The Sunday Times April 21, 2019 15

12 MONEY 14 PUZZLES HAVE MOVED NEWS, PAGE 30 Best Buys CURRENT ACCOUNTS FOREIGN MORTGAGES CREDIT INTEREST CURRENCY 2-YEAR FIXED RATES Provider Account name Account fee Interest rate 1 Balance Contact Lender Rate Scheme Deposit Fee Notes Contact These are the interbank Co-operative Bank Current with Everyday Rewards None £4 a month – 0345 721 2212 Santander 1.54% Fixed to 2.07.21 25% £999 LV 0800 100 802 rates at 5pm on Friday, TSB Classic Plus None 5% £1-£1,500 0345 975 8758 which show where the Post Office 1.81% Fixed to 30.06.21 15% £495 LV 0800 077 8033 Nationwide FlexDirect None 5% 2 £0.01-£2,500 0800 302 010 market is trading. Yorkshire BS 1.84% Fixed to 30.06.21 10% £995 BV 0345 166 9510 They are not indicative OVERDRAFTS * 3-YEAR FIXED RATES of the rate you will be Provider Account name Account fee Interest rate 3 0% overdraft limit Contact able to get. Lender Rate Scheme Deposit Fee Notes Contact 1st Account £10 a month 4 15.9% £250 0800 242 424 1.63% Fixed to 31.07.22 40% £999 LV 0333 202 7580 M&S Bank Current Account None 15.9% £100 0345 900 0900 EURO Yorkshire BS 1.89% Fixed to 30.06.22 15% £995 V 0345 166 9510 Starling Current Account None 15% £0 starlingbank.com GBP>EUR Barclays 2.09% Fixed to 31.07.22 10% £999 LV 0333 202 7580 FUND FOCUS 1 Based on funding of £1,000 a month. 2 Introductory rate for one year, then 1%. 3 Equivalent annual rate. 4 Fee waived if minimum funding of £1,000 is met. * Based on overdraft of £500 for 15 days a month. LONG-TERM FIXED RATES GRESHAM HOUSE Some accounts require minimum funding/direct debits to open or receive rates shown. Lender Rate Scheme Deposit Fee Notes Contact Source: Moneyfacts.co.uk UK MICRO CAP Barclays 1.83% Fixed to 31.07.24 40% £999 LV 0333 202 7580 What it does 1.16 Yorkshire BS 2.1% Fixed to 30.06.24 15% £995 BV 0345 166 9510 Invests in small British Coventry 2.25% Fixed to 30.06.24 10% £999 LV 0800 121 8899 AMERICA businesses including CREDIT CARDS GBP>USD Barclays 1.99% Fixed to 31.07.26 40% £999 LV 0333 202 7580 those on the Alternative Investment Market (AIM), INTRODUCTORY RATES TRACKERS */ DISCOUNTS which is home to fledgling 1 Lender Rate Scheme Deposit Fee Notes Contact Provider Card type Introductory purchase APR Reward Contact companies. The fund is Sainsbury’s Bank Dual Offer Mastercard 0% for 28 months 20.9% Yes 0808 540 5060 Leeds 1.38% Tracker +0.63% to 31.05.21 25% £999 LV 0345 045 4049 fairly concentrated, with Barclaycard Platinum 27-month Purchase & Balance Transfer Visa 0% for 27 months 19.9% No 0800 731 0200 HSBC 1.69% Tracker +0.94% for 2 years 15% £999 ELV 0800 494 999 just 49 holdings. 1.30 Nationwide 2.14% Tracker +1.39% for 5 years 40% £999 AELV 0800 302 010 MBNA 0% Transfer & Purchase Mastercard 0% for 27 months 20.9% No 0345 606 2062 SWITZERLAND Hanley Economic 1.99% SVR -3.45% for term 40% £999 ELV 01782 255 000 What it invests in BALANCE TRANSFERS GBP>CHF More than two-thirds of FIRST-TIME BUYER / LOW DEPOSIT the businesses have a Provider Card type Introductory purchase Transfer fee 2 APR Contact Lender Rate Scheme Deposit Fee Notes Contact market capitalisation of MBNA Long 0% Balance Transfer Mastercard 0% for 29 months 2.75% (no min) 19.9% 0345 606 2062 Monmouthshire 2.55% SVR -2.69% for 2 years 5% £0 PVE 01633 844 351 less than £250m. 29-month Balance Transfer Mastercard 0% for 29 months 3% (no min) 19.9% 0345 944 4555 Leek United 2.95% Fixed to 31.07.21 5% £0 CPV 0808 169 6680 Top holdings include Sainsbury’s Bank Balance Transfer Mastercard 0% for 29 months 3% (min £3) 19.9% 0808 540 5060 City Pub Group, which 1.32 Barclays 2.02% Fixed to 31.07.24 25% £749 FPV 0333 202 7580 owns bars across the CASHBACK CARDS BUY TO LET south of England; Knights Provider Card type APR 1 Cashback Contact AUSTRALIA Lender Rate Scheme Deposit Fee Notes Contact Group, which provides American Express Platinum Cashback 28.2% 1%-1.25%. Intro 5% for 3 months 0800 917 8047 GBP>AUD security at stadiums Leeds 1.46% Tracker +0.71% to 31.07.21 40% £999 LV 0345 045 4049 including Wembley; and American Express Platinum Cashback Everyday 22.9% 0.5%-1%. Intro 5% for 3 months 0800 917 8047 Ipswich 3.15% Fixed to 30.06.21 20% £1,149 R 0330 123 0773 Martin Sorrell’s new Santander All in One Mastercard 21.7% 0.5% 0800 389 9905 Post Office 2.35% Fixed to 30.06.24 25% £1,495 0800 077 8033 marketing venture, 1 APR = annual percentage rate, dependent on credit rating. 2 Fee charged on the amount of each balance transfer during the introductory period. Early repayment charge applies unless otherwise stated. * Most deals track Bank of England base rate. S4 Capital. Source: Moneyfacts.co.uk Notes: SVR = Standard variable rate; A = £500 cashback for first-time buyers; = £500 cashback; C = £250 cashback; E = No early repayment 1.82 charge; F = Help to Buy or shared-equity scheme; L = Free legal work for remortgages; P = Purchases only; R = Free valuation and legal work for remortgages; V = Free valuation. Performance Source: landc.co.uk — 0800 373 300 The fund has returned 43.2% over three years, compared with a sector SAVINGS ACCOUNTS average of 36.3%. INSTANT ACCESS What the manager says Provider Account name Min deposit Interest rate Contact CASH ISAS Brendan Gulston, co- Online Only Easy Access (Issue 33) £1,000 1.5% kentreliance.co.uk INSTANT ACCESS manager of the fund, said: 1 Virgin Money Double Take E-Saver 10 £1 1.5% uk.virginmoney.com Provider Account name Min deposit Interest Transfers in Contact “While there is likely to be 2 more volatility this year, Marcus Online Savings £1 1.49% marcus.co.uk Kent Reliance Easy Access (Issue 18) £1,000 1.46% Yes kentreliance.co.uk that means opportunities Leeds 1 Limited Issue Online Access (Issue 11) £1,000 1.46% Yes leedsbuildingsociety.co.uk NOTICE ACCOUNTS too. Large businesses are 1 Account matures on 4.05.2020. often impacted by macro Provider Account name Notice period Min deposit Interest rate Contact FIXED RATE factors, such as Brexit, but 3 90-day Notice 90 days £1,000 1.89% securetrustbank.com Provider Account name Term Min deposit Rate Transfers in Contact smaller companies tend OakNorth 90-day Notice Deposit 90 days £1,000 1.77% oaknorth.com to operate in more Kent Reliance Cash Isa (Issue 30) 1 year £1,000 1.8% Yes kentreliance.co.uk Charter Savings Bank 60-day Notice (Issue 9) 60 days £5,000 1.61% chartersavingsbank.co.uk insulated, niche markets, Kent Reliance Cash Isa (Issue 29) 2 years £1,000 1.9% Yes kentreliance.co.uk which means they can be FIXED-RATE BONDS Source: Savingschampion.co.uk — 0808 178 5354 more agile in economic Provider Account name Term Min deposit Interest rate Contact headwinds.” Kent Reliance Fixed-rate Bond (Issue 61) 1 year £1,000 2% kentreliance.co.uk What the experts say Secure Trust Bank Fixed-rate Bond (4.05.21) 2 years £1,000 2.27% securetrustbank.com Laith Khalaf at Hargreaves Fixed-rate Account 3 years £1,000 2.4% aldermore.co.uk Lansdown said: “Smaller 1 Maximum of two easy access withdrawals a year. 2 Rate includes 0.15% bonus for first 12 months. 3 Maximum three capital withdrawals a year. CHILDREN’S ACCOUNTS companies are a rich DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT Provider Account name Account type Min deposit Interest rate Contact hunting ground for Source: Savingschampion.co.uk — 0808 178 5354 Halifax Kids’ Monthly Saver Regular saver £10 4.5% halifax.co.uk talented fund managers because they tend to be Santander 1 123 Mini Current Account Current account £300 2.96% santander.co.uk under-researched, and Cambridge 3-year Fixed-rate Bond Fixed-rate bond £1,000 2% cambridgebs.co.uk Gresham House is a great 1 Interest rates are tiered: 1% on balances of £100-£199; 1.98% on £200-£299; 2.96% on £300-£2,000. example of what can be JUNIOR ISAS achieved. A concentrated ENERGY DEALS Supplier Average annual bill Rate Contact Provider Account name Min deposit Interest rate Rate Contact portfolio adds risk but should deliver handsome Table shows the cheapest tariff from the 3 cheapest Utility Point £911 V 0345 557 7878 Coventry Junior Cash Isa (1) £1 3.6% V coventrybuildingsociety.co.uk suppliers.Excludessuppliers. Excludes fixed fixed tariffs tariffs of of less less than than 12 12 returns if the manager months’ duration. Excludes tariffs that do not have People’s Energy £918 F 0131 285 5510 NS&I Junior Isa £1 3.25% V nsandi.com picks the right stocks.” national coverage. Excludes tariffs where payments Yorkshire Energy £960 F 0113 451 0700 are taken in advance of the customer coming on TSB Junior Cash Isa £1 3.25% V tsb.co.uk Holly Black supply. F=Fixed ratesrate, V=VariableV=Variable raterates Source: TheEnergyShop.com — 01259 220 270 V = variable rate. Source: Savingschampion.co.uk — 0808 178 5354 ICONS BY JAMIE JONES Banks must not bear Lloyds staff lend their eyes to all the risk for fraud blind customers

who should have had them. Banks aren’t always to Katie Binns to our customers’ individual JAMES Many banks still don’t have blame, so why should the needs, enabling them to be 24-hour fraud hotlines. bank always pay? TSB will — is more independent with their CONEY Frauds are often and it will be all its other offering blind and partially finances.” MONEY sophisticated, involving the customers who foot the bill. sighted customers help with Robin Spinks, technology manipulation of victims and Rather than blindly handling their finances expert at the Royal National EDITOR cruel tricks. Other scams refunding every single through a smartphone app Institute of Blind People, said: have succeeded because victim, the banking industry called Be My Eyes. “This has the power to Moral hazard — where you banks have failed to do due needs to have a more The award-winning transform lives and enable take too much risk because diligence or had weak rigorous process for assessing software, launched in 2015, people to become more you know your losses will be systems. However, while it is individuals’ claims. The links sighted volunteers with independent after sight loss. covered — is a crucial concept easy to demonise the banks Financial Ombudsman strangers who need visual “It can be challenging for when looking after your cash. for not protecting customers, Service could do so but it assistance. It already anyone with a vision It’s what we try to teach they are not solely to blame. needs more powers to connects 125,000 blind and impairment to deal with the children: once your pocket In its policy on fraud, TSB investigate cases fully. low-vision people with more paperwork specifically money is gone, it’s gone, so is basically offering to foot the In each case, the bank that than 2m volunteers in 150 attached to their bank look after it. bill for the ills of society. That has received stolen funds countries. account. People are dealing Moral hazard is what stops solves nothing. Also culpable should be forced to reveal to a Users seek assistance with with small fonts, long you putting all your pay are the phone companies that regulator how that account everyday tasks such as numbers, Pins, sort codes cheque on that 100-1 shot in have allowed fraudsters to was opened and how it was reading street signs, checking and so on.” the 3.30 at Chepstow. And it mimic a bank’s phone being used. Just wait and see cooking instructions on food Difficulties are heightened should make us think twice numbers. There are the how quickly banks are packaging and choosing non- for those who have recently before transferring money to airlines, travel companies brought under proper clashing clothes. Most of the lost their sight, he added. someone we don’t know. and internet providers that scrutiny. video calls last less than three “People experience feelings Moral hazard is why I think have allowed people’s details The Financial Conduct minutes. The app has of depression and anxiety. TSB’s promise last week — the to be leaked in hacking Authority should work with 100,000 volunteers in Britain They lose self-confidence. first such pledge by any bank attacks. There are the the telecoms watchdog, and 6,000 visually impaired “Trying to relearn how to — to refund every fraud victim financial institutions — not Ofcom, to impose fines and users. access information can be is foolhardy. just banks — that have failed refunds on companies that Staff at Lloyds, Halifax and daunting. Imagine needing to Customers justifiably to keep tabs on suspicious allow abuse of the phone — all part of discover new ways to access annoyed that the bank payments and accounts. And system. That would focus the group — are now on hand information that you took for recently dropped its top- (whisper it) some customers minds. to help customers with tasks granted previously. When paying 5% rate on its current have been reckless. We should have a central such as requesting a grabbing a document or account should question how We have to ask why other compensation fund, too — statement, confirming the scanning a file is not an TSB is paying for its fraud firms have been slow to act or paid for by all the correct amount in an online option, this technology can refunds. TSB says it will have washed their hands of organisations that are to payment or reading out a step in.” educate customers about the problem. The answer is blame. branch’s opening hours. Alexander Hauerslev fraud, but what’s the point if the lack of moral hazard. And we need to keep the They are confined to Jensen, chief commercial there is no consequence for The only way we can make moral hazard, because those general queries rather than officer at Be My Eyes, said: “It failing to heed that lesson? other businesses act on fraud who are cautious with their matters specific to customers’ is our goal to make the world Bank fraud is an epidemic. is to make them pay too. If an money should not have to pay accounts, details of which are more accessible for people For years banks have behaved HSBC customer loses money for those who aren’t. confidential. who are blind or have low shamelessly. They have been to fraudsters who make it After all, it’s what we teach Stephen Noakes, a director vision, and having Lloyds slow to act when asked to appear as if they are using the our children: take care with of Lloyds Banking Group, Banking Group on our freeze funds. They have given official bank phone number, your money, because once said: “Using smartphone Specialized Help platform is a customers misinformation the landline provider should it’s gone, it’s gone. technology, our colleagues huge step in taking banking in and refused payouts to those cough up for it. @jimconey will provide support tailored that direction.”