THIRD OF ADULTS WITHOUT SAFETY NET
Almost a third of adults have less than £249 set aside as a financial safety net and 19 per cent have no savings at all to fall back on, according to new research from HSBC. This is equivalent to just five days average take home pay while the recommended minimum is three months (£4,683). The survey of 2,100 adults revealed that those aged between 25 and 34 are the least prepared for a financial emergency and women are far less organised than men.
LEEDS LAUNCHES NEW CREDIT CARD
Leeds Building Society has this week launched a new credit card that offers introductory rates on balance transfers and purchases as well as the opportunity for customers to earn 0.5 per cent cash back on all purchases. You will get this cashback credited to your card each January but the maximum annual retail spend is £15,000. Card purchases have a zero per cent rate for three months from the date the account is opened.
CHELSEA CUTS FIXED MORTGAGE RATES
Chelsea Building Society has cut the rate of its three-year fixed rate mortgage to 3.49 per cent. This is the market leading rate for mortgages requiring a 25 per cent deposit. If you have this size of deposit then Chelsea is offering a free valuation for all applicants and assisted legal fees for those re-mortgaging. The reductions continue across the fixed rate product range with lower rates on the two offerings at 85 per cent loan-to-value. The building society said that around 80 per cent of mortgage applications were for a fixed rate product.
M&G INFLATION LINKED BOND DETAILS OUT
M&G Investments this week launched the portfolio details of its recently launched UK Inflation Linked Corporate Bond Fund, which is believed to be the first such fund for retail investors in the UK. Co-managed by Jim Leaviss and Ben Lord, the fund invests primarily in investment-grade UK inflation-linked corporate bonds and other fixed interest securities, such as floating rate notes. The portfolio currently has exposure to over 150 names, including direct holdings in big blue-chip issuers such as Tesco, Thames Water and Toyota. The overall credit weighting is A- and the duration stands at 3.4 years.