Tesco cuts Loan Rates

Tesco Personal Finance has cut the cost of borrowing by reducing the rate on its most popular band (£7,500 - £25,000) to 6.3% APR (down from 6.6% APR) for both online and offline customers. In addition, the £5k - £7,499 band has been reduced to 7.4% APR (down from 7.6% APR).

The loan is fixed, with no arrangement fees or additional charges, and has optional payment protection.

Elsewhere, HSBC net banking unit, first direct is offering a 12.5% discount on every home and car insurance policy bought before the end of the year.

By first direct's reckoning independent research carried out earlier this year by Consumer Intelligence suggested that consumers could save up to £157 on their car insurance and up to £145 on their home insurance by switching to first direct. On the other hand, you may wish to continue shopping around.

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Also Credit unions are set to offer banking services, the Association of British Credit Unions Limited (ABCUL) and The Co-operative Bank have announced.

In what is seen as a major step change in the development of credit unions in the UK, a selected number, from next autumn, will be able to offer their members a bank account with a debit card which can be used in shops and to withdraw money from cash machines. Although there will be no cheque books or overdrafts, accountholders will be able to set up standing orders and direct debits.

This release was published on openPR.