Banking & Saving - Cheque Guarantee Cards to be 'phased out'
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Latest News Cheque Guarantee Cards to be 'phased out'
Cheque Guarantee Cards to be 'phased out'
Cheque guarantee cards will be phased out over the next 2 years says an industry body, after reports indicate a timeline has been set for bringing about their end by 2011.
The majority of these cards bearing the well known hologram of Shakespeare have now been incorporated into debit or credit cards, so it is unlikely that consumers will notice the changes.
This new measure will by no means be marking the end of cheques, so consumers and businesses will still be able to accept them even after the scheme ends.
Brian Pomeroy, of the Payments Council said: "We went to great lengths to listen to the views of all users and acceptors of guaranteed cheques and have only made the decision to withdraw the scheme after satisfying ourselves that no group will be unfairly affected or find that there is no means of making a payment".
It has also been suggested by payments experts that the use of cheques for payment is in "irreversible decline".
The future of cheques is currently under debate and a report is expected by the end of 2009.
The Payments Council has agreed not to phase out cheques until it is convinced that other payment options for the vast majority of cheques uses has been acknowledged and are available and suitable to users.
Written by Sam Gooch
The majority of these cards bearing the well known hologram of Shakespeare have now been incorporated into debit or credit cards, so it is unlikely that consumers will notice the changes.
This new measure will by no means be marking the end of cheques, so consumers and businesses will still be able to accept them even after the scheme ends.
Brian Pomeroy, of the Payments Council said: "We went to great lengths to listen to the views of all users and acceptors of guaranteed cheques and have only made the decision to withdraw the scheme after satisfying ourselves that no group will be unfairly affected or find that there is no means of making a payment".
It has also been suggested by payments experts that the use of cheques for payment is in "irreversible decline".
The future of cheques is currently under debate and a report is expected by the end of 2009.
The Payments Council has agreed not to phase out cheques until it is convinced that other payment options for the vast majority of cheques uses has been acknowledged and are available and suitable to users.
Written by Sam Gooch
Friday, 26 June 2009 15:50
Comments (2)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
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S Jenkins 2010-04-07 23:04:05This is unfair and most upsetting for the elderly who prefer the traditional method. They feel vulnerable and unsafe withdrawing their cash from an ATM in the street and do not wish to be compelled to memorise their PIN number, especially if memory poses a problem; are they not advised against writing it down afterall? Our rights to privacy and choice are continually being eroded. Each person using a debit card to purchase goods does not give the retailer permission to profile his spending habits, yet this private information is taken and used. And it will only get worse as we allow ourselves to be directed or controlled by the big guys in marketing and consumerism.
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J. Mole 2010-08-29 18:53:00My mother in her eighties is distraught at this decision. Lloyds have just told he of the withrawl of cheque guarentee cards. She does not have a computer so she can not transfer funds electronically. She does not have a credit card, she does not use direct debit or standing orders. She has a lot of trouble remembering her one PIN. She keeps a record of all her transactions in her 'book', so knows exactly what is in her account when she writes her cheques out. This ruling is completely unfar to the millions of older men and women in this country like her. Unfortunately the big boys just think one size fits all - this is shameful treatment of her and people like her.
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| Provider | AER | Min Bal | O/D Rate | O/D Buffer | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
Santander In-Credit Current Account | ||||
|
5%
|
£1
|
0%
for 4 mths
|
£5,000
|
||
 |
The Co-operative Current Account Plus | ||||
|
0.50%
|
£1
|
0%
for life
|
£200
|
||
 |
Natwest Current Plus | ||||
|
0.10%
|
£1
|
No Offer
|
£100
|
||
 |
RBS Current Account | ||||
|
0.10%
|
£1
|
No Offer
N/A
|
£100
|
||
 |
Halifax Reward Current A/c | ||||
|
£5p.m FREE
|
£1
|
0%
|
£2,500
|
||
- FREE £100 when you switch your current account to Santander
- Earn 5% AER on balances up to £2,500 for 12 months
- After 12 months you will earn 1.0% AER on any balance on the account
- 0% EAR on Overdrafts for the first 4 months (up to £5,000 depending on your circumstances), after this it will revert to 19.9%EAR
- Manage your day-to-day money for free with no monthly account fee, no transaction charges and no charges for using account facilities - as long as you remain in credit
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- At least £1,000 a month must be credited to get 5% AER on balances up to £2,500
- If not switching earn 6% AER on balances up to £1,000 for 12 months if £1,000 is credited each month
- ***You must deposit at least £800 per month***
- Interest on all balances tracks at 0.5% below the Bank of England Base Rate, guaranteed for the life of your Current Account.
- UK call centres open 24/7, 365 days a year
- Fee-free £200 overdraft facility
- Dedicated switching service
- Free day-to-day banking without subscription charges
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- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
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- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
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- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
- Earn interest - we pay interest on your account; it's calculated daily and credited once every month.
- Halifax will give you £5 each month you pay in £1,000, whether you're in credit or overdrawn.
- This account offers a flexible 0% Overdraft facility:
- - £1 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £2 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £5 per day - if you use an 'Un-Arranged' overdraft
- A Halifax Visa debit card
- Access to the extensive branch Network
- 24/7 Online Banking Access
- 2.5% AER / 2.47% Gross (variable) on balances up to £2,500, when you pay in at least £1,000 per month into your current account.
- 0.1% AER / Gross (variable) on balances over £2,500.
- Free banking – no charge for everyday transactions when you’re in credit.
- Access to one of the biggest banking networks in the UK with over 1,900 branches and 32,000 LINK cash machines.
- A VISA debit card you can use in over 500,000 places in the UK and 18 million outlets worldwide.
- Commission-free foreign currency and non-sterling American Express Travellers Cheques.
- Utilise the speed and control of Internet Banking, if you are registered.
- You can call PhoneBank ® (based in UK) to speak to our advisors or use our quick automated service, 24 hours a day, 7 days a week.
- "Interest paid monthly. AER (Annual Equivalent Rate) – the rate if interest was paid and compounded once a year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. PhoneBank® is a registered trademark of Lloyds TSB Bank plc."
- Earn up to 4.00% AER / 3.93% Gross variable on balances up to £7000 when you pay in £1,000 per month.
- 4.00% AER (3.93% Gross) on balances £5,000 up to £7,000
- 3.00% AER (2.96% Gross) on balances between £3,000 and £4,999
- 2.00% AER (1.98% Gross) on balances between £1,000 and £2,999
- 0.10% AER / Gross on balances upto £1,000 or over £7,000
- Free banking - no charge for everyday transactions when you're in credit
- Visa Debit card with access to 1,800 UK Branches and 58,000 LINK cash machines, use in over 500,000 outlets in the UK, 27 million worldwide
- Commission-free foreign currency and non-sterling American Express Travellers Cheques
- Utilise the speed and control of Internet Banking, if you are registered
- Call a UK call centre to speak to our advisors or use a quick automated service, 24 hours a day, 7 days a week.
- Interest rates are correct as at 02/02/09
AER (Annual Equivalent Rate) – the rate if interest was paid and compounded once a year. Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
PhoneBank® is a registered trademark of Lloyds TSB Bank plc.
Account opening is subject to our assessment of your circumstances; you must be 18 or over to apply.
PhoneBank® is a registered trademark of Lloyds TSB Bank plc.
Account opening is subject to our assessment of your circumstances; you must be 18 or over to apply.
- A carbon neutral debit card (subject to status).
- Online Banking – do your banking from home (subject to registration).
- Telephone Banking – pay bills and more (subject to registration).
- A network of over 1,700 branches.
- Draw on cheques paid in before they clear (subject to status and limit).
- An overdraft: 19.3% EAR typical variable*. Subject to status and application. Overdrafts are repayable on demand.
- Barclays £2,500 Overdraft Reserve Option:
- - One Reserve Usage Fee of £22 for each five consecutive working day period from the day you start using your Reserve.
- - No interest payments on your Reserve balance. 0% EAR typical.
- - The Reserve is repayable on demand. The maximum Reserve is £2500, subject to status.
- - One Returned Transaction Fee of £8 for each returned transaction where you exceed your Reserve.
- - One Guaranteed Transaction Fee of £8 for each guaranteed payment made where you exceed your Reserve.
- VISA debit card with every account
- Manage your account online with an excellent internet banking service.
- Commission-free card use abroad - Nationwide are the only high-street provider that doesn't charge you commission if you use your card abroad*. Some competitors charge up to 2.75% for buying goods or services and withdrawing cash abroad.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
- BOS will give you £5 each month you pay in £1,000, whether you're in credit or overdrawn.
- This account offers a flexible 0% Overdraft facility:
- - £1 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £2 per day - if you use an 'Arranged' overdraft up to and including £2,500
- - £5 per day - if you use an 'Un-Arranged' overdraft
- A Bank of Scotland Visa debit card
- Access to the extensive branch Network
- 24/7 Online Banking Access
- CardOneBanking offers the following:
- Guaranteed Acceptance
- Sortcode & Account Number
- Prepaid MasterCard card
- 24 hour account management by Phone, Text and Online Banking
- Dedicated Account Manager
- NO OPENING FEE
- NO OVERDRAFT FACILITY – No risk of going overdrawn
- NO EXTRA CHARGES – No charges for bounced standing orders
- NO CREDIT CHECKS! – Guaranteed to be accepted, regardless of your past credit
- YOU must be 18+ and UK resident
- £12.50 monthly management fee
| Provider | AER | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
ING Direct Savings Account | ||||
|
2.75%
|
Instant
|
Monthly
|
£1
|
||
 |
Post Office Online Saver | ||||
|
2.75%
|
Instant
|
Monthly
|
£1
|
||
|
|
Santander eSaver Issue 2 | ||||
|
2.75%
|
Instant
|
Monthly
|
£1
|
||
|
|
Halifax Websaver Extra | ||||
|
2.60%
|
Instant
|
Annually
|
£1
|
||
 |
Chelsea BS e-Saver Reward | ||||
|
2.60%
|
Instant
|
Monthly
|
£1
|
||
- New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.75% AER for 12 months from account opening (2.72% gross p.a.)
- Interest paid monthly
- After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
- Move your money when you like, with no penalties or restrictions
- Start saving from £1, with no minimum or maximum monthly deposits required
- Open an account in minutes
- Award winning UK call centres
- Access your savings 24/7/365
- Apply online in less than 10 minutes
- Instant account opening
- Open a savings account with just £1
- Rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months
- Monthly interest option also available
- Great return of 2.75% gross/AER (variable), which includes a bonus of 2.25% gross/AER (variable) for the first 12 months from account opening.
- Save from just £1
- 24/7 access to your money without notice or penalty - Cash Card with every account!
- Interest is calculated daily and paid Monthly
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- 2.60% AER on Balances £1 - No maximum balance
- Withdrawals - 1 withdrawal a year with no loss of interest.
- Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
- Access your money by transferring to another account online
- Interest paid annually
- You need to be a UK resident personal customers aged 11+
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Great rate of 2.60% AER variable
- During April make unlimited withdrawals, or close your account, and still earn interest
- Interest paid monthly into the account or to another account
- Online application process to help make opening your e-Saver
- Reward easy
- 24-hour access to manage and view your account online
- Open an account with as little as £1
- 2.60% AER on Balances £1 - No maximum balance
- Withdrawals - 1 withdrawal a year with no loss of interest.
- Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
- Access your money by transferring to another account online
- Interest paid annually
- You need to be a UK resident personal customers aged 11+
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
- Save from £1 to £500,000
- If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
- If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
- A variable rate of interest, currently 1.60% AER/Gross.
- This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
- On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
- Open from as little as £1.
- Interest paid annually.
- Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
- No limits on how much you can save.
- The options to have a standing order payment into your account, so you know your savings are always growing.
- Optional Cashpoint® card for easy access on the move.
- you will earn the following rate of interest:
- £0 - £9,999 = 1.00% AER
- £10,000 - £24,999 = 1.10% AER
- £25,000 - £49,999 = 1.20% AER
- £50,000+ = 1.50% AER
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- Interest paid monthly
- If you make NO Withdrawals in a month you get 1.26% AER (1.25% gross pa*)
- If you make a withdrawal you get 0.85% AER (0.85% gross pa)for that month
- Rates include a 12 month introductory bonus of 0.75% gross, payable from the date you open your account with a minimum of £1
- If your a Barclays customer you get easy transfer between your Barclays current and savings accounts
- Maximum balance of £2million
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 1.0% AER Flat rate – the interest rate stays the same, no matter how much you save
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- Minimum opening balance - £1
- No maximum balance
- Interest paid annually
- Unlimited withdrawals and deposits
- Manage your savings - Transfer money, view recent transactions and check your balance online 24/7 with this internet savings account
- Applying is easy - it only takes 5 minutes to apply online now
- You need to be a UK resident personal customers aged 11+
- An instant access, easy to manage online savings account with a cash card.
- Minimum opening balance - £10
- No maximum balance
- Unlimited withdrawals and deposits
- Manage your savings - use your cash card to make withdrawals, print a mini-statement or check your balance 24/7 at Halifax and Bank of Scotland cash machines. Transfer money, view recent transactions and check your balance online 24/7
| Provider | AER | Duration | Min Bal | Apply |
|---|---|---|---|---|
| View Full Table > | ||||
 |
Scottish Widows 5 Year Fixed Rate Bond | |||
|
4.00%
|
Fixed term for 5 years
|
£10,000
|
||
|
|
Lloyds TSB 3 Year eBond | |||
|
3.75%
|
Fixed term for 3 years
|
£2,000
|
||
 |
AA 3 Year Fixed Rate Bond | |||
|
4.10%
|
Fixed term for 3 years
|
£1
|
||
|
|
Santander 2 Year Bond | |||
|
3.75%
|
Fixed term for 2 years
|
£25,000
|
||
|
|
Santander 18 Month Bond | |||
|
2.75%
|
Fixed term for 18 months
|
£1
|
||
- The Scottish Widows 5 Year Fixed Rate Bond is a fixed interest rate account offering a competitive AER over a period of five years. The account is available to new and existing Scottish Widows Bank customers and is not linked to any investment products.
- Fixed Annual Rate 4.00% AER*
- Fixed Quarterly Rate 3.94% Gross
- Fixed Monthly Rate 3.93% Gross
- Deposit Term - 5 years
- Minimum Deposit - £10,000
- Maximum Deposit - £5,000,000
- Covered by the Financial Services Compensation Scheme Up to £50,000 per individual**
- No partial withdrawals permitted during deposit term.
- Deadline: 19 August 2010
- *Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
- Save for 3 years,
- Fixed interest rates of 3.75% AER/Gross*.
- View eBond interest rates.
- Choose when your interest is paid - monthly to supplement your income or yearly as a lump sum - it's up to you.
- Nominate where your Interest is paid – this can be a current account or an eligible savings account (excluding Monthly Saver, Term Deposits, Child Trust Fund, and ISA products.)
- Save from £2,000 up to £1,000,000
- No withdrawals are allowed.
- You can make additional deposits to the product whilst the issue is on sale. This is a limited issue product however so once the issue is full no further deposits can be made.
- Rate is fixed for the term of the deposit.
- Manage your account through a dedicated eBond Savings Team. The account cannot be serviced through PhoneBank, branches or Internet Banking.
- This offer is only available online
- Get a fixed rate of interest on your savings for 3 years.
- Earn either a return annually at a rate of 4.10% AER or a regular monthly income at 4.10% AER.
- Invest from £1 up to £5 million in your savings account.
- Benefit from secure password protection.
- Interest is calculated daily and credited to the account annually on the anniversary date of the first deposit, or on the first day of each month for the monthly interest option.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Invest £1 to £9,999 and receive 3.00% gross/AER
- Invest £10,000 to £24,999 and receive 3.25% gross/AER
- Invest £25,000+ and receive 3.75% gross/AER
- Get a great fixed rate for the next two years
- Pay in anything from £1 up to a maximum of £2,000,000
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- No withdrawals allowed until maturity
- This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time.
- Invest £1 to £9,999 and receive 2.75% gross/AER
- Invest £10,000 up to £24,999 and receive 3.0% gross/AER
- Invest £25,000+ and receive 3.25% gross/AER
- Get a great fixed rate on your savings for one year
- Pay in anything from £1 up to a maximum of £2,000,000
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
- No withdrawals allowed until maturity
- Get a great fixed rate for the next two years
- Invest £1 to £9,999 and receive 3.00% gross/AER
- Invest £10,000 to £2,000,000 and receive 3.50% gross/AER
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- Accessing your money during the term can only be done by closing the account, which is subject to 120 days loss of net interest.
- Invest £1 to £9,999 and receive 2.75% gross/AER
- Invest £10,000 up to £24,999 and receive 3.0% gross/AER
- Invest £25,000+ and receive 3.25% gross/AER
- Get a great fixed rate on your savings for one year
- Pay in anything from £1 up to a maximum of £2,000,000
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- No withdrawals allowed until maturity
- This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
- This offer is only available online
- Get a fixed rate of interest on your savings for 23 months.
- Earn either a return at the end of the 23-month term at a rate of 3.35% or a regular monthly income at 3.35% AER.
- Invest from £1 up to £5 million in your savings account.
- Benefit from secure password protection.
- Interest is calculated daily and credited to the account annually on the anniversary date of the first deposit, or on the first day of each month for the monthly interest option.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Save £1 to £9,999 and receive 2.60% gross/AER fixed
- Save £10,000 up to £2,000,000 and receive 2.75% gross/AER fixed
- Get a great fixed rate on your savings for one year
- Pay in anything from £1 up to a maximum of £2,000,000
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- No withdrawals allowed until maturity
- Save £1 to £9,999 and receive 2.60% gross/AER fixed
- Save £10,000 up to £2,000,000 and receive 2.75% gross/AER fixed
- Get a great fixed rate on your savings for one year
- Pay in anything from £1 up to a maximum of £2,000,000
- Available to new and existing Santander customers
- You can't add to your bond once it's open so put in as much as you can at the start
- No withdrawals allowed until maturity
- 2 year fixed rate of 3.55% AER/gross p.a. (3.55% gross p.a. monthly)
- Make one deposit between £5,000 and £50,000
- A good return on your savings with no withdrawals permitted
- Interest is paid annually or monthly directly into your nominated account
- Easy to apply and manage online
- The Sainsbury's Fixed Rate Saver Account is a limited offer and may be withdrawn at anytime.
- 2 year fixed rate of 2.80% AER/gross p.a. (2.80% gross p.a. monthly)
- Make one deposit between £5,000 and £50,000
- A good return on your savings with no withdrawals permitted
- Interest is paid annually or monthly directly into your nominated account
- Easy to apply and manage online
- The Sainsbury's Fixed Rate Saver Account is a limited offer and may be withdrawn at anytime.
