Money
Nationwide makes big change to overdrafts adding interest-free buffer for Christmas – how does it compare to others?
BRITAIN’S biggest building society is introducing a new interest-free overdraft buffer for borrowing just in time for Christmas.
From Wednesday, a new £50 interest-free buffer will apply to new and existing overdrafts on Nationwide three main current accounts: FlexPlus, FlexDirect, and FlexAccount.
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An overdraft enables you to borrow money through your current account if you run out of cash.
You can set up an arranged overdraft with your bank, allowing you to borrow up to a pre-agreed limit.
Typically, there’s a fee for going overdrawn, which increases the more you borrow.
However, some banks offer interest-free buffers, meaning they won’t charge interest until your borrowing exceeds a certain amount.
Currently, Nationwide charges interest on any overdraft balances above 1p.
This means that if you’re overdrawn, you’ll start paying interest at 39.9% EAR.
However, starting Wednesday, it will introduce a buffer of £50, so customers will only start paying interest at 39.9% EAR on balances above £50.01.
The society said 25% of its overdraft customers dip into the red by £50 or less each month, so the buffer means those people will now not pay interest in a typical month.
Nationwide said that it would write to eligible customers to notify them of the change.
Marta Edwards, head of current accounts at Nationwide, said: “Most people use an overdraft occasionally, but if you are worried about your reliance on it then get in touch with your bank or building society as they will have a range of support available.”
While Nationwide’s new buffer will be welcome news for millions of borrowers, some lenders provide even more generous terms.
First Direct offers the highest standard interest-free buffer at £250, followed closely by AIB (Allied Irish Bank) at £200.
HSBC and Barclays also provide a £25 and £15 interest-free buffer, respectively, for those with a standard fee-free current account.
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, added: “There are also other bank accounts that offer up to £500 as a buffer, but many of these will charge a fee or may require minimum funding.”
For instance, HSBC and Barclays Premier bank accounts provide interest-free buffers worth £500.
However, to qualify for these accounts, you’ll need an income of at least £75,000 a year.
In contrast, NatWest, RBS, TSB, Bank of Scotland, Halifax, and Lloyds Bank do not offer a standard interest-free buffer, although certain account types may qualify for a buffer ranging from £50 to £100.
Other banks, including Danske Bank, Ulster Bank, Santander, Co-op Bank, Metro Bank, and Virgin Money, do not offer any interest-free buffer as standard.
THINK BEFORE YOU BORROW
BORROWING sounds like a simple way to help pay bills – but beware falling into debt you cannot pay back.
It’s always vital to ask yourself if you actually need to borrow before committing to a new credit card, personal loan or overdraft.
If you cannot afford to pay off debt you already have, you should avoid at all costs taking on any more.
What are the alternatives to overdrafts?
Depending on individual circumstances, some borrowers may find it more cost-effective to use alternatives to an overdraft, such as a credit card with a 0% interest period.
Some people may also have savings they could turn to, rather than going into debt.
Ideally, you will have built up an emergency fund which you can dip into — but sometimes that just isn’t possible.
Before you borrow cash, do your research and find out the cheapest option for you.
It is also worth considering a loan from a credit union.
They are a much cheaper alternative to payday loans, and some can even get cash to you on the same day.
The interest rate offered on these loans is substantially lower than that offered on a credit card or overdraft.
Interest ranges from 12.7 per cent APR (one per cent a month) to a maximum capped rate of 42.6 per cent APR (3.5 per cent a month).
GET FREE DEBT HELP
There are several groups which can help you with your problem debts for free.
- Citizens Advice – 0800 144 8848 (England) / 0800 702 2020 (Wales)
- StepChange – 0800138 1111
- National Debtline – 0808 808 4000
- Debt Advice Foundation – 0800 043 4050
You can also find information about Debt Management Plans (DMP) and Individual Voluntary Agreements (IVA) by visiting MoneyHelper.org.uk or Gov.UK.
Speak to one of these organisations – don’t be tempted to use a claims management firm.
They say they can write off lots of your debt in return for a large upfront fee.
But there are other options where you don’t need to pay.
Money
Lidl’s Coca-Cola truck rival to hit roads in HOURS – giving away free ‘mystery boxes’ with middle aisle must-haves
IN just a few hours Lidl’s version of the Coca-Cola truck takes to the roads to spread festive joy and give away free gifts.
The discount retailer launched its rival to the iconic red Christmas truck this year for the very first time.
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Lidl‘s Freeway cola truck will begin its tour of Great Britain on Thursday.
The festive tour will see the truck visit nine different cities until December 1.
Tomorrow, the lit-up red lorry will pull into Dundee and the fun will begin at midday, ending at 6 pm.
The timings stay the same for all locations.
People who are lucky enough to spot the red truck will find that 2,000 mystery present boxes will be given out.
Each box contains several items from Lidl’s famous “middle aisle.”
However, it is on a first-come-first-serve basis so you must hurry to grab one.
As an extra treat, Lidl has ensured that one in 10 of the boxes contains a “Golden Ticket” as well as the middle aisle freebies.
This ticket will be a coupon worth £100 that can be redeemed on the Lidl Plus app.
Visitors will also find that Lidl will be handing out festive food and even granting wishes.
The supermarket chain said visitors to the truck can also make a “wish” for something they want this Christmas, with the retailer granting a number of them.
The full list of locations the truck will visit, and the dates it will arrive there are as follows:
- Dundee – November 14
- Harrogate – November 16
- Hull – November 17
- Nottingham – November 21
- Wolverhampton – November 23
- Wrexham – November 24
- Luton – November 28
- Bournemouth – November 30
- Southampton – December 1
As Lidl hopes to “highlight the magic of giving, sharing and wish-making this Christmas with a pop-up wonderland at each stop,” Coca-Cola has also detailed some of the plans for its truck this year.
Why is the Coca-Cola truck famous?
The Coca-Cola Christmas truck was first seen in the brand’s hugely popular 1995 advert.
At the time they were known as Christmas Caravans and were decorated with images of the Coca‑Cola Santa by artist Haddon Sundblom.
The 60-second clip features the now-iconic Holidays Are Coming song, which is still synonymous with Coca-Cola to this day.
The truck began touring the US in 2001 but didn’t start visiting the UK until 2010.
The drinks company confirmed the return of the iconic truck last week promising that the tour this year will be “bigger and better than ever.”
Visitors will be able to take part in festive games and a lucky dip which will give them the chance to win exclusive Coca-Cola merchandise.
A food truck will serve up seasonal food and ice-cold Coca-Cola Zero Sugar drinks.
The exact dates and locations have not yet been released as Coca-Cola urges fans to keep their eyes out for updates on its Instagram and X pages.
Last year, the truck visited some of the UK’s most major cities including Glasgow, Edinburgh, Liverpool and Manchester.
It started on November 23 and ended on December 3, so the wait should not be too long.
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Bitcoin is showing no signs of stopping its advance toward $100,000, and several altcoins look poised to follow.
South Korea has been taking steps to suppress crypto scams. This latest one is the biggest ever though.
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CryptoCurrency
Warren Buffett Breaks 6-Year Streak Of Berkshire Hathaway Stock Buybacks, Say ‘It’s Too Expensive’
Berkshire Hathaway CEO Warren Buffett recently ended a six-year streak of stock buybacks for the company. While the company regularly participates in stock buybacks, it did not do so during the third quarter, according to Securities and Exchange Commission filings.
Despite having over $325 billion in cash reserves, Buffett opted not to use that cash to buy back shares, suggesting that he believes the stock is too expensive.
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Buffett’s approach to stock buybacks is straightforward: he only buys back shares when he considers them a “bargain.” According to Berkshire Hathaway’s regulatory filings, he looks for a stock price below the company’s intrinsic value – a conservative measure considering the long-term worth of Berkshire’s assets. Analysts believe the absence of buybacks sends a clear message to the market: Berkshire’s stock is overvalued at its current price.
Berkshire Hathaway‘s Class A shares are trading around 1.6 times their book value, representing the company’s assets once debts are subtracted. In the past, Berkshire has avoided buybacks when the stock traded above 1.2 times its book value, but that guideline was dropped in 2018.
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Buffett’s conservative investment philosophy remains firm even with a more flexible policy. Robert Korajczyk, a finance professor at Northwestern’s Kellogg School of Management, explained to CNN, “He’s been very clear that they would never buy back shares if they thought that the firm was overvalued.”
In addition to ending its buyback streak, Berkshire increased its already significant cash holdings by selling stocks in the third quarter. Some analysts took this as a cautionary move due to concerns about the current market environment.
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NYU Stern School of Business professor Aswath Damodaran told CNN that Buffett’s decision to hold cash suggests Berkshire is taking a conservative stance, likely due to high stock prices. “It’s a signal that they feel cautious about where the market is,” Damodaran said. “They’ve become cautious because they think the market is richly priced.”
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