers may have to go a whole month without full banking facilities, as its parent Royal Bank of Scotland admits their nightmare could continue for another two weeks.