BBC News Business

The BBC have a launched a student finance calculator to help students work out how much it will cost to repay student loans under the new system proposed for student finance. In these challenging economic conditions the tool has been created to help provide students with realistic expectations of student finance payments and how affordable they will be.

Due to the nature of changing economic conditions the tool isn’t perfectly accurate and uses both averages and assumptions about future economic conditions and doesn’t accommodate for individual circumstances. However, it does provide reasonable illustrations of the kinds of costs involved for the various student finance options available.

The BBC Student Finance Calculator Explained

The student finance calculator uses a set of assumptions to calculate payments. Many of these assumptions can be changed and edited on the first page of the student calculator. For an overview of the settings available there is a document you can download listing them. On the third page of the calculator it’s possible to input your predicted future salary and income.

How does the new Student Loans System Work?

The proposed new student loans system allows students to borrow money to pay for studies up to £9,000 per year as well as up to £5,500 in maintenance loans per year. Interest is charged at the rate of inflation (RPI) +3% until students finish their studies.

The April after students graduate they are eligible to start making repayments on their student loan at a rate of 9% of earning above £21,000. Interest on student finance will then be charged based on earnings. Students whose income is over £41,000 will be charged RPI +3 with the rate increasingly evenly between incomes from £21,000 – £41,000.

30 years after graduating from university any remaining student debt will be written off.

BBC Student Finance Calculator: How Does It Work?

Using data provided by the office for National Statistics include figures such as average earnings split by sex, age group (of which there are 5) and occupation group.

The key assumption of the model used by the BBC Student Finance Calculator is that it’s possible to estimate earning at any age based on looking at national data for average earnings at the age based on occupation choice and sex. This figure is then adjusted to compensate for economy growth predictions.

The predictions made the student finance calculator are given based on the value of pound sterling in 2011 to put the figure in the context of purchasing power.

Interest rates used by the finance calculator are based on interest rates set for the 2012/13 academic year. But there is scope for these to be change by the government to reflect market rates with parliamentary assent.

Find out more about the BBC Student Finance Calculator

Finance Calculators

Finance Calculators are invaluable tools when shopping for loans, mortgages, exchange rates, fuel bills and more. This Is Money, part of The Daily Mail, offer a wide range of online financial calculators to make it easier to find the best deals and cheapest prices. You can find the full list of This Is Money Finance Calculators here. Some of This Is Money’s popular finance calculators include their; stamp duty calculator, loan repayments, mortgage repayment calculator and long-term savings calculator.

This is Money have over 30 calculators to help with finances, work and lifestyle including;

• Mortgage Calculators
• Savings Calculators
• Pensions Calculators
• Credit Card Calculators
• Loans Calculators
• Tax Calculators
• Work Calculators
• Lifestyle Calculators

Halifax Online Banking

Halifax are making changes to their online banking service which will distrupt normal service between Friday the 9th of September and Monday the 12th of September 2011. For the period it won’t be possible to make immediate payment through Halifax online banking or using Halifax Telephone banking. Normal service will resume early Monday morning.

The banking system upgrades are part of Halifax’s commitment to providing easy-to-use online banking that is secure.

If you find that Halifax online banking immediate payments are unavailable or not working during this period it’s because of the upgrades.

If you’ve planned to make any payments on the 9th, 10 or 11th of September bring them forward before the upgrades or if they’re not urgent pay them on the 12th. Halifax apologise for any inconvenience and thank customers for their patience

Citibank Logo

Citibank online banking offers award-winning features that make it possible to do the majority of bank account related transactions and management online. Find out more about how Citibank’s online banking offering can help you.

Citibank Online Banking Features

• Free online bill payment – make bill payments to almost anyone in the U.S. anytime, anywhere you can login into your Citibank online banking account. As well as receiving bills electronically, instead of by mail. View, pay and manage your bills online.
• Banking on your Mobile or Tablet – checking your account balance, pay bills and transfers bills are just some of the normal banking tasks you can do online
• Citi Text Banking – use short commands sent by text to get account updates in seconds such as BAL for balance enquiries
• Account alerts – receive alerts for your Citibank and linked Citi credit card accounts to your mobile phone or registered email address
• Online bank statements – receive monthly statements online, save paper and manage your money online
• Online check images – view and print cleared checks
• Online payments
• Extensive transfer services – move money within the United States or move it abroad and to Citibank or non-Citbank accounts
• POP (pay other people) Money – pay people directly from your Citibank account with the simplicity of sending an email
• Auto Save – have a savings account? You can transfer money from your Citibank account on auto pilot simply by setting up a recurring transfer from your checking account to your savings account
• Online and mobile fraud protection – protection from unauthorized transfers in your Citibank accounts
• 24 hour, 7 day a week customer support online or over the phone

Put all these features and services together and you can manage your Citibank checking account online without having to visit a branch or pick up the phone.

For more information about Citibank online banking click here.

Natwest

Natwest are making some changes to the terms of conditions of the Natwest Student Account effective on the 5th of October 2011. The two changes to the Student Account terms and conditions are as follows:

1. You must use your Natwest Student Account as your main current account and deposit no less than £750 every three months.
2. At least 9 debit transactions must be made from the account every three months.

If these conditions aren’t met Natwest reserve the right to terminate any interest free overdraft on your account.

Natwest Student Account Interest Free Overdraft

Natwest offer an increased overdraft each year of university subject to circumstances. During the first year they typically offer a £500 overdraft for the first term, £750 for the second term and £1000 for the third term.

1. Up to £1,000 overdraft in your first year of university
2. up to £1,250 overdraft in your second year of university
3. Up to £1,500 overdraft in your third year of university
4. Up to £1,750 overdraft in your fourth year of university
5. Up to £2,000 overdraft in your fifth year of university

The impact of failing to meet the Natwest Student Account terms and conditions could be quite significant for those who have been at university for a number of years. It must also be noted that the Natwest Student Account overdraft may need to be repaid on demand by Natwest.

For full details of the Natwest Student Account terms and conditions, details about the account and account changes click here.

First Direct Logo

The 1st Account is one of First Direct’s flagship current accounts aimed at luring customers away from their existing banks and building societies. Customers who switch to First Direct are eligible for a payment of £100. To highlight First Direct’s confidence in their level of service and financial products they offer a further £100 for unsatisfied customers and the offer to help disgruntled customers move to a new bank or building society.

How Do I Get The First Direct 1st Account £100 Bonus

The First Direct £100 offer isn’t available to previous or existing customers and is limited to a single account per person. If you’re new to First Direct, open a 1st account and transfer your monthly salary/income of at least £1,500 in the first three months. After this period First Direct will pay £100 into your account assuming you’ve met their terms and conditions.

Under What Circumstances Are unhappy Customers Given The Extra £100

If you close your 1st account within 12 months of opening it and met the conditions of the offer, including having an income or salary of £1,500 or more paid into the account every month for at least 6 months as well as having not previously had an account with First Direct. Used First Direct’s Easyswitch service to transfer Standing Orders and Direct Debits to First Direct, £100 will be paid into your 1st account before you close it. Any other accounts with First Direct also have to be closed and Standing Order and Direct Debits will be transferred to another bank or building society.

First Direct Customer Service Promise

First Direct claim to be different from other high street banks and offer telephone customer services direct to an employee 24 hours a day, seven days a week, 365 days of the year.

1st Account Key Features

• £100 payment for banking with First Direct
• £250 interest free overdraft
• Text alerts so you don’t lose track of your finances
• First Direct waive the £10 monthly fee charge for other current accounts

For more information about the First Direct and full terms and conditions about the features of the account, interest rates, overdraft facilities and more click here.

Derbyshire Building Society Logo

Find out more about the Derbyshire Building Society’s NetSaver online savings account.

NetSaver: Key Features

• 3.11% interest rate Gross p.a./AER including bonus
• 1.00% interest rate Gross p.a./ AER excluding bonus
• 2.49% interest rate Net p.a. including bonus
• Easy, online access via Derbyshire Building Society online banking
• Minimum balance (including opening balance) or just £1
• Maximum balance of £1,000,000
• Interest paid annually on the 30th of November

How to apply for the NetSaver

If you’re considering applying for the Derbyshire Building Society NetSaver you must meet the following criteria and be able to follow each step.

• You must be aged 16 years or over
• Customers are allowed to open one Derbyshire NetSaver for each issue
• The NetSaver account may have a maximum of 2 account holders
• To open the account you must make a deposit by cheque
• Futher transactions must be paid in by electronic transfer from a nomiated account with another bank or building society
• Withdrawals can only be made to the nominated bank or building society account (£10 minimum withdrawal, £100,00 maximum withdrawal per day)

Derbyshire BS NetSaver Terms and Conditions

For more information about how to apply for the NetSaver or for full terms and conditions please click here

Nottingham Building Society

The Nottingham Building Society have launched a new savings account called the eSaver Plus Issue 1. The account features easy access and unlimited withdrawals, a starting balance of £10 and a special introductory interest bonus.

Customers who take advantages of the Nottinghaham BS eSaver Plus will benefit from an extra 1% introductory bonus on interest rate, making the interest rate on the account 2.75% gross p.a./AER. The account can be managed easily and safely online using Nationwide Building Societies online banking.

When Does The Bonus Interest Apply Until?

The 1% bonus interest payment on the eSaver account will apply until the 30th of June 2012. Interest will be credited to the account on the 30th of June each year and be available to withdraw on the following day (the 1st of July). The introductory bonus interest payment will coincide with the account’s standard interest rate.

If the account is closed prior to the 30th June 2012 the introductory bonus payment will be lost.

How to open an eSaver Plus account

Customer who want to open an eSaver Plus account must have an account with another UK bank or building society from which electric transfers can be made to and from your savings account.

Money can be paid into the account by sending an electronic payment from the UK bank account or building society account nominated when the account was set up. Equally to withdraw money, simply transfer money from your eSaver Plus account online, directly to your nominated UK bank or building society account.

Can I Apply For An eSaver Plus Account?

To be eligible to apply for the eSaver Plus account you must meet the following criteria:

• Be over the age of 16
• Be a resident of the UK
• Have an email address
• Hold an account with another UK bank or building society

eSaver Plus Terms and Conditions

To find out more about the Nottingham Building Society eSaver Plus and the full terms and conditions for the website visit here.

RBS Platinum Credit Card

The RBS Platinum Credit card offers 0% interest on balance transfers for 18 months and 0% interest on purchases from 6 months from the date the Platinum Credit Card account was opened. After these interest free periods a standard annual rate for balance transfers is introduced an there is 16.56% variable interest on purchases.

Advantages of RBS Platinum Credit Card

• Balances transfered within 3 months of the account being opened will be subject 0% balance tranfers for 18 months
• O% interest on purchases within the first 6 months after opening the account
• A balance transfer fee charged at a rate of 2.8% (£5 minimum fee)
• Royalties Gold customers benefit from an initial 1% discount on their APR for at least 12 months (the monthly fee for the Royalties Gold account is £12.95

Platinum Credit Card Details

Interest free credit applies when you pay the full balance on time and paid the previous month’s full balance on time. Interest free credit is up to 56 days’ on purchases and there is also comprehensive cover for online fraud and identity theft. All introductory offers on the Platinum Gold credit card may be terminated if customers fail to pay on time and fail to stay within their credit limit.

The find out more about the RBS Platinum credit card including full terms and conditions click here.

Financial Ombudsman Service

With the regular need to use financial services from providers such as banks, building societies and insurance company it’s likely you’ll at some point consider complaining about a financial product. The first mistake many consumers make at this early stage is not to pursue a dispute. Failing to act in response a poor financial product and/or service is often due lack of time or lack of confidence in a positive outcome. The latter of the two issues is contrary to the statistics about financial disputes which show that the financial ombudsman is more likely to rule in the favour of the customer. Key takeaway so far, if you feel you have a legitimate complaint in regards to financial services, take action.

How long does it take for financial service disputes to be dealt with?

Disputes about financial services and products aren’t always dealt with quickly. You may even be rejected the first time you lodge a complaint with the financial services provider. However, if you think you’ve been badly treated, don’t be put off by the initial rejection; it’s often worth pursuing the complaint and escalating it with the Financial Ombudsman Service if necessary. Of the unresolved complaints between financial service providers and their customers which have been referred to the Financial Ombudsman Service in 2009, nearly 60% of decisions favoured customers.

One of the primary reasons for significant delays in financial dispute resolution is the number of annual complaints made to the Financial Ombudsman Service (FOS), which in 2010 was 750,000. During this 12 month period, a third of all complaints were resolved within three months but many took between six and nine months.

The process can be speeded up by researching how to complain about financial services, finding out the financial services complaints procedure and lodging your complaint with respect to the advice available.

Which financial service providers receive the most complaints?

In September 2009, the Financial Ombudsman Service opted for a new approach to tackle the poor complaints handling delivered by numerous banks, building societies and insurance providers. They began to publish the number of successful complaints lodged against major financial services providers to publicly name and shame the worst culprits.

Between January 2010 and June 2010, there were a total of 97,237 complaints received by the Financial Ombudsman Service. An increase of 15% when compare to the same period in the previous year, 2009, where 84,212 complaints were received. The 5 banks, building societies and insurance providers with the largest number of complaints during that period were; Lloyds TSB, Santander, Bank of Scotland, HSBC and Barclays. See below for further information about the number of complaints received.

Which banks had the highest number of complaints referred to the Financial Ombudsman Service

• Lloyds TSB(12,234)
• Santander (6,759)
• Bank of Scotland (6,743)
• HSBC (6,736)
• Barclays (6,535)