TOPICS: ·automation impact·Basic Income
RELEVANCE: ·bad·not sure
Showing Relevance: bad · [Clear All]
Basic Income: Ethical Guidelines, Racial Justice, and Global Initiatives
October 22, 2024 · · Topic: Basic Income · Relevance: badWelcome, Basic Income Readers of the Political Reading Recap!
This week’s articles were selected to provide a comprehensive understanding of the latest developments in guaranteed income programs. The overarching theme for this week is the ethical implications and global reach of these programs in promoting financial stability and social equity.
We encourage you to submit questions and articles related to Basic Income for future newsletters. Additionally, join our Community Discord where we will grow a community to chat, share articles/organizing opportunities, and debate topics like basic income, democracy, sustainability, and more. Leave a comment New Report on the Ethics of Basic […]
Full Post at jonmunitz.substack.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at jonmunitz.substack.com
Search 2 keywords found: basic income,guaranteed income
Welcome, Basic Income Readers of the Political Reading Recap!
This week’s articles were selected to provide a comprehensive understanding of the latest developments in guaranteed income programs. The overarching theme for this week is the ethical implications and global reach of these programs in promoting financial stability and social equity.
We encourage you to submit questions and articles related to Basic Income for future newsletters. Additionally, join our Community Discord where we will grow a community to chat, share articles/organizing opportunities, and debate topics like basic income, democracy, sustainability, and more.
New Report on the Ethics of Basic Income Piloting: This article discusses a groundbreaking report on the ethical guidelines for running basic income experiments. The UBI Bath authors, experienced in various global basic income projects, emphasize the importance of “do no harm” and ensuring participant dignity and agency. This is a crucial read to understand the ethical framework necessary for conducting basic income experiments without causing harm to vulnerable populations.
Could a Guaranteed Basic Income Pave the Way for Racial Justice?: This piece explores how guaranteed basic income could advance racial justice by providing financial stability to marginalized communities. The article highlights the potential of UBI to address systemic inequalities and promote social equity. Reading this article underscores the transformative power of UBI in creating a more just society.
Salem's Guaranteed Income Uplift Program: This article covers Salem's new guaranteed income program, which provides regular cash payments to low-income families. The program aims to reduce financial stress and improve quality of life for participants. This piece is essential for understanding the local efforts to support families and the broader implications for UBI implementation.
A Sustainable Global Universal Basic Income Can Be Done - Here’s How: This article outlines a comprehensive plan for implementing a global UBI sustainably. The piece discusses the financial mechanisms and international cooperation required to make UBI a reality worldwide. This read is vital for those interested in the feasibility and scalability of UBI on a global scale.
Chavit Singson Wants Universal Basic Income If Elected: This article discusses Chavit Singson’s campaign promise to implement UBI if elected. It explores his vision for financial stability and poverty alleviation through guaranteed income. This piece highlights the growing political support for UBI and its potential to address economic disparities.
Basic Income Could Put Food Banks Out of Business: This article argues that UBI could eliminate the need for food banks by providing financial stability and reducing poverty. The piece highlights the potential of UBI to address food insecurity and promote self-sufficiency. This article is a must-read for understanding the broader social impacts of UBI.
The Financial Implications of Universal Basic Income: What a Recent Experiment Reveals: This piece explores the financial outcomes of a recent UBI experiment, highlighting the economic benefits and challenges of implementing such a program. This article is critical for understanding the economic feasibility and potential impacts of UBI.
Basic Income: Why We Need to Start Talking About Money: This article emphasizes the importance of discussing financial security and UBI openly. The piece argues that addressing money matters is crucial for promoting financial literacy and support for UBI. This read is essential for understanding the cultural shift needed to embrace UBI.
This Tiny Country is Giving $2,000 to Every Household as an Exxon Oil Boom Supercharges Its Economy: This article covers how a small country is using its oil revenue to provide $2,000 to every household, showcasing a unique approach to wealth distribution and financial stability. This piece is significant for understanding innovative funding mechanisms for UBI.
Informative Research’s Mortgage Verification Platform Now on Dark Matter’s Exchange
October 22, 2024 · · Topic: automation impact · Relevance: badMerger Integration Informative Research ’s data-driven credit and verification solutions are now available via the Dark Matter Technologies Exchange service network.
This will enable more mortgage lenders to streamline verification of income (VOI) and verification of employment (VOE).
Verifying borrower income and employment is time-consuming and costly for mortgage lenders. Informative Research’s Verification Platform solution addresses these pain points by automatically cycling through multiple VOI and VOE report providers until borrower data is successfully verified.Lenders can configure the platform with Informative Research to optimize costs by ordering reports starting with the least expensive provider.Additionally, the solution allows lenders to do business […]
Full Post at mortgageorb.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at mortgageorb.com
Search 2 keywords found: employment,services
Informative Research’s data-driven credit and verification solutions are now available via the Dark Matter Technologies Exchange service network.
This will enable more mortgage lenders to streamline verification of income (VOI) and verification of employment (VOE).
Verifying borrower income and employment is time-consuming and costly for mortgage lenders. Informative Research’s Verification Platform solution addresses these pain points by automatically cycling through multiple VOI and VOE report providers until borrower data is successfully verified.
Lenders can configure the platform with Informative Research to optimize costs by ordering reports starting with the least expensive provider.
Additionally, the solution allows lenders to do business with multiple providers without juggling several vendor relationships.
The efficiency gains of verification platform are further amplified when paired with the Empower loan origination system (LOS) and the Exchange service network, allowing for information to flow from the loan into Informative Research’s system of record, ensuring that a record of the order and response is captured in the Empower LOS.
The Empower LOS’s integrations with automated underwriting systems also ensures that any representation & warranty relief obtained by using Informative Research can automatically be pulled into the loan. On top of that, the integration with the Exchange service network makes Informative Research’s platform offering available to other LOSs such as Blue Sage and other systems such as ICE’s MSP Loss Mitigation solution.
“The biggest benefit of this integration is the enhanced efficiency and reduced manual workload for lenders. By making our advanced verification services available via the Dark Matter Exchange service network, lenders can achieve a seamless, automated experience that significantly reduces the need for manual intervention,” says Ryan Kaufman, IT manager, integrations for Informative Research, in a release. “We’ve seen substantial positive impacts with our partners adopting this product. By automating the verification process, lenders can avoid unnecessary orders and ensure that verifications are performed with the right controls, thus mitigating the risk of automation errors.”
“Informative Research is doing wonderful things to revolutionize the verifications space by offering their clients a unique blend of platform services that cover every use case,” adds Jennifer Miller, managing director of partnership products for Dark Matter. “We are happy to welcome their product to the Exchange service network and support its adoption by the Empower LOS users. We look forward to Informative Research’s continued innovation as they bring new products and solutions to the market.”
Photo: Jonny Gios
Automation Engineer (Operations Technology)
October 22, 2024 · · Topic: automation impact · Relevance: badLocation Monterrey, Mexico
Job ID 0000020377
Category Engineering & Science Job Description This position will both support production by upgrading and optimizing equipment on the shopfloor, but also look for innovative opportunities to improve equipment and do things differently and better. What your day will look like: Standardize automation platforms around The LEGO Group Processing area Identify and collect continuous improvement for enhanced efficiency, usability and serviceability. Implement platform activities to ensure growth and robust production in respect to novelties and element specific changes. Provides technical mentorship for automation and IT architecture for development and design […]
Full Post at www.lego.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.lego.com
Search 2 keywords found: employment,technology,software,technical
- Location
- Monterrey, Mexico
- Job ID
- 0000020377
- Category
- Engineering & Science
Job Description
- This position will both support production by upgrading and optimizing equipment on the shopfloor, but also look for innovative opportunities to improve equipment and do things differently and better.
What your day will look like:
- Standardize automation platforms around The LEGO Group Processing area
- Identify and collect continuous improvement for enhanced efficiency, usability and serviceability.
- Implement platform activities to ensure growth and robust production in respect to novelties and element specific changes.
- Provides technical mentorship for automation and IT architecture for development and design of automation/software for equipment in collaboration with suppliers and mechanical designers.
- Ensures modularity and adaptability for automation and mechatronics related technology for next generation of production equipment.
- Support collaboration development of multi-functional team
- Provides IT knowledge to ensure innovative architecture for a digital future.
- Actively engage partners and customers during and post the ramp up phase of new automation equipment.
Are you up for the challenge?
- 1-3+ years in automation area.
- 1-3+ years experience in Allen Bradley, and/or B&R PLC system installation / solving experience (development, design and PLC-programming).
- Knowledge of other automation brands and the ability to assess strength and weakness between different solutions.
- Fluent English, working across time zones and with multicultural teams.
Applications are reviewed on an ongoing basis. However, please note we do amend or withdraw our jobs and reserve the right to do so at any time, including prior to any advertised closing date. So, if you're interested in this role we encourage you to apply as soon as possible.
What’s in it for you?
Here are some of what to expect:
Family Care Leave – We offer enhanced paid leave options for those important times.
Insurances – All colleagues are covered by our life and disability insurance which provides protection and peace of mind.
Wellbeing – We want you to be your best self, so you’ll have access to the Headspace App and lots of wellbeing initiatives and programs run by local teams where you are based
Colleague Discount – We know you'll love to build so from day 1 you will qualify for our generous colleague discount.
Bonus – We do our best work to succeed together. When goals are reached and if eligible, you'll be rewarded through our bonus scheme
Your workplace – When you join the team you'll be assigned a primary workplace location i.e. one of our Offices, stores or factories. Our hybrid work policy means an average of 3 days per week in the office. The hiring team will discuss the policy and role eligibility with you during the recruitment process.
We strive to create a diverse, dynamic and inclusive culture of play at the LEGO Group, where everyone feels safe, valued and they belong.
The LEGO Group is highly committed to equal employment opportunity and equal pay and seeks to encourage applicants from all backgrounds (eg. sex, gender identity or expression, race/ethnicity, national origin, sexual orientation, disability, age, religion and Veteran status) to apply for roles in our team. If you dream of being a part of our team and you meet many, but not all of our listed qualifications for this role, please apply.
We support our employees in being there for the moments that matter in life and celebrate families of all kinds, the loved ones that make us who we are. Being part of the LEGO Group also means taking part in our annual Play Day, playing a part in building a sustainable future and continuing our mission to “inspire and develop the builders of tomorrow.”
The LEGO Group is fully committed to Children’s Rights and Child Wellbeing across the globe. Candidates offered positions with high engagement with children are required to take part in Child Safeguarding Background Screening, as a condition of the offer.
Thank you for sharing our global commitment to Children’s Rights.
We conduct drug screening as a part of our drug free workplace policy and in support of our commitment to the health and safety of our employees.
Online Application Accessibility Statement; which is intended for people with disabilities - LEGO systems endeavors to make www.LEGO.com/jobs accessible to any and all users. If you would like to contact us regarding the accessibility of our web site or need assistance completing the application process, please contact the HR Service Desk at 1.860-763-7777, option #3. Please note, these communication channels should be used for those having difficulty accessing our on-line channels, not to inquire about job opportunities.
Just imagine building your dream career.
Then make it real.
Join the LEGO® team today.
Banking & Savings: Leaner Christmas For Premium Bonds As £26m Wiped From Prize Pot
October 22, 2024 · · Topic: Basic Income · Relevance: badImportant Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice. Some of the products promoted are from our affiliate partners from whom we receive compensation. Read More Shutterstock 22 October: Effective Rate Of Return Will Fall To 4.15% From December Draw
National Savings and Investments (NS&I), the government-backed savings bank, is pulling £25.6 million from its Premium Bonds prize fund, with effect from the December draw, writes Bethany Garner .
With the total prize pot shrinking from £461.3 million to £435.7 million, it means the new prize fund rate – the effective rate […]
Full Post at www.forbes.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.forbes.com
Search 2 keywords found: guaranteed income
Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice. Some of the products promoted are from our affiliate partners from whom we receive compensation. Read More
22 October: Effective Rate Of Return Will Fall To 4.15% From December Draw
National Savings and Investments (NS&I), the government-backed savings bank, is pulling £25.6 million from its Premium Bonds prize fund, with effect from the December draw, writes Bethany Garner.
With the total prize pot shrinking from £461.3 million to £435.7 million, it means the new prize fund rate – the effective rate of return on Premium Bonds – will fall by 0.25 percentage points from 4.40% to 4.15%.
It puts the new rate 0.85 percentage points shy of the current market leader for easy access savings, with app-based Chip’s account paying a variable 5.00% AER on balances from £1.
The number of Premium Bond prizes on offer will also reduce by 264,868 from December, the majority of which will be in the smaller £25, £50 or £100 categories.
There will also be three fewer £100,000 prizes and 10 fewer £50,000 prizes. However, each draw will continue to offer two £1 million prizes.
The changes mean that from the December draw, the odds of each £1 Premium Bond winning a prize will fall from 21,000-to-1, to 22,000-to-1.
It marks the second time NS&I has reduced its prize fund rate in 2024, following six consecutive increases during 2023.
Other NS&I cuts
NS&I has also confirmed rate cuts to its British Savings Bonds (see 3 April story below), Income Bonds, and Direct Saver accounts.
From today, the latest issue of the two-year Guaranteed Growth Bond will pay 4.10% AER, down from 4.25%, while the two-year Guaranteed Income Bond will pay 4.02% AER, down from 4.17%.
From 20 November, NS&I’s Direct Saver account and Income Bond will see interest rates pegged down by 0.25 percentage points, to 3.75% AER.
Andrew Westhead, retail director at NS&I, commented: “As the savings market continues to change, we need to lower the rates on some of our products to help us meet our Net Financing target.”
He added: “Even with the changes, we’re still expecting to pay out over 5.7 million prizes worth over £435 million in the December Premium Bonds draw.”
16 October: New Raisin Report Highlights Barriers To Savings
More than a third of UK adults (34%) have either no savings or less than £1,000 to fall back on, according to savings platform Raisin, writes Bethany Garner.
Its Great British Savings Report, which surveyed 4,000 UK adults last month, also found that more than half (58%) felt ‘stressed’ about their financial future, rising to 71% for those aged between 35 and 44.
However, less than a quarter (23%) said they were actively saving for retirement – falling to 8% among those aged under-25.
Barriers to saving
Of those with savings, more than a quarter (26%) admitted habitually dipping into their pots, preventing them from building up a balance. This was a particular issue for younger savers with almost a third (31%) of 16- to 24-year-olds drawing on their cash six times a month on average – three times more than those aged 55 and over.
High living costs was the most commonly cited reason for withdrawing savings (37%) while a quarter of under-25s blamed compulsive spending.
Kevin Mountford, co-founder of Raisin UK, commented: “It’s a worrying sign of the times that so many Brits are without a financial safety net, particularly younger people who are finding it increasingly hard to save.
“The fact that nearly a quarter of the population has such limited savings leaves them dangerously exposed to unexpected expenses.”
Another key barrier to effective saving was missing out on potential interest. Almost one in five (19%) of the over-55s who responded to Raisin’s survey said they kept their savings in low interest accounts, while 14% said they didn’t regularly review their savings options.
At time of writing, the Bank of England estimates that UK adults collectively hold £253 billion in accounts that don’t pay any interest. This is despite the fact that a number of easy access savings accounts continue to pay interest rates in excess of 5%.
For example, at the time of writing, Chip – an app-based provider – pays 5.00% AER (variable) on its Easy Access Saver, which can be opened with just £1. Trading 212’s cash ISA pays 5.10% AER (variable).
With annual inflation at 1.7% in September, accounts like these allow savers to achieve real-terms returns on their cash.
Raisin’s survey also revealed that more than a quarter (26%) of respondents without a savings account expressed a distrust in banks, rising to 39% for those aged 25 to 34. For this reason, many savers stick to familiar brands when opening a savings account. Traditional high-street banks were the most popular choice when it came to savings accounts, accounting for 37% of respondent choice.
Digital-only solutions were most popular among 18- to 24 year-olds with 14% favouring these accounts.
Savings goals
Savers in general also tend to prioritise shorter-term goals, found the report. Putting cash aside for a holiday or Christmas were the most common goals among savers who responded to Raisin’s survey. Over a third (35%) said saving for a holiday was their main goal, while 34% said it was saving for the festive period.
Almost three quarters of respondents (74%) agreed that having a clear saving objective motivated them to save.
Raisin’s Kevin Mountford said: “What’s clear is that savers of all ages need to take action now to ensure their financial future is secure.”
2 October: Market-Leading Switch Incentive Launched
Lloyds Bank is today launching a switch incentive worth £200 when customers move to one of its three premium accounts, writes Bethany Garner.
To qualify for the £200 bonus, customers must open a new Club Lloyds, Club Lloyds Silver or Club Lloyds Platinum account, and make a full switch from an existing current account held with another bank using the Current Account Switch Service (CASS).
They must also move across at least three active direct debits from the old account. Once these criteria are met, the welcome bonus should be paid within three days.
The switch offer is open to both new and existing Lloyds Bank customers, provided they haven’t received a welcome bonus from Lloyds Bank, Halifax or Bank of Scotland (which are all part of the same group) since April 2020.
The Club Lloyds account comes with a £3 monthly fee – but this is waived each month it is credited with at least £2,000.
Account holders earn one reward each year, choosing from benefits such as six cinema tickets or a 12-month Disney+ subscription.
It also pays 1.50% AER on in-credit balances up to £3,999.99 and 3.0% AER on any portion of the balance between £4,000 and £5,000. Any portion of the balance above £5,000 earns no interest.
The account comes with an overdraft, subject to eligibility, with a £50 interest-free buffer. Borrowing above this threshold is charged at 39.90% EAR (variable).
The same £200 switch offer is also available on two of the bank’s packaged accounts – Club Lloyds Silver, and Club Lloyds Platinum.
Both accounts come with the same Club Lloyds perk, and charge a £3 membership fee, which is waived when they’re credited with at least £2,000 per month.
The Club Lloyds Silver account costs an additional £11.50 per month, and provides European and UK family travel insurance, along with family breakdown cover via the AA.
The Club Lloyds Platinum account costs an extra £22.50 per month, and includes worldwide family travel insurance, family breakdown cover, and worldwide mobile phone insurance.
At time of writing, Lloyds’ £200 switch inventive is a market leader, beating First Direct’s £175 welcome bonus, and the Co-operative Bank’s £150 offer (see story below). Neither of these accounts charges a monthly fee.
27 September: Choice Expands For Full Switchers
The Co-operative Bank and Nationwide Building Society have both launched current account switch offers this week, with welcome bonuses worth up to £175, writes Bethany Garner.
The Co-operative is offering a cash bonus of £150 when customers open and maintain one of its current accounts for at least three months.
This incentive is split into an initial welcome bonus of £75, plus three monthly payments of £25 each.
To receive the initial bonus, customers must make a full switch to the bank’s Standard or Everyday Extra current account, using the Current Account Switch Service (CASS).
They must also credit the account with at least £1,000, move across at least two active direct debits and make a minimum of 10 debit card transactions within 30 days of opening.
To earn the three additional £25 payments, customers must pay in at least £1,000 a month, maintain at least two direct debits and make 10 or more debit card purchases each month.
Both new and existing Co-operative Bank customers are eligible, so long as they have not received a switch incentive from the provider since 1 November 2022.
Yesterday, Nationwide launcheda switch offer available to both new and existing customers who make a full switch of their current account using the CASS.
To qualify for the cash they must transfer across at least two active direct debits, make one debit card payment and make a minimum deposit of £1,000 within 31 days of opening.
The offer is available through the following accounts:
FlexAccount: A free to use account that allows customers to carry out their everyday banking.
FlexDirect: An online account paying 5.00% AER on balances up to £1,500, and 1% cashback on debit card spending (capped at £5 per month), for the first 12 months.
FlexPlus: Nationwide’s packaged account, which costs £13 per month and comes with worldwide family travel insurance, as well as UK and European breakdown cover. To be eligible for these benefits, customers must not have previously received a switch incentive from Nationwide.
In total – between the welcome bonus, cashback and in credit interest – a new Nationwide FlexDirect customer could earn up to £310 in their first year:
- £175 welcome bonus
- £75 in interest
- £60 cashback
From November, Nationwide is also adding an interest-free £50 overdraft buffer across all three of its current accounts. Borrowing above this threshold will be charged at 39.9% EAR.
At £175, Nationwide’s switch offer matches the current market leader, first direct (see story below). The digital provider’s switch incentive is open to anyone who hasn’t held an account with first direct or HSBC since 1 January 2018.
9 September: Online Bank Offering £175 Welcome Bonus To New Customers
first direct, has re-launched its long standing switch incentive, offering new customers a welcome bonus of £175 for making a full switch to its 1st current account, writes Bethany Garner.
The offer is only available to customers who have not opened a current account with either first direct or HSBC, its parent company, since 1 January 2018.
To receive the bonus, costumers must make a full switch under the Current Account Switch Service (CASS). They must also credit the new account with at least £1,000, log into mobile banking and use their debit card five times – all within 30 days of opening.
The same switch incentive had been previously withdrawn by the bank on 31 July.
first direct joins TSB as one of just two banking providers currently offering a switch incentive to dump their existing current account provider.
TSB’s welcome bonus is lower at £100 to make a full switch to its Spend & Save current account. However, the bank is also offering an additional £15 monthly cashback for the first 12 months when customers make at least 20 debit card payments each month. This means that, in total, new customers can earn up to £190.
TSB’s offer is open to anyone who has not received a switching bonus from TSB since 1 October 2022.
6 August: Two & Five-Year Options For British Savings Range
National Savings and Investments (NS&I), the government-backed savings bank that oversees Premium Bonds, has launched two new fixed-rate bonds and increased rates on a handful of others, writes Bethany Garner.
The new two-year and five-year British Savings Bonds offer fixed rates of interest on deposits between £500 and £1 million. No withdrawals are permitted until the end of the account term, with the entire balance backed by the UK Treasury.
The two-year Bond pays 4.60% AER, while its five-year counterpart pays 4.10% AER.
Two versions of each bond are available – Guaranteed Growth, and Guaranteed Income.
With Guaranteed Growth Bonds, interest is calculated daily and added to the bond balance annually, where it compounds.
Guaranteed Income Bonds provide savers with monthly interest, paid out into a separate bank account. Both versions offer the same AER, but only the Guaranteed Growth Bond benefits from compounding.
NS&I has also increased rates on its three-year bond from 4.15% to 4.35% AER.
Finally, the latest issue of its one-year bond – which is only available to existing savers with an account nearing maturity – pays 5.15% AER.
Dax Harkins, chief executive at NS&I, said: “It is 15 years since we had two and five-year fixed–term bonds on general sale to new investments. These two new issues, along with a rate increase for our three-year bonds, provide NS&I savers with increased choice and longer-term security in a changing market.”
Despite their popularity with UK savers, who currently hold around 550,000 NS&I bonds, the interest rates paid on these accounts fall short of current market leaders.
At time of writing, HTB’s two-year fixed rate bond pays 4.95% AER on deposits from £1, while its five-year bond pays 4.55%.
Laura Suter, director of personal finance at AJ Bell, said: “The popular British Savings Bonds are back on sale – and despite offering less interest than the market leader, they are likely to sell out quickly once again.
“The one-year version of these bonds that went on sale in autumn last year sold rapidly, selling out in five weeks, and the bonds raised over £10 billion.”
2 August: Maximum £210 Available Over First Year
TSB has launched a current account switching offer worth up to £190, plus a choice of reward, writes Brean Horne.
New customers who switch to a TSB Spend & Save or Spend & Save Plus current account can receive £100 cash plus cashback worth £90 to £120 in the first year of opening an account along with the choice of one of three rewards.
To receive the £100 cash bonus, customers must make a minimum of five payments of any value using their debit card on their new Spend & Save or Spend & Save Plus account. This includes payments made via Google and Apple Pay.
Customers will also need to log into the TSB mobile banking app at least once by 27 September 2024.
If these conditions are met, TSB will pay £100 into the new account between 15 October 2024 and 25 October 2024.
Triple cashback
In addition to the £100 bonus, new customers also get the chance to earn triple cashback. This means Spend & Save account holders could earn a total of £90 over six months of their first year (with £15 being paid each month).
Spend & Save Plus customers can earn the same rate of cashback for the first six months and then £5 cashback a month for the remaining six – taking the total cashback earnings to £120 for 12 months.
To qualify for cashback, customers must complete the switch conditions to meet the £100 incentive and then make 20 payments of any value each month in the first six months of opening the new account. These payments can be made using a debit card, Google Pay or Apple Pay.
Customer Reward
Customers eligible for the £100 cash bonus will also be offered a reward if they make at least 20 payments using their new TSB debit card by March 2025.
The available rewards include:
- a night away for two at a choice of leading hotels
- two Odeon cinema tickets every month for three months
- a Now TV entertainment six-month subscription.
At the time of writing, this is TSB’s only current account switching offer. This is a limited time deal and TSB will give notice of the withdrawal date ahead of time.
10 July: Barclays Offers App-Only Current Account Switch
Barclays has launched an app-only switching offer which pays new customers £175 when they make a full switch to one of the bank’s two current accounts, writes Bethany Garner.
The offer applies to Barclays’ standard Bank Account and its Premier Current Account, both of which must be opened via the Barclays app under the Current Account Switch Service (CASS) by 30 August 2024.
The switch must also include at least two outgoing direct debits and a minimum monthly credit of £800 to the new account. Unlike some switch incentives, the offer only applies when customers open the account in their sole name – joint accounts are not eligible.
Customers switching to the standard Barclays Current Account must additionally sign up for Blue Rewards – the bank’s reward scheme – before the cash bonus will be paid.
Blue Rewards costs £5 per month, and provides a range of benefits including an Apple TV+ subscription, up to 15% cashback with partner retailers, the ability to view Major League Soccer matches and an exclusive easy access savings account paying 5.00% AER (variable) on balances up to £5,000.
Barclays’ standard current account also comes with in-app money management tools, an arranged overdraft charged at 35.0% APR (variable) and the ability to purchase and spend euros or US dollars through an app-based travel wallet.
In addition to the Blue Rewards perks, the Premier Current Account, which costs £12 a month, offers an interest-free overdraft buffer of up to £500, access to preferential savings rates and an Avios Rewards programme.
To be eligible for Barclays Premier, individuals need a gross annual income of at least £75,000 (paid into the account), or a total balance of at least £100,000 in savings, or in a mix of savings and investments, held with Barclays or Barclays UK investments,.
Once the respective criteria are met, the £175 welcome bonus will be paid within 28 days. The deal is exclusive to new customers who did not hold a Barclays current account before 8 July 2024.
Barclays joins a string of rival high street banking providers in the latest wave of current account switching incentives.
Lloyds Bank and first direct are also paying new customers £175 to switch – but without the requirement to sign up for a monthly rewards programme. The first direct offer also includes a £25 Amazon voucher.
9 July: Strings Attached To Market-Leading Rate
Virgin Money is offering a 2% bonus rate on its one-year E-Bond, taking the AER to a market-leading 6.65%. But to qualify for the rate, savers must make a sizable investment through the Virgin’s Stocks and Shares ISA, writes Bethany Garner.
The E-Bond, which can be opened and managed online, usually pays 4.65% AER on deposits between £1 and £1 million, fixed for 12 months.
No withdrawals or closures are permitted until the end of the account’s term, and interest is paid annually.
To qualify for the 2% bonus rate, savers must jump through some hoops.
First, they’ll need to open a Virgin Money Stocks and Shares ISA and invest a minimum of £5,000 between 1 July and 30 September 2024.
Once the investment is made, they’ll earn the 2% bonus rate on their E-Bond – and continue to earn it for as long as they hold their investment within the ISA.
However, the bonus rate may not apply to the entire balance – it will only be paid on the portion of their cash deposit that matches their ISA investment.
For example, a saver who deposited £15,000 in their E-Bond and invested £5,000 in a Stocks and Shares ISA would earn 6.65% AER on the first £5,000 of their E-Bond balance, and the standard rate of 4.65% AER on the remaining £10,000.
Additionally, the bonus rate only applies on cash balances up to £20,000 since this is the maximum individuals can pay into ISAs each tax year.
The Virgin Money Stocks and Shares ISA offers three ready-made investment options with three risk levels: cautious, balanced and adventurous. Savers who want to open a fixed-rate bond without making a large investment can currently earn 5.25% AER (fixed) with Mizrahi Tefahot Bank, whose 12-Month Fixed Term Deposit account pays that return on deposits from £1,000. Savers earn the headline rate on their entire balance.
18 June: Sidekick, Vernon B Society Offer Attractive Returns
Wealth management app Sidekick has launched an easy access savings account paying up to 5.34% AER (variable), writes Bethany Garner.
This headline rate includes a 1% bonus, which lasts for 12 months and kicks in when customers invest at least £1,000 in the provider’s actively-managed Flagship portfolio. The bonus rate only applies to balances up to £20,000. Interest is calculated and paid daily.
The new account can be opened and managed through Sidekick’s app, and withdrawals are permitted at any time without notice or penalty.
Sidekick provides its savings account through GB Bank. This means customers’ cash savings are covered up to the value of £85,000 under the Financial Services Compensation Scheme (FSCS) should the provider go bust.
At 5.34% AER, the account is the market-leading easy access option at time of writing – paying 0.14 percentage points more than the previous leader, Ulster Bank. However, Ulster Bank’s 5.20% AER rate applies to the entirety of the account balance.
Sidekick is the second investing platform to launch a cash savings account this month, following in the footsteps of Trading212, which began offering a cash ISA last week (see story from 12 June).
Elsewhere, Stockport-based Vernon Building Society has launched a one-year regular saver paying a competitive 6.50% AER when savers deposit up to £250 per month. No withdrawals are permitted, but savers can close the account at any time.
The account is only available to Vernon members who have held an account with the building society since at least 1 May 2024, or to individuals residing in the following postcodes: BL, CH, CW, M, OL, SK, WA or WN (Greater Manchester and Cheshire). The minimum age for applicants is 16.
A saver who used the maximum allowance each month would earn £105.69 total interest at the end of 12 months.
While savers have the option to skip monthly payments, unused subscriptions cannot be rolled over into subsequent months. Interest on the regular saver is calculated daily and paid annually.
At 6.50%, the account falls 0.50 percentage points shy of the current market leaders. Both the Co-operative Bank and first direct pay 7.00% AER on their regular saver accounts.
14 June: Competition Heats Up In Current Account Market
The Co-operative Bank has launched a current account switch offer that pays new customers up to £150 – but the deal comes with strings attached, writes Bethany Garner.
The bank’s new switch incentive comprises a £75 welcome bonus plus five monthly instalments of £15.
To earn the initial bonus, customers must make a full switch to the Co-operative’s Standard or Everyday Extra Current Account, using the Current Account Switch Service (CASS).
They must also move across at least two direct debits, make 10 transactions with their new debit card and deposit at least £1,000, all within 30 days of opening.
To receive the remaining £75 in five monthly instalments of £15, switchers must open a Regular Saver account with Co-operative Bank and deposit at least £50 per month.
At the same time, they must continue to pay at least £1,000 per month into their new current account, maintain two direct debits and make 10 or more monthly debit card transactions.
This offer is only available to new customers who have not received a switch incentive from the Co-operative Bank since 1 November 2022.
The Standard Current Account is free to open and maintain, comes with an overdraft facility and can be managed online or through the provider’s app.
The Everyday Extra account comes with a £15 monthly fee, and includes worldwide travel insurance, breakdown cover and mobile phone insurance.
In launching the offer, Co-operative Bank joins first direct, Lloyds, Santander, TSB and Nationwide.
At time of writing, Nationwide offers the largest switching bonus at £200 – but only existing Nationwide customers can qualify.
12 June: Investment Platform Diversifies With Saving Option
Trading212, the app-based trading platform, has launched a cash Individual Savings Account (ISA) paying a market-leading 5.20% AER, writes Bethany Garner.
The variable rate account must be opened and managed through Trading212’s app, and there’s no minimum opening deposit. Transfers are also accepted from other ISA providers and, once opened, savers can access their cash at any time with unlimited withdrawals.
As a flexible ISA, cash can be withdrawn and replaced without the replacement counting towards savers’ annual ISA allowance.
Since Trading212 is not a bank, savers’ money is not covered by the Financial Services Compensation Scheme (FSCS). Instead, Trading212 holds customer money in a separate dedicated account, a process known as ‘safeguarding’.
At 5.20% AER, the account offers market-leading returns for easy access ISAs at time of writing. The former marker leader, provided by budgeting app Plum, pays 5.17% AER on balances from £100.
Currently, the four highest-paying easy access ISAs are offered by online and app-only providers, with their high street counterparts falling behind.
According to data from Moneyfactscompare, the UK’s highstreet banks paid an average of just 1.62% AER on their easy access cash ISAs as of 6 June – less than half the market average of 3.31%.
5 June: Chase Boosts Savings Rate To 5.1% Until 2025
Saffron building society is offering its members exclusive access to a regular saver account that pays 8% AER interest on balances from £1, writes Bethany Garner.
The Members’ Regular Saver is available to existing customers who have held a mortgage or savings account with the society for at least 12 months.
At 8% AER, the account offers market-leading returns for regular savers. However, since customers can only deposit up to £50 each month, and as interest paid on each monthly balance, the maximum they could earn on a total deposit of £600 is £26, paid at maturity.
By contrast, first direct’s regular saver pays a lower rate of 7% AER, but allows customers to deposit up to £300 each month. By making full use of this allowance, savers could earn £136.50 when the account matures after 12 months.
Saffron’s new account is part of its Members’ Month initiative, which involves a range of prize draws and giveaways throughout June.
Prizes range from theatre vouchers to mortgage payment contributions of up to £2,000.
Marcus Buck, head of marketing and product, said: “We wanted to focus on giving our members tangible rewards. That’s why we’ve brought Members’ Month back for the second year running.”
Chase, the online-only provider, has introduced fresh competition to the easy access market, by adding a 1% bonus rate to its Chase Saver account.
The bonus, which will remain in place until 16 January 2025, takes the account’s rate to 5.1% AER (variable) – just 0.1% shy of the current market leader.
At time of writing, Ulster Bank’s Loyalty Saver pays 5.2% AER (variable) on balances from £5,000. To be eligible, savers must hold a current account with Ulster Bank. The Chase bonus rate is available to new and existing customers, provided they hold no more than £50,000 in savings with Chase, and open a current account with the provider.
30 May: Top NS&I Rate Almost Double Latest Inflation Figure
National Savings and Investments (NS&I), the government-backed savings bank that oversees Premium Bonds, has raised interest rates on two of its savings accounts, and launched a new bond, writes Bethany Garner.
Its Income Bond and Direct Saver accounts now pay 4% AER (variable), up from 3.64%. Both are easy access accounts, which can be opened online from £1.
NS&I has also launched a one-year fixed-rate British Savings Bond, paying 4.50% AER on deposits from £500. It joins its three-year counterpart, announced in the spring Budget, which pays 4.15% AER.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Savings rates have crept up a little at NS&I. They’ve kept it quiet, given the general election, but they’re not much to shout about anyway. You can do so much better elsewhere.”
The rate of inflation in April stood at 2.3%, meaning savers are able to achieve a healthy ‘real’ return on their deposits. In addition to the latest NS&I offers, some accounts are yielding over 5% AER on easy-access savings.
The market-leading easy access account is offered by Ulster Bank, which pays 5.20% AER on balances from £5,000 through its Loyalty Saver. This account is only available to existing Ulster Bank customers.
National Bank of Egypt’s UK arm provides the highest-paying one-year bond, offering savers an interest rate of 5.22% AER on deposits from £10,000. The account is available exclusively through the online savings platform, Raisin.
23 May: Society’s Takeover Of Virgin Money Gets Green Light
Nationwide building society will pay a cash bonus of £100 to all eligible current account customers from next month as part of its annual Fairer Share Payment scheme, writes Jo Thornhill.
As a mutual entity, Nationwide is owned by its customers, who are known as members. It launched the payment scheme last year as a way of distributing part of its profits to its membership.
This year the total pot to be paid out is £385 million.
To qualify, members must have held a Nationwide current account on 31 March 2024 (and the account must still be open in June), plus they must have at least £100 in a qualifying savings account or owe at least £100 on a Nationwide mortgage,also as of 31 March.
In March, Nationwide announced plans to buy Virgin Money for £2.9bn. This week, Virgin Money shareholders voted this week to accept the takeover, with 89% voting in favour. The deal is expected to be completed by the end of the year.
Nationwide members did not get a vote on the takeover as the society is not required to seek their permission. A petition to persuade it to consult the membership has so far attracted 5,000 signatures.
There are 9.2 million Nationwide current account customers, but only those who are eligible, of which there are an estimated 3.85 million, will receive the £100 flat rate payment. Last year a total pot of £344 million was split among 3.4 million customers, who also each received a £100 bonus.
The mutual has said it will write to eligible customers by 31 May, with payments paid directly into Nationwide current accounts between 13 and 28 June.
In addition to the Fairer Share Payment, Nationwide has launched a member exclusive savings bond with a rate of 5.5%, fixed for 12 months. It is open to all of the society’s 16 million members, and the maximum deposit limit is £10,000.
Nationwide is also offering a £200 cash incentive for members who don’t hold a current account with the society to switch to it. To qualify for the switching bonus you need to have been a member of Nationwide on 31 March 2024, with a qualifying savings or mortgage account.
20 May: Increase Reflects Rising Costs Of Home Improvements
Nationwide, the UK’s largest building society, has doubled the size of its personal loans from £25,000 to £50,000 to help customers plug the gap between borrowing availability and rising construction and labour costs, writes Laura Howard.
The loans, which represent the largest unsecured borrowing on the market, are available only to Nationwide’s current account customers.
Over a third (35%) of those taking out personal loans of between £20,000 and £25,000 with the society plan to use the money for home improvements.
But costs for a typical house extension range from £45,000 to £75,000, according to trade website, MyBuilder and are predicted to rise by a further 15% over the next five years, according to the Building Cost Information Service (BCIS).
Half of those carrying out building projects (57%) have had to already ‘shave or shelve’ their plans due to lack of finances, according to Nationwide.
Darren Bailey, head of personal loans at Nationwide, said: “With the impact of inflation and other external pressures, the costs of construction have seen significant increases in recent years.
“However, we recognise many people will want to continue with the home improvement plans, even if that means they have downscaled their plans to accommodate their budget. Our increased maximum personal loan size of £50,000 means we have an option to suit everyone.”
Customers can apply online, in branch or on the phone and receive the money the same day. Nationwide doesn’t apply an early settlement charge for paying the loan back early.
14 May: Bank Joins First Direct In Tempting New Customers
Santander has launched a switch incentive that pays customers £175 when they open an Edge or Edge Up current account, writes Bethany Garner.
The offer is available to both new and existing customers, provided they have not received a switch incentive from Santander in the past.
To receive the incentive, individuals must make a full switch to Santander via the Current Account Switch Service (CASS), move across at least two standing orders or direct debits, and credit their new account with at least £1,500, all within 60 days of opening.
The Edge current account comes with a £3 monthly fee, and pays 1% cashback on household bills up to the value of £20 per month.
The Edge Up account offers 1% cashback on household bills up to £30 per month, and 3.50% AER (variable) on balances up to £25,000. It charges a £5 monthly fee.
This marks the second time Santander has launched a switch incentive this year, having previously offered new customers £185 to switch in March. At £175, the new offer matches first direct’s long-running welcome bonus, which returned to the market on 7 May (see story below).
7 May: 1st Account Offers £175 Welcome Bonus
Online-only bank first direct, has relaunched its switch incentive, paying new customers £175 when they make a full switch to its 1st Account, writes Bethany Garner.
To receive the bonus, customers must make the switch using the Current Account Switch Service (CASS), move across at least two direct debits, deposit £1,000 into the account and make five debit card purchases within 30 days of opening.
This offer is only available to new customers, which is determined by not having held an account with first direct or HSBC (the brand’s parent company) since 1 January 2018.
The 1st Account, which is first direct’s only current account, also comes with a £250 interest-free overdraft buffer (subject to status), a linked regular saver paying fixed annual interest of 7% (gross) for 12 months (on deposits of between £25 and £300), and no debit card fees when spending abroad.
First direct’s switching offer is the only one currently on the market that pays a cash bonus. However, Virgin Money is offering new customers a bonus interest rate of up to 12% when they make a full switch to one of three current accounts (see story below).
2 May: Virgin Money Launches 12% Interest Account – With Catches
Virgin Money has launched a current account switching offer paying a headline interest rate of 12% (gross) – but it comes with some catches, writes Bethany Garner.
The attractive 12% return comprises a 10% ‘bonus’ rate which is paid on top of the provider’s standard 2%. The bonus rate only applies for 12 months between 1 July 2024 and 30 June 2025 – and only to the first £1,000 balance.
It means that the maximum interest an account holder could earn over this time is £120, providing the £1,000 balance was maintained.
For comparison, savers can currently access top rates of 5.18% (gross) fixed over 12 months with Smart Save. But the rate applies to much bigger balances of up to £85,000.
Customers accessing the Virgin deal must also make a full switch under the Current Account Switch Service and move across at least two direct debits. They must not have held an account with Virgin Money since 30 April 2024.
The switcher offer applies across Virgin Money’s M Account, M Plus Account and Club M Account and will be available until 31 May 2024.
At time of writing, Virgin’s is the only current account switching offer available, first direct having withdrawn its long-standing £175 welcome bonus in April.
24 April: Bank Launches Account After Coventry Takeover News
Co-operative Bank has launched a regular saver account offering 7% AER, fixed for 12 months, writes Bethany Garner.
Account holders can deposit up to £250 each month. There’s no requirement to make a deposit every month, but unused subscriptions cannot be rolled over.
Savers can withdraw their cash at any time.
Like many regular savers, the account is only available to the bank’s existing customers. Interest is calculated daily from the outset and paid at maturity, with the total deposit plus interest transferred to a Smart Saver instant access account.
If an account holder used their full £250 allowance each month – £3,000 in total over 12 months – and made no withdrawals, they would earn £114 in interest when the account matured.
Seven per cent of £3,000 is £210, but the amount earned is less because interest is calculated on the amount deposited throughout the 12 months, not the sum total.
The launch of the account follows the news that Coventry building society plans to buy Co-operative Bank, having outlined the terms of a £780 million takeover last week.
The move would be unlikely to impact Co-operative Bank customers in the short term, although their accounts would likely be transferred to Coventry at some point. If the merger is completed, the new group would have £89 billion of assets under management.
At 7% AER, the Co-operative’s regular saver rate matches the market leader, first direct, although its Regular Saver allows customers to deposit between £25 and £300 each month, with any unused subscriptions rolling over into subsequent months.
Unlike the Co-operative’s offering, however, first direct customers must make a deposit every month throughout the account’s 12-month term, and cannot access the cash until it matures.
As inflation eases, savers are increasingly taking advantage of competitive rates such as these. According to analysis by Aldermore Bank, UK adults deposited a collective £83 billion into savings accounts over the course of 2023, with the average saver setting aside £2,274 – an increase of 26% compared with 2022.
However, a survey by credit management company Lowell found that 33% of respondents report having less than £500 saved, and 13% said they had no savings at all.
3 April: Top Rate Of 4.15% Sits ‘Mid Table’ In Savings Charts
The ‘British Savings Bond’ announced by Chancellor Jeremy Hunt during his Spring Budget is available from today, writes Bethany Garner.
The three-year bond, provided by government-backed National Savings & Investments (NS&I), pays a fixed interest rate of up to 4.15% AER on deposits from £500 to £1 million.
The Bonds must be opened and managed exclusively online. No withdrawals or further deposits are permitted until the end of the three-year term.
Savers can choose between two versions of the Bond:
- Guaranteed Growth Bond – offers 4.15% AER, with interest paid at the end of the term
- Guaranteed Income Bond – offers 4.07% AER, with interest paid into a nominated account month.
With a rate of 4.15%, the Guaranteed Growth Bond falls 0.52 percentage points short of the top equivalent deal currently available – Zenith Bank’s three-year Fixed Term Deposit account which pays 4.67% AER.
According to Sarah Coles, head of personal finance at Hargreaves Lansdown, NS&I British Savings Bonds may be, ‘doomed to mid-table mediocrity’. She added that, “easy access and short-term fixed accounts offer higher rates right now, because longer fixes factor in expectations that interest rates will fall during the term.”
However, while higher rates are available elsewhere, British Savings Bonds could prove attractive to savers looking to safeguard larger balances; up to £1 million is guaranteed by the Treasury, compared to the £85,000 protection offered by regular banks and building societies under the Financial Services Compensation Scheme (FSCS).
Dax Harkins, chief executive at NS&I, said: “British Savings Bonds are there to help people save for the longer term and support their savings goals, safe in the knowledge that their investments are 100% protected.”
NS&I says it plans to offer the bonds for an ‘extended period’ as part of its efforts to increase savers’ deposits to £9 billion over the course of the new tax year which starts on 6 April (Saturday).
27 March: First Direct Enters Switching Market With £175 Incentive
Online-only bank, first direct, has re-launched its current account switch offer, which pays new customers £175 when they make a full switch to its 1st current account, writes Bethany Garner.
To qualify, customers must make their switch through the Current Account Switch Service, move across or set up at least two direct debits, and credit the new account with at least £1,000 within 30 days of opening.
The offer is only available to new customers, defined as individuals who haven’t held a first direct or HSBC current account since 1 January 2018. HSBC owns first direct.
The deal will be available until 22 April 2024, but could be withdrawn early if demand is high.
The same £175 welcome bonus previously ran between August 2022 and 26 January 2024.
The first direct offer is the latest in a flurry of providers to tempt new customers with a welcome bonus. At time of writing, individuals can earn up to £220 to switch current accounts, with five other providers currently running offers (see story from 18 March).
20 March: New App-Only ISA Pays Leading 5.15%
Plum, the budgeting app, has launched a tax-free cash ISA offering market-leading returns of 5.15% AER (variable), writes Bethany Garner.
With an interest rate cut looking more likely by the summer – following today’s news that annual inflation fell sharply to 3.4% in February – savings deals paying 5%-plus may now have a limited shelf life.
Currently 80% of UK savings accounts pay interest at above-inflation rates, according to data from Moneyfacts Compare.
However, the Plum ISA’s headline rate includes a bonus of 0.86% AER, which falls away after the first 12 months. It must also be opened and managed exclusively through the Plum app. The minimum opening deposit is £1.
While savers can transfer in a cash ISA balance held with another provider, accounts opened via transfer will not be eligible for the bonus rate, earning 4.29% AER (variable) instead.
As an easy access ISA, savers can make withdrawals at any time without notice or penalty. But the ISA is not ‘flexible’, which means any money that is withdrawn loses its tax-free status and counts towards the saver’s £20,000 annual ISA allowance if it’s re-deposited.
The account is offered under the Plum brand but is provided by Citibank which is fully regulated by the Financial Conduct Authority. This means that the first £85,000 held in the account is protected under the Financial Services Compensation Scheme (FSCS).
According to Bank of England figures, an average of £4 billion was paid into ISAs every month between March 2023 and March 2024 as savers sought to shield higher interest earnings from tax.
18 March: Banks Tempting Customers With Cash Offers
Santander has launched a switch incentive worth up to £185 when customers switch to one of four current accounts, writes Bethany Garner.
The offer comes just days after HSBC introduced its own switch incentive worth up to £220 (see story below).
To claim Santander’s £185 welcome bonus, individuals must make a full switch to one of its Everyday, Edge, Edge Up or Private current accounts using the Current Account Switch Service (CASS).
Within 60 days of opening, the new account must be credited with at least £1,500, and customers must set up or move across at least two direct debits. Once these criteria are met, the £185 bonus should be paid within 30 days.
The offer is available to new and existing Santander customers provided they have not received a switching bonus from the bank in the past.
Santander’s Everyday Current Account is free to open and maintain. It offers standard current account features such as online and mobile banking, along with an overdraft facility (eligibility permitting).
The Edge Current Account charges a £3 monthly fee but offers up 1% cashback on bills, supermarket and travel spending, capped at £20 per month. There’s also a linked savings account that pays 7.00% AER (variable) on balances up to £4,000 for 12 months.
The Edge Up Current Account also pays 1% cashback on bills and daily essentials – capped at £30 per month – in exchange for a £5 monthly fee. In-credit balances up to £25,000 earn 3.50% AER (variable), and customers can use their Edge Up debit card abroad for free.
The bank’s Private Current Account also pays 3.50% AER (variable) on balances up to £25,000, allows customers to hold cash in multiple currencies and offers fee-free spending outside the UK.
To open the account, individuals must have savings or investments worth at least £500,000, or an annual income above £250,000. It comes with a monthly fee of £5. At time of writing, Santander is one of five providers to offer customers a cash bonus when they switch. Here’s our run-down of what’s on offer.
14 March: Latest Offer Worth Up To £220
HSBC has launched a current account switch incentive of up to £220 when customers transfer to its Premier or Advance account, writes Bethany Garner.
HSBC is the fourth provider to launch a current account switch incentive in 2024 so far – one has since been withdrawn – and its £220 welcome bonus is the largest currently on the market (see story from 15 February below).
To get the headline £220, however, individuals must jump through a few hoops. The first £100 is paid when customers take the following actions within 60 days of opening the account:
- make a full switch to the HSBC Premier or Advance account through the Current Account Switch Service (CASS)
- make at least 20 HSBC debit card payments
- register for mobile banking and log into the HSBC mobile banking app
- open an Online Bonus Saver account and deposit at least £50.
The remaining £120 is paid in monthly instalments of £10, over the course of 12 months. Customers receive their £10 payment each month they:
- credit the account with at least £1,500
- make at least 20 debit card payments
- log into the HSBC mobile app
- deposit at least £50 into their Online Bonus Saver account.
To be eligible for the offer, individuals cannot have held an HSBC or first direct current account since 1 January 2019.
HSBC’s Advance account is free to open and maintain. It comes with a £25 interest-free overdraft buffer (eligibility permitting, charged at 39.90% thereafter), and a linked Regular Saver paying 5.00% AER.
The Premier account is also free to maintain, but only individuals with an annual income of at least £75,000 or £50,000 worth of savings and assets held with HSBC are eligible. It comes with benefits such as worldwide travel insurance and preferential savings and mortgage rates.
HSBC’s Online Bonus Saver pays 4.00% AER (variable) during months that no withdrawals are made. If savers make a withdrawal, the rate drops to 2.30% (AER). Any portion of the balance above £50,000 also earns this reduced rate, regardless of whether any withdrawals are made.
7 March: Building Society Commits To Branch Network
Nationwide building society is planning to buy Virgin Money for £2.9 billion, creating one of the UK’s biggest mortgage and savings providers with combined assets of over £366 billion.
The as-yet unfinalised deal, which is subject to regulatory and Virgin shareholder approval, means Nationwide would control 696 branches in the UK, which is the largest single-brand network and second only in size to that of Lloyds Banking Group.
Both companies are stressing that the deal, if completed, would benefit their customers in terms of product choice and enhanced customer service. No customer action is required at this stage, with existing products, including mortgages, continuing as normal.
The building society says it will stick with its pledge not to close any of its own branches, and it will maintain a presence wherever either brand is currently represented. However, already-announced Virgin branch closures may go ahead as planned.
The Virgin brand will survive the take-over, but will be retired after six years, when Nationwide will stop paying an annual royalty to Richard Branson’s Virgin Enterprises for the use of the name.
The UK’s biggest member-owned financial services business says it will not make any material changes to the size of the Virgin Money employee base in the near term.
Debbie Crosbie, Nationwide’s chief executive, said: “Nationwide will remain a building society, and a combined group would bring the benefits of fairer banking and mutual ownership to more people in the UK, including our continuing commitment to retain existing branches, as part of our ‘Branch Promise’ and leading levels of customer service.”
Nationwide has offered to pay 220p per share for Virgin Media along with a 2p per share dividend. The offer price was 38% more than Virgin Money’s closing share price on Wednesday. However, early trading on Thursday has seen the share price rise to 217p, which might prompt shareholders to push for a greater premium from Nationwide or from a rival bidder.
However, analysts analysts Peel Hunt said: “We think 220p is an attractive level. We doubt that Virgin Money UK’s share price would reach that level in any reasonable time horizon without a bid. In our view, VMUK shareholders should accept any cash bid at 220p.”
Virgin Money bought Northern Rock building society from the government in 2011 in the wake of the 2007-08 financial crisis. Virgin was previously sold to CYBG, the owner of Clydesdale and Yorkshire banks, in 2018.
David Hollingworth of broker L&C Mortgages commented: “Nationwide underlines its position as a superpower of the mutual sector in acquiring a substantial bank player in the mortgage market. The combination will create another Goliath furthering Nationwide’s ability to directly take on the big banking groups.
“This move would initially look to carry the drawback of reduced competition in the mortgage market. Virgin Money has been very competitive in the mortgage market and shown itself more than capable of going toe to toe with the major high street banks. At times it has shown an ability to bring a different way of thinking to the market and sought to innovate in its product options.
“It also has a solid heritage in being able to take a more flexible approach for the right customers to help borrowers that may be a little outside the standard high street offerings.
“That expertise will hopefully appeal to Nationwide rather than risk the gradual demise of the more individual approach that can be available through Virgin’s Clydesdale mortgage brand in particular.
“Borrowers have nothing to worry about and their mortgage will continue as normal. In fact, both brands are set to continue for some time to come, so the market should continue to benefit from differentiated ranges in the near term.”
27 February: ‘Take 5 Minutes To Find A Better Deal’
The Financial Conduct Authority, which regulates financial services in the UK, is urging consumers to move their savings to get a better interest rate, writes Bethany Garner.
It says over half of UK savers (52%) have either switched savings accounts, or considered doing so, to get a better return, while 69% of UK adults would consider switching savings accounts in the future.
Bank of England figures from last year suggest up to £250 billion may be languishing in non interest-bearing accounts. Banks have been criticised for failing to pass on the full effects of successive bank rate hikes to savers (see story from 31 July).
According to FCA figures, the amount held in non-interest bearing accounts reduced by £13 billion between July and December 2023. In the same period, deposits held in fixed-term and notice accounts, which typically offer higher returns, rose by £24 billion.
To encourage more consumers to switch, the regulator has launched a social media and radio campaign that will prompt savers to shop around for better rates.
The campaign also features an online savings calculator to help consumers work out how much interest they could earn.
Sheldon Mills, an executive director at the FCA, said: “We know people can be put off switching for a variety of reasons, but they could be making their money work harder. There are some great rates out there and it could take as little as five minutes to find a better deal.”
Adam Thrower, head of savings at Shawbrook Bank, said: “In the past year, savings rates hit their highest point in over a decade. It’s disheartening that many people haven’t seized this opportunity and may be losing out on hundreds of pounds in missed interest.
“People often stick to the names they know, missing out on the chance to boost their earnings with smaller banks that are equally secure when FSCS accredited and offering much better rates.”
15 February: Banks Inject Life Into Dormant Market
NatWest, Royal Bank of Scotland (RBS) and Lloyds have each launched current account switch incentives where customers are paid up to £200 to move to a new provider, writes Bethany Garner.
From today, NatWest and RBS – both part of the NatWest Banking Group – are paying individuals £200 to make a full switch to one of the following accounts:
- Select
- Select Silver
- Select Platinum
- Premier Select
- Reward
- Reward Silver
- Reward Platinum
- Premier Reward
- Black account
- Foundation account
The Select and Foundation accounts are free to open and maintain, while the others (including Select Silver and Select Platinum) charge a monthly fee in exchange for perks such as rewards, insurance and cashback.
To receive the bonus, customers must apply online or via app, use the Current Account Switch Service (CASS), and credit the account with at least £1,250 within 60 days of opening.
This offer is available to new and existing customers, provided they have not received a switching bonus from NatWest, RBS or Ulster Bank (part of the same group) since 1 January 2020.
Lloyds is offering a welcome bonus of £175 when customers switch to its fee-charging Club Lloyds current account. The incentive is available until 28 March.
To be eligible, customers must make a full switch using the Current Account Switch Service (CASS) and transfer at least two direct debits to the new account. The offer is available to new and existing customers as long as they have not received a switching bonus from Lloyds or Halifax (part of the Lloyds group) since April 2020.
The Club Lloyds account charges a £3 monthly fee, although this is waived when the account is credited with at least £2,000 per month.
Account holders can earn one reward each year, choosing from benefits such as six cinema tickets or a 12-month Disney+ subscription. It also pays interest on in-credit balances up to £5,000.
These new offers bring fresh competition to the current account switching market. Between 2 and 13 February, there were no cash switch incentives available (see story below).
2 February: TSB, Co-op & First Direct Last To Withdraw Offers
Following TSB’s decision to pull its £125 current account switching offer on Wednesday, there are no cash bank switching incentives available in the UK, writes Bethany Garner.
Co-operative Bank withdrew its £100 switching bonus on 19 January, just four days after launch.
Online-only bank, first direct, indefinitely paused its £175 switching offer – which had been available since August 2022 – on 26 January.
The lack of offers stands in stark contrast to the flurry of switch incentives run by providers such as HSBC, Nationwide and NatWest in 2023.
Throughout last year, around 1.5 million current account switches took place, according to data from the Current Account Switch Service (CASS). This marks a 50% increase from the 1 million switches carried out in 2022.
A CASS spokesperson said: “While CASS doesn’t explicitly track why consumers or businesses switch accounts, there is a subset of switchers who are attracted by cash incentives.
“Banks and building societies regularly launch switching offers to attract new customers, and we expect offers to re-enter the market.”
Despite a lack of cash welcome bonuses, some providers continue to offer switch incentives in other forms. Chase pays, for instance, new customers 1% cashback on debit card purchases (capped at £15 per month) for their first year.
Customers may also switch for a variety of other reasons. The CASS spokesperson said: “We found that online or mobile app banking was the top reason people prefer their new account to their old one, which has consistently been the case for a number of quarters.
“Interest earned was the second most popular reason for people preferring their new account, with non-financial benefits such as customer service and location of branches also ranking highly.”
30 January: Personal Savings Allowance Under Threat
Around 1.4 million UK taxpayers will see their Personal Savings Allowance (PSA) halved for the 2023-24 tax year, which could mean a surprise tax bill for many savers, writes Bethany Garner.
The PSA is the amount of interest paid on savings that can be earned tax-free. Any interest earned above your PSA is taxed the same way as other income: 20% for basic rate taxpayers and 40% for higher rate taxpayers.
Additional rate taxpayers, who pay income tax at 45%, are not entitled to a PSA.
With tax bands frozen until 2028, 3.8 million people will move to a higher income tax band in the 2023-24 tax year as their pay increases, According to the Office for Budget Responsibility (OBR). This is known as ‘fiscal drag’.
Analysis by Coventry Building Society suggests this will push 1.4 million earners from the basic rate tax band to the higher rate tax band, as their earnings exceed the £50,270 higher rate threshold, meaning their PSA will fall from £1,000 to £500.
A further 2.1 million will breach the £12,570 threshold, and move into the basic rate band, while 300,000 will be pushed into the highest additional rate band, reserved for those with annual income above £125,140.
Jeremy Cox, head of strategy at Coventry, said: “Higher rate taxpayers need just £10,000 earning a ‘best buy’ rate of 5% before the interest they receive uses up their £500 Personal Savings Allowance. After that they would be hit with 40% tax on any additional interest they are paid.”
If you’re employed or paid a pension, HMRC will automatically adjust your tax code and tax-free allowance to ensure you pay any tax owed on savings interest.
However, if you complete a self assessment tax return (for example, you’re self-employed or have additional sources of income) you should declare interest received therre. For the 2023-24 tax year, this return will be due on 31 January 2025.
Any individual who earns more than £10,000 from their savings in a given tax year will also need to complete a Self-Assessment return.
However, money held in an Individual Savings Account (ISA) is exempt from this tax. Every individual can pay £20,000 into ISAs every tax year.
Cox added: “Tax bills will steadily rise for anyone with non-ISA savings that has exceeded their Personal Savings Allowance. There are only a few months left to make full use of this year’s tax-free ISA allowance of £20,000.”
18 January: TSB & Co-op Launch £100+ Switching Bonuses
The Co-operative Bank and TSB have launched welcome offers that pay new customers more than £100 when they switch providers, writes Bethany Garner.
TSB is paying individuals £125 when they make a full switch to its Spend & Save current account via the Current Account Switch Service (CASS), plus a further £10 monthly cashback for their first six months.
Between the welcome bonus and cashback, switchers can earn up to £185 in total – £10 more than the former market leader, first direct, which pays new customers £175 to switch.
To receive the TSB bonus, new customers must set up at least two direct debits, make a payment with their new TSB debit card and log into the TSB Mobile Banking App by 15 March 2024.
Customers who have received a switching offer from TSB since October 2022 are not eligible.
Co-operative Bank’s switch incentive pays a £100 welcome bonus when customers make a full switch to one of its current accounts using CASS. There’s a further £50 available if they open a new savings account with the provider, too.
This offer is available to both new and existing customers, provided they complete a full switch from another current account provider, deposit at least £1,000 and set up two direct debits or standing orders.
To snag the extra £50, switchers must deposit at least £25 in their newly opened savings account.
Individuals who have received a switching offer from Co-operative Bank since 1 November 2022 are not eligible.
17 January: YBS Launches New Christmas Regular Saver
Yorkshire Building Society (YBS) has launched its latest Christmas Regular Saver which is open to both new and existing customers, writes Bethany Garner.
The account pays 6.00% AER (variable) on deposits of up to £150 a month and matures on 31 October 2024. By paying in the monthly maximum (starting from January and making no withdrawals) savers could accrue a balance of £1,552.03 with interest accounting for £52.03 of the balance.
Although withdrawals are permitted, savers can only access their cash penalty-free for a single day of their choosing between account opening and maturity.
The account is designed to support customers in saving for Christmas this year. According to YBS research, the average UK adult expected to spend £768 on Christmas 2023 – an increase of almost 50% compared with 2020. Almost one in three (30%) surveyed said they would use credit to cover the cost.
Savers stashed a total of £70 million in Yorkshire’s Christmas Regular Saver 2023, which paid a lower rate of 4.50% (variable).
Chris Irwin, director of savings at YBS, said: “We’re really proud to offer this popular account again this year, which encourages saving little and often, and also offers a competitive return.”
Nationwide’s Flex Regular Saver beats the account paying 8.00% (variable) and on larger monthly deposits of £200 – but customers must have a current account with the provider to be eligible.
Despite some accounts still paying inflation-beating returns, an estimated £400 billion is currently being held in accounts earning 1% or less, according to data from the business consultancy, CACI.
11 January: Prize Fund Rate Drops From 4.65% To 4.40%
National Savings and Investments (NS&I), the government-backed savings bank, is pulling £31 million from the Premium Bonds prize fund, with effect from its March draw, writes Bethany Garner.
The monthly prize fund will drop from £475.5 million to £444.4 million. This means the new prize fund rate – the effective rate of return on Premium Bonds – will reduce by 0.25 percentage points from 4.65% to 4.40%.
The number of prizes on offer will reduce by 72,022 – the majority of which will be worth £100, £50 or £25.
The number of larger prizes will also fall however with six fewer £100,000 prizes, and eight fewer £50,000 prizes. The current two £1 million prizes in each draw will stay in place.
The odds of each £1 Premium Bond winning a prize will remain at 21,000-to-one from March – still an improvement on the 24,000-to-one odds offered in the March 2023 draw.
The move follows six consecutive increases over the course of 2023 as interest rates rose, with the prize fund rate hitting a 24-year high of 4.65% in September.
Andrew Westhead, retail director at NS&I, commented: “These changes reflect our requirement to strike a balance between the interests of our savers, taxpayers and the stability of the broader financial services sector.
“After these changes, the Premium Bonds draw in March is expected to pay out over 5.7 million tax-free prizes totalling more than £444 million to savers across the UK.”
NS&I is designed to raise funds for the public purse but it is not allowed to offer interest rates that result in the private sector being unable to compete, hence the adjustment to the rates it offers as market conditions change.
6 December: Fixed Rate & Notice Account Deposits Soar £57Bn
Cash deposits held in fixed-term and notice accounts soared by £57 billion between January and October this year, as savers took advantage of rising interest rates, writes Bethany Garner.
Over the same period, easy access and non-interest bearing accounts were depleted by £86 billion, according to new figures from regulator, the Financial Conduct Authority (FCA).
Fixed rate and notice accounts offer some of the highest returns on the market – which are guaranteed for a set term – but require savers to forgo access to their cash.
In the third quarter of 2023 (between July and October), average returns on fixed rate and notice accounts increased from 2.95% to 3.52%. Rates on easy access accounts climbed to a lesser degree over the same period, from 1.66% to 1.99% on average.
Sheldon Mills, executive director at the FCA, commented: “There is a more competitive savings market now than in July – including many easy access accounts paying above 5%. But there are still low-paying accounts out there, particularly products that are no longer on sale.
She added: “We want firms to keep prompting customers in lower-paying accounts to move, and we encourage customers to shop around for the best savings deals.”
The top-paying one-year fixed rate bond and easy access account currently pay 5.80% and 5.22% respectively. Both deals are offered by Metro Bank.
28 November: Society Rewards Existing Customers
Coventry Building Society is launching a regular saver account paying 7% AER, writes Bethany Garner.
The 12-month Loyalty Regular Saver is available exclusively to existing customers who have held a savings account or mortgage with Coventry Building Society since at least 1 January 2022.
The minimum balance is £1, and savers can deposit up to £250 per month, with no obligation to make a deposit every month.
Any withdrawals made before the end of the account’s term incur a penalty fee worth 30 days’ interest on the amount withdrawn.
If a saver maxed out their £250 monthly allowance for the full account term (£3,000) and made no withdrawals, they would earn £113.87 in interest.
Jonathan Wilson, senior savings propositions manager at Coventry, said: “Our loyalty accounts offering exclusive rates to our two million members are a way of rewarding those who choose to keep saving with us.”
At 7% AER, the account’s interest rate falls one percentage point shy of the current market leader – Nationwide’s Flex Regular Saver, which pays 8% AER and permits three penalty-free withdrawals during its 12-month term.
However, this account has a lower monthly deposit limit of £200, and only Nationwide customers can apply. If a saver used the full allowance, and made no withdrawals, they would earn around £104.50 in interest.
Typically, regular saver accounts are only available to existing customers. At time of writing, the highest rate available to new customers is 5.75% AER – offered by Saffron Building Society’s Small Saver account.
However, Saffron’s offering only permits customers to deposit up to £50 per month during its 12-month term.
22 November: Deal Available With Linked Current Account
Nationwide Building Society has today launched a new children’s savings account that pays 5% AER (variable) on balances up to £5,000, writes Bethany Garner.
The society’s FlexOne Saver is available to children aged between 11 and 17, who hold a FlexOne current account.
There’s no minimum opening balance and, as an instant access account, withdrawals are permitted at any time without notice or penalty. Interest is calculated daily and paid annually.
At 5% AER, the account’s interest rate falls 0.80 percentage points shy of the current children’s account market-leader. At time of writing, Saffron Building Society pays 5.80% AER on its regular saver account.
However, returns on the FlexOne account outpace inflation, which fell to 4.6% in the 12 months to October 2023 (see story below).
Tom Riley, director of retail products at Nationwide, said: “It’s important to develop a savings habit at a young age and, as a building society, we want to help foster that.
“FlexOne Saver will also ensure that our youth current account remains one of the most compelling accounts available.”
Nationwide’s FlexOne children’s current account pays 2% AER (variable) on balances up to £1,000.
The FlexOne Regular Saver – a children’s regular saver account not currently available to new customers – will also see its interest rate rise to 5% AER from today.
15 November: Savers Can Beat Rising Prices With Top Offers
With inflation falling to 4.6% in the year to October 2023, many easy access savings accounts and fixed rate bonds are offering rates that beat inflation, writes Bethany Garner.
At time of writing, Metro Bank’s Instant Access Account pays up to 5.22% AER (variable) – 0.62 percentage points higher than the Consumer Price Index figure released today by the Office for National Statistics.
Elsewhere, Ulster Bank pays 5.20% AER (variable) on its Loyalty Saver, while Cynergy Bank’s Online Easy Access Account pays 5.15% AER (variable), including a bonus rate of 1.15% that drops off after 12 months.
Fixed rate bonds are also outpacing inflation, with top contenders paying upwards of 5.50%.
As of 15 November, Metro Bank offers a one-year fixed rate bond that pays 5.91% AER on deposits between £500 and £2 million – 1.31 percentage points above inflation.
Longer-term bonds offer similar rates. JN Bank pays 5.90% AER on its three-year bond, and 5.60% on both its four and five-year bonds. All three accounts have a minimum opening deposit of £1,000.
Kevin Mountford, co-founder of online savings platform Raisin, said: “Finally it looks like inflation is coming under control and the successive interest rate rises have had the desired effect.
“For now, this may also mean there’s reduced pressure on the Bank of England to further increase the base rate, though it’s unlikely we will see any immediate reduction on the current 5.25%.
“This said, things could start to change as we move into 2024, and while this represents more promising news for borrowers it could mean that for now fixed savings rates could start to fall.
“In the fixed rate bond market, we have already seen reductions from the dizzy heights of 6% – but competition within the UK should ensure that decent returns can be earned for some time to come.
“For those who can afford to lock money away, medium-term products could prove attractive, with a few three-year fixed rate accounts paying over 5.50%.”
14 November: Latest Issue Cut By 1.75 Percentage Points
National Savings & Investments (NS&I), the government-backed savings bank, has launched the latest issue of its Green Savings Bond, writes Bethany Garner.
The sixth iteration of the bond pays interest 3.95% AER a year fixed for three years.
It can only be opened online with a deposit between £100 and £100,000, all of which is protected by HM Treasury backing (bank and building society accounts are protected up to a maximum of £85,000 per person by the Financial Services Compensation Scheme).
No further deposits or withdrawals are permitted until the end of the three-year term.
NS&I says all deposits will be used to help finance green projects chosen by the government, such as increasing renewable energy production, building sustainable transport and reducing pollution.
At 3.95% AER, this latest issue of the bond pays an interest rate 1.75 percentage points lower than its predecessor, which offered an annual return of 5.70% AER.
This decrease may represent a broader trend. According to Moneyfacts data, average returns for longer-term bonds (those lasting at least 550 days) fell for the first time in over six months in October 2023.
As of 16 October, these bonds paid 5.11% AER on average, a decline from the 5.12% peak in September.
NS&I withdrew its one-year Guaranteed Growth Bond, which paid a chart-topping 6.20% AER, from the market on 6 October.
10 November: Aldemore Tops Bank Of England Bank Rate
Aldermore Bank has today launched two fixed rate bonds paying 5.40% AER, writes Bethany Garner.
The provider’s nine-month and 18-month Fixed Rate Savings Accounts allow savers to deposit between £1,000 and £1 million – though only the first £85,000 is covered by the Financial Services Compensation Scheme.
No further deposits are permitted, and savers can’t access their cash until the account matures.
Interest on these accounts is calculated daily, and paid at maturity.
At 5.40% AER, both accounts offer an interest rate that exceeds the Bank of England’s bank rate, maintained at 5.25% since August.
However, Aldermore’s offering falls 0.50 percentage points shy of the current market leader for fixed rate accounts. JN Bank pays 5.90% AER on its one-year and three-year fixed rate bonds.
Alex Myers, director of savings at Aldermore, said: “Our new fixed rate accounts are an ideal product for people saving for short or medium term goals, such as an upcoming holiday or a larger purchase on the horizon.
“These accounts also allow an extra layer of certainty, knowing exactly how much interest they will earn for the duration of their fixed term, helping savers protect their hard-earned savings.”
26 October: Incentives Trigger 63% Rise Year On Year
Almost 1.4 million current account switches took place between 1 October 2022 and 30 September 2023, according to the latest data from Pay.UK, writes Bethany Garner.
This represents a year-on-year increase of 63% from 2021 to 2022, with switch activity up in every quarter.
Pay.UK, which oversees the Current Account Switch Service (CASS), also found that March has been the busiest month for switching in 2023, with 155,116 switches taking place.
The overall uptick in current account switches is being driven by the number of attractive switching offers on the market.
At time of writing, HSBC is offering a welcome bonus of up to £205 for opening its Advance Account and linked Global Money Account, with the offer not dependent of the accountholder having to close their existing current account.
Nationwide is paying £200 for a full switch to its FlexDirect account, while First Direct has a £175 cash incentive to encourage new customers £175 to make a full switch to its 1st Account.
Although the offer has now been withdrawn, NatWest also ran a £200 switch incentive for much of 2023, which may explain why more consumers switched to NatWest between April and June than any other provider.
Despite these offers, a 2023 study by Atom Bank found that 49% of UK adults have never changed their current account.
John Dentry, product owner for CASS at Pay.UK, said: “The Current Account Switch Service marked its 10 year anniversary this quarter, and in that time the service has upheld an important role in supporting consumers and businesses to change their current account to better suit their needs.”
At present, 51 banks and building societies are signed up to CASS, with three new providers, Citibank, Allica Bank and Rothschild, joining in the third quarter of 2023.
Since its launch in 2013, around 9.8 million switches have been completed via the service. Of these 99.7% were within the CASS timescale promise of seven working days.
24 October: New Account Just Shy Of Market Leader
Paragon Bank, the online provider, has today launched a new issue of its Double Access savings account paying 5.25% AER, writes Bethany Garner.
The account pays 0.20 percentage points more than its previous iteration, which offered savers a rate of 5.05% AER. Double Issue refers to the fact that two withdrawals can be made each year without notice or penalty. From the third withdrawal, however, the interest rate drops to 1.50% AER (variable).
The headline rate is market-leading for double-access savers. Chorley building society’s Easy Access Saver Account pays 5.30% AER (variable) on balances from £500 to £500,000, but this account only permits one withdrawal per year. From the second withdrawal its interest rate drops to 2.50% AER (variable).
The minimum opening balance on the Paragon account is £2,000, and savers can deposit up to £500,000 (the first £85,000 is covered by the Financial Services Compensation Scheme, as is the case with any UK-authorised savings institution).
Derek Sprawling, savings director at Paragon Bank, said: “We’re pleased to launch the latest issue of our Double Access account, paying a market-leading rate.
“This product could suit those savers who are happy to lock their money away but may want to retain access to it in the event of a rainy day.”
5 October: New Deals Include Top-Paying 5.00% Easy Access ISA
App-only provider Moneybox has increased rates on its easy access cash ISA to a market-leading 5.00% AER (variable), writes Bethany Garner.
The account, which previously paid 4.75% AER, can be opened with a minimum deposit of £500 – although the new 5.00% rate includes a bonus of 0.85 percentage points that expires after the first 12 months.
While savers retain full access to their cash, only three withdrawals are permitted within any 12-month period. From the fourth withdrawal (or if the account balance falls below £500) returns fall to 0.75% AER (variable).
Easy access accounts
Fresh competition has also emerged among non-ISA accounts. Coventry Building Society has launched an easy access account paying 5.20% AER (variable). The Triple Access Saver can be opened and managed exclusively online, with a minimum £1 deposit.
Withdrawals are restricted to three per year. Any subsequent withdrawals incur a fee worth 50 days’ interest on the amount withdrawn.
Fixed rate savings
HSBC has today increased the rate on its One Year Fixed Rate Saver to 5.70% AER (fixed) – 0.65 percentage points above its usual return – to customers who open an account before 18 October.
Savers can deposit between £1,000 and £1 million into the account, with no further deposits or withdrawals permitted until the end of the account term.
However, HSBC’s offering still falls 0.50 percentage points short of the current market-leader, National Savings and Investments (NS&I), which pays 6.20% AER on its one-year Guaranteed Growth Bond on deposits of between £500 and £1 million.
Current accounts
Online-only bank, Starling, has increased the interest paid in-credit current account balances by 3.20 percentage points, to 3.25% AER (variable).
Balances up to £5,000 earn the new rate, including any portion held in one of Starling’s virtual piggy banks, known as ‘Spaces’.
At 3.25% AER, the current account’s interest rate now outstrips many high street easy access savings accounts.
At time of writing, HSBC pays just 2.00% AER (variable) on its Flexible Saver account, while Halifax pays up to 1.80% AER (variable) on its Instant Saver account.
29 September: Shawbrook Trumps Beehive By A Whisker
Shawbrook Bank has launched an easy access savings account paying a market-leading 5.11% AER (variable) – just 0.01 percentage points above former leader Beehive Money, writes Bethany Garner.
This latest issue of Shawbrook’s Easy Access Account can be opened with £1,000. The maximum balance is £85,000 for sole accounts or £170,000 for joint accounts, both in line with the Financial Services Compensation Scheme limit.
Savers can make as many withdrawals as they like from the online-only account without notice or penalty, in return for a minimum withdrawal amount of £500.
Interest on the account is calculated daily and added to the balance either monthly or annually.
At 5.11% AER, the account’s interest rate is pegged 0.01 percentage points higher than the former market leader, Beehive Money (see story below), just nudging it out of the top spot.
Adam Thrower, head of savings at Shawbrook, said: “Despite the recent base rate hold, we remain committed to offering competitive rates on our savings accounts.”
28 September: App-Only Beehive Money Account Pays Leading 5.10%
App-only provider Beehive Money – part of Nottingham Building Society – has launched a limited edition savings account paying a chart-topping 5.10% AER (variable), writes Bethany Garner.
The provider’s new Limited Issue Easy Access Account can be opened from £1,000 with a maximum balance is £85,000 – the maximum sum protected under the Financial Services Compensation Scheme.
The headline 5.10% rate includes a bonus of 2.45%, which applies until 31 October 2024. To get the best from this account, savers may then want to move their cash to a better deal.
As an easy access account, withdrawals are permitted at any time – so long as savers maintain a balance of at least £1,000. Interest is calculated daily, and credited to the account annually on 31 October.
While rising rates are welcomed by savers, higher returns mean a greater risk of exceeding their Personal Savings Allowance. The PSA limits tax-free interest earnings to £1,000 a year for basic rate taxpayers, or £500 for higher-rate taxpayers.
For example, a basic rate taxpayer could save £19,607 in Beehive’s easy access account before breaching their PSA, while an additional-rate taxpayer could deposit just £9,803.
The new Beehive account knocks Paragon Bank off the top spot for easy access accounts by 0.05 percentage points. However, it remains 0.10 percentage points under Santander’s limited edition Easy Access Saver. The account paid 5.20% AER but was withdrawn from the market just eight days after launch, having reached its full subscription (see 12 September story, below).
26 September: Providers Boost Rates But 1-In-5 Aren’t Saving
Coventry building society has launched a market-leading easy access cash ISA paying 4.90% AER on balances from £1, writes Bethany Garner.
The Four Access ISA is available to both new and existing customers, and is opened and managed exclusively online. It allows savers to make up to four withdrawals per year without penalty.
Any subsequent withdrawals incur a fee of 50 days’ interest on the amount withdrawn.
As a flexible ISA, savers can withdraw and replace cash in the same tax year, without the replacement counting towards their annual ISA allowance.
Bethaney Cozens, savings product manager at Coventry, said: “We’ve opened almost as many new ISAs so far this year as the last two years combined, as ISAs have become an increasingly popular option for members wanting to maximise their tax-free savings allowances in a higher interest rate environment.”
Elsewhere, budgeting app Plum has launched a savings option called Plum Interest, which aims to offer returns that mirror the Bank of England Bank rate.
The account invests savers’ cash into a low-risk money fund provided by asset management firm, BlackRock. Money funds invest in low-risk assets such as government debt (gilts) and high quality corporate bonds.
It currently pays a variable annual rate of 4.94%, and savers can add and withdraw cash at any time without penalty.
While just shy of 5% is a competitive offer, leading easy access accounts pay up to 5.10% AER (variable) at time of writing – albeit with withdrawal restrictions.
Climbing rates may be welcome news for savers, but new research suggests a growing number of individuals are not benefitting.
According to a study by online savings platform, Raisin, one in five UK adults (20%) admit they never save a portion of their monthly income.
The study, which surveyed 5,001 UK adults in July 2023, also found that just a third (33%) of respondents save at least 10% of their salary each month.
Faced with rising living costs, 25% of respondents described their financial circumstances as ‘unstable’, while a further 41% said meeting basic living costs was their top financial priority for the next 12 months.
According to Raisin, a lack of knowledge could be part of the problem, with 30% of survey respondents describing their financial knowledge as ‘low’ or ‘non-existent.’
21 September: Society Pays Chart-Topping 8% On Regular Saver
Eligible customers who switch to a Nationwide current account will receive a £200 cash ‘welcome bonus’ from today, writes Bethany Garner.
Both new and existing customers are eligible for the bonus, provided they complete a full switch from another provider, using the Current Account Switch Service, and transfer a minimum of two direct debits.
Individuals who have received a welcome bonus from Nationwide since April 2021 are not eligible.
The offer is available on three accounts: standard FlexAccount, packaged FlexPlus account and online-only FlexDirect account, which also pays 5% AER on in-credit balances up to £1,500 for 12 months.
The building society has also launched a market-leading regular saver account, paying 8% AER fixed for 12 months. Savers can deposit up to £200 per month, netting them up to £104 in interest.
At 8%, the account beats the regular saver launched by Yorkshire building society earlier this week (see story below), which pays 7% AER, fixed for 12 months.
According to Nationwide, by switching to its FlexDirect account, customers could earn up to £377 in their first year from earned interest and the welcome bonus.
19 September: YBS Launches Regular Saver Paying 7%
Yorkshire Building Society (YBS), has launched a new table-topping regular savings account to mark UK Savings Week, writes Bethany Garner.
The limited edition Loyalty Regular Saver account pays a rate of fixed 7.00% for 12 months with a £500 maximum monthly deposit. One penalty-free withdrawal is permitted during the 12-month term.
However, the deal is only available to customers who already hold a savings account or a mortgage with the YBS.
first direct also offers a 7% regular saver to existing customers. However, monthly deposits are limited to £300, making YBS the leading deal of its kind.
The account has been launched on the back of the Building Societies Association’s UK Savings Week. Running until 24 September (Sunday) the annual initiative aims to raise awareness around good saving habits. Around 11.5 million UK adults have less than £100 in cash savings, according to BSA figures.
Chris Irwin, director of savings at Yorkshire Building Society, said that regular savings accounts are, “one way to encourage establishing healthing savings habits.”
The easy access account market has also seen a new account from GB Bank. Launched in partnership with online savings and investment platform, Wombat, the account tracks the Bank of England Bank rate by minus 0.5 percentage points – currently offering a rate of 4.75% AER.
The account must be opened via Wombat’s mobile app, with a minimum deposit of £500 and savers can withdraw cash at any time penalty-free.
It carries a maximum balance of £250,000 plus interest, but only the first £85,000 will be covered by the Financial Services Compensation Scheme.
The next Bank rate announcement will be made on Thursday (21 September).
According to the latest figures from Moneyfacts, the average easy access rate now stands at 2.95% AER – the highest since 2008. However, the most competitive accounts, including those from Paragon, Tandem and Aldermore pay 4.50% or more.
Aldermore is also boosting rates by up to 0.25 percentage points from today.
The bank’s Easy Access account now pays 4.50% AER – up from 4.25%, while its Double Access Account has seen rates rise from 4.70% to 4.90%.
Its 30 Day Notice account now offers 4.55% AER, up from 4.30%, while the ISA equivalent pays 4.50%, up from 4.25%.
The 120 Day Notice Account will pay 4.80% from today, up from 4.55%.
Rates are also rising on a number of accounts exclusive to existing customers:
- The 45 and 60 Day Notice accounts will now pay 4.60% AER, up from 4.35%
- The 90 Day Notice account pays 4.65% AER, up from 4.40%
- The 60 Day Notice ISA now pays 4.80% AER, up from 4.55%
- The Help to Buy ISA (no longer available for new customers) will pay 3.85% AER, up from 3.60%.
12 September: Rate Falls To 2.5% From Tomorrow (Weds)
Santander is withdrawing its Easy Access Limited Edition 3 account at 11:59pm tonight. However, applications from new and existing customers will be accepted until then on current terms.
The account can be opened and managed online as well as in branch.
The Limited Edition account pays 5.20% AER/ 5.08% gross (variable) on balances between £1 and £250,000, as outlined in the story below.
Announcing the changes, Santander said: “Any applications received by 23:59 today (12 September 2023) will receive the Easy Access Limited Edition 3 rate once opened.
“From tomorrow, Santander’s Easy Access Saver account returns to sale offering 2.50% AER/gross for 12 months.”
5 September: Limited Edition Account Tops Easy Access Market
Santander has launched a market-leading easy access savings account paying 5.20% AER on balances up to £250,000, writes Bethany Garner.
The Easy Access Saver Account is available to both new and existing customers until 17 September, but the bank has cautioned it may be withdrawn sooner if demand is high.
It can be opened online, over the phone or in a branch from £1, and savers can make as many withdrawals as they like without notice or penalty.
Interest on the account is calculated daily and paid monthly or annually, and it matures after 12 months.
Andrea Melville, director of current accounts, savings and business banking at Santander, said: “We know now more than ever people want their money to go further and this account is one of the ways we are helping customers maximise their savings income.”
Santander has, this week, also increased rates on its fixed-term ISAs. The provider’s one-year fixed ISA now pays 5.05% AER, while its two-year fixed rate ISA saw rates increase to 5.10% AER.
While climbing interest rates may be welcome news for savers battling the corrosive effects of inflation on their cash, higher returns could tip them over their Personal Savings Allowance (PSA).
First introduced in 2016, the PSA allows basic-rate taxpayers to earn £1,000 (£500 for higher-rate taxpayers) in interest each year before it becomes liable for income tax.
A basic rate taxpayer could save £19,231 in a Santander Easy Access Saver before breaching their PSA, while an additional-rate tax-payer could deposit just £9,616 before income tax kicks in. Additional rate taxpayers do not receive a PSA.
By contrast, a basic rate tax-payer would need to deposit about £50,000 in an easy access account paying a more typical 2% AER before reaching their PSA threshold.
30 August: Govt-Backed Bond Tops Tables With 6.20% Returns
National Savings and Investments (NS&I), the government-backed savings bank that oversees Premium Bonds, today launched the latest issues of its one-year Guaranteed Growth and Guaranteed Income Bonds, writes Bethany Garner.
Both bonds pay 6.20% AER (fixed) – an increase of 1.20 percentage points since their last issue – positioning them as prevailing market leaders.
To open a Guaranteed Growth or Income Bond, savers must deposit a lump sum between £500 and £1 million. The entire balance is protected by HM Treasury backing.
Interest on the one-year Guaranteed Growth Bond is calculated daily and paid at maturity. Interest on the Guaranteed Income Bond is also calculated daily, but is paid monthly into a nominated bank account.
When the bond matures after 12 months, savers can withdraw their money or invest in another bond.
Andrew Griffith, economic secretary to the Treasury, said: “It’s vital that savers are able to benefit from recent interest rate rises, so I’m delighted that NS&I is releasing new Issues of Guaranteed Growth Bonds and Guaranteed Income Bonds at over 6% – the highest rate since they were launched.”
NS&I has also increased rates on new issues of its two, three and five-year bonds by up to 1.25 percentage points from today.
The bank’s two and three-year Guaranteed Growth and Guaranteed Income Bonds will both pay 5.80% AER, up from 5.10% and 5.22%, respectively.
Meanwhile, the latest issue of its five-year Guaranteed Growth Bond pays 5.50% AER – up from 4.25% – while interest on the Guaranteed Income bond has increased from 4.23% to 5.50% AER.
These bonds are not available to new applicants, but existing savers can apply when their current bond reaches maturity.
22 August: Latest Issue Paying 5.70% But Lags Market Leader
National Savings and Investments (NS&I), the government-backed savings bank that oversees Premium Bonds, has today increased the rate paid on its Green Savings Bond to 5.7% AER, writes Bethany Garner.
This latest issue of the three-year bond pays 1.50 percentage points more than its previous iteration, and marks the second issue of 2023.
NS&I’s Green Savings Bonds help finance sustainability projects across the UK as part of the Government Green Financing Framework, which aims to achieve net zero greenhouse gas emissions by 2050.
The minimum investment is £100, and savers can deposit up to £100,000 in each issue. No withdrawals are permitted during the three-year term.
More than £915 million has been invested in Green Savings Bonds since their launch in 2021, with £627 million invested between March 2022 and March 2023 alone.
Dax Harkins, chief executive at NS&I, said: “This is a great opportunity for savers who want to see a guaranteed return on their investment while also making a difference with their savings by helping to make the world greener, cleaner and more sustainable.”
While this latest issue of the bond pays a competitive rate of interest, it lags behind the current market leader for three-year bond by 0.35 percentage points.
At time of writing, Recognise Bank’s three-year fixed rate bond pays 6.05% AER. However, the minimum deposit is £1,000.
10 August: Shawbrook, Paragon Nudge Towards 5% Level
Shawbrook Bank has raised rates on two of its easy access savings accounts by as much as 0.77 percentage points, writes Bethany Garner.
The Easy Access account is paying 4.68% AER (variable) – up from 3.91%. The Easy Access ISA has received a boost of 0.65 percentage points, and now pays 4.43% AER (variable).
Both accounts have a minimum opening deposit of £1,000, and pay a reduced rate of interest if the balance falls below this threshold – 0.05% AER for the Easy Access account, and 0.25% AER for the easy access Cash ISA.
While the accounts allow unlimited withdrawals without notice, each withdrawal must be at least £500.
Elsewhere, Paragon Bank has increased the interest paid on its Double Access savings account, from 4.60% to 4.75% AER (variable).
The account allows savers to make two penalty-free withdrawals every 12 months. From the third withdrawal, the interest rate drops to 1.50% AER. Its minimum operating balance is £1,000.
As rates continue to rise, a growing number of savers are at risk of being liable for tax on their interest, however (see story from 25 July).
According to Shawbrook’s analysis of data collated by consultancy CACI, over three million savings accounts were liable for tax on earned interest in April 2023, marking a 13-fold increase compared with the same month in 2022.
Adam Thrower of Shawbrook said: “As rates continue to tick up, we’ve seen the demand for ISAs increase as people recognise the need to protect their savings from tax.”
8 August: Tandem Offers 5% Easy Access, Lloyds Boosts Rates
National Savings and Investments (NS&I), the government-backed savings bank that oversees Premium Bonds, is adding £66 million to its prize fund from September, writes Bethany Garner.
Around 27,000 extra prizes will be added from September’s draw, boosting the prize fund rate – the effective rate of return on premium bonds – from 4.00% to 4.65%, its highest level since 1999.
The majority of new prizes will be worth £50 or £100, but there will also be more prizes of £100,000 (+13), £50,000 (+27) and £25,000 (+53). There will continue to be just two £1 million prizes in each draw.
The odds of each £1 bond winning a prize will improve from one in 22,000 to one in 21,000 – the highest they have been since April 2008. There is no guarantee that any bond will ever win a prize.
NS&I is also upping interest rates on a number of savings accounts from 18 August. The Direct Saver will pay 3.65% AER (variable) – up from 3.40% – while Income Bonds will see rates rise by 0.25 percentage points to 3.65%.
The Direct ISA will see rates improve from 2.40% AER (variable) to 3.00%, while the Junior ISA rate will increase from 3.65% AER (variable) to 4.00%.
Cash held in an NS&I investment account will earn 1.00% AER (variable) – up from 0.85%.
Elsewhere,the app-only bank, Tandem, has boosted the interest paid on its easy access savings account to 5% AER (variable). The account includes a 0.35% bonus rate, which drops off after 12 months.
According to Moneyfacts, this is the first time an easy access account has paid 5% interest since 2009.
Lloyds Banking Group, which owns Lloyds Bank, Halifax and Bank of Scotland, is upping rates on an array of fixed and variable accounts by up to 0.30 percentage points from 22 August.
The Halifax Everyday Saver and ISA Saver will see rates increase by up to 0.30 percentage points, paying 1.45% on balances up to £99,999, 1.50% on balances between £10,000 and £49,999, and 1.80% on balances of £50,000 or more.
Its children’s savings accounts will also receive a boost. The Kids Saver account will pay 3.50% AER on balances from £1 to £5,000 – an increase of 0.15 percentage points – and 1.45% on balances above £5,000, up 0.30 percentage points.
The Money Smart Account – aimed at young savers ages 11 to 15 – will see rates increase by 0.15 percentage points, paying 3.40% AER on balances up to £1,000, and 1.45% on balances above this.
Its Junior Cash ISA will pay 3.65% AER (variable) – up from 3.50%.
The Halifax Help to Buy ISA (no longer available to new customers) will pay 2.90% AER on balances up to £12,000 – up 0.15 percentage points – and 1.45% on balances above this – up 0.30 percentage points.
Lloyds Bank is raising rates on its Everyday Saver and Cash ISA Accounts by up to 0.30 percentage points.
From 22 August, both accounts will pay 1.40% AER on balances up to £24,999, 1.45% on balances between £25,000 and £99,999, and 1.90% on balances of £100,000 or more.
The bank is also raising rates on its Club Lloyds Saver – exclusive to existing customers. Balances up to £24,999 will earn 1.70% AER – up from 1.50%. Balances between £25,000 and £99,999 will continue to earn 1.75% AER, and balances of £100,000 will continue to earn 2.20%.
Lloyds’ Help To Buy ISA (no longer available to new customers) will raise rates by up to 0.30 percentage points, paying 2.90% on balances up to £12,000 and 1.40% on balances above this threshold.
Its Childrens Saver will pay 3.15% AER on balances up to £5,000 – an increase of 0.15 percentage points – and 1.40% on balances above £5,000, up 0.30 percentage points.
Its Smart Start account (aimed at 11 to 15 year olds) will pay 3.15% AER on balances up to £1,000, and 1.40% on balances above this – an increase 0f 0.15 percentage points.
The Lloyds Junior Cash ISA will pay 3.15% AER – up from 3.00%.
Bank of Scotland is raising rates on its Access Saver and Cash ISA by up to 0.30 percentage points.
Both accounts are set to pay 1.45% AER on balances up to £9,999, 1.50% on balances between £10,000 and £49,999 and 1.80% on balances of £50,000 or more.
Its Childrens Saver account will pay 3.15% AER on balances up to £5,000 – up from 3.00% – and 1.45% AER on balances above £5,000, up from 1.15%.
Its Smart Start Account, available to savers aged 11 to 15, will pay 3.15% AER on balances up to £1,000, and 1.45% on balances above this threshold – an uplift of 0.15 percentage points.
The Bank’s Junior Cash ISA will also see a rate boost of 0.15 percentage points, to 3.15% AER.
Its Help to Buy ISA (no longer available to new customers) will see rates rise by 0.15 percentage points – to 2.90% AER – on balances up to £12,000, and by 0.30 percentage points – to 1.45% – on balances above this limit.
4 August: Providers Act Swiftly To Pass On Increase To Savers
Yorkshire Building Society (YBS) is raising rates across all its variable savings accounts in response to yesterday’s bank rate rise, writes Bethany Garner.
From 10 August, these accounts will receive an uplift of up to 0.25 percentage points.
This includes the society’s Rainy Day Saver, which pays a tiered rate of interest depending on the balance. It will offer 4.55% AER (variable) on balances up to £5,000, and 3.90% on balances above this level – up from 4.35% and 3.70% respectively.
Aldermore Bank is also upping rates across personal savings accounts by up to 0.25 percentage points from today (4 August).
The provider’s Easy Access account has seen rates rise from 4.00% to 4.25% AER (variable), while the Double Access Account now pays 4.60% AER (variable) – up from 4.25%.
Elsewhere, its 30 Day Notice account now pays 4.30% AER (variable) – up from 4.05% – and the rate paid on the 120 Day Notice account has increased from 4.30% AER (variable) to 4.55%.
The bank’s three-year fixed rate account now pays 5.51% AER – up from 5.51%.
The provider’s ISA rates have also improved. Its one-year Fixed Rate ISA now pays 5.54% AER (up from 5.35%), while its two-year counterpart pays 5.61% (up 0.16 percentage points). The three-year Fixed Rate ISA will pay 5.51% from today – up from 5.45%. The 30 Day Notice ISA rate has risen from 4.00% AER (variable) to 4.25%.
Aldermore has also increased rates on accounts available to existing customers only.
Banks have come under pressure in recent months for their failure to pass on the full effect of successive bank rate increases to savers (see story from 31 July).
The Financial Conduct Authority (FCA), the UK’s financial regulator, announced a plan earlier this week to tackle the issue.
Myron Jobson, senior personal finance analyst at interactive investor, commented: “Savings rates have picked up thanks, in part, to intense scrutiny from the FCA and MPs who have challenged some banks and building societies that had been miserly with their savings rate increases.
“However, any reprieve in cash savings rates is being drowned out by the stubborn persistence of high inflation.”
3 August: Nationwide Raises Rates By Up To 0.75 Percentage Points
Nationwide Building Society is increasing interest rates on a selection of savings accounts by up to 0.75 percentage points, writes Bethany Garner.
It follows today’s Bank Rate decision, which saw the Bank of England raise rates from 5% to 5.25%.
Nationwide’s one-year Triple Access Online Saver, and one-year Triple Access Online ISA, will pay 4.25% AER (variable), up from 3.50%. Both accounts allow three penalty-free withdrawals during their 12-month term.
The provider’s Flex Instant Saver account will pay 3.25% AER (variable) – up from 3.00% – while the rate paid on its Instant Access Saver will improve from 2.30% to 2.40% AER (variable).
The society’s member-only Loyalty accounts are also to receive a boost. The Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA will see rates rise from 3.50% AER (variable) to 3.75%.
Its Instant Access Saver, Instant ISA Saver and Cashbuilder accounts – which pay interest at a tiered rate depending on the account balance – will pay between 2.25% and 2.35% AER (variable) – a rise of 0.10 percentage points.
However, savers will have to wait until 16 August for all rises to take effect.
Online-only bank, first direct, is also upping the rates on three of its savings accounts – from 10 August.
Its easy access FD Savings Account will pay 2.00% AER (variable) – up from 1.75% – while the Cash ISA rate is set to rise from 2.70% AER (variable) to 2.85%.
The FD Bonus Savings Account – which pays a boosted interest rate in each month savers avoid making a withdrawal – will see its non-bonus rate rise from 1.75% AER (variable) to 2.00%.
The account’s bonus rate will remain unchanged at 4.00% on balances up to £50,000, and 2.30% on balances above this limit.
Marcus by Goldman Sachs is also raising interest. The provider’s Cash ISA and Online Savings Account now pay 4.30% AER (variable), up from 4.00%. This includes a bonus rate of 0.34 percentage points (gross), which expires after 12 months.
Marcus by Goldman Sachs has also announced a rate rise. Its Cash ISA and Online Savings Account will now pay 4.30% AER (variable), up from 4.00%. This includes a bonus rate of 0.34 percentage points (gross), which expires after 12 months.
Interest paid on its Maturity Saver has increased from 3.64% to 3.94% AER, while savers taking out a new one-year Fixed Rate Saver account benefit from a higher rate of 4.80% AER, up from 4.50%.
All rises take effect from today.
Rachel Springall, finance expert at Moneyfacts, reminded all savers that, despite further rate rises being good news, the onus remains on them to ensure they squeeze the best returns on their cash: “It is imperative that savers take time to review their existing accounts and not presume any Bank Rate rise will be passed onto them, as this is never guaranteed.”
Experts have also warned that the continued rate hikes are likely to lead more savers to exceed the Personal Savings Allowance (PSA) threshold of £1,000 a year for basic rate taxpayers and £500 a year for higher rate tax payers.
1 August: Providers Begin To Heed Regulator Warning On Rates
Shawbrook Bank has launched a market-leading easy access account paying 4.63% AER (variable), with Saffron Building Society offering two accounts at 4.6% (AER) variable, writes Bethany Garner.
The moves come as the regulator, the Financial Market Authority, warns institutions that it will take action if they fail to pass on interest rate rises to their savings customers (see story below).
Shawbrook’s minimum opening balance on its Easy Access account is £1,000, and savers can deposit up to £85,000 (which is the limit of protection provided by the government if a financial institution fails under the Financial Services Compensation Scheme).
If the account balance drops below £1,000, the interest rate falls to 0.05% AER.
While savers can access their cash without notice, the minimum withdrawal amount is £500. Interest is calculated daily and paid either monthly or annually.
Shawbrook has also increased rates on two of its cash ISAs. The bank’s Easy Access ISA now pays 4.33% AER (variable) – up from 3.78% – while its one Year Fixed Rate Cash ISA pays 5.71% AER, up from 5.32%.
Both ISAs are market leaders in their categories at time of writing.
Adam Thrower, head of savings at Shawbrook, said: “As the UK braces for the highly anticipated 14th consecutive interest rate rise [the Bank of England’s Bank Rate announcement is on 3 August], savers should be seeing some of the best rates in decades.
“Brits being paid rates lower than 2.5% can earn substantially more if they switched today. Capitalising on the current rates should be a priority to maximise earnings on their savings.”
Saffron Building Society is also upping rates. From today, the provider’s E-Saver account will pay 4.60% AER on balances from £10 – up from 4.10%.
Savers can make unlimited withdrawals without notice, and save up to £500,000 – though only the first £85,000 is protected under the Financial Services Compensation Scheme (FSCS).
Interest on the account is calculated daily and can be paid either monthly or annually.
Saffron’s online MySaver account will also pay 4.6% AER from today, while its Enviro Saver – which includes an annual donation to an environmental charity – will pay 4.55%. Both accounts offer instant access to savings.
While these higher rates will be welcome news for savers, a growing number are now earning interest above their personal savings allowance (PSA) – the amount of interest individuals can earn on savings tax-free (see story from 25 July).
A basic rate (20%) taxpayer, who can earn £1,000 a year in interest before paying tax, could save up to £21,598 in Shawbrook’s Easy Access account, or £21,739 in Saffron’s E-Saver, before being liable for tax.
For a higher rate (40%) taxpayer, whose allowance is £500 a year, this drops to £10,799 and £10,869, respectively.
When top easy access rates were closer to 1%, a basic rate taxpayer could deposit around £100,000 without being liable for tax, with the sum standing at around £50,000 for higher rate taxpayers.
31 July: Providers Slammed For Not Passing On Bank Rate Rises
The Financial Conduct Authority (FCA), the financial regulator, will take action against banks and building societies that fail to pass on adequate Bank Rate rises to savers, writes Bethany Garner.
Since December 2021, there have been 13 successive bank rate hikes by the Bank of England, taking it from 0.1% to 5%.
Providers have come under fire for the widening gap between the rates they charge borrowers, which have largely matched the movement in the Bank Rate, and the rates they pay savers, which have noticeably failed to do so in many instances.
The latest Bank Rate will be announced this Thursday, when an increase to 5.25% is expected.
According to FCA figures, out today, the UK’s nine biggest savings providers passed on just 28% of Bank Rate rises to their easy access account customers between January 2022 and May 2023.
These providers performed better when it came to notice accounts and fixed term deposits, but still fell short of passing on the full effect of the rising bank rate – sharing 51% of increases with customers during the same period.
Under the new FCA plan, banks will be expected to justify how lagging easy access rates offer ‘fair value,’ and to proactively direct customers towards the highest rates on offer.
If providers are unable to justify low rates, the regulator has warned it will take action.
The intervention comes as Consumer Duty — rules designed to set higher standards of consumer protection across financial services – comes into force from today.
The Chancellor, Jeremy Hunt MP, said: “Banks should be passing on interest rate increases to savers, and we’re keeping a close eye on whether they do. Today’s new Consumer Duty gives the regulator the tools they need to take action where that isn’t happening.”
Alice Haine, personal finance analyst at Bestinvest, said: “Savers may finally see an end to dismal savings rates offered by high street lenders thanks to the FCA’s decision to crackdown on banks and building societies for being slow to deliver better interest rate rises to their customers.”
The regulator will also review easy access savings rates every six months, and publish a ranking that lists providers from the highest to the lowest rates.
Sheldon Mills, executive director of consumers and competition at the FCA, said: “We want a competitive cash savings market that delivers better deals for savers, where interest rates are reviewed quickly following base rate changes and firms prompt savers to switch to accounts paying higher rates.”
Ms Haines encourages consumers to scan the market for better rates, rather than stick with a single provider: “While it is great that the FCA can take stronger action against lenders under the Consumer Duty framework, with inflation still high at 7.9%, even the best rates deliver a negative return in real terms so finding the best deal is imperative.
“Those locking in a high fixed rate now could see their pot gain value in real terms if inflation continues to ease in the months ahead.”
The FCA has found that, since the start of 2023, the amount of cash held in easy access accounts has dropped by 4% – approximately £52 billion – while deposits into fixed-term accounts have risen 3%.
25 July: Millions More Liable For Savings Tax As Rates Climb
Over 3 million savings accounts were liable for tax on earned interest in April 2023 – a 13-fold increase compared with the same month in 2022 – thanks to improved rates, writes Bethany Garner.
As savings rates climb,a growing number of savers are earning interest above their personal savings allowance (PSA) – the amount of interest you can earn on your savings tax-free.
The rising rates have been driven largely by 13 successive bank rate hikes, which many providers have passed along, at least in part, to savers.
The PSA currently sits at £1,000 for basic rate taxpayers, and £500 for higher-rate taxpayers. Additional-rate taxpayers do not receive a PSA.
The report by Shawbrook Bank, based on data collated by consultancy CACI, found that depositing £17,500 in a top one-year fixed rate bond paying 6% could push a basic rate taxpayer over their PSA limit.
The interest here would be £1,050, of which £50 would be taxable at 20%.
For a 40% taxpayer, depositing £8,500 at 6% interest would earn them £510, tipping them into tax-paying territory.
With today’s leading easy access accounts paying upwards of 4%, a basic rate taxpayer could deposit just £25,000 before paying tax on the interest.
The figure for higher rate taxpayers would be £12,500.
By contrast, when top easy access rates were closer to 1%, a basic rate taxpayer could deposit around £100,000 without being liable for tax, with the sum standing at £50,000 for those paying at the top rate.
Whatever their tax band, savers can deposit up to £20,000 into an Individual Savings Account (ISA) each tax year without paying any tax on the interest.
Adam Thrower, head of savings at Shawbrook bank, said: “Higher rates are great for savers, and they are now finally getting attractive returns on their deposits. However, due to frozen tax thresholds, a basic rate taxpayer with £17,500 in savings could end up paying tax on the interest earned.
“As interest rates have continued to rise, many might find themselves nearing the threshold for taxation on their interest income.
“For those that are, ISAs are a great way of reducing your tax burden – although they do often come at a slightly lower interest rate.”
13 July: Savings Bonds Benefit From Chunky Improvements
National Savings and Investments (NS&I), the government-backed savings bank that oversees premium bonds, is increasing the interest on its fixed-rate bonds by up to 1.10 percentage points, writes Bethany Garner.
The latest issue of the bank’s one-year Guaranteed Growth Bond and one-year Guaranteed Income Bond will each pay 5% AER (fixed) – up from 4.00% and 3.90% respectively. Both products are available to new and existing customers.
NS&I is also raising rates on a number of bonds only available to existing customers approaching renewal.
The latest issues of its two-year Guaranteed Growth Bond, two-year Guaranteed Income Bond, three-year Guaranteed Growth Bond and three-year Guaranteed Income Bond will all pay 5.10% AER (fixed) – up to a full percentage point higher than their previous issue.
These rate changes closely follow NS&I’s announcement, on 30 June, that interest rates were rising on a range of variable rate accounts (see story below). The new rates kick in from today.
Dax Harkins, chief executive at NS&I, said: “Guaranteed Growth Bonds and Guaranteed Income Bonds are popular with our customers and I’m pleased that we’re able to announce these changes today for new and existing customers to take advantage of.”
Elsewhere, NS&I is changing the way its fixed rate Savings Certificates work.
From 23 July, savers renewing their certificates won’t be able to withdraw cash before the end of the new term.
Prior to this change, money could be withdrawn from the certificate at any time – in exchange for a penalty fee worth 90 days’ interest.
Savings Certificates allow customers to deposit a lump sum between £100 and £15,000, and earn a fixed rate of interest (tax-free) for between two and five years.
The savings bank also offers an index-linked certificate, which pays a rate of interest equivalent to the current Consumer Price Index (CPI) plus 0.01%.
Savings certificates are no longer on sale to new customers, and the change in withdrawal policy only applies to existing savers approaching renewal.
7 July: HSBC, Coventry BS, Yorkshire BS Boost Returns
Three providers have boosted rates across a range of savings accounts from today, as the Financial Conduct Authority urges banks to do more to support savers, writes Bethany Garner.
The moves follow rate rises across the stable of brands run by Lloyds Banking Group yesterday (see story below).
HSBC is boosting a handful of savings rates from today.
The bank’s Fixed Rate Saver accounts have seen rates increase by 0.65%. Its one-year Fixed Rate Saver will pay 5.05% AER from today, while its two-year counterpart will pay 5.10%
Meanwhile, HSBC’s Premier Loyalty ISA and Advance Loyalty ISA saw rates increase by 0.20%, to 3.20% and 2.70% AER respectively.
Coventry Building Society is increasing returns paid on variable rate accounts by up to 0.60 percentage points from today.
Its Easy Access Account and Easy Access ISA will pay 2.85% AER – up from 2.50% – while the Limited Access ISA will pay 4.10% AER, up from 3.50%.
Meanwhile, its 30 Day Notice Account and 30 Day Notice ISA will both see rates climb by 0.30 percentage points, to 2.90% AER, while the Easy Access ISA (Online) is receiving a 0.40 percentage point boost – taking the interest rate to 3.20% AER.
The provider’s Limited Access Saver (Online) will now pay 4.30% AER – up from 3.55%.
Coventry’s Regular Saver, Regular Saver ISA, Regular Savings Account and First Home Saver (2) will all see rates improve from 4.40% to 4.80% AER.
The mutual’s Junior Cash ISA has also received a 0.40 percentage point boost, and now pays 4.70% AER.
A number of accounts that are no longer open to new applicants – such as the Privilege ISA, Privilege Reward ISA and Help to Buy ISA – have received an uplift of up to 0.40% percentage points.
The society has also recently launched two fixed rate cash ISAs. Its Fixed Rate Cash ISA 30.09.2024, which matures next September, pays 5.30% AER, while the Fixed Rate Cash ISA 3009.2025, which matures in September 2025, pays 5.40%. Both accounts are market-leaders at time of writing.
Yorkshire Building Society launched a range of fixed rate cash ISAs yesterday. Its one-year fixed rate ISA pays 5.10% AER, while its two and three-year equivalents both pay 5.20% AER.
Marcus by Goldman Sachs is also raising interest rates on three of its accounts.
From today, the provider’s Online Savings Account and Cash ISA will see rates rise from 3.73% to 4.00% AER. This includes a bonus rate of 0.34 percentage points (gross), which expires after 12 months.
The Maturity Saver account will pay 3.64% AER – up from 3.39%.
These improved rates come as the bosses of four major banks – HSBC, Barclays, NatWest and Lloyds – met with the Financial Conduct Authority (FCA) yesterday to discuss the growing disparity between rates charged for borrowing and rates paid to savers.
The UK’s financial watchdog says it has begun to see banks and building societies improve savings rates, but wants progress to accelerate. It expects providers to pass on interest rate rises to savers more quickly, and help customers access the best rates available.
These changes will fall under the FCA’s new Consumer Duty guidelines, which come into effect at the end of July.
Consumer Duty will require banks, building societies, insurance providers and other financial services firms to maintain a higher standard of consumer protection, and prove they are acting in the best interest of customers.
The FCA will also report what the savings market is doing as a whole to help support savers at the end of this month.
Victor Trokoudes, founder of financial app Plum, said: “Banks want to maximise the difference between the rate they lend at and their cost of deposits in order to grow their new interest margin. That means they’re effectively incentivised to pay the lowest possible rate to their depositors to maximise profits.
“[Yesterday’s] announcement suggests the FCA was hoping to embarrass the high street banks into action by shining a light on the issue. It remains to be seen to what extent banks will accelerate rate rises and more effectively communicate better value products to their customers. Even after their recent rate increases, most high street banks still offer an easy access rate of less than 2%.”
6 July: Halifax, Bank Of Scotland, Lloyds Accounts See Increases
Lloyds Banking Group has announced it is boosting rates across a range of savings accounts, writes Bethany Garner.
The group – which owns brands including Lloyds Bank, Halifax and Bank of Scotland – is increasing rates on a number of fixed and variable accounts by as much as a full percentage point.
These new rates come as the chief of Lloyds Bank – along with representatives from HSBC, Barclays and NatWest – prepare to meet the Financial Conduct Authority today to discuss the widening gap between rates charged to borrowers and rates paid to savers.
Fixed rates
From 12 July, the Halifax one-year fixed rate ISA and one-year Fixed Saver will both see rates increase by 0.50 percentage points, to 5.30% AER. Their two-year counterparts will also increase by the same amount to 5.35% AER.
Lloyds Bank is raising rates on its one and two-year fixed rate accounts. The one-year Fixed Rate Cash ISA and one-year Fixed Bond will pay 5.45% AER from 12 July – up from 4.95%.
The bank’s two-year Fixed Rate Cash ISA and two-year Fixed Bond will also receive a boost of 0.50 percentage points, to 5.50% AER.
Bank of Scotland’s one-year Fixed Rate Cash ISA and one-year Fixed Bond are undergoing the largest rate hikes, with both accounts paying 5.45% AER from next week – a full percentage point increase.
Their two-year counterparts will see rates increase by 0.95 percentage points from next week. The two-year Fixed Rate Cash ISA will pay 5.50% AER, while the two-year Fixed Bond will pay 5.00%.
Variable rates
Rates are also set to rise by up to 0.80 percentage points across several of the group’s variable rate accounts.
From 20 July, the Halifax Everyday Saver and ISA Saver Variable accounts will pay between 1.15% and 1.65% AER – up from a range of 0.95% to 1.35% AER. These accounts pay a tiered rate of interest depending on the saver’s balance.
Elsewhere, the ISA Reward Bonus Saver and Reward Bonus Saver will see rates rise by 0.80%, to 4.20% AER, while the ISA Bonus Saver and Bonus Saver accounts are set to pay 4.10% AER – up from 3.30%.
The bank’s Kids Saver and Junior ISA accounts will receive uplifts of 0.20 and 0.25 percentage points respectively, paying 3.25% and 3.50% AER.
While Help to Buy ISAs are no longer available to new customers, existing account holders will also see their rates rise by 0.25 percentage points to 2.75% AER.
Lloyds Bank is upping rates on the Easy Saver and Cash ISA Saver. From 20 July, the accounts will pay 1.10% to 1.80% – up from 0.90% to 1.50%. Both accounts pay a tiered rate of interest that varies depending on the customer’s balance.
The Club Lloyds Saver, which also pays a tiered rate of interest, will see rates rise by 0.20 percentage points to between 1.50% and 2.20% AER.
Both the Club Lloyds Advantage Saver and Advantage ISA Saver will undergo the largest increase, with rates rising 0.80 percentage points to 4.00% AER.
Lloyds’ Junior ISA and Child Saver accounts will also receive a boost of 0.25 and 0.35 percentage points respectively, taking both accounts to 3.00% AER.
Existing Help To Buy ISA customers will see an uplift of 0.25 percentage points, with the account paying 2.75%.
Bank of Scotland’s Access Cash ISA and Access Saver, which pay a tiered rate of interest depending on the balance, will see rates rise to 1.15% to 1.65% AER.
The bank’s Advantage ISA Saver and Advantage Saver will both pay 4.00% from 20 July – representing a jump of 0.80% percentage points.
Both the Junior ISA and Childrens Saver accounts will see rates boosted to 3.00% AER – up from 2.75% and 2.65% respectively.
Finally, existing Help To Buy ISA customers will receive a rate increase of 0.25% percentage points, taking the account AER to 2.75%.
6 July: Shawbrook Looks To Stimulate Switching Market
Shawbrook Bank is launching an easy access savings account paying a market-topping 4.35% AER (variable) on balances above £1,000, writes Bethany Garner.
The instant access account can be opened online, and allows savers to make unlimited deposits and withdrawals without notice. Interest on the account is calculated daily, and can be paid either monthly or annually.
With this new rate, Shawbrook joins a flurry of providers boosting savings returns in the wake of the Bank of England’s decision to increase the bank rate to 5.00%.
The move also comes as chief executives from four major banks – HSBC, Barclays, NatWest and Lloyds – prepare to meet the Financial Conduct Authority later today to discuss the growing gap between rates charged to borrowers and rates paid to savers.
At time of writing, these high street banks lag behind lesser-known providers when it comes to savings rates.
While Shawbrook’s new account is a market-leader in the easy access category, it currently shares the top spot with Family Building Society’s Online Saver.
This easy access account – also paying 4.35% AER (variable) – can be opened online from £100, with interest calculated daily and paid annually.
Adam Thrower, head of savings at Shawbrook, said: “Our research shows that almost half (46%) of Brits have yet to take advantage of higher rates, and instead have been keeping their savings in low-paying or non-interest earning current accounts.
“Our new market-leading easy access account should encourage those who have savings in current accounts or other low-paying accounts to switch.”
Renewed competition among providers to offer the top rate may be welcome news for savers, but stubbornly high inflation continues to erode returns.
Annual inflation, as measured by the Consumer Price Index (CPI) sat at 8.7% in the year to May 2023.
5 July: Mutual Reveals Rise Ahead Of Bank Grilling Tomorrow
Nationwide Building Society is raising rates on several savings accounts from next week, with some increases as high as 0.80 percentage points, writes Bethany Garner.
The move comes as chiefs from four major banks – HSBC, Barclays, NatWest and Lloyds – prepare to meet the Financial Conduct Authority tomorrow to discuss the widening gap between rates charged for borrowing and rates paid to savers.
The Treasury Select Committee of MPs has also written to the banks demanding to know why interest rate increases take longer to reach their savings account customers.
Nationwide’s increase is the second time it has hiked rates in recent months – with a handful of accounts having already received a boost from 1 July.
From 14 July, Nationwide’s Instant Access Saver, Instant ISA Saver and Cashbuilder accounts – which pay a tiered rate of interest depending on the saver’s balance – will pay between 2.15% and 2.25% AER, up from 1.35% to 1.50%.
Its regular savings account – Start to Save 2 – is set to pay 5.50% AER, up from 5.25%.
The society’s member-only Loyalty accounts will receive an uplift, too. Interest paid on the Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA is increasing from 3.30% to 3.50% AER.
Nationwide is also hiking rates on its children’s accounts by up to 0.75%. The Child Trust Fund, Junior ISA and Future Saver accounts will all pay 4.00% AER – up from 3.25%.
Meanwhile, from 1 August, Nationwide is raising rates on a selection of limited access accounts.
The provider’s Triple Access Online ISA and Triple Access Online Saver will see rates increase from 3.30% to 3.50% AER – though this new rate falls to 2.15% if savers exceed their withdrawal limit.
Elsewhere, the society is launching a suite of one-year fixed rate accounts from today.
Its new Fixed Rate Online Bond, Fixed Rate Branch Bond and Fixed Rate ISA will all pay a competitive 5.10% AER on balances from £1.
3 July: Premium Bond Odds To Improve From August
National Savings and Investments (NS&I), the government-backed savings bank, is adding £30 million to the Premium Bond prize fund from August, writes Bethany Garner.
This takes the prize fund rate – the effective rate of return paid by the fund in aggregate – from 3.70% to 4.00%, its highest level since 2007. No individual bondholder is guaranteed any return from the fund.
The odds of each £1 bond winning a prize is set to increase from August – improving from one in 24,000, to one in 22,000.
The majority of new prizes added to the monthly draw will be worth £25 to £100, but the number of larger prizes is also rising.
There will be an additional six £100,000 prizes, 13 more £50,000 prizes and 24 more £25,0000 prizes. There will still be just two £1 million prizes in each draw.
This change follows hot on the heels of NS&I’s last prize fund hike, which saw £39 million added to July’s prize draw (see story from 23 June).
Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “It’s a boost for over 22 million people with bonds and may well attract even more savers in the coming months.
“Anyone considering snapping up Premium Bonds needs to understand the price they pay. In an average month a typical bond holder will win nothing, and unless you’re unusually lucky you won’t get close to a return of 4%.
“While interest rates are higher, you’re missing out on more interest elsewhere by opting for Premium Bonds.
“However, there will be plenty of people who think this is a price worth paying for the chance of winning a life-changing sum of money. You could be one of the 1,310 people in August who win £25,000 or more – or one of two to take away £1 million.”
NS&I has also announced that it is upping interest rates on two easy access savings accounts. From 13 July, NS&I’s Direct Saver and Income Bond will both see rates rise from 2.85% to 3.40% AER.
29 June: Easy Access Account Pays 4.30% As Providers Up Rates
More providers have boosted rates across a range of savings accounts in the wake of the latest Bank Rate hike, writes Bethany Garner.
HSBC has announced it will raise rates by up to 0.40% across a number of savings accounts from tomorrow (30 June).
Interest on the bank’s instant access Premier Savings account will rise from 1.60% AER (variable) to 2.00%, while the Flexible Saver will pay 1.75% AER (variable) – up from 1.35%.
HSBC’s Online Bonus Saver will also see an uptick in the amount of interest paid. The account pays a higher rate on the first £10,000 – but from tomorrow, this threshold is rising to £50,000.
The account also pays a bonus rate each month that savers avoid making a withdrawal.
From tomorrow, balances up to £50,000 will earn 4.00% AER (variable) if savers have not made a withdrawal in the previous month, or 2.30% AER if they have.
The standard rate paid on any portion of the balance above £50,000 is also increasing, from 1.35% to 1.75% AER (variable). When savers have not made a withdrawal in the current month, the bonus rate on this portion of the balance will continue to be 2.30% AER.
HSBC says the changes could net savers with at least £50,000 up to £680 in additional interest each year.
Online-only bank First Direct, an HSBC subsidiary, is boosting rates on three of its savings accounts.
The bank’s one-year Fixed Rate Saver will pay 5.00% AER from today – up from 4.60% – while its easy access FD Savings Account will see rates rise by 0.40% to 1.75% AER from 30 June.
The FD Bonus Savings Account will pay up to 4.00% AER (variable) on balances up to £50,000. Cash above this threshold will continue to earn 2.30% AER.
The Bonus Savings Account pays a lower rate of 1.75% AER (up from 1.35%) when savers have made a withdrawal the previous month.
Newcastle building society has launched a market-leading easy access account paying 4.30% AER (variable) on balances from £1 to £250,000.
The Base Rate Tracker account guarantees an interest rate that does not fall more than 0.70% below the current bank rate until the end of 2025.
It’s available to both new and existing customers, and can be opened online or in a branch. Savers can access their cash any time without notice, and interest is paid monthly.
Yorkshire building society has announced it will raise rates by up to 0.50% across all variable rate savings accounts from 6 July.
The provider’s Internet Saver Plus account, Rainy Day account, and Regular Saver accounts will all see rates jump by 0.50%.
The Internet Saver will pay 4.00% AER (variable) – up from 3.50% – while the Rainy Day account will offer 4.35% AER on balances up to £5,000, and 3.70% AER on balances above £5,000.
Meanwhile, the society’s Access Saver Plus account will see rates rise from 3.05% to 3.35% AER.
While rising rates may be welcomed by many savers, those forced to dip into their funds to make ends meet may not see the benefit.
According to the latest Bank of England figures, UK households withdrew £4.6 billion (net) from banks and building societies in May.
27 June: Providers Reserve Best Deals For Existing Customers
Lloyds Bank is rewarding existing customers with exclusive cash ISA rates, writes Bethany Garner.
The bank has launched two fixed-rate ISAs, paying up to 5.05% AER on balances from £3,000.
While the accounts are open to anyone, only customers who have held a personal current account with Lloyds for at least 40 days receive the highest rates – which include a 0.05% bonus.
Its one-year fixed rate ISA pays 4.95% AER to new customers, and 5.00% to existing customers. At time of writing, this bonus rate edges the account into position as market-leader.
Its two-year counterpart pays 5.00% AER to new customers, and 5.05% to existing customers – just 0.05% shy of the current market leader.
Interest on both ISAs is calculated daily, and paid either monthly or annually.
Lloyds is not the only provider to offer better deals to its existing customers.
Nationwide Building Society recently paid out £100 to qualifying members under its profit sharing programme, Fairer Share (see story from 19 May).
Nationwide also offers a range of members-only Loyalty accounts, which pay up to 3.30% AER at time of writing.
Elsewhere, Saffron Building Society recently launched a market-leading regular saver, available exclusively to members who have held an account with the provider for at least 12 months.
The Members’ Month Loyalty Saver pays 9% AER (fixed), and allows savers to pay in up to £50 each month for a year.
23 June: New Market-Leaders Emerge To Boost Competition
Several savings providers have boosted returns across a range of savings accounts, as interest rates continue to climb, writes Bethany Garner. Here’s what’s happening.
Halifax has increased interest rates by 0.50% on four of its fixed-term accounts today.
- The bank’s one-year fixed rate ISA, and one-year Fixed Saver, saw rates rise to 4.80% AER.
- Elsewhere, its two-year fixed rate ISA, and two-year fixed rate Saver, will now pay 4.85%.
Lloyds Bank has increased the returns on its fixed rate products by up to 0.50%.
- The one-year Fixed Rate Cash ISA and one-year Fixed Bond will pay 4.95% AER from today – an increase of 0.50%
- The two-year Fixed Rate Cash ISA and two-year Fixed Bond now pay 5.00% AER, representing a rise of 0.45%.
Shawbrook Bank announced the launch of four fixed rate cash ISAs today (Friday 23 June) with its one-year fixed rate ISA paying a market-leading 4.82% AER (fixed).
The bank’s two, three and five-year fixed rate ISAs pay competitive 4.93%, 4.82% and 4.65% respectively.
Accounts are online-only and require a minimum deposit of £1,000. The maximum deposit matches the £20,000 annual ISA allowance. No further deposits are allowed and early withdrawals are subject to the loss of 90 days’ interest.
Paragon Bank has increased rates across 10 of its savings accounts, also effective from today.
Fixed rate bonds
- One-year fixed rate and 18-month fixed rate accounts now pay 5.40% AER – up from 4.95%
- The two-year fixed rate account pays 4.45% AER, an increase of 0.50%
- Newly-launched three-year fixed rate account now pays 5.30% AER
- Green three-year fixed rate account now pays 5.30% – up from 4.85%
- Five-year fixed rate account now pays 5.00% AER – up from 4.50%.
Fixed rate ISAs
- Paragon’s three-year fixed rate ISA has increased its rate from 4.35% AER to 4.75%
- Five-year fixed rate ISA now pays 4.65% AER, up from 4.00%
Notice accounts
- The bank’s 120 day Notice account rate has risen from 4.00% AER to 4.60%
- Its 180 day Notice account will pay 4.65% AER, representing a chunky increase of 0.60%.
National Savings & Investments
National Savings and Investments (NS&I), the government-backed savings bank that oversees premium bonds, has made the following changes:
- Junior ISA rate increased from 3.40% to 3.65% AER. Around 89,000 young savers will benefit from the rise
- Adding £39 million to its prize fund taking the effective prize fund rate to 3.70%, with effect from the July draw.
The majority of new prizes will be worth £50 or £100 – but there will also be eight additional prizes at £100,000, 16 at £50,000, and 32 at £25,000.
Each draw will continue to feature just two £1 million prizes, and the odds of each bond winning a prize remains unchanged at 24,000 to 1.
Marcus by Goldman Sachs is hiking interest rates on two savings accounts from 21 June (Wednesday):
- Online Savings Account now pays 3.75% AER (variable) – up from 3.50%
- The Cash ISA pays 3.75% AER (variable), an increase of 0.25%
Both accounts include a 12-month bonus rate of 0.34%.
Nationwide building society has announced it will raise interest rates on several accounts from 1 July as follows:
- Members-only Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will pay 3.30% AER (variable) – an increase of 0.10%
- 1 Year Triple Access Online ISA will see rates rise from 3.20% to 3.30%.
- Instant Access Saver, Instant ISA Saver and Cashbuilder accounts – which pay a tiered rate of interest depending on the customer’s balance – will pay between 1.35% and 1.50% AER, up from between 1.25% and 1.50%.
While climbing rates is welcome news for savers, providers have come under fire for failing to pass on full rate rises to savers (see story below).
The Bank of England raised interest rates by 0.5 percentage points yesterday to 5% – the highest level for 15 years.
8 June: Loyal Customers ‘Squeezed By Measly Interest Rates’
MPs who last month quizzed Nationwide, Santander, TSB and Virgin Money about low rates of interest on their easy access savings accounts have published the responses they received.
The cross-party Treasury Select Committee is concerned that the rates on offer are too low compared to the Bank of England Bank Rate.
In February, when the Committee launched its enquiry, leading banks and building societies were paying between 0.5 and 0.65 per cent for easy access savings accounts. The range has since risen to between 0.7 and 1.35 per cent.
The Bank rate was 4% in February and now stands at 4.5% after two increases of 0.25 percentage points.
The Bank of England has noted that the ‘pass-through’ of interest rate rises to savers has been “unusually weak”.
The Financial Conduct Authority, the market regulator, has also expressed concerns about low rates on offer to savers, threatening interventions if the situation does not improve.
Harriett Baldwin MP, chair of the Committee, said: “It’s clearer than ever that the nation’s biggest banks need to up their game and encourage saving.
“While other products are available to those who shop around, the measly easy access rates on offer lead us to conclude that loyal customers are being squeezed to bolster bank profit margins.
“We remain concerned that the loyalty penalty is especially prominent for elderly and vulnerable customers who may still rely on high street bank branches.”
In their responses, the four institutions argue that they offer a range of savings products, with rates on offer that are much higher than on their ordinary savings accounts. Each provider said it communicates with customers to make them aware of accounts that have higher rates of interest on offer.
The Bank Rate is widely expected to rise to 4.75% or 5% when the next decision on interest rates is announced on 22 June.
7 June: Banks To Reimburse Victims Of Fund Transfer Fraud
From 2024, banks and other payment process companies will be required to reimburse customers who fall prey to authorised push payment (APP) scams, the Payment System Regulator announced today.
APP scams see victims tricked into sending money directly to a fraudster, who may be posing as a legitimate company or government body. According to figures from trade body UK Finance, £485.3 million was lost to APP fraud in 2022 alone.
The forthcoming regulations will apply to transfers made through Faster Payments – the system through which the regulator says most APP fraud takes place.
When the new rules come into force, banks and other companies that use the Faster Payments system will be required to reimburse the victims of APP scams.
These regulations will apply to over 1,500 payment service providers from 2024.
The cost of reimbursement will be evenly split between the company that sent the money – such as the victim’s bank – and the company responsible for the running of the account that received the fraudulent payment.
Victims must be repaid within five business days.
However, victims could be denied a reimbursement if their provider believes it was caused by ‘gross negligence’, or if they wait more than 13 months to report the scam.
Victims deemed ‘vulnerable’ to APP scams cannot be denied reimbursement on the grounds of gross negligence.
The PSP says it will provide clear guidance on minimum reimbursement claims and what level of excess victims may have to contribute towards the claim they make – suggested at £35. The regulator will also publish data on how well firms are protecting their customers from APP fraud.
As well as supporting the victims of APP fraud, the PSP say these new rules will encourage banks, building societies and other firms that handle payments to step up their fraud prevention efforts.
Chris Hemsley, managing director of the PSR, said: “Once implemented, our changes will deliver a major shift from the status quo, giving everyone across the payments ecosystem a reason to act to prevent fraud from happening in the first place.
“That means everybody who makes payments can do so with much greater confidence, knowing that they will be better protected against fraudsters.”
While the PSP hopes these regulations will reduce instances of APP fraud – and support customers who do fall victim – there are some limitations.
In their current form, the regulations will not apply to international payments, or those made through other systems such as CHAPS, BACS, card purchases and some other transfers.
These regulations form part of a larger effort to crack down on financial fraud, which has been on the rise as unscrupulous scammers take advantage of people’s increased financial vulnerability amidst the cost-of-living crisis.
In May, the government announced its new fraud strategy, which will place a blanket ban on cold calls offering financial products.
It will also ban ‘Sim farms’ – where criminals send fraudulent text messages to thousands of people at once – and bar scammers from impersonating the phone numbers of banks and other legitimate businesses.
While these measures will be welcomed by consumers, remaining vigilant is vital. To reduce the likelihood of falling for a scam, Citizens Advice advises individuals watch out for the following warning signs:
- Offers that seem too good to be true
- Communications that do not appear genuine
- Pressure to act quickly
- Requests to use an unusual payment method
- Communications that request personal information.
5 June: 12-Month Deal Accepts £250 Monthly Deposits
Skipton building society has launched a regular saver account offering 7.5% AER, fixed for 12 months, writes Bethany Garner.
The account is available exclusively to Skipton Building Society members who joined before 31 May 2023. Account holders can set aside up to £250 each month, but there’s no obligation to make a deposit every month.
Any unused subscriptions can also be rolled over into subsequent months, provided savers do not deposit more than £3,000 over the account’s 12-month term.
Interest is calculated daily and paid when the account matures after 12 months. Withdrawals are not permitted, but savers can close the account any time – although this means sacrificing the interest earned so far.
Savers who set aside the maximum subscription of £250 per month would earn £121 in interest.
Skipton is not the only provider to bring out a competitive regular saver account this month. Last week, Saffron Building Society launched its Members’ Month Loyalty Saver – a members-only account paying 9% AER (fixed for 12 months), when savers deposit up to £50 per month.
As savings rates continue to climb, research by online provider, Atom Bank, has found that 50% of UK adults have never switched savings accounts.
The study, which surveyed 2,000 UK adults in April 2023, found that 24% of those who have not switched savings accounts avoided the process because they believe it will be ‘too much hassle.’
This hesitancy could be costing savers hundreds of pounds. According to Atom’s analysis, individuals who hold £10,000 in an easy access account could earn an additional £227 of interest each year by transferring the balance from a high street bank to a challenger bank.
At time of writing, the average easy access rate offered by Barclays, HSBC, NatWest, Lloyds, TSB, Virgin Money and Nationwide paid 0.88% AER (variable) – considerably lower than the 3.88% AER (variable) offered by the current market leader, Principality Building Society.
Mark Mullen, chief executive officer at Atom Bank, said: “The myth remains that switching banks is a time-consuming and difficult process. Savers today have the best rates at their fingertips, and just a few clicks on a decent app can earn them an extra few hundred pounds a year.
“The sooner people realise this, the sooner big banks will be forced to change their ways.”
1 June: First Direct Also Boosts Savings Returns
Saffron Building Society today launched a market-leading savings account paying a 9% AER, writes Bethany Garner.
The Members’ Month Loyalty Saver is only available to existing customers who have held a Saffron Building Society account for at least 12 months.
At time of writing, this limited edition account – available until 30 June 2023 and lasting for a 12-month term – is the only savings account on the market to pay an interest rate that beats the official headline rate of inflation, which stands at 8.7%.
Savers can pay in up to £50 each month, and the minimum opening deposit is £1.
Interest on the account is calculated daily, and paid at the end of the 12-month term. An account holder who deposited £50 each month and avoided making any withdrawals would earn £29.25 in interest.
Savers can access their cash any time, but are limited to one withdrawal per calendar month. The account can be opened online or in a branch.
The account’s launch coincides with Saffron’s first Members’ Month celebration, which rewards customers with events including a daily £100 prize draw over the month of June.
Colin Field, chief executive officer at Saffron, said: “We have introduced this chart-topping product to coincide with the launch of our first Members’ Month. The Members’ Month Loyalty Saver has been developed to show big support to our small savers.”
With its 9% interest rate, Saffron beats out the former market leader for regular saver accounts, First Direct, by 2%.
First Direct’s Regular Saver account pays 7% AER (fixed for one year) when customers deposit between £25 and £300 per month. A saver who deposited £300 into their account each month would earn £136.50 in interest at the end of its term.
First Direct also announced today it is raising interest rates by up to 0.50% on three of its other savings accounts from 8 June 2023.
The bank’s Bonus Savings Account – which pays an enhanced interest rate each month savers avoid making withdrawals – will offer 3.50% AER on balances up to £25,000 (up from 3.00%), and 2.30% AER on balances greater than £25,000 (up from 2.00%).
A lower rate of 1.35% will be paid each month the customer makes a withdrawal (up from 1.30%).
Meanwhile, First Direct’s easy access FD Savings Account will see rates increase from 1.30% to 1.35% AER (variable) from 8 June, while its Cash ISA rate will increase from 2.30% to 2.50% AER (variable).
First Direct and Saffron are not the only providers raising rates in the wake of the latest bank rate hike, which saw the Bank of England raise its bank rate to 4.5% – the 12th consecutive increase in 18 months.
Elsewhere, the online savings bank Shawbrook launched a one-year fixed rate bond paying a market-leading 5.06% AER, and a cash ISA paying 4.43%, fixed for 12 months.
19 May: Society Unveils Member-Only 2-Year Bond At 4.75%
Eligible customers of Nationwide building society will receive a £100 bonus under its Fairer Share reward programme, announced today.
As a mutual organisation, Nationwide’s customers are ‘members’ who effectively own the society. It is funding the payments and a member-only Fairer Share Bond out of its annual profit of £2.2 billion for the year to April (up from £1.6 billion in 2021/22).
To be eligible for the £100 payment, a member must have a:
- qualifying current account and
- qualifying savings or mortgage account.
The current account must already have been open on 31 March and the member must also have an open current account in June.
For savings accounts, the member must have had at least £100 in total in one or more Nationwide personal savings accounts or cash ISAs at the end of any day in March 2023.
For mortgages, the member must have owed Nationwide at least £100 on a residential mortgage on 31 March 2023.
You can access the society’s eligibility checker here.
Will I pay tax on this payment?
The Fairer Share £100 payment counts as taxable savings income, which means it is treated in the same way as any interest you earn on your savings account or current account. If you are a 20% basic rate taxpayer, you can earn interest of £1,000 each financial year without paying tax – this is your Personal Savings Allowance (PSA). If you pay 40% higher rate tax, the amount on interest you can earn tax-free is £500 a year thanks to your PSA – so £100 would represent a fifth of your allowance. If you pay the additional rate of tax at 45%, you do not have a PSA.
No tax will be deducted from the payment by Nationwide, but the society will report it to HM Revenue & Customs (HMRC), as is required. You must account for any tax you owe for a particular financial year via a self-assessment tax return.
Payments will be made automatically to qualifying members – there is no need for action. The society will get in touch with eligible members from today, and payment will be made into current accounts from 13 June to 30 June.
Nationwide says it intends to make such payments annually, provided it would not be detrimental to its financial strength.
The new Fairer Share Bond, which is already on sale, is a two-year fixed-rate bond paying 4.75%. It is available to Nationwide members who were customers of the society yesterday, 18 May.
This rate is slightly below the 4.95% paid by a number of other financial providers.
17 May: Govt-Backed Bank’s Direct ISA Gets Quarter Point Uplift
National Savings and Investment (NS&I), the government-backed savings bank that oversees premium bonds, has increased the interest rate on its Direct ISA by 0.25 percentage points, to 2.40% AER, writes Bethany Garner.
This marks the second time the bank’s ISA rate has been hiked since the start of 2023, and will benefit more than 333,000 NS&I savers.
Despite the increase, NS&I’s ISA rates fall behind current market leaders. At time of writing, the leading variable rate cash ISA, provided by Furness Building Society, pays 3.55% AER 1.15% points higher than the Direct ISA.
NS&I has also increased the value of its premium bond prize fund five times in the last 12 months, taking the total to £331.5 million (see story from 14 February).
11 May: Nationwide, Santander, TSB, Virgin Called To Account
Pressure is mounting on bank bosses over poor interest rates on their savings accounts, despite a huge uplift in the Bank of England Bank Rate over the past year, writes Jo Thornhill.
The influential cross-party Treasury Select Committee of MPs has written to the bosses of Nationwide, Santander, TSB and Virgin Money, questioning the interest rates on easy access savings products and how Bank Rate rises are passed on to customers.
The Committee also asked providers how they communicate with those of their customers who have cash in lower paying accounts regarding higher savings rate deals that may be available.
Nationwide, Santander, TSB and Virgin Money have been given until 24 May to respond.
In the letters, Harriet Baldwin MP, chair of the Committee, highlights the increased pre-tax profits recorded at each of the banks in 2022, which she states were £1.9 billion for Santander, £1.6 billion for Nationwide, £595 million for Virgin Money and £183 million for TSB.
The inference made in the letters is that profits are being boosted at the expense of loyal savers, who have not benefited from increased savings rates.
- Yorkshire building society is to add 0.25% onto the rates paid on its variable rate savings accounts. It means instant access accounts will pay a minimum rate of 3.05% (3.25% for restricted access accounts). New accounts will pay a minimum of 3.05%. The change will take effect from 17 May.
- Digital bank Chase is to increase the rate on its saver account from 3.1% to 3.3% – just short of the full quarter-point Bank rate increase – for new and existing customers, with effect from 22 May.
Last month, the Financial Conduct Authority wrote to the Committee in response to its request for more evidence on savings rates and competition in retail banking. Nikhil Rathi, FCA chief executive, agreed with the MPs’ opinion that many savers have lost out as interest rates have risen.
He said: “It is, and has been, standard practice for firms to offer more attractive rates to new savers, while leaving existing savers earning less competitive rates. We expect that the harm from this practice (and the loyalty penalty faced by longstanding customers) will have increased as the base rate has risen.”
In her letter to Mike Regnier, UK boss of Santander, Ms Baldwin said: “The Bank of England has increased the base rate from 0.25% in January 2022 to 4.25% currently. The interest rate on the Santander ‘everyday saver’ account for deposits is currently 0.7%.
“Please could you therefore answer: How does Santander UK determine how increases in the base rate are passed on to its savers? Why is the interest rate on its ‘everyday saver’ account so much lower than the base rate? And How does Santander UK communicate with its consumers, in particular those with large balances in their ‘everyday saver’ account, to make them aware of what could be more suitable, higher rate savings options available to them.”
Nationwide, Santander, TSB and Virgin Money have said they will respond separately by the deadline.
A Santander spokesperson said: “We have received the letter from the Treasury Committee and look forward to providing them with our response. Over the last few months we have launched some market-leading rates across our Cash ISAs and savings accounts.
“Our 123 current account offers 2% interest on balances up to £20,000 and our Edge current account has a linked savings account paying 4%. Both of these accounts allow customers to withdraw money with no penalty.”
A Nationwide spokesperson said: “Our average deposit rate has been at least 42% higher than the market average in recent months and we will pay the best rates we can sustainably afford.
“We are different from banks because we are owned by our members, so we always look for opportunities to reward them with even better value.”
2 May: Bank Boosts Rates Across Range Of Products
Aldermore is increasing its interest rates by up to 0.40 percentage points across a range of savings deals including its Easy Access and Notice accounts and its fixed rate bonds, writes Jo Thornhill.
The bank’s Easy Access account is boosted to 3.4% (AER Annual Equivalent Rate) from 3.15%. Its Double Access Account Issue 1, which allows two withdrawals per year, is already among the market leading rates, although its rate remains unchanged at 3.55% AER.
The four-year fixed rate bond is also now market leading at 4.65% (AER), up from 4.45%.
Aldermore is increasing its fixed rate bonds across the board. Its one-year rate is now 4.6% (AER) up from 4.35% and its two- and three-year rates are both now paying 4.65% (up from 4.45% AER).
At the same time the bank has upped the rates on its Notice accounts and its Notice Isa. The 30-day notice account (non-Isa) is paying 3.45% (AER) up from 3.2% and the equivalent 30-day notice Isa is paying 3.2% (AER) up from 2.8%.
Ewan Edwards, director of savings at Aldermore said: “Offering customers good value on their savings is incredibly important and with these increases savers can rest easy knowing their hard-earned cash is working hard for them.
“Our increases today are across a range of different account types so you can get a great rate no matter what your saving goal is.”
28 April: Rates Climb By Up To 0.35% From Monday
Nationwide Building Society is raising interest rates on several savings accounts from 1 May, writes Bethany Garner.
Rates are set to rise by as much as 0.35% across Nationwide’s variable rate accounts.
Two limited access accounts – the Limited Access Saver and eSavings Plus accounts – will see interest rates increase by 0.35%, from 1.40% to 1.75% AER.
The provider’s Instant Access Saver (issue 10) will pay 1.55% AER from May – an increase of 0.25% – while both the Loyalty Saver and Loyalty ISA account will see rates rise by 0.20%, to 3.20% AER.
Meanwhile, rates paid on regular savings accounts such as the Flex Regular Saver will rise by 0.25%.
Nationwide is also increasing rates across its children’s savings accounts.The provider’s Child Trust Fund, Junior ISA and Future Saver accounts will all see rates rise by 0.25% – from 3.00% to 3.25% AER.
Tom Riles, director of retail products at Nationwide, said: “As a mutual, we are always keen to support savers and pay the best rates we can sustainably afford, which is why we are increasing rates on all variable rate accounts, including our popular Loyalty and Triple Access accounts.”
Nationwide is the latest provider to announce rate increases in the wake of last month’s bank rate hike from 4.00% to 4.25%. Marcus by Goldman Sachs raised rates on two of its popular accounts this week.Both the provider’s Cash ISA and Online Savings Accounts now pay 3.30% AER (variable).
It’s worth noting that this includes a bonus rate of 0.34%, which savers must actively apply to their account. The rate expires after 12 months, and savers could be offered a more competitive bonus rate in the interim. In this case, they can opt in to the new bonus rate, which replaces the old one even if it hasn’t expired.
24 April: Reduction In Permitted Deposits To Limit Fraud
Regulator the Financial Conduct Authority (FCA) is taking steps to reduce money laundering via the Post Office, writes Bethany Garner.
According to the National Economic Crime Centre (NECC), hundreds of millions of pounds are laundered through Post Office cash deposits each year.
Under the measures from the FCA, customers paying in cash will be encouraged to use their debit card rather than a paying-in slip where possible, which the regulator says will allow increased monitoring.
The maximum cash deposit for a single transaction is also set to be reduced from its current limit of £20,000, though new limits are yet to be confirmed.
To support these anti-money laundering efforts, Post Office staff will receive additional training in spotting suspicious activity. Banks and building societies will also be required to enhance their fraud monitoring activities.
Newly curbed deposit limits could impact customers who rely on cash for day-to-day money management – particularly those who do not have access to a physical branch of their bank.
The move may also affect digital banking customers, since many app-only providers accept cash deposits through the Post Office.
Local businesses that don’t have a bank near-by may equally struggle with a reduced cap on cash deposits.
Sheldon Mills, executive director of consumers and competition at the FCA, said: “We have worked in partnership with law enforcement, industry and government to ensure people and businesses can still draw on the vital cash banking services provided by the Post Office, while addressing gaps that criminals could abuse.”
20 April: MPs Join Condemnation Of Harm Done To Savers
Loyal savers have suffered increasing financial harm over the past year, according to the financial regulator, because banks have failed to pass on interest rate rises fairly, writes Jo Thornhill.
In a letter to the parliamentary Treasury Select Committee, the chief executive of the Financial Conduct Authority, Nikhil Rathi said: “It is, and has been, standard practice for firms to offer more attractive rates to new savers, while leaving existing savers earning less competitive rates.
“We expect that the harm from this practice (and the loyalty penalty faced by longstanding customers) will have increased as the base rate has risen.”
The Bank of England Bank Rate has risen from 0.1% at the end of 2021 to its current level of 4.25%, but the average interest rate on easy access savings is languishing at around 2%, according to financial data analysts Moneyfacts.
The next Bank Rate announcement is on 11 May.
The FCA’s letter comes in response to concerns expressed by the Committee last month that banks were earning disproportionate profits by increasing rates on mortgages far quicker than on their savings products.
Mr Rathi added that the FCA had ‘challenged’ some of the worst culprits who had failed to increase savings rates, or did so with a ‘material time lag’ compared to prompt increases to mortgage rates.
He told the Treasury Select Committee he expected that the FCA’s new Consumer Duty, which will come into force for new and existing products from 31 July, would benefit all groups of savers.
The new rules will place greater emphasis on financial providers offering fair and good value products to all customers.
Mr Rathi said change would require a “significant culture shift from firms”, adding that he has stressed to banks the FCA’s interest in how they have been “moving mortgage rates and savings rates, the considerations they balance and the governance around decisions made.”
He said: “Once the Consumer Duty is in force the FCA will be able to identify and act against practices that do not deliver good outcomes for consumers.”
In response to today’s FCA letter, Harriett Baldwin, chair of the Treasury Select Committee, said: “The regulator has now given us official confirmation that the UK’s biggest banks are profiting from interest rate rises and that loyal savers are being increasingly harmed.
“While it’s welcome to hear the financial regulator is monitoring this situation, we will be keeping a close eye to ensure they act on these assurances. Consumers should continue to shop around to get the best rates possible.
“With banks set to release their first quarter results in the coming weeks, we will be monitoring whether firms are continuing to squeeze profits from their loyal savings customers.”
14 April: Provider Leads Market For Non-App Accounts
Family Building Society has increased the rate on its Online Saver account to 3.40% AER, writes Bethany Garner.
The Online Saver account can be opened and managed exclusively online, and the minimum opening deposit is £100.
Savers can access their cash at any time without penalty, though the minimum withdrawal is £100.
At 3.40%, Family Building Society now offers the market-leading rate for non-app easy access accounts – and the highest in a decade, according to analysis from Savings Champion.
At time of writing, the overall market leader is app-only provider Chip, which offers an instant-access account paying 3.55% AER. Another app-based bank, Tandem, takes the runner-up spot with an instant access account paying 3.50% AER.
The rates offered by challenger banks such as these have outpaced traditional high street banks in recent years.
At time of writing, Halifax, Lloyds Bank, Santander and Barclays all paid interest rates under 1% on their standard easy access accounts.
Savers who rely on in-person banking services, or are unable or unwilling to use online or mobile banking, are likely to miss out on the most competitive rates in this climate.
Coupled with the hundreds of branch closures scheduled for 2023, accessing competitive savings accounts on the high street looks set to become even more challenging.
6 April: Provider Marks New Tax Year With Rates Up To 4.25%
Nationwide Building Society is launchingtwo fixed rate cash ISAs paying interest up to 4.25%, writes Bethany Garner.
The building society’s one-year Fixed Rate ISA comes with a rate of 4.10% AER, up 0.35% percentage points from its last issue.
Meanwhile, its two-year Fixed Rate ISA will pay 4.25% AER, representing an increase of 0.25% percentage points.
Each account can be opened with a lump sum between £1 and £20,000, and partial withdrawals are not permitted mid-term.
Both ISAs are available to new and existing customers, and can be opened in a branch, online or via the Nationwide app. The building society also accepts transfers from existing cash ISAs from other providers.
These new rates place Nationwide in close competition with current market leaders. At time of writing, the leading one-year fixed rate cash ISA, provided by Santander, pays 4.15% AER on balances from £500.
Virgin Money just bags the top spot for two-year fixed rate ISAs, with an interest rate of 4.26% AER on balances from £1.
Tom Riley, director of retail products at Nationwide, said: “Cash ISAs are an important product for savers, as interest doesn’t count towards the Personal Savings Allowance. They are a tax-efficient way to save for the short or long term.
“That’s why, to start the new tax year, we’re launching two fixed-rate ISAs offering some of the most competitive rates currently available on the market.
”The launch of these ISAs closely follows rate hikes on several other Nationwide savings products – including the One Year Triple Access Online Saver, now paying 3.00% AER (see story below).
31 March: Major Account Provider Responds To Bank Rate Hike
Nationwide is hiking interest rates on several of its savings accounts from 1 April, with many increases as high as 0.50% percentage points, writes Bethany Garner.
In raising its rates, the UK’s largest building society follows providers such as Yorkshire and Coventry building societies and Aldermore Bank, which increased rates in response to the latest bank rate hike (see story below).
From tomorrow, the interest rate on Nationwide’s One Year Triple Access Online Saver is set to rise by 0.50% points, from 2.50% to 3.00% AER, while both the Limited Access Saver and eSavings Plus accounts will see rates rise from 1.25% to 1.40% AER.
Elsewhere, the provider’s easy access rates will rise from 0.75% – 0.90%, to 1.00% – 1.25%. Interest paid on these accounts varies depending on the saver’s balance, with accounts worth £50,000 and above earning the highest rate.
Nationwide is also raising rates on three of its Loyalty accounts – the Loyalty Saver, Loyalty ISA, and Loyalty Single Access ISA – from 2.50% to 3.00% AER. Loyalty accounts are not currently open to new applications.
Tom Riley at Nationwide, said: “We remain committed to supporting savers, which is why we have increased rates on our popular loyalty, triple access, and instant access savings accounts where most balances are held.”
While many of these increases are chunky, Nationwide accounts fall behind current market leaders. At time of writing, the leading variable rate cash ISA, provided by Furness Building Society, pays 3.30% AER – 0.30% points higher than Nationwide’s highest paying ISAs.
Online-only provider, Chip, takes the top spot for easy access accounts, with an interest rate of 3.40% AER (variable).
24 March: Savings Rates Climb – But Many Fall Short Of Full Bank Rate Rise
Yorkshire and Coventry building societies, Aldermore Bank and app-based banks Monzo and Atom are among the savings account providers to have raised rates following yesterday’s increase in Bank Rate from 4% to 4.25%, writes Laura Howard.
Yorkshire has passed on the full increase across its easy access accounts, which now offer returns of 2.80% – or 3.0% on accounts with restricted access. All new accounts at Yorkshire will pay a minimum of 2.80%.
Aldermore has upped savings rates across a range of accounts, including its fixed rate cash ISAs, 1-year fixed rate bonds and ‘double access’ accounts (which permit up to two withdrawals per year).
But while Aldermore’s 1-Year Fixed Rate ISA benefits from the full hike – rising from 3.70% to 3.95% – its 2-Year Fixed Rate ISA increases by 15 percentage points to 3.90%, and its 3-Year by just five percentage points to 4.0%.
Monzo has increased the rate payable on its Instant Access account by just under the full Bank Rate hike – from 3% to 3.2%.
Digital bank Chase will increase rates on its 3.00% Saver Account by 10 percentage points to 3.10% from 3 April.
Rachel Springall at Moneyfacts points out that not all savings providers’ rate hikes may be directly linked to yesterday’s announcement – some may have been previously priced in.
Research from data provider Defaqto shows, with rates on cash the highest they have been for 10 years, it’s much easier for savers to breach the Personal Savings Allowance threshold.
The Allowance shields basic rate taxpayers from paying tax on the first £1,000 of interest earned a year. For higher rate taxpayers, the threshold is £500 a year.
Katie Brain, consumer banking expert at Defaqto, said: “It may be worth considering an ISA account instead this year in order to save without the tax liability.
“It is also worth noting that some of the best rates being offered across all accounts are not necessarily from the high street banks. It’s worth looking at building societies and challenger banks that are offering top rates right now, to get the most from your savings.”
7 March: ‘Forgotten’ Funds Remain Accountholders’ Property
The official Dormant Assets Scheme will direct £76 million from forgotten bank accounts towards cost-of-living support for financially vulnerable households, writes Bethany Garner.
Launched in 2011, the Dormant Assets Scheme aims to reunite funds held in products such as current and savings accounts with accountholders who, for whatever reason, have not touched their money for 15 years or more.
Unclaimed cash is redirected towards social and environmental initiatives. So far, the scheme has raised £892 million for these causes.
It should be stressed that money held in a dormant account continues to belong to the accountholder, and can be reclaimed at any time. The Scheme retains a pool of cash to cover this eventuality.
The government says £45 million of funding from the scheme will be distributed among 69,000 individuals struggling with the cost of living crisis. No-interest loans will be made via the government-backed body Fair4AllFinance.
The remaining £31 million will support charities and social enterprises working to improve households’ energy efficiency through schemes such as upgrading boilers, improving insulation and installing heat pumps or solar panels.
For the first time, community wealth funds can also apply for Scheme grants. These funds support communities in deprived areas, with local residents deciding how the money is spent.
Lucy Frazer MP, culture secretary, said: “This will have a real impact on people’s lives, help alleviate debt and provide money saving solutions for charitable organisations.”
In a bid to unlock additional funding, the Scheme will soon cover pensions, securities, investment accounts, and funds held in insurance or wealth management products. Currently, only bank and building society accounts are covered.
The change is expected to raise an extra £738 million.
14 February: Banks Bonus Battle To Attract Customers
Eligible customers who make a full switch of their current account to NatWest will receive a £200 cash welcome bonus from today, writes Laura Howard.
A full switch means using the Current Account Switching Service, which entails closing down your old current account.
Customers won’t be eligible if they are switching between banks within the NatWest Group – NatWest, RBS and Ulster Bank – or if they have been paid a switching bonus by any of these banks between 1 October 2017 and 13 February 2023.
The £200 welcome offer applies across NatWest’s full range of current accounts – Select, Reward, Premier Select and Premier Reward – and is also available on accounts at RBS and Ulster Bank.
To qualify for the welcome bonus, customers must apply online or via the NatWest app. They must then deposit a minimum of £1,250 into the account and log into the NatWest banking app within 60 days. The £200 welcome bonus will then be paid into the account within seven days.
First Direct, Lloyds Bank and TSB are also currently offering cash incentives to new customers switching current accounts.
14 February: £15 Million Boost To Premium Bond Prize Pay-Outs
National Savings and Investments (NS&I), the government-backed savings bank that oversees premium bonds, is increasing the value of its prize fund for the fifth time in 12 months, writes Bethany Garner.
From March 2023, NS&I will add around £15 million to its premium bonds prize fund. The majority of new prizes added to the monthly draw will be worth £50 or £100, but the number of larger prizes is also rising.
There will be an additional three £100,000 prizes, six more £50,000 prizes, and 12 more £25,000 prizes. There will continue to be just two £1 million prizes in each monthly draw.
However, the number of £25 prizes will fall by almost 250,000. The total number of prizes will remain the same, and the odds of each bond winning will remain at 24,000 to 1.
These changes will increase the effective prize rate from 3.15% to 3.35%, but it is possible to hold premium bonds and never win a prize. Prizes are paid tax-free.
NS&I is also increasing the interest rates on its Direct Saver and Income Bond products from 2.60% to 2.85% as of today.
Ian Ackerly, chief executive of NS&I, said: “We are committed to ensuring our products remain attractive and our customers can continue to save with confidence.
“Today’s changes mean that we continue to balance the interests of savers, taxpayers and the broader financial services sector.”
13 February: PO Cash Deposits At £1.4 Billion In January
The amount of cash deposited across the Post Office’s 11,500 branches increased by 9.3% in January compared to December 2022, writes Bethany Garner.
Account holders deposited £1.4 billion during January, up from £1.28 billion in December 2022.
The increase was largely driven by activity in Northern Ireland, where personal cash deposits soared almost 100% as households cashed in government energy vouchers.
On 16 January, the first 500,000 of these £600 energy vouchers were issued to households in Northern Ireland which don’t pay energy bills via direct debit.
They combine the £400 Energy Bills Support Scheme and £200 Alternative Fuels Payment into a single, one-off payment for every household in Northern Ireland. Vouchers will continue to be issued until the end of February.
Martin Kearsley, banking director at the Post Office, said: “We expect a significant amount of cash to be deposited in February too, and we expect cash deposits to remain higher than before the voucher scheme started as more people recognise they can do their everyday banking at Post Offices.”
Meanwhile, personal cash withdrawals decreased by 20% month on month, as consumer spending fell back following its Christmas uplift.
Business cash deposits totalled £1.09 billion in January, roughly the same as December.
As the number of bank branches and cash machines declines across the UK, the Post Office is likely to play a significant role in preserving access to cash.
According to Link, the UK’s largest cash machine network, the number of free-to-use ATMs dropped to 39,429 at the end of 2022, down by 25% since 2018.
9 February 2023: Time-Limited Offer Pays Up To £10 A Month
Nationwide current account customers will automatically earn cashback on supermarket spending from today, writes Bethany Garner.
Account holders will earn back 5% of what they spend – up to a maximum of £10 a month – when using their debit card at supermarkets and convenience stores.
Supermarket fuel is excluded, however.
The offer applies across all of Nationwide’s adult current accounts – FlexAccount, FlexPlus, FlexDirect, FlexStudent, FlexGraduate and FlexBasic.
The scheme will run either until 30 April 2023 or until £99 million has been paid out to customers —whichever is sooner.
Cashback will be paid directly into the customer’s current account. The minimum cashback payment is £3, which means account holders must spend at least £60 a month to qualify. Earning the maximum £10 cashback requires a monthly supermarket spend of £200.
The offer is available to both new and existing current account customers.
Tom Riley, director of retail products at Nationwide, said: “Food costs have risen sharply and many households now think carefully about how and where they shop. We’re helping members with £10 monthly cashback on supermarket spending.”
In launching the scheme, Nationwide joins the ranks of banks and building societies, such as Chase and Santander, offering cashback to their current account customers. At 5%, albeit capped at £10 per month, Nationwide’s cashback rate is a competitive first foray into this arena.
7 February: Chunky Rise From 3% On New 3-Year Bond Issue
NS&I, the government-backed savings bank, has launched a new issue of its three-year Green Savings Bond paying 4.20% AER, writes Bethany Garner.
This new rate is up from the 3% AER offered when the bond was last issued in August 2022, and places it just below the current market leader, Gatehouse Bank, which offers a three-year bond paying 4.45% AER.
Laura Suter, head of personal finance at AJ Bell, commented: “The [Green Savings Bonds] rate now is a far cry from the paltry 0.65% interest paid on these accounts when they were first launched almost 18 months ago.
“Someone who put £5,000 into the bonds at launch will be earning just £32.50 a year in interest, compared to the £210 a year that a new customer will be getting now. If they had invested £20,000 that difference in interest jumps to more than £700 a year.”
Savers can invest between £100 and £100,000 in the latest Green Savings Bond issue, and interest is credited to the account once a year. Cash held in the bond can’t be accessed until it matures after three years.
The bonds will help finance sustainability projects across the UK as part of the Government Green Financing Framework, which aims to achieve net zero greenhouse gas emissions by 2050.
Projects include improving energy efficiency, developing sustainable energy sources and tackling pollution.
Ian Ackerly, chief executive of NS&I, said: “This is an excellent new opportunity for savers who want to grow their funds over the next three years, at the same time knowing their investment will make a difference by helping finance the government’s green projects.”
6 February: Stock Market Bond To Pay 6.25%
The Royal Masonic Benevolent Institution Care Company (RMBI) has launched a six-year investment bond with an interest rate of 6.25%, writes Bethany Garner.
The minimum investment is £500, and subsequent investments must be multiples of £100. Savers can purchase bonds until 28 February 2023 – no further investments are allowed beyond this date.
RMBI – a charity that provides elderly and dementia care services across England and Wales – is issuing the bonds to support its work, including the replacement of six of its care homes.
Paying a fixed annual interest rate of 6.25%, it outstrips the most competitive fixed rate bonds on the market. However, as a retail bondit differs from bonds offered by banks and building societies in a number of ways.
First, as an investment rather than a savings account, it must be purchased through an investing platform. Platforms including AJ Bell and Hargreaves Lansdown are listing the RMBI bond.
Investors can also sell bonds before they reach maturity, and their value can go down as well as up. The RMBI bonds are expected to be admitted to the London Stock Exchange in March.
Interest on the bonds is paid in two instalments per year – each equivalent to 3.125% of the sum invested – on 7 March and 7 September. The first payout is scheduled for 7 September 2023, and the bond will mature on 7 March 2029.
Mark Lloyd, managing director of RMBI Care Co. said: “A successful bond issuance will enable us to become even more innovative in meeting the wider needs of our communities and increase the number of people we can support.”
The bonds are issued by RBC Bonds PLC, which has previously issued bonds for 12 other charities, raising £377 million.
1 February: NS&I 4% Offer Highest Since 2010
NS&I, the government-backed savings bank, is offering one-year fixed rate bonds for the first time since 2019, writes Bethany Garner.
The one-year Guaranteed Growth Bond will pay 4.00% AER, while the one-year Guaranteed Income Bond will pay 3.97% AER.
Today’s new rates are the highest NS&I has paid on these products since 2010.
Savers can invest a lump sum of between £500 and £1 million into a bond. Interest is calculated daily and paid monthly — into the bond itself or a linked current account, depending on whether savers choose the Guaranteed Growth or Guaranteed Income Bond.
When 12 months have elapsed, the cash can be withdrawn or reinvested.
NS&I is also raising rates across its two, three, and five-year fixed rate products, which are only available to existing customers whose product is about to mature.
The bank’s two and three-year Guaranteed Growth Bonds will pay 4.20% AER from today, up from 3.56%, while its five-year Guaranteed Growth Bond rate will rise from 3.80% to 4.25% AER.
Ian Ackerly, NS&I chief executive, said: “It continues to be an exciting time for savers and I’m pleased that we are able to bring back on general sale our popular one-year fixed-rate Bonds with two new Issues.”
Mr Ackerly added that around 494,000 existing customers could also benefit from these rates should they choose to reinvest when their bond or certificate matures.
24 January: Rates Rise For NS&I Savers ‘To Highest In A Decade’
National Savings and Investment (NS&I), the government-backed savings bank that oversees premium bonds, is increasing the number of available prizes for the second time this year, writes Bethany Garner.
Interest rates have also increased on several of its savings accounts, reflecting the direction of rates across the market in recent months.
From February 2023, NS&I will add around £15 million to the premium bonds prize fund, creating almost 3,000 extra prizes in the monthly draw.
The majority of new prizes will be worth £50 and £100, but the number of larger prizes is also rising. There will be three additional £100,000 prizes, six more £50,000 prizes, and 12 more £25,000 prizes.
There will continue to be just two £1 million prizes in each monthly draw, and the odds of winning will remain at 24,000 to 1.
These changes will increase the effective prize rate from 3.00% to 3.15% – the amount of interest paid in total on the fund. It is possible, of course, to hold premium bonds and never win a prize.
Ian Ackeryl, NS&I chief executive, said: “Today’s changes will provide a welcome boost for savers of all ages across the country, with more premium bonds prizes and some of the highest interest rates we’ve seen in over a decade.”
NS&I has increased interest rates on four of its variable rate savings products from today, affecting roughly 870,000 customers.
The bank’s Direct Saver and income Bonds now pay 2.60% AER (variable) — up from 2.30% — while its Direct ISA rate has risen from 1.75% AER (variable) to 2.15%.
Its Junior ISA rate has also risen from 2.70% AER (variable) to 3.40%.
Myron Jobson, senior personal finance analyst at Interactive Investor, said: “NS&I savings rates have been given another shot in the arm following successive base rate increases.
“They represent marked increases, especially on the Direct ISA and Junior ISA, which bodes well for savers — but the rates are far from market-leading.”
January 17: Transactions And Amounts Withdrawn Increase In 2022
The number of cash machines fell last year, despite a rise in transactions and average amounts withdrawn, according to data from Link, the ATM network, writes Jo Thornhill.
The report from Link shows customers withdrew £83 billion from cash machines last year, compared to £79 billion in 2021. There was also a 5% increase in the total number of ATM transactions – rising from just over 1 billion to 1.024 billion.
But overall the number of cash machines fell from 52,547 to 51,253, driven by a fall in the number of charging ATMs. The number of free-to-use machines increased slightly by 13.
The average amount withdrawn during 2022 was £1,564 per person last year (up from £1,462 in 2021). Northern Ireland is the most heavily cash-reliant UK nation, where consumers withdrew an average of £2,266 last year (the figure was £2,070 in 2021).
The government announced plans to protect access to cash for all communities in May last year and is working with the Financial Conduct Authority and the banking industry to address cash access issues.
Graham Mott, director of strategy at Link, said: “These numbers aren’t surprising. It’s easy to forget that there was quite a significant lockdown at the beginning of 2021 and therefore 2022 was the first year we’ve had since 2019 where there were no interruptions.
“What we know is that our relationship with cash and ATMs has changed. While many people are now happy to use contactless or digital payments, our research shows there are very few people that are completely cashless. We also know that people are visiting cash machines less often, but on average take out more cash.
“It’s extremely good news that the government is introducing legislation to help protect free access to cash. There are still over five million people who rely on access to cash and face-to-face banking services.
“Digital payments and banking may be fantastic for some, but at the moment, they don’t work for all, which is why this legislation is so important.”
16 January: Upward Trend On Bond Rates Stalls As Stability Returns
Returns for savers looking to lock away their cash may be as good as they are going to get – for now, writes Laura Howard.
Average interest rates on fixed rate bonds failed to rise in January for the first time in 12 months, according to the latest savings trends report from Moneyfacts, the market analyst.
Returns on the average one-year fixed bond remained unchanged at 3.51%. Longer-term fixed bond returns dropped to 3.85% from 3.89% in December – the first fall since March 2021.
Rachel Springall, finance expert at the data provider, said: “The savings market appears to have entered a period of stability – a notable contrast from recent months of volatility.
“The average one-year fixed bond rate remained unchanged for the first time in a year and the average shelf life of fixed accounts overall rose by two days to 29 days.”
Variable savings rates – paid on easy access and notice accounts as well as the equivalent cash Individual Savings Accounts – continued to rise for the 11th consecutive month. However, the proportion of accounts that pay above the Bank rate – currently at 3.5% – fell.
The next interest rate decision will be taken by the Bank of England on Thursday 2 February.
11 January: Cash Withdrawals Fifth Higher Last Year
Cash withdrawals from Nationwide building society ATMs soared by 19% in 2022 – the first annual increase in 13 years, writes Jo Thornhill.
Nationwide data shows 30.2 million cash withdrawals were made from its 1,200 ATMs last year – up from £25.4 million in 2021 – as more households turned to using physical cash to help with budgeting in the cost of living crisis.
The average cash withdrawal amount was £105 – down 2% on the previous year, but an increase of 25% on 2019, before the pandemic.
The use of cash has steadily declined in recent years, most sharply at the start of the pandemic, when the number of withdrawals at Nationwide cash machines, for example, dropped by more than 40%.
Otto Benz, director of payments at Nationwide, said: “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting into debt from the rising cost of living.
“ATMs play a vital role in society, enabling people to easily access cash. However, over the years, they have offered greater capability for people to manage their money, whether that’s checking their balance or paying a household bill.
“Far from the end for cash, it shows that the future of money management is constantly evolving. Taking advantage of the additional services that ATMs provide can be a speedy and convenient experience.”
9 January: Post Office Reports Surge In Cash Withdrawals
The volume of personal cash withdrawals across the Post Office’s 11,500 branches increased by 6.7% in December compared to the previous month, writes Bethany Garner.
Account holders withdrew £892 million during December – 11% more than in December 2021, according to the latest Post Office Cash Tracker report.
The rise in cash withdrawals may be connected to the growing number of consumers using physical cash as a budgeting tool amidst the cost-of-living crisis.
According to a separate survey from LINK – the UK’s largest ATM network – 9% of shoppers expect to use more cash in the next six months, while 13% said that keeping track of their finances was more challenging when using card payments rather than cash.
As high street banks continue to close branches, consumers who rely on cash may also be turning to Post Office services. According to consumer group Which?, more than 5,300 branches have closed since 2015.
While the volume of personal withdrawals grew in December, business deposits have dipped. The value of deposits made by businesses at the Post Office dropped by 2% month-on month, from £1.11 billion to £1.09 billion.
The drop may be linked to the recent tightening of money laundering controls, which limit the amount of cash some businesses can deposit at its branches.
Martin Kearsley, banking director at the Post Office, said: “December was a torrid month for the hospitality sector amongst others, with strikes and freezing weather reducing footfall and cash takings across pubs, cafes and restaurants especially; and in turn contributing to a fall in deposits at Post Offices.
“Over-zealous limits imposed on the amount they are able to deposit is resulting in more businesses no longer being able to accept cash, impacting both their ability to trade as they would like, as well as their customers who need to or choose to budget using cash.”
Throughout 2022, the Post Office handled £32.1 billion in cash deposits and withdrawals — an increase of 19.6% compared with 2021.
A further 193 bank branch closures are scheduled for 2023.
20 December: Regulator Imposes £49m Sanction After Botched IT Project Harms Customers
Total fines levied by the Financial Conduct Authority (FCA) so far this year have reached £214m across 25 businesses that have fallen foul of its rulebook, writes Andrew Michael.
Nearly half this figure came from a £108 million penalty imposed on Santander UK earlier this month relating to the risk of financial crime in the retail banking sector.
The latest institution to face a hefty penalty is TSB, which has been fined a combined £48.65m by the FCA and its sister regulator, the Prudential Regulation Authority, for failures in risk management and governance following a botched IT upgrade that affected branches and blocked customers from accessing its services in 2018.
Although TSB completed a data transfer, the company’s IT platform immediately experienced technical failures. This led to disruption in the continuity of the bank’s services including branch, telephone, online and mobile banking.
All of TSB’s branches and a significant proportion of its 5.2 million customers were affected by the initial issues, and some customers continued to be blighted for several months after the initial problems arose.
TSB has already paid £32.7m in redress to those who suffered detriment from impaired services.
Mark Steward, the FCA’s executive director of enforcement and market oversight, said: “The failings in this case were widespread and serious which had a real impact on the day-to-day lives of a significant proportion of TSB’s customers, including those who were vulnerable.”
Other organisations fined by the FCA this year include Metro Bank (£10m), Citigroup Global Markets (£12m) and Julius Baer International (£18m).
According to the FCA, total penalties imposed last year totalled £568m, although nearly half of this, £265m, was a fine levied by the courts on NatWest Bank following the regulator’s successful prosecution of the bank for failing to comply with money laundering regulations.
The FCA levies fines according to a five-step formula laid out in the regulator’s handbook in a section on penalties.
The five steps cover ‘disgorgement’ – where the regulator seeks to deprive a firm from any benefit derived from a breach of the financial rulebook – along with the seriousness of the rule breach in question, mitigating and aggravating factors, adjustment for deterrence and a settlement discount.
Each FCA enforcement notice explains its reasoning for a particular level of financial penalty, plus a calculation about how it decides the final amount.
In terms of what is done with the money raised from the fines imposed by the regulator, an FCA spokesperson said: “We recoup some of our costs and the rest goes to HM Treasury.”
14 December: NS&I Ups Savings Rates And Increases Number Of Prizes
National Savings and Investment (NS&I), the Government-backed savings bank that oversees Premium Bonds, is increasing the number of prizes available from the New Year – and has hiked up savings rates on several accounts, writes Bethany Garner.
From 1 January 2023, NS&I will add around £80 million to the Premium Bonds prize fund, creating 15,750 extra prizes in the monthly draw.
Most of the new prizes will be worth £50 and £100, but the number of larger prizes is also rising.
The number of £100,000 prizes will increase from 18 to 56, while the number of £50,000 prizes will increase from 36 to 112. The number of £25,000 prizes will rise from 71 to 223.
There will continue to be just two £1 million prizes in each monthly draw, and the odds of winning will remain at 24,000 to 1.
The change will increase the effective prize fund from 2.20% to 3.00%.
Ian Ackerley, chief executive of NS&I, said: “The New Year increase to the Premium Bonds prize fund rate will mean that customers will have seen the prize fund rate triple in less than a year. This means a bigger prize pot and more higher value prizes for our customers.”
NS&I has also increased interest rates on three of its variable rate savings products with immediate effect affecting more than 570,000 customers.
The bank’s Direct Saver and Income Bonds now pays 2.30% AER (variable) — up from 1.80% — while its Investment Account rate has risen slightly from 0.40% to 0.60% AER (variable).
9 December: ‘Edinburgh’ Reforms Aim To Boost UK Competitiveness
Jeremy Hunt, Chancellor of the Exchequer, has unveiled wide-ranging plans to repeal and reform City regulations in a move that will significantly re-draw the UK’s financial services rule book, Andrew Michael writes.
Mr Hunt said that today’s proposals, dubbed the “Edinburgh reforms” after the location of a meeting between Mr Hunt and banking chiefs, are designed “to seize the benefits of Brexit”.
He added that the deregulation drive would help to “turbocharge growth” in the UK and place it in a strong position to compete with international rivals.
The Treasury believes that many of the proposed changes are only possible because of “freedoms” gained by the UK from leaving the European Union.
The Chancellor unveiled 30 reforms spanning a wide section of the UK’s financial services interests.
These include a relaxation of the so-called ‘ring-fencing’ rules that apply to banks – drawn up in the aftermath of the 2008 global financial crisis – to a consultation about the potential for a new central bank digital currency.
Ring-fence rules for banks that have both retail and investment arms were introduced after the 2008 crash to keep the two parts separate. This was designed to reduce risk and prevent banks from the risk of contagion and collapse.
Many problems in the 2008 financial crisis were caused by difficulties in investment banking operations resulting in unmanageable stresses in the retail equivalent, causing the whole bank to be damaged.
The current rules require lenders with more than £25 billion in deposits to formally split consumer operations from their investment banking subsidiaries to protect retail customers.
Implementing the rules has been expensive, with some lenders arguing that their introduction risked “ossifying” the banking sector. Ring-fencing itself has also been called into question, given that investment banking was virtually non-existent at several of the UK lenders caught up in the financial crisis.
Any relaxation, however, is also likely to attract criticism. Former deputy governor of the Bank of England, Sir Paul Tucker, told the Financial Times earlier this year that “ring-fencing helps protects citizens from banking Armageddon”.
Mr Hunt said there are also plans to change the tax treatment of investment trusts in the property sector, and to reform the rules around short selling, where traders bet that the price of an asset such as a company’s shares will fall.
The government also published today its first consultation on proposals to modernise the Consumer Credit Act with the intention of “simplifying the regime to encourage innovation in the credit sector and cutting costs for consumers and businesses”.
Matt Barrett, head of Adaptive Financial Consulting, said: “The government’s announcement of a loosening of financial services regulation to increase competition is welcome in principle. However, in practice, it will need to be executed carefully to ensure financial institutions that have spent many years and a significant amount of investment preparing for the implementation of EU-wide regulations are not caught offside.”
Chris Cummings, chief executive of the Investment Association, said: “The Investment Association shares the government’s vision for an open, sustainable and internationally competitive financial services industry that serves the interests of investors and the wider economy.
“Today’s Edinburgh Reforms are a very welcome acknowledgment of the need for reform to boost the UK’s place as a leading global financial services hub, and importantly, recognises the place of investment management at its heart.”
Myron Jobson, senior personal finance analyst, at Interactive Investor, says: “The reform of the Consumer Credit Act will mark the biggest shake up in consumer credit in generations. Attitudes to credit have changed since the Act was introduced half a century ago. The growth in digital lending is happening due to changes in consumer behaviour. Safeguards will likely be updated to account for this trend.
“It is also important that the language around credit is made clearer. The reason many borrowers get into difficulty is because they don’t fully understand the consequences of what they’re taking on.”
1 December: First Direct Doubles Regular Saver Rate To Market-Leading 7.00%
First Direct is doubling the interest rate on its Regular Saver account from 3.50% to 7.0% AER, writes Bethany Garner.
It is the highest savings rate the market has seen since January 2013, when a 8% regular saver was available, also from First Direct, according to Moneyfacts.
The new market-leading rate will be fixed for 12 months. It’s only available to First Direct current account holders, and to new customers who can currently earn a £175 incentive when they make a full switch of their current account.
The Regular Saver allows savers to pay in between £25 and £300 each month, with interest calculated daily and paid on the anniversary of the account’s opening. If savers don’t pay in the maximum £300 one month, they can carry over the unused subscription into future months.
It does not allow partial withdrawals. Customers who want to access their cash must shut down the account completely. If this is before the end of the 12-month period, savers only earn 0.65% AER, which is First Direct’s Savings Account Variable Rate.
First Direct is also raising rates across its other savings accounts. The rate on its easy access deal has been increased from 0.50% to 0.65% AER (variable), its cash ISA rate has risen from 1.40% to 2.30% AER, while its one-year Fixed Rate Saver now pays 3.50% AER – up from 2.25%.
Chris Pitt, chief executive of First Direct, said: “We are committed to giving savers a good return on their money, particularly in the context of the increases in the cost of living and the current high inflation environment.”
Rachel Sprignall at Moneyfacts, added: “Regular savings accounts are rigid than easy access accounts and harsh penalties can be applied if payments are missed or withdrawals are made, so they are most suitable for savers who need a strict savings plan and who wish to avoid dipping into their cash early.
“Savers will need to compare regular savings accounts carefully, as some are only available to current account customers or even local customers.”
29 November: Halifax Launches £175 Switch Incentive
Halifax is the latest bank to offer new current account customers a generous cash incentive when they switch, writes Bethany Garner.
From today until 19 December 2022, the bank will pay a welcome bonus of £175 to non-Halifax customers who switch to its Reward Current Account or Ultimate Reward Current Account.
In order to claim this incentive, customers must make a full switch using the Current Account Switch Service.
In launching the offer, Halifax joins several other providers vying for new customers with cash incentives.
At time of writing, HSBC is offering a £200 welcome bonus to new Advance Account customers — provided they have not held an HSBC account or opened a First Direct account since 1 January 2019.
Nationwide is also offering £200 to switch to its FlexAccount, FlexPlus, or FlexDirect accounts. To be eligible for the bonus, customers cannot have switched to a Nationwide current account since 18 August 2021.
First Direct is offering new customers £20 when they open a 1st Account, or £175 for a full switch. To qualify for the £175 bonus, switchers cannot have previously held a First Direct account, and cannot have opened an HSBC current account since 1 January 2019.
Cash bonuses are not the only perk banks are using to attract new customers. Santander, for example, recently launched a current account that offers cashback up to £20 a month.
The Santander Edge current account costs £3 a month to maintain, and pays 1% cashback on bills, and 1% cashback on groceries.
Customers can earn up to £10 a month in each category, and cashback is earned on both debit card spending and direct debits.
Account holders can also open a linked easy access savings account paying a competitive 4.00% AER on balances up to £4,000. This includes a bonus rate of 0.50% that expires 12 months after opening.
Santander Edge has replaced the bank’s 1|2|3 Lite current account.
Meanwhile, Lloyds Bank has launched two new package accounts — Silver, and Club Lloyds Silver.
The Silver account, which comes with a £10 monthly fee, includes European family travel insurance, AA roadside breakdown cover and mobile phone insurance for two devices.
The Club Lloyds Silver account offers the same benefits, as well as interest on balances up to £5,000 and occasional perks such as cinema tickets, magazine downloads or movie rental. Maintaining the account also costs £10 a month, plus a monthly Club Lloyds fee of £3.
The Club Lloyds fee is waived each month customers pay in at least £1,500.
29 November: Deposits in fixed rate savings accounts hit record
The nation’s savers paid a record £11 billion into fixed rate savings accounts in October – a huge increase from the £3 billion deposited in the previous month and the highest level on record, writes Jo Groves.
On average, interest across all fixed rate savings accounts – also known as fixed rate bonds – climbed to 3.3%, according to the latest Money and Credit report from the Bank of England, attracting savers seeking higher returns in the face of soaring inflation.
Laura Suter, head of personal finance at AJ Bell, said: “People made the most of a leap in savings rates and shifted their money into fixed-term accounts in their droves in October. Rates leapt up following the mini-Budget and fierce competition in the savings market.”
Fall in popularity of easy access accounts
However, October also saw a £5 billion net outflow from easy access savings accounts. And contributions to the government’s NS&I accounts fell to their lowest level since January as the cost-of-living crisis prompted households to dip into savings to make ends meet.
Returns on easy access savings accounts continue to lag behind the Bank rate, which currently stands at 3%.
The average interest rate on existing accounts in October was just 0.52%, a small increase from September’s average rate of 0.43%. However, much better returns are available for savers prepared to shop around.
Interest rates on fixed rate bonds
Savers are being rewarded for locking their money away, with the best returns on fixed rate bonds with terms of two years or more currently paying in excess of 4.50% AER.
Laura Suter said: “The average rate on two-year fixed-rate bonds hit 3.55% in October, the highest since 2009, while three-year bonds also hit a 13-year high.”
Some experts have suggested this may be ‘almost as good as it gets’ for fixed rate savings. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said:
“Predictions of a recession may well mean interest rates don’t rise as much in the coming months, and are likely to fall as we go through a difficult year or so.
“This is factored into fixed rates, so there’s a growing chance that rates won’t go much higher from here.”
24 November: Rates Nudge Up On Tax-Friendly Savings Accounts
The interest rate lever is one of the few devices that the Bank of England can pull to head off the effects of steepling inflation on the UK’s finances, writes Andrew Michael.
More formally referred to as the ‘Bank rate’, this crucial figure affects both the cost of borrowing, as well as the returns on savings and it has increased no less than eight times over the past year.
In December 2021, Bank rate stood at a lowly 0.1%. Today (24 November), the figure is 3%.
While the worst of the economic turbulence – during the former Prime Minister Liz Truss’ time in office – has subsided, inflation rose in the 12 months to October to 11.1% which represents more than five times the government’s target.
Soaring inflation makes it more likely that the Bank’s rate-setting Monetary Policy Committee will impose a further interest rate rise when it next convenes on 15 December.
While this would be further bad news for mortgage customers on variable rates – as well as those coming to the end of their current fixed rate deal – it’s music to the ears of savers.
What’s more, amid all this year’s turmoil, cash individual savings accounts – often shortened to cash ISAs – have been making a comeback, with the top easy access accounts paying up to 2.80% AER with interest rates in excess of 4% available for customers prepared to lock away their cash for two years.
Large numbers of savers had abandoned these tax-friendly accounts when interest rates plunged in the wake of the 2008 financial crisis. But cash ISAs are now steadily regaining their appeal – and with good reason.
According to savings data from HM Revenue & Customs, 8.1 million cash ISAs were opened during the 2020/21 tax year (the latest figures available).
Although this figure was significantly down on 2019/2020, which saw 9.7 million accounts taken out, the figure was on a par with 2018/19 and a million more than the 7 million cash ISAs that were opened during the 2017/18 tax year.
Personal Savings Allowance
In recent years, government figures show that around one-in-10 people paid tax on the interest earned from their savings after the personal savings tax allowance was introduced in 2016.
This concession from HM Revenue & Customs means that around 27 million UK basic-rate taxpayers can earn up to £1,000 a year from a high street savings account without paying tax.
The allowance is reduced by half, to £500, for the UK’s five million or so higher-rate taxpayers. Additional tax rate payers do not receive a personal savings allowance which means they pay tax on all savings interest earned in traditional accounts.
With interest rates rising significantly this year, savers in regular high street accounts risk using up their personal savings allowance much more quickly compared with very recent history when interest rates were closer to zero.
This strengthens the case for cash ISAs because they allow savers aged 16 or over to shelter up to £20,000 each year from tax.
What is a cash ISA?
Cash ISAs come in a range of varieties including easy access, those which require some notice – say, 30 days – as well as fixed-rate accounts that can offer terms of between 12 months and five years.
Although you can spread your £20,000 allowance across several different types of ISA , you can only open one cash ISA each tax year.
There are various pros and cons associated with cash ISAs:
Pros
- Easy to open and run
- Provides fixed rates over up to five years
- Allow you to avoid paying tax on savings interest worth £1,000 or more a year
- Covered up to £85,000 by the Financial Services Compensation Scheme
- Can be inherited by a partner or spouse without affecting their own ISA allowances.
Cons
- Returns likely to fall short of those achieved by higher risk products such as stock and shares ISAs
- Can offer inferior interest rates compared with regular savings accounts
- If you earn less than £1,000 in interest a year, there’s no real tax benefit and a higher-rate regular savings account may be a better choice.
Choosing a cash ISA
The interest rate on offer is the main consideration for most savers choosing a cash ISA. But there are other factors to consider:
Withdrawal rules. Some products allow penalty-free withdrawals at any time, but those offering superior returns may impose a lock-in requirement of between two and five years
Rate and term. Fixed-rate cash ISAs with set terms tend to offer higher rates. But where interest rates are continuing to rise, it’s worth considering whether it makes sense to lock away your cash
Ease of use. Rules differ amongst cash ISAs from being opened and managed online, to requiring a branch visit. Other stipulations may include a minimum opening balance, the need to keep up regular payments, and the notice required for withdrawals
Many cash ISAs are described as ‘flexible’ which means you can replace any funds you withdraw in the same tax year without affecting your annual ISA allowance.
14 November: Savers See Interest Rates Rise For Ninth Consecutive Month
Saving rates have risen for the ninth consecutive month, with some accounts now paying decade-high rates, writes Bethany Garner.
The average easy access savings rate has surpassed 1% for the first time since 2012, while fixed rate bonds of 18 months or longer currently pay a 12-year high of 3.77%.
The data from Moneyfacts UK Savings Trends Treasury Report also revealed that one-year fixed rate bonds have reached 3.29% – their highest average rate since 2009.
Rachel Springall, finance expert at Moneyfacts, said: “The average longer-term fixed rate has risen to its highest point since February 2010, but considering consecutive rises in interest rates, whether savers are prepared to lock away their cash for longer than a year is debatable.”
But while rates climb across the board, ISAs (Individual Savings Accounts) continue to lag behind. The average notice ISA now pays an interest rate of 1.72%, compared with the 1.91% paid by non-ISA equivalents.
Similarly, the average one-year fixed rate ISA pays 2.98% — 0.79% lower than the average for one-year fixed rate bonds (3.77%).
Easy access cash ISAs are the exception, paying 1.26% on average compared with the 1.16% average paid by standard easy access accounts.
Ms Springall commented: “These are encouraging signs for savers who wish to utilise their ISA allowance.
“However, it remains the case that the rate gap between fixed ISAs and bonds is obvious, so savers will need to weigh up any tax-free allowance they have before they commit.”
While rate increases may be welcome, continued high inflation is eroding returns on savers’ cash. Annual inflation, as measured by the Consumer Price Index (CPI), hit 10.1% in September.
The onus is on savers to compare deals and find the highest-paying account for the access required to their cash.
25 October: Rates Rise For Over 2.7 Million NS&I Savers
National Savings and Investment (NS&I), the government-backed savings bank, is raising rates for over 2.7 million savers, writes Bethany Garner.
From today, the interest paid on its variable-rate Direct Saver and Income Bond accounts will rise by 0.60%, to 1.80% AER — the highest rate these accounts have offered in over a decade.
The rate NS&I pays on its Direct ISA has also risen from 0.90% to 1.75%, while its Junior ISA interest rate is up from 2.20% to 2.70% AER.
From 1 December, NS&I will increase rates on 10 fixed-rate accounts.
Every fixed-rate account NS&I has earmarked for an increase will see interest rates rise by at least 1%. Its one-year Guaranteed Growth Bond will see the steepest rise, from 1.85% to 3.60% AER.
Ian Ackerly, chief executive of NS&I, said: “The changes come in the same month that we increased the Premium Bonds prize fund rate. Some of the rates we’re now paying – including on Premium Bonds – are the highest they have been in over a decade, which is great news for our savers.”
21 October: Cash ISAs Make A Comeback
Amid all the recent economic turmoil, cash individual savings accounts – cash ISAs – have been making a comeback.
You can find out more about cash ISAs and the best rateshere.
Large numbers of savers abandoned these tax-free accounts when interest rates plunged in the wake of the 2008 financial crisis. But cash ISAs are now steadily regaining their appeal, and with good reason: savings elsewhere are becoming increasingly vulnerable to tax on the interest they generate.
Government figures show that only around one-in-10 people paid tax on the interest earned from their non-ISA savings accounts after the personal savings tax allowance was introduced in 2016.
This allowance means the UK’s 27 million basic-rate (20%) taxpayers can earn up to £1,000 a year from a high street savings account without paying tax. For five million higher-rate (40%) taxpayers, the allowance is reduced by half, to £500.
Additional tax rate (45%) payers do not receive a personal savings allowance which means they pay tax on all savings interest earned in traditional non-ISA accounts.
With interest rates rising significantly this year, savers in regular high street accounts risk using up their personal savings allowance much more quickly compared to when interest rates were closer to zero.
This strengthens the case for cash ISAs because they allow savers aged 16 or over to shelter up to £20,000 each year from tax.
When do I start paying tax on non cash ISA savings?
So how much can you have in a non-ISA cash account before your interest starts attracting tax?
Laura Suter, head of personal finance at AJ Bell, said: “When the Bank rate was 0.1% [as recently as last December], if your savings were earning that amount of interest, a basic-rate taxpayer would need to have £1 million in cash savings to hit their £1,000 tax-free limit.
“However, fast forward to today, and with the top easy-access savings account paying 2.35%, that same basic-rate taxpayer would only need to have £42,500 in savings to hit the limit. Someone in the higher-rate income tax bracket would only have a £500 tax-free savings limit, meaning they would need to have £21,250 in savings before they hit their limit.
“Those putting their money in fixed rate accounts are getting far higher rates, but this means they face a tax hit even with more modest savings. The top two-year bond at the moment pays 4.5%, meaning a basic-rate taxpayer with £22,200 would hit their tax-free limit, while a higher-rate taxpayer could only have just over £11,000 before they would have to pay tax.”
What is a cash ISA?
Cash ISAs come in a wide range of products, including easy-access, as well as variable-rate and fixed-rate accounts that usually offer terms that last between one and five years.
Although you can spread your £20,000 allowance across several different types of ISA , you can only open one cash ISA per tax year.
There are pros and cons associated with cash ISAs:
Pros
- easy to open and run
- good short-term (up to five years) home for savings that require
- allow you to avoid paying tax on savings interest
- covered up to £85,000 by the Financial Services Compensation Scheme
- can be inherited by a partner or spouse without affecting their own ISA allowances.
Cons
- over the longer term, returns may fall short of those achieved by products such as stock and shares ISAs
- may offer inferior interest rates compared with regular savings accounts. If you earn less than £1,000 in interest a year, there’s no real tax benefit and a higher-rate regular savings account may be a better choice.
Choosing a cash ISA
The interest rate on offer is the main consideration for most savers choosing a cash ISA. But the right account will also depend on:
- Withdrawal rules Some products allow penalty-free withdrawals at any time, but those offering superior returns may impose a lock-in requirement of between two and five years.
- Rate and term Fixed-rate cash ISAs with set terms tend to offer higher rates. But where interest rates are continuing to rise, it’s worth asking if it makes sense to lock away your cash
- Ease of use Rules differ amongst cash ISAs from being opened and managed online, to requiring a branch visit. Other stipulations may include a minimum opening balance, the need to keep up regular payments, and the notice required for withdrawals.
Many cash ISAs are described as ‘flexible’ which means you can replace any funds you withdraw in the same tax year without affecting your annual ISA allowance.
19 October: Savers Urged To Be Proactive As Inflation And Returns Rise
The top rate for easy access savings accounts has more than doubled since last year, but with inflation stubbornly high, savers must be proactive in finding the best deals, writes Bethany Garner.
Although rising interest rates are welcome news for savers, inflation — which hit 10.1% in the 12 months to September according to figures today from the Office for National Statistics — continues to erode the value of cash.
Rachel Springall at Moneyfacts, said: “It’s imperative savers do not become apathetic to switching at a time when competition in the top rate tables is rife.
“Top fixed rate bonds are reaching heights not seen for many years as challenger banks compete to entice savings deposits. But this has also seen deals change within a short time frame, so swift movement is wise to grab a top rate savings deal.”
The top rate easy access accounts currently pay 2.55% AER, while the highest rate savers could access a year ago was just 0.65% AER, according to Moneyfacts. Interest on the top one-year fixed rate bond is up 1.89 percentage points compared with October last year.
The latest provider to boost its rates is Nationwide. The building society is upping returns across a range of savings accounts by up to 1.20 percentage points for existing customers from 1 November.
Personal Savings Allowance
But higher savings rates are also pushing more savers beyond their Personal Savings Allowance – the threshold at which tax begins to be charged on interest earned.
Figures from investment platform AJ Bell show that, in December 2021, when Bank rate stood at 0.1%, basic rate taxpayers – who can earn £1,000 of interest tax-free a year – could hold £154,000 in a top easy access account before paying tax. As of 4 October 2022, this balance had dropped to just £42,500.
Higher rate taxpayers – who can earn £500 of interest tax-free a year – could hold up to £77,000 in a top-paying savings account, which compared to £21,250 on 4 October.
If the Bank of England continues to hike interest rates and institutions pass on the increase in full or in part to their customers, more savers will be hit with tax on their interest – many for the first time.
Laura Suter, head of personal finance at AJ Bell, said: “If the Base rate hits the 6% it’s expected to next year, and easy access savings rates matched that, then a basic-rate taxpayer could only have £16,650 in their account before they hit the limit — and for a higher-rate taxpayer this would drop to £8,300.”
To avoid paying tax on their interest, Ms Suter expects savers will turn to ISAs – a savings ‘wrapper’ in which individuals can save up to £20,000 each tax-free.
However, since ISAs typically pay lower interest rates, savers may be faced with the choice between higher rates or a lower tax bill.
13 October: First Direct To Double Cash ISA Rate
First Direct is doubling the interest rate on its cash ISA from 0.70% to 1.40% AER (variable) on 20 October, writes Bethany Garner.
The mobile-first bank is also raising rates across three other savings products. Its easy access Savings Account will pay 0.50% AER (variable) from 20 October — up from 0.40%.
Its Bonus Savings Account will pay up to 1.65% AER on balances below £25,000, and 0.75% AER on balances above £25,000. The account rewards savers for not accessing their cash. If they make a withdrawal, the new rate drops to 0.50% AER for that calendar month.
From the later date of 28 October, First Direct’s one-year Fixed Rate Saver will rise by a full percentage point, from 1.25% to 2.25% AER.
First Direct is the latest of several providers to increase rates on its savings accounts in response to consecutive Bank rate hikes.
While news of increases is welcome, stubbornly high inflation is still eroding any real returns on savers’ cash. With annual inflation running at 9.9%, the onus is on savers to compare deals and find the highest-paying account for the access required to their cash.
5 October: Barclays Rainy Day Saver Pays Up To 5.12% AER
Barclays has launched a linked savings account paying a top rate of 5.12% AER (variable), writes Bethany Garner.
The bank’s new Rainy Day Saver is an easy access account which allows eligible savers to make unlimited deposits and withdrawals – and can be opened with just £1.
At 5.12% AER, the returns on the account are more than double those offered by leading open-to-all easy access savings accounts.
However, only Barclays current account holders who are signed up to the Blue Rewards scheme are eligible. Blue Rewards charges a monthly fee of £5 but, providing your Barclays current account is credited with at least £800 a month and has at least two outgoing direct debits set up, this fee is repaid into your Rewards Wallet. This can be accessed and managed online or on the Barclays app.
The top rate of 5.12% AER only applies to balances of up to £5,000. Any balances above this threshold earns a much lower 0.15% AER (variable).
You can hold up to £10 million in the Rainy Day Saver but savers with more than £5,000 who don’t need access to their cash will find higher returns from a fixed rate savings account.
For example, £10,000 deposited in a fixed rate bond paying 4.50% AER would earn £450 in 12 months. The same deposit left untouched in Barclays’ Rainy Day Saver for 12 months would earn £263 of interest.
5 October: Headline Rate Hits 4.75%
Nationwide Building Society is launching three fixed rate online bonds and raising interest rates for several other accounts, writes Bethany Garner.
The UK’s largest building society is now offering:
- one-year fixed rate bond paying 4.00% AER
- two-year fixed rate bond paying 4.50% AER
- three-year fixed rate bond paying 4.75% AER.
Each account can be opened and managed exclusively online or through Nationwide’s mobile banking app. The minimum opening deposit is £1.
Meanwhile, the interest paid on Nationwide’s existing fixed rate accounts is set to rise by 0.50%:
- one-year fixed rate bond will now pay 3.25% AER
- two-year fixed rate bond will now pay 3.50% AER.
Nationwide has also announced it will increase rates on its triple access savings accounts.
The One Year Triple Access Online Saver will pay 2.10% AER — up from 1.75% — and the One Year Triple Access Online ISA will now pay 2.00% AER, up from 1.50%.
These accounts allow up to three withdrawals throughout their 12-month term. If any additional withdrawals are made, the interest rate drops to 0.30% AER.
Nationwide’s Flex Instant Saver account, which allows unlimited deposits and withdrawals, will see rates doubled from 1.00% to 2.00% AER over the next 12 months. This account is available to Nationwide current account holders only.
The society is offering a £200 switching incentive to those who switch to its current accounts from other banking providers.
Tim Riley, director of banking and savings at Nationwide, said: “We understand there are plenty of savers who are happy to lock their money away for a period of time, which is why we will be offering highly competitive rates on our bonds.”
29 September: Family Building Society Offers Premium On Bank Rate
The Family Building Society has launched a Two Year Tracker Rate Bond — a savings account with a variable interest rate that moves in line with the Bank of England Bank rate.
Currently at 2.60% AER (gross), the account’s interest rate is set at 0.85% above the current Bank rate. It changes to track the Bank rate as it stands on the first day of each month.
The Bank rate rose from 1.75% to 2.25% in September, so the bond will pay 3.10% AER from 1 October.
To open the account, savers must deposit at least £5,000. Once 15 days have elapsed, no additional deposits can be made. Withdrawals are not permitted until the account matures two years after opening.
It’s worth nothing that some fixed-rate savings accounts are currently paying higher rates. For instance, the 2-Year Fixed Term Deposit from Investec offers an AER of 4.25% (gross) on balances from £1,000.
However, if the bank rate continues to rise – it has risen seven times since December 2021 – the Family bond could outpace these top-paying accounts.
With annual inflation at 9.9% eroding the value of savings, an account that passes on bank rate rises to consumers without requiring them to shop around could be beneficial.
If the bank rate goes down, though, savers locked into this two-year fixed term account could miss out on better returns elsewhere.
27 September: NS&I Adds £76 Million To Premium Bonds Prize Fund
National Savings and Investment (NS&I), the Government-backed savings bank that oversees Premium Bonds, is raising its prize fund from 1.40% to 2.20% from 1 October 2022.
The change will add around £76 million to the Premium Bonds prize fund, creating 97,752 new prizes in the monthly draw.
Most of these will be cash sums of £50 or £100, but the number of larger prizes is also rising. From October, the number of £100,000 prizes will increase from 10 to 18, while the number of £50,000 prizes will rise from 20 to 35.
There will continue to be just two £1 million prizes each month.
Overall, the odds of each Premium Bond being a winner will improve from 24,500 to 1, to 24,000 to 1.
Ian Ackerley, chief executive of NS&I, said: “This is the second increase to the Premium Bonds prize fund rate that we have made in less than six months.
“These changes have helped us ensure that Premium Bonds remain attractive, while also ensuring that we continue to balance the interests of savers, taxpayers and the broader financial services sector.”
Premium bonds are held by over 21 million people in the UK. Instead of earning interest, bond holders are entered into a monthly prize draw for tax-free cash sums, which range in value from £25 to £1 million.
Each £1 invested in Premium Bonds equates to one entry into the prize draw, but the minimum investment level is £25. Savers can choose to cash out all or a portion of their bonds at any time.
Although winning a large cash prize may help some savers beat inflation, they could equally win nothing.
Laura Suter, head of personal finance at AJ Bell, said: “Savers shouldn’t cling to the ‘projected prize fund figure’ as many Premium Bonds holders get zero return on their savings.“Most savers would be better off with a standard easy-access savings account that pays out a guaranteed rate of interest.”
26 September: Over 11 Million Brits Have Less Than £100 In Emergency Funds As UK Savings Week Gets Underway
An estimated 11.5 million UK adults have less than £100 in emergency savings, according to research by the Building Societies Association (BSA) – the organisation behind the inaugural UK Savings Week which starts today.
The campaign aims to raise awareness of the importance of saving habits, and offer guidance to consumers on reaching their saving goals.
Andrew Gall, head of savings and economics at BSA, said: “While the midst of a cost-of-living crisis might seem like an odd time to launch activities encouraging good savings habits, those who are able to save can benefit from building their resilience to future shocks.”
The BSA’s research, which surveyed 2,000 UK adults in August 2022, revealed that a growing number of consumers are dipping into savings to meet everyday expenses.
According to the survey, 36% of consumers are turning to savings to meet the mounting cost of essentials. A further 55% of savers say they are setting aside less due to cost-of-living pressures, while 35% have stopped saving altogether and 13% have no savings at all.
However, the research also found that 64% of respondents, who currently have no savings, say they would be able to set aside £10 a month.
A significant portion of consumers may not be getting the best returns, however. Almost a quarter (23%) of savers do not check interest rates before opening an account, while a third (33%) check rates but do not compare them with other accounts.
While some savings providers have begun passing on the benefit of the latest interest rate rise to savers in the form of more competitive savings accounts, many have yet to do so.
And with annual inflation running at 9.9%, effectively eroding the value of cash more quickly, the onus is on savers to compare deals and find the highest-paying account for the access required to their cash.
22 September: Returns Inch Higher But Savings Still Battered By Inflation
Savers were handed positive news today when the Bank of England’s rate-setting Monetary Policy Committee (MPC) raised interest rates for the seventh time in a row. At 2.25% the Bank rate is now at its highest level in 14 years.
Yorkshire Building Society was quick off the mark following the announcement. Within minutes of the news, it confirmed it will raise interest rates on all its variable rate savings accounts – but by 0.30 percentage points compared to the 0.50 percentage point increase in the Bank rate.
The society’s easy access Internet Saver Plus Issue 12 will pay 1.80% AER from October. The rate on its Loyalty Regular Saver Issue 2 will rise to 5.3% AER.
The rates will be applied to accounts automatically on 5 October. Other banks and building societies are expected to pass on rises to customers in the coming days.
Marcus by Goldman Sachs has also announced it will be raising rates on both its variable rate accounts — the Online Savings Account and Cash ISA – by 0.30%.
Both accounts are currently paying 1.80% AER, which includes a 12-month bonus rate of 0.25%. Remember this bonus rate will drop off on the anniversary of opening the account, so it may be worth checking whether better options are available after the first year.
While news of increases is welcome, stubbornly high inflation is still eroding any real returns on savers’ cash. Inflation, as measured by the Consumer Prices Index (CPI), hit 9.9% in the 12 months to August – which was over 14 times more than the average easy access savings rate over the same period, according to research from investment platform interactive investor.
Any delay between the latest hike and increase in savings rates will further widen the gap between inflation and returns.
Becky O’Connor, head of pensions and savings at interactive investor, said if the rise in the Bank rate is passed on to savers and has the effect of bringing down inflation, cash savings could, once again, start to look attractive: “This could be especially welcomed by older people, who often have more built up in savings, and also often prefer the lower risk of cash compared to the stock market for their life savings.
“People with savings have had years of low returns and this latest rate rise, which is significant, could really turn the tables back in their favour.”
21 September: Competitive Offers Prompt Increase In Guaranteed Rates
Savers are turning to fixed-term savings accounts to lock in increasingly competitive rates.
Investment platform Hargreaves Lansdown reported a 40% uptick in the number of new fixed-term deposits it has received over the last 12 months.
Fixed-term savings accounts offer guaranteed interest rates for a set period in exchange for forfeiting access to your cash.
Tom Higham, acting head of savings at Hargreaves Lansdown, said: “We’re seeing considerably more clients using fixed term deposits over easy access. Up to 80% of all new flows are heading into fixed term deposits, up from around 50% a year ago.
“People are cashing on fixed terms because the rates are higher than they’ve been for a decade or more.”
At 1.75%, the Bank of England Bank Rate currently stands at a 14-year high. Bank rate is expected to rise further tomorrow (September 22) when members of decision-making Monetary Policy (MPC) hold their next meeting.
Mr Higham expects banks and building societies to continue passing on increases in Bank rate to savings accounts.
However, he added that savers are only looking to fix in their cash for a maximum period of two years as they are anticipating interest rates to continue to rise until inflation starts to fall.
25 August: NS&I Pays 3% AER On Latest Green Bond Issue
National Savings & Investments, the government backed savings institution, has launched the third issue of its Green Savings Bond, which will pay interest at 3% a year for a three-year fixed term.
Higher rates are available for this length of fix – JN Bank is paying 3.45%, for example – but the NS&I bond guarantees that deposits will be used to help finance green initiatives as part of the UK Government Green Financing Framework.
This will include projects to tackle climate change, improve sustainability and increase renewable energy capacity.
Interest at 3% AER over three years on a £10,000 deposit would yield a profit of around £930. Deposits are permitted in the range £1,000 to £100,000 but it is important to remember that the money cannot be accessed during the term.
Customers need to be 16 or over to purchase the Bonds from NS&I.
The new rate compares to the 1.30% paid on the second tranche of Green bonds issued in February.
NS&I announced increased rates across its fleet of savings products in July after increasing the Premium Bonds prize fund in June.
The organisation contributed £1.3 billion to government coffers in the first quarter of the financial year 2022/23. All savings and investments lodged with NS&I benefit from a 100% government guarantee.
Its products rarely have market-beating rates so as not to unfairly disrupt competition in the commercial market.
24 August: One-In-Three Adults Have No Access To ‘Rainy Day’ Cash
More than half of UK adults are set to use money put aside for an emergency because of the worsening cost-of-living crisis, writes Andrew Michael.
Research from wealth manager Charles Stanley shows that nearly three-quarters of adult Brits (71%) have a ‘rainy day’ fund that would last the average saver just shy of five months.
But due to the challenging economic climate, more than half of respondents (54%) told the company they are worried about using up their emergency savings, leaving them unprepared for any future financial crises.
Charles Stanley found the average emergency fund would last its owner four months and three weeks. Just over a quarter of people (28%) said their reserves would cover them for between two weeks and two months, while 10% said they would run out of money after a fortnight.
Of those with emergency savings, a quarter (25%) of respondents said they have never needed it, while just under one-in-10 (9%) said they dip into it less than once a year.
One-in-eight people (12%) said they have never further topped up their reserves, although more than a third (36%) claimed they added monthly amounts to their savings. One-in-10 (10%) of respondents said they topped up their emergency stash on a weekly basis.
Charles Stanley said nearly one-in-three individuals (29%) do not have a reserve fund. Nearly two-fifths of workers (38%) earning less than £20,000 a year said they do not have a reserve fund. This proportion fell to just over a quarter (28%) of employees paid between £20,000 and £30,000 and reduced further for those earning commensurately higher amounts.
About a quarter of workers in employment said they did not have an emergency fund, while this figure rose to 46% of the job-seeking unemployed.
Lisa Caplan, director of OneStep Financial Planning at Charles Stanley, said: “Saving into a rainy day pot is not always people’s first priority, but those who have managed to prepare will be grateful for it during the cost-of-living crisis.
“As ever though, we are seeing common themes when we look at who slips through the net. The picture is less positive for women, low-earners, and those looking for work.”
23 August: Building Society Passes On Latest 0.5% Rate Hike
Nationwide Building Society has announced it will raise interest rates on all variable rate savings accounts from 1 September 2022.
These accounts are seeing interest rates rise by 0.50%, in line with the latest bank rate increase:
- Flex Regular Saver rate rises to 3.00% AER
- Start to Save 2 rate rises to 3.00% AER
- Future Saver rate rises to 2.00% AER
- Junior ISA rate rises to 2.00% AER
- Child Trust Fund rate rises to 2.00% AER
- Smart Limited Access rate rises to 1.50% AER
- Flex Instant Saver rate rises to 1.00% AER
The 1 Year Triple Access Online Saver will offer a new rate of 1.75% AER for the next 12 months, while the 1 Year Triple Access Online ISA rate is set to rise to 1.50% AER.
Nationwide’s Flex Saver and Flex ISA accounts will see the largest increase of 0.55%, taking rates to either 0.65%, 0.70%, or 0.75% AER depending on the account balance.
The Help to Buy ISA will undergo a slightly more modest rate increase of 0.40% to 1.75% AER. The Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA accounts will see rates rise by 0.35% to 1.60% AER.
Rates on Nationwide’s easy access accounts — the Instant Access Saver, Instant ISA Saver and Cashbuilder — are set to rise by 0.15% to either 0.25%, 0.30% or 0.35% AER depending on the account balance.
Tom Riley, director of banking and savings at Nationwide, said: “As a mutual we are always keen to support savers and pay the best rates we can sustainably afford, which is why we are increasing rates on all variable rate accounts, particularly regular savers, loyalty and children’s accounts as well as our popular Triple Access Accounts.”
Banks generally have been criticised in recent weeks for not passing on rate increases to their customers following increases in the Bank of England bank rate, which now stands at 1.75%.
There is speculation that the rate could rise to 2.25% when the Bank next announces its new level on 15 September – an increase that would heap more pressure on institutions to pay more to savers.
5 August: Bank Rate Rises – But Savers Still Battle Inflation
The Bank of England’s recent hike in interest rates from 1.25% to 1.75% will be welcome news to debt-free savers who have been battling against historically-low interest rates for well over a decade.
However, with inflation currently at a 40-year high of 9.4% – eroding the value of savings faster than at any time in the past four decades – it becomes especially important to shop around for the best deals, even if savings providers pass on the full rate increase.
Sarah Pennells, consumer finance specialist at Royal London said: “[Savers] will be encouraged that savings rates, if passed on fully, will see rates come out of the doldrums.
“But banks and building societies don’t necessarily raise interest rates on all their savings products and may not increase them by the same amount, so it’s worth waiting a few weeks before checking comparison websites and best-buy tables to see if you can get a better interest rate.”
Kevin Brown, savings specialist at Scottish Friendly, said: “Anyone still able to save should be encouraged to do so as rates are likely to rise. But be aware that if the gap to inflation widens, returns in real terms will continue to fall.”
He added: “The best way to combat that may be to consider investing some of your money”.
Newcastle Building Society has already announced it will pass on the full rate increase to ‘99% of its customers’, while Coventry Building Society has committed to increasing its savings rates from 1 September.
The latest 0.5 percentage point increase marks the biggest single leap the BoE has implemented since 1995, and takes the Bank rate to its highest level in 14 years.
21 July: NS&I Boosts Rates To Deliver Competitive Offer
National Savings & Investments (NS&I) has increased interest rates across a swathe of products to bring them into line with competitor offerings.
The interest rate paid on Direct Saver, Income Bonds, Direct ISA and Junior ISA, will increase from today (21 July 2022).
The interest rate paid on Guaranteed Growth Bonds, Guaranteed Income Bonds and Fixed Interest Savings Certificates will increase from 1 August 2022. These products are not currently on sale, so the new rates are only available to existing customers.
More than 1.3 million people will see a boost to their savings as a result of the increases.
The rate on the Direct Saver and Income Bonds products will more than double from 0.50% to 1.20%, the Direct ISA from 0.35% to 0.90%, and the Junior ISA from 1.50% to 2.20%.
More substantial increases are taking place on guaranteed and fixed interest products. For example, three-year Guaranteed Income Bonds are increasing from 0.36% to 2.50%.
Details of the changes can be found here.
Earlier this year NS&I increased the Premium Bonds prize fund, which improved the odds of winning from 34,500 to 1 to 24,500 to 1 and saw an additional 1.4 million prizes paid out in June.
11 July: Cost-Of-Living Crisis Bites Into Savers’ Lockdown Gains
Financial gains made by UK savers during lockdowns imposed on them by the Covid-19 pandemic have been slashed back as a result of the ongoing cost-of-living crisis and need to meet rising prices, according to wealth manager Quilter.
Research carried out on behalf of the company found that just over half (53%) of the nation set aside money in savings and investments during the spate of coronavirus lockdowns that were imposed on the country during 2020 and 2021.
Quilter said that baby boomers – those born between 1946 and 1964 – were most likely to have saved money during pandemic-enforced lockdowns. Of this cohort, well over half (59%) said they were yet to dip into those funds.
In contrast, the wealth manager found that around one-in-seven (15%) of those who had saved money during lockdowns had already spent the cash they had put to one side.
In addition, more than a third of people (39%) told Quilter that they had already made a significant dent in their savings, with many spending up to three-quarters of the money they had squirreled away.
Quilter added that nearly half (46%) of Brits with lockdown savings had needed to dip into their money in the second quarter of this year. This was a significant increase compared with the first three months of 2022, thanks mainly to rising food costs followed closely by soaring fuel prices.
Ian Browne, financial planning expert at Quilter said: “While many people were able to save during the lockdowns and have had those funds to fall back on during the cost-of-living crisis, almost half were unable to save in the first place and could be left in a financially vulnerable position.”
“Even those who were able to put some money aside have seen their savings rapidly swallowed up by rising costs, particularly on day-to-day bills such as food, car fuel and heating and electricity.”
16 June: Take Advantage Of Bank Rate Hike, Savers Told
Financial experts have urged savers to take advantage of today’s decision by the Bank of England (BoE) to raise the Bank Rate by a quarter of a percentage point.
As expected, the BoE hiked interest rates from 1% to 1.25% which means bad news for mortgage customers on variable rate deals, but offers a glimmer of hope to savers looking to make maximum use of their money held on deposit.
With the latest data showing that consumer prices rose by 9% in the year to April, finding the highest-possible rate is vital for savers if they want to partly offset high inflation levels.
Alice Haine, personal finance analyst at the investment platform Bestinvest, said: “For cash savers, an interest rate rise is always a good thing, as they can secure higher rates on their savings pots – that is of course if they have spare cash to save in the first place.
“Saving rates have been creeping up to the highest levels seen in a decade, with some accounts now offering up to 1.56% for easy access accounts and up to 3% for fixed-rate products.
“Every penny in additional interest is a bonus when high inflation is eating away at the purchasing power of incomes. With many households dipping into emergency pots to meet rising food, fuel and energy bills, you need to make sure your money is working as hard as it can.”
Myron Jobson, senior personal finance analyst at interactive investor, said: “Higher rates mean savings will earn more – although some banks and building societies have been fiendishly slow in passing on recent hikes to the base rate.
“With the rate of inflation now higher than the best savings deal in the market, any money in savings loses purchasing power over time – but it still pays to pick the most competitive account.”
Les Cameron, financial expert at M&G Wealth, said: “While today’s announcement is no surprise, what remains to be seen is whether this rise will translate to higher rates available to savers or to increased borrowing costs.
“Reviewing your finances to make sure you’re prepared for the future has never been more important and, for many, that will involve seeking some form of professional financial advice.”
15 June: UK Savers Rely On Savings In Summer
UK consumers are more likely to dip into their savings in August than in any other month of the year, according to Atom Bank.
The research, which analysed customer savings habits between May 2020 and April 2022, also found that the 1st is the most popular day of each month to make a savings withdrawal.
Since going on holiday was the ‘top savings goal’ among Atom customers, it is likely that many August savings withdrawals are being put towards topping up travel expenses.
Aileen Robertson, head of savings at the bank, said: “A common mistake people make when saving for a holiday is not accounting for enough spending money, which may result in unexpected additional expenses while you’re away.
“It’s useful to plan ahead — research which excursions you might want to take and how much on average they cost, factor in transport costs for the whole trip and consider what you’re likely to spend on food and drink.”
However, in the midst of the ongoing cost-of-living crisis, many others are likely to be using savings to make ends meet.
Ms Robertson said: “Many people with good intentions to save are likely feeling worse off right now, and tapping into savings may be seen as the only way to beat the current cost of living squeeze.”
The bank also found that savers tended to withdraw relatively small amounts, with 25% of customers taking out £80 or less.
8 June: 50,000 Lifetime ISA Holders Use Funds To Buy First Home
Sales of stocks and shares individual savings accounts (ISAs) surged during the pandemic, in stark contrast to cash ISAs, which saw their popularity plummet over the same period, according to the latest figures from HM Revenue & Customs (HMRC).
ISAs are tax-efficient wrappers that enable holders to shelter a certain amount of money each year – currently £20,000 – from income tax, dividend tax and capital gains tax.
HMRC says investors opened nearly 3.6 million stocks and shares ISAs during the 2020/21 tax year, a period that coincided with the most disruptive period of the Covid-19 pandemic.
This is an increase of around 860,000 accounts compared with the previous tax year, representing an extra £10 billion in investments year-on-year.
HMRC says the number of cash ISAs opened during 2020/21 fell by 1.6 million to just over 8 million. This meant that the share of cash ISAs as a proportion of the overall number of ISAs sold fell from 75% in the tax year 2019/20 to 66% in 2020/21.
Overall, around 12 million ISAs were taken out during the tax year 2020/21 equating to around £72 billion in cash terms. This compares with the 13 million accounts taken out in the previous tax year.
HMRC figures also reveal that 50,800 people made withdrawals from their Lifetime ISA (LISA) to buy a home in 2020/21, an increase of 15,000 on the previous tax year.
LISAs allow people over 18 and under 40 to save, tax-free, for their first home or to supplement their retirement earnings. HMRC says that the average LISA withdrawal was £13,192 in 2020/21, a £700 increase on the previous year.
Bestinvest’s Adrian Lowery says the figures show how households channelled lockdown savings towards investing: “During the pandemic savings boom many households looked towards investments, rather than cash savings, with the Bank of England having slashed interest rates to an all-time low of 0.10% in March 2020.”
24 May: NS&I Adds £40 Million To Premium Bonds Prize Fund
National Savings and Investment (NS&I), the Government-backed bank responsible for Premium Bonds, has announced an increase to its prize fund rate from 1.00% to 1.40%, with effect from next month.
It will mean an additional 1.4 million prizes will be issued in June’s monthly draw out of an increased prize pot worth £40 million.
The majority of these extra prizes will be valued at £25 or £50, but the number of higher value prizes is also increasing. For example, there will be 98 prizes of £10,000 in each monthly draw from June, compared with the current 58, and 40 prizes of £25,000 compared to the current 24.
The odds of each £1 Premium Bond number winning a Premium Bonds prize will also change from 34,500 to 1 to 24,500 to 1.
Ian Ackerley, chief executive of NS&I said: “The new prize fund rate ensures that Premium Bonds are priced appropriately when compared to the interest rates offered by our competitors.
“It also ensures that we continue to balance the interests of savers, taxpayers and the broader financial services sector.
Premium Bonds, which are held by over 21 million people in the UK, were first introduced in 1956 as an alternative way to invest money. Rather than earning interest every month like regular savings accounts, purchasing a Premium Bond means being entered into a monthly prize draw for cash sums.
These sums range in value from £25 to £1 million, which winners receive tax-free. Every £1 invested in Premium Bonds is equivalent to one entry into the prize draw, but the minimum investment level is £25. Savers can cash out a portion or all of their bonds at any time.
Although investors do not earn monthly interest, the total value of the prize fund increases at a fixed rate, which is occasionally adjusted in line with inflation and interest rates, both of which have been climbing.
11 May: More Than Half Of UK Adults Open Bank Accounts Without Checking Interest Rates
More than half (52%) of adults in the UK have opened a bank account without checking the rate of interest it pays, according to a survey by the savings platform, Raisin.
Little interest in rates
It found that while almost half of all adults do not have a savings account, of those who do, more than a third have never checked interest rates elsewhere to see if they could be getting a better deal.
The survey, which asked 2,000 adults about their banking habits, revealed that ease of access to their cash was more important to savers than interest rates.
Of the respondents with a current account, savings account, or ISA, just 25% said they opened it because of the interest rate.
By comparison, 37% opened their account because it was offered by their current provider through online banking. And with 23% of women and 25% of men using online banking daily according to the survey, savings offers are viewed by a significant number of customers.
Branch versus digital banking
Despite the popularity of online banking, Raisin’s survey found traditional banks and building societies — with physical branches — remain more popular than their digital counterparts.
Nationwide was the most popular, with 57% of customers responding that they liked the provider. It was followed by Halifax which was liked by 51% of customers.
The Raisin survey also revealed that, once UK savers have decided on a bank, they regularly stick with it for years. More than a third (35%) of respondents said they have the same bank account they opened with their parents as a child. People aged under 35 and under are even less likely to have changed banks, with 50% of them retaining the account opened with their parents.
Since banks and building societies often entice new customers with high initial interest rates and even cash bonuses, sticking with the same bank for years is unlikely to net you the best deal.
With the UK in the grips of record inflation and the cost-of-living crisis, finding the most competitive savings accounts is particularly pressing.
Commenting on the research Kevin Mountford, Raisin’s co-founder, said: “The market is incredibly competitive thanks to online and challenger banks vying for your money, [so] do your research to find the best deals and rates — making smarter moves with your money now could help you save a lot more in the long run.”
29 April: Coventry BS Launches Fixed Rate ISA Range
Coventry Building Society has today launched four fixed rate ISAs. The UK’s second largest building society is offering:
- ISA paying 1.50% until 30 September 2023
- ISA paying 1.75% until 20 September 2024
- ISA paying 1.85% until 30 September 2025
- ISA paying 2.00% until 30 September 2026
The four new products join Coventry’s existing Children’s, Additional Allowance, and Easy Access ISAs.
Tom Riley, director of banking and savings at Nationwide Building Society, said: “Many people will be searching for the best rates they can find, suiting their individual saving needs with the peace of mind that a fixed rate provides, so we expect these new ISA products will be very popular.
“ISAs are still an attractive option for those savers wanting to earn interest tax-free that doesn’t count towards their personal savings allowances.”
The Coventry rates stand up well against other providers, including Aldermore, which offers a one year fixed rate ISA paying 1.46% AER, and Skipton Building Society, which offers 2.00% AER on its three year Online Fixed Rate Cash ISA.
Nationwide Building Society is also increasing some of its ISA interest rates, including its Single Access ISA, by up to 0.25% from 1 May 2022.
14 April: Mistaken Savers Think Inflation Leaves Them Better Off
Nearly one-in-nine (13%) cash ISA savers believe that inflation will leave them better off, according to research from Legal & General (L&G). More than half (52%) do not know what impact inflation will have on the real value of their savings over time.
ISA stands for ‘individual savings account’, a tax-efficient financial product supported by the UK government.
UK inflation climbed to 7% earlier this week, its highest level for 30 years. Inflation has risen sharply in recent months due to a number of reasons, including, the worldwide economy waking up after the pandemic, a spike in global energy prices and the Russian invasion of Ukraine.
Despite this, and with inflation predicted to soar even higher later this year, L&G’s research suggested that a large number of Britons could be in for a financial shock.
L&G said that there was £136 billion sitting in cash ISA accounts paying an average interest rate of 0.26%. But it added that two-thirds (64%) of cash ISA savers have taken no action on their savings, even though the return on cash was being far outstripped by the rate of inflation.
The company calculated that a £1,000 deposit with an interest rate of 0.26% would effectively reduce in value by £243 over five years assuming inflation stayed at 6% over that period.
Emma Byron, managing director at L&G Retirement Solutions, said: “Inflation is at its highest rate for three decades and it’s worrying that savers don’t realise that it’s eating away at millions of pounds sitting in low-interest paying accounts. Understanding the impact of inflation is crucial to understand how much money you have in real terms.
“While it is essential to keep some cash in the bank for an emergency fund, savers might want to consider other options to make their money work harder.”
29 March: JP Morgan’s Chase Offers 1.5% Savings Account
Chase, JP Morgan’s new digital bank, has unveiled a savings account for UK customers paying interest at twice the level of the Bank of England (BoE) Bank rate.
The Chase saver account is linked to the provider’s own current account and offers a competitive interest rate of 1.5% AER.
AER, or Annual Equivalent Rate, is the official method of calculating and showing the interest rate for savings accounts and is designed to allow easy comparisons across similar products.
Earlier this month, in a bid to stave off steepling UK inflation, the BoE raised its Bank rate from 0.5% to 0.75%, the third rise in four months.
The JP Morgan saver account is available to new and existing Chase current account holders and can be opened via the company’s app.
Chase said savers can deposit up to £250,000 in total at any time and can access their savings whenever they want, penalty-free and without loss of interest. There is no minimum opening balance.
Research from Chase found that UK consumers are looking for ways to segment their cash in order to better save for specific goals. Customers can open multiple Chase saver accounts to achieve this, each with a personalised name and featuring a unique account number.
The UK’s personal savings allowance (PSA), introduced in 2016, allows basic-rate (20%) taxpayers to earn £1,000 in savings interest tax-free, while higher-rate (40%) taxpayers are allowed to earn up to £500 before tax. Additional-rate (45%) payers receive no allowance.
A basic-rate taxpayer would be able to deposit just under £70,000 in the new Chase saver account without any tax liability at the product’s present rate. A higher-rate taxpayer could have around £34,000 on deposit with the account and not bust the £500 tax-free interest limit.
Shaun Port, Chase’s UK managing director for savings and investments, said: “With the cost of living increasing, we know that consumers want to maximise the interest they can earn with the reassurance of being able to access their savings instantly. We have designed the Chase saver account to provide our customers with maximum flexibility alongside a competitive rate.”
The UK’s Financial Services Compensation Scheme is a financial lifeboat arrangement that protects customers holding up to £85,000 across all accounts held within the umbrella of one banking group.
24 March: Monument Launches Trio Of Savings Accounts
New digital bank Monument has launched a trio of fixed-term savings products which, it claims, pay competitive rates of interest.
Accessible via its app, Monument’s 12-month, fixed-term savings account pays an annual equivalent rate (AER) of 1.80%. AER is the official rate for savings accounts and is designed to allow easy comparisons across similar products.
A two-year version of the account pays 2.05% AER, while Monument’s five-year, fixed-term product features an AER of 2.40%.
Depositors must be 18 over and resident in the UK. Customers are required to hold a minimum balance of £25,000 at any time across Monument savings accounts to qualify for the published rates.
Should they change their mind, customers can cancel an account within 14 days of opening one. Once up and running, however, withdrawals are not permitted.
Monument, which describes itself as the “first neo-bank launched in the UK specifically to meet the unmet demands of mass affluent clients”, received its banking licence last year.
John Saunders, Monument’s chief commercial officer said: “We’re pleased to be offering a range of savings choices to consider, all at competitive rates. Inflation is a real and growing feature of personal finance, so leaving savings in low, or no, interest-bearing accounts makes less sense than ever.”
1 March: Study reveals regional differences in UK saving habits
One in four people in the UK do not have enough cash for emergencies, according to investment platform Hargreaves Lansdown (HL).
The firm defines emergency cash as savings equivalent to at least three months’ worth of essential expenses.
Figures from its Savings & Resilience Barometer, a financial measure put together with consultants Oxford Economics, showed a wide regional disparity in UK savings habits at the start of 2022.
HL identified the North of England, Midlands, Devon and Wales as among 10 so-called ‘notspots’, or regions that featured large shortfalls for cash savings.
According to HL, more than a third (36%) of those in the West Midlands and Tees Valley and Durham reported that they don’t have enough cash set aside in savings.
The same scenario was also reported by a third of people (33%) in Northumberland, Tyne and Wear, Derbyshire, Nottinghamshire, Devon and West Wales.
This contrasted with parts of London and the Home Counties, including Hertfordshire and Bedfordshire, that HL dubbed as savings ‘hotspots’, where more than four in five people claimed they have sufficient amounts of emergency cash.
HL’s Sarah Coles said: “There’s a mountain to climb to level up financial resilience across the UK. The report shows a gulf between areas with plenty of savings and those with huge shortfalls. It’s not simply a North/South divide.”
Separately, financial coaching app Claro Money says more than a quarter (28%) of Brits are relying on nest-eggs to make good shortfalls when outgoings exceed their income, rather than using their savings for aspirational goals such as buying a car or taking a luxury holiday.
Sarah Brill at Claro Money said: “Savings are being called upon to meet the daily cost of living with inflation increases at a 30-year high. Previously, spending habits might have seen Brits save to spend on rewarding big ticket items, but it’s now the mounting cost of living that is nibbling away at Brits’ hard-earned savings.”
15 February: NS&I Doubles Green Savings Bond Rate
Government-backed National Savings & Investments has issued a second tranche of its green savings bond paying 1.3% over a three-year fixed term – twice the amount paid on the first issue of the bond at launch last October.
Someone buying £1,000 of the new bonds, which enable savers to put their money behind initiatives such as renewable energy and cleaner transport, will receive £1,039 at maturity.
Leading three-year bonds on offer from financial institutions are paying around 1.8%.
The latest issue has a minimum initial deposit of £100 and the maximum investment is £100,000 per person. As NS&I is backed by the UK Treasury, 100% of savers’ money is safe. Applicants need to be at least 16.
Savings with other providers are protected up to £85,000 per person under the Financial Services Compensation Scheme.
Once an initial deposit has been made, a 30-day cooling off period gives savers the opportunity to withdraw their cash. After that, savers are prevented from accessing their money until the bond reaches the end of its term.
Sarah Coles at Hargreaves Lansdown says NS&I’s decision to double the green bond’s interest rate is “a dramatic step that shows the old rate was a real disappointment”.
She says the higher rate “may be enough to see the bond flourish”.
Becky O’Connor at online platform interactive investor, says: “While this rate is not top of the best-buys for three-year bonds, which are currently around 1.8%, it is far more compelling than before for those wanting their money to be put to productive use in the UK’s growing low carbon economy, at no risk.”
10 February: NS&I Ups Rates On Direct Saver And Income Bond Accounts
NS&I, the government-backed savings provider, is raising the interest rates on its Direct Saver and Income Bond products to 0.5% gross Annual Equivalent Rate (AER) from today (10 February).
The increase in each case of 0.15 percentage points follows a rise from 0.15% to 0.35% last December. Last week, the Bank of England raised its official Bank rate to 0.5%, its second increase in three months.
The Direct Saver account can be opened with a minimum deposit of £1 with an upper limit of £2 million, while the Income Bond has a minimum investment of £500 and a maximum of £1 million.
Ian Ackerley, NS&I chief executive, said: “The new interest rates will ensure our products are priced in line with the broader savings sector.”
Helen Morrissey at financial advisor Hargreaves Lansdown said: “It is hugely positive to see NS&I boosting rates on these products, but they still remain some way off meeting the best rates available on the market.
“The best easy-access savings rate available is currently 0.71%, so savvy savers willing to shop around can still find better places to stash their cash.”
8 February: Easy-Access Products Dominate 2021 Savings Market
UK savers chose to squirrel away their money in easy-access accounts last year over fixed-rate products or Individual Savings Accounts (ISAs), according to Aldermore Bank.
Analysis by Aldermore of the latest Bank of England Money and Credit data showed that UK personal savings stood at £1.414 trillion in December 2021, a year-on-year increase of 6.5%, or £86 billion.
Aldermore attributed the rise to a continuation of the savings habits that Brits picked up during the 2020 lockdown when the pandemic was at its height. The figure excludes cash held in current accounts and NS&I products such as Premium Bonds.
The bank said the easy-access element of the savings market attracted an additional £99 billion in 2021, an increase of 11.3% year-on-year. The main advantage of easy-access accounts is that they allow savers to withdraw cash as and when they please.
In contrast, Aldermore said that the amount in fixed-rate savings products at the end of 2021 was £9 billion down on the previous year, a drop of 5.7%.
The research also showed that savers deposited £4 billion less in savings-based ISAs by the end of last year compared with 12 months earlier, with the attraction of tax-free benefits from these products failing to offset the depressed interest rates on offer.
Ewan Edwards, savings director at Aldermore Bank, said: “The value of savings cannot be underestimated. It’s very encouraging that the focus on savings we saw in 2020 has continued on and grown further in 2021 as people remain focused on building their financial wealth.”
Average Savings On The Rise
Separate research from Paragon Bank backed up the trend towards greater savings habits. According to the bank, the average non-ISA easy-access balance grew from £10,246 in March 2020 to £12,106 in October 2021.
But Paragon warned that most of these accounts continue to earn a very low interest rate, with 71% of easy-access balances offering an interest rate of 0.1% or less.
The bank added that the number of easy-access, non-ISA accounts with balances of £100,000 or more now makes up a record 2% of all accounts in this sector. This is up from 1.8% in October 2020 and 1.6% in October 2019.
Derek Sprawling, savings director at Paragon Bank, said: “The dominant trend we are noting in the easy-access space is that seven out of 10 savers continue to receive a really low return on their money.
“This is despite rates picking up across the board and best-buy deals offering people the opportunity to earn at least six times more interest than they currently are in a low-paying account.”
Helping You Make Smart Financial Decisions
Get the Forbes Advisor newsletter for helpful tips, news, product reviews and offers from a name you can trust.
This form is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply.
I agree to receive the Forbes Advisor newsletter via e-mail. Please see our Privacy Policy for more information and details on how to opt out.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Laura Howard Editor
I've been involved in personal finance and property journalism for the past 20 years, editing websites and writing for national newspapers. My objective has always been to offer no-nonsense information to readers that either saves or earns them cash.
Bethany Garner Editor
I’ve been writing for a broad array of online publications for four years, always aiming to make important insights accessible. It’s my goal to ensure that as many people as possible can make informed decisions about their money, and get the most out of their finances with the least amount of stress.
Free money worth $500 a month being handed out for one year with no strings attached – but you must meet two criteria
October 22, 2024 · · Topic: Basic Income · Relevance: badELIGIBLE Americans are in line to score monthly payments from a brand new program.
The City of Salem and UpTogether have just launched a guaranteed income program called Uplift Salem.
Sign up for the Money newsletterYour info will be used in accordance with our Privacy Policy Applications for Uplift Salem will open online on October 28 (stock image) Participants who live in Salem, Massachusetts , will receive $500 a month for one year with no strings attached.The program will choose 100 residents who will be able to spend the payments however they decide.However, each recipient will be evaluated by two Salem […]
Full Post at www.the-sun.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.the-sun.com
Search 2 keywords found: basic income,guaranteed income
ELIGIBLE Americans are in line to score monthly payments from a brand new program.
The City of Salem and UpTogether have just launched a guaranteed income program called Uplift Salem.
Sign up for the Money newsletter
Your info will be used in accordance with our Privacy Policy
Participants who live in Salem, Massachusetts, will receive $500 a month for one year with no strings attached.
The program will choose 100 residents who will be able to spend the payments however they decide.
However, each recipient will be evaluated by two Salem State University faculty members, according to a statement from the program.
Applications will open on October 28 and residents will have two weeks to apply or until 350 eligible applications have been received - whichever comes first.
“We want Salem to be an affordable place for everyone, and a guaranteed income program offers an innovative approach to help achieve that goal,” Salem Mayor Dominick Pangallo said in a statement.
To submit a form, be sure to check out the Uplift Salem website.
ARE YOU ELIGIBLE?
To qualify for the program, residents must meet two criteria.
Participants must reside in Salem, Massachusetts - this included unhoused residents who spend the majority of their time in Salem.
Second, they must have a household or family income at or below 100% of the federal poverty level based on household size.
Folks will be selected randomly from the group of eligible applications.
Once chosen, their first payments will be handed out by December 1.
A LITTLE HISTORY
UpTogether is a national nonprofit working to address and eliminate poverty.
The total cost of the pilot is $685,000 and is funded through the American Rescue Plan Act dollars.
A private contribution was also made through UpTogether.
WHAT IS GUARANTEED INCOME?
Guaranteed income is similar to universal basic income, UBI, where programs provide individuals with regularly fixed incomes.
These can be programs that use public funds or are funded by the government.
Each program looks to reduce poverty and may be implemented federally and statewide.
While guaranteed income is similar to UBI, it typically provides a smaller amount of money and is aimed at a specific group.
Fitch Affirms Just Retirement Limited’s IFS Rating at ‘A+’; Outlook Stable
October 22, 2024 · · Topic: Basic Income · Relevance: badFitch Ratings – London – 22 Oct 2024: Fitch Ratings has affirmed Just Retirement Limited’s Insurer Financial Strength (IFS) Rating at ‘A+’ (Strong). Fitch has also affirmed the Long-Term Issuer Default Ratings (IDR) of Just Retirement Limited and Just Group plc (Just), the group’s ultimate holding company, at ‘A’. The Outlooks are Stable.
A full list of rating actions is below.
The affirmation reflects our assessment of Just’s ‘Very Strong’ capitalisation and leverage, as well as its ‘Strong’ company profile, financial performance and earnings, and investment and asset risk. Key Rating Drivers Strong Company Profile: Just’s strong company profile is supported […]
Full Post at www.fitchratings.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.fitchratings.com
Search 2 keywords found: guaranteed income
Fitch Ratings - London - 22 Oct 2024: Fitch Ratings has affirmed Just Retirement Limited's Insurer Financial Strength (IFS) Rating at 'A+' (Strong). Fitch has also affirmed the Long-Term Issuer Default Ratings (IDR) of Just Retirement Limited and Just Group plc (Just), the group's ultimate holding company, at 'A'. The Outlooks are Stable.
A full list of rating actions is below.
The affirmation reflects our assessment of Just's 'Very Strong' capitalisation and leverage, as well as its 'Strong' company profile, financial performance and earnings, and investment and asset risk.
Key Rating Drivers
Strong Company Profile: Just's strong company profile is supported by its leading positions in the bulk and individual annuity markets and its strong expertise in medical underwriting. Its bulk annuity volumes rose 31% to GBP1.9 billion in 1H24 on strong structural growth in the UK bulk annuity market. Just wrote 55 bulk annuity transactions in 1H24 (1H23: 35), the highest among UK bulk annuity insurers, underscoring its competitive strengths in writing small-scheme transactions. Its individual annuity volumes also grew strongly by 28% to GBP600 million in 1H24.
Market Growth to Continue: Fitch expects bulk annuity volumes to remain strong over the medium term, supported by resilient demand from UK corporates to offload their pension liabilities. We also expect the UK individual annuity market to continue its growth momentum, driven by the improved demand for guaranteed income products and favourable annuity rates, although this could be partly offset by a moderation in annuity rates due to potential reductions in long-term interest rates.
Very Strong Capitalisation: Just scored 'Extremely Strong' in Fitch's Prism Global model at end-2023. The group's Solvency II (S2) coverage ratio was very strong at 196% at end-1H24 (end-2023: 197%), as organic capital generation was offset by a GBP16 million final dividend for 2023. Fitch expects Just's S2 ratio to gradually fall from the current very strong levels, primarily as the group grows its business; however, the S2 coverage ratio will remain commensurate with Just's ratings.
Just's S2 ratio is sensitive to changes in the UK residential property prices through its exposure to equity release mortgages (ERM). Sensitivity was stable in 1H24, where a 10% house price decline would result in a 10pp fall in the S2 ratio, which we view as neutral to our assessment of capitalisation.
Very Strong Financial Leverage: Just's Fitch-calculated financial leverage ratio (FLR) was 19% at end-1H24 (end-2023: 20%), supported mainly by the inclusion of net of tax contractual service margin, in the denominator of the FLR calculation. We expect Just's GBP400 million Tier 2 issue in September to be neutral to its FLR given the repurchase of its GBP250 million Tier 2 notes and a scheduled maturity of its outstanding GBP155 million Tier 3 notes in February 2025. We also assess Just's financial flexibility as strong.
Strong Underlying Performance: Reported underlying operating profit improved 44% to GBP249 million in 1H24, supported by stronger new business and in-force profits. Fitch expects underlying profitability to remain strong, helped by resilient new business margins and growing volumes. Just's IFRS pre-tax profits were GBP74 million in 1H24, down from GBP117 million in 1H23, due mainly to a positive investment variance in 1H23 that did not re-occur.
Conservative Investments; 'BBB' Concentration: Just follows a fairly conservative investment strategy on its GBP16.9 billion bond portfolio, with 99% of bonds rated investment-grade. However, its exposure to 'BBB' rated assets remained high at 42% at end-1H24.
Just's exposure to ERM as a proportion of its total investment portfolio continues to fall, reducing concentration risk. However, its ERM exposure at end-1H24 was GBP5.5 billion (22% of the investment portfolio), one of the highest proportions among its peers. Fitch expects ERM as a share of the investment portfolio to continue to decline as Just originates fewer new ERMs to back new business, but we expect the exposure to illiquid assets in general to grow as volumes increase.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade
-A substantial weakening of capitalisation as underscored by a sustained fall in the Prism score to the 'Very Strong' category or a reduction in the S2 ratio to below 140%
-Deterioration in the FLR to above 28% on a sustained basis
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade
-A significant increase in product and geographical diversification, although we view this as unlikely over the medium term
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/products#esg-relevance-scores.
Additional information is available on www.fitchratings.com
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
- Prism Global (ex-U.S.) Model, v1.8.1 (1)
ADDITIONAL DISCLOSURES
ENDORSEMENT STATUS
TSTC alum and student says his word of the year is ‘learn’
October 22, 2024 · · Topic: automation impact · Relevance: badComputer Aided Manufacturing (now Precision Machining Technology) graduate Jacob Preston returned to TSTC’s Marshall campus to continue his education in the Automation and Controls Technology program. (Photo courtesy of TSTC.) (MARSHALL, Texas) – Texas State Technical College alumnus Jacob Preston recently returned to the Marshall campus to add Automation and Controls Technology to his resume that includes a TSTC degree in Computer Aided Manufacturing.
“I wanted to come back to further my knowledge in the career that I’m currently in,” Preston said. “Each year, I have a word of the year, and this year it’s ‘learn.’”
Preston discovered that he was […]
Full Post at www.gilmermirror.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.gilmermirror.com
Search 2 keywords found: employment,manufactur,technology,technical
(MARSHALL, Texas) – Texas State Technical College alumnus Jacob Preston recently returned to the Marshall campus to add Automation and Controls Technology to his resume that includes a TSTC degree in Computer Aided Manufacturing.
“I wanted to come back to further my knowledge in the career that I’m currently in,” Preston said. “Each year, I have a word of the year, and this year it’s ‘learn.’”
Preston discovered that he was a hands-on learner early in life, regularly taking things apart and putting them back together. His grandparents lived a short walk from TSTC’s Marshall campus, making the college an ideal choice for him after he graduated from high school.
Preston earned his Associate of Applied Science degree in Computer Aided Manufacturing (now Precision Machining Technology) in 2008. Today, he is a computer numerical control (CNC) programmer for Kito Crosby, a manufacturer of securement products for rigging, lifting and material handling, at its Longview location where he has been employed for 14 years.
Preston saw an opportunity to continue learning when he discovered the company’s reimbursement program.
“I wanted to know the inner workings of all of the sensors and how to program the PLCs (programmable logic controllers) and the conveyors, and tie it into a CNC,” he said.
Monique Gray, a production supervisor for The Crosby Group, said Preston sets an example of what hard work and determination can achieve.
“Watching Jacob pursue furthering his education in automation and controls while maintaining such an exceptional level of dedication and reliability at work has been truly inspiring,” Gray said. “His commitment to furthering his knowledge and skills, all while excelling in his responsibilities, is a testament to incredible work ethic.”
Preston said juggling his full-time job, an education and an infant son is a challenge, but he loves manufacturing and seeing the new faces at TSTC that will one day join him in the workforce. He plans to graduate from the program in spring 2025.
“TSTC means a secure future with the education that they provide,” Preston said. “You don’t have to have a four-year degree to be successful.”
According to onetonline.org, CNC tool programmers earn a median salary of $62,160 in Texas, where the number of these jobs was projected to grow 47% between 2020 and 2030.
Spring registration begins Oct. 28. For more information on TSTC, go to tstc.edu.
# # #
About TSTC
With 11 campuses across the state, Texas State Technical College helps to strengthen the Texas workforce with highly skilled, technically competent graduates. Operating on a unique funding model based on student employment outcomes, the college celebrated 55 years of service to the state of Texas in 2020. For more information, visit tstc.edu.
Corporate action and AI pivotal in boosting employment for differently-abled in India: Experts
October 22, 2024 · · Topic: automation impact · Relevance: badExperts at the Zero Project India Conference 2024 called for urgent interventions to boost job opportunities for disabled individuals. Synopsis India aims for inclusive employment by 2030, but challenges persist, stressed speakers and attendees at Zero Project India Conference 2024.
Follow us
India’s journey toward being an inclusive and equitable society hinges on creating meaningful job opportunities for people with disabilities, experts say. Despite progress in policies and technology, barriers such as social stigma, accessibility issues, and lack of employment opportunities continue to hinder the integration of people with disabilities into the workforce. By 2030, India aims to dismantle […]
Full Post at m.economictimes.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at m.economictimes.com
Search 2 keywords found: employment,productivity,technology,software,mobility
Synopsis
India aims for inclusive employment by 2030, but challenges persist, stressed speakers and attendees at Zero Project India Conference 2024.
India's journey toward being an inclusive and equitable society hinges on creating meaningful job opportunities for people with disabilities, experts say. Despite progress in policies and technology, barriers such as social stigma, accessibility issues, and lack of employment opportunities continue to hinder the integration of people with disabilities into the workforce. By 2030, India aims to dismantle these barriers, ensuring equal access to jobs for all.
According to the National Family Health Survey (NFHS-5) conducted by the Indian Council of Medical Research (ICMR) in 2019-21, 63.28 million people, or 4.52% of India's population, are living with disabilities. This is a significant increase from the 2011 Census, which reported 2.68 crore (2.21%) disabled individuals. The sharp rise in these figures calls for urgent intervention.
Regional disparities further highlight the uneven distribution of disability prevalence. For example, Sikkim reports a 2.98% prevalence rate, compared to just 0.9% in Daman and Diu. Notably, nearly 50% of the disabled population resides in five states: Uttar Pradesh, Maharashtra, Bihar, Andhra Pradesh and West Bengal.
To deliberate more on such pressing challenges and their potential solutions, the recently concluded Zero Project India Conference 2024 at The Leela Hotel, Gurugram, brought together global and national networks to discuss innovations and solutions for disability inclusion. The conference highlighted the urgent need to expand job opportunities for people with disabilities.
ET PRIME - TOP TRENDING STORIES
- How Indian banks gave away an opportunity called UPI, and its control, to PhonePe, and Google Pay
- Business of biryani: how Biryani By Kilo is winning Indian palates with consistency and automation
- Varun Beverages outshines HUL, returns 100% in one year. Can it sustain the momentum ahead?
- Why top BharatPe executives are leaving the fintech unicorn to start their own ventures
- Are you buying high and selling low? Blame it on the behavioural gap
- Top Nifty50 stocks analysts suggest buying this week
According to the 2011 Census, 1.7 crore disabled individuals were non-workers, with females accounting for 54%. In the private sector, workforce participation remains low — only five of the Nifty 50 companies employ more than 1% of disabled individuals. Public sector enterprises, despite the mandate under the Rights of Persons with Disabilities Act (2016) to reserve 4% of jobs for people with disabilities, also fall short of this target.
Experts stressed a key solution to these challenges lies in technology, particularly artificial intelligence (AI). AI-powered tools can revolutionise how people with disabilities access education and skill development programmes, enhancing their employability. For example, AI-driven voice recognition software, text-to-speech applications, and predictive text technology offer support for those with visual or physical impairments. Virtual reality (VR) and augmented reality (AR) tools can create simulated training environments, providing practical, real-world experiences for job seekers.
Remote work, another AI-enabled innovation, offers a viable solution for those with limited mobility or transportation challenges. According to experts, this flexibility has the potential to greatly expand employment opportunities for disabled individuals. AI platforms can also help match candidates with suitable jobs, improving productivity and job satisfaction through better alignment of skills and roles.
Speaking at the event, Meera Shenoy, founder and CEO of Youth4Jobs Foundation, highlighted the importance of grassroots innovations and collaboration. "While policy frameworks exist, we need more focused efforts to ensure implementation and accountability. Youth4Jobs has touched 15 million households and impacted over 590,000 disabled youth across South Asia. By working with the government, over 1,500 companies, and civil society, we aim to build a more inclusive society," she said.
Michael Fembek, CEO of the Zero Project, emphasised the role of collaboration in driving disability inclusion: "The Zero Project India Conference 2024 offers a unique opportunity to connect our global networks with India's emerging innovations. Scalable solutions shared here can push the boundaries of what's possible, ensuring that disability is no longer a barrier to employment."
Government representatives attending the event also echoed these sentiments. Rajesh Aggarwal, Secretary of the Department of Empowerment of Persons with Disabilities, underscored the need to scale up initiatives and improve daily infrastructure for people with disabilities. He stated that while the corporate sector has made strides, there is still a need to scale initiatives and improve infrastructure for day-to-day living for persons with disabilities.
Martin Essl, Founder of the Essl Foundation, called for continued innovation, particularly in education and employment, to drive inclusion. "Together, we can create pathways that ensure no one is left behind. The momentum we’ve built today must translate into actionable change to make the world more inclusive," he said.
The Zero Project India Conference 2024 laid the groundwork for collaborative action, but experts affirmed the path ahead is challenging. The job creation gap for people with disabilities is not only a moral issue but also a missed economic opportunity. With the aid of AI and technology, individuals with disabilities can become key contributors to the workforce, driving both social inclusion and national economic growth.
As India works toward its 2030 goals, the push for disability inclusion will require stronger partnerships, greater accountability, and innovations that ensure every individual, regardless of ability, has a place in the nation's workforce.
What Does AI Means For Your Career, And How Can You Adapt?
October 22, 2024 · · Topic: automation impact · Relevance: badJohn Pierce is an entrepreneur with a focus on C-Suite consulting, M&A in the RIA segment, and a builder and leader of high-quality teams. A Women Reviews the Data Analysis of Marketing from Social Media Platforms. Technology has always had an impact on job markets. The efficiency it delivers often leads to reduced need for certain functions, no matter the industry. Considering some roles get eliminated entirely, it’s understandable that new tech tools cause employees to panic about their relevancy. The increasing adoption of AI is no exception.
For example, when I was growing up, two key jobs were in […]
Full Post at www.forbes.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.forbes.com
Search 2 keywords found: employment,productivity,technology,academic
John Pierce is an entrepreneur with a focus on C-Suite consulting, M&A in the RIA segment, and a builder and leader of high-quality teams.
Technology has always had an impact on job markets. The efficiency it delivers often leads to reduced need for certain functions, no matter the industry. Considering some roles get eliminated entirely, it's understandable that new tech tools cause employees to panic about their relevancy. The increasing adoption of AI is no exception.
For example, when I was growing up, two key jobs were in high demand: coding and copywriting. Both careers were considered safe bets for professional security. But today, more companies are leaning on automation for these functions because it's more cost effective. There's a chance that, in the long term, there won't be a need for human coders or copywriters.
As AI begins taking over non-core, non-critical activities, it actually opens the door for new job classes to emerge. People in at-risk professions can learn to pivot their existing skill sets so they can fill those roles. For example, copywriters can apply their creativity to crafting the prompts that train generative AI models to produce desired outcomes. So it's clear we must embrace AI and learn to leverage this new dynamic if we want to stay competitive.
4 Steps To Prepare For AI Disruption
In the face of this new reality, it's vital to envision how AI may impact your career. Does it have the potential to put your position, employer or industry in jeopardy? If so, how can you protect your future? These four steps can help you make the right decision as this technology continues to disrupt job markets.
MORE FOR YOU
Trump Vs. Harris 2024 Polls: Harris Leads In 4 Latest Surveys
NSA Tells iPhone And Android Users: Reboot Your Device Now
Harris And Trump’s Biggest Celebrity Endorsements: NASCAR’s Danica Patrick Says She’ll Vote For The First Time In 2024
1. Focus On Reskilling And Upskilling
The first step in preparing for the AI-driven future is adapting your skill set. For example, you may want to learn about data analytics or common programming languages. Then be sure to develop key soft skills that are more difficult to automate, like problem-solving and emotional intelligence.
2. Embrace Lifelong Learning
As further AI disruption comes our way, it's your choice to be proactive. But if you choose not to learn, you're limiting yourself. There are numerous benefits tied to lifelong learning, including enhancing your employment opportunities, developing personally and—my personal favorite after turning 60—improving your cognitive health and resilience to aging. Don’t just take my word for it. Back in 2007, Havard research associates Claudia Goldin and Lawrence Katz wrote a paper on how adapting to technological change can help narrow wage gaps.
Start pursuing academic opportunities, like certifications, that will prepare you for future tech advancements that could influence your career. See what educational opportunities your current employer offers—be sure to ask about any expense reimbursement policies—or take some free classes online.
3. Innovate Freely
Be open to technological innovation and its ability to improve your own efficiency and productivity. Even if your role doesn't sit in the CTO’s office, take the initiative to seek out AI solutions for current challenges at your organization. Experimentation can lead to innovative problem-solving, especially when you embrace collaboration and diverse thinking.
4. Network And Collaborate
Finally, start building a strong professional network that includes AI experts. Networking provides access to new information, diversity of ideas and, as needed, new job opportunities. We're all in the same proverbial boat related to AI. I've connected with AI experts so I can better understand the complexity—or, at times, the simplicity—of how this technology will impact our lives.
Am I concerned about AI? Yes. But am I also excited about where this leads us? Absolutely. Those who read my work know I'm both an optimist and a realist. It's amazing to be in the next business revolution, but we can't sit on our hands, waiting to see what happens. Participating in AI disruption is ultimately your choice, but choosing to embrace it will be your best bet for a secure future.
Forbes Human Resources Council is an invitation-only organization for HR executives across all industries. Do I qualify?
Two-thirds of leaders feel Gen AI will reshape entry-level jobs
October 22, 2024 · · Topic: automation impact · Relevance: badAs AI automates routine tasks, entry-level roles will focus on quality assurance and strategic contributions.
Credit: BGStock72 – shutterstock.com Generative AI is on track to transform entry-level roles across industries, with 64% of leaders expecting these positions to evolve from creation to review and refinement of outputs within the next three years. The percentage of managers holding a similar view stood at 71%, according to new research from the Capgemini Research Institute.
The findings suggest the traditional model of junior employees manually creating content, data, or code is rapidly being replaced by generative AI , which can generate these […]
Full Post at www.computerworld.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.computerworld.com
Search 2 keywords found: productivity,software,technical
As AI automates routine tasks, entry-level roles will focus on quality assurance and strategic contributions.
Generative AI is on track to transform entry-level roles across industries, with 64% of leaders expecting these positions to evolve from creation to review and refinement of outputs within the next three years. The percentage of managers holding a similar view stood at 71%, according to new research from the Capgemini Research Institute.
The findings suggest the traditional model of junior employees manually creating content, data, or code is rapidly being replaced by generative AI, which can generate these outputs in a fraction of the time. As a result, employees in these positions will focus more on quality control, critical analysis, and ensuring AI outputs meet business standards, the report added.
The findings are based on Capgemini Research Institute’s May 2024 survey that involved 1,500 executives and 1,000 entry-level employees from 500 organizations with over $1 billion in revenue, to explore generative AI adoption.
The report revealed that employees expect gen AI will manage an average of a third of their tasks (32%) within the next 12 months, indicating a potential productivity boost. This shift is expected to be felt most acutely in roles that traditionally involve manual content creation, data entry, or routine customer service tasks.
“Generative AI tools are becoming more adept at assisting with complex managerial tasks, which could challenge the status quo of organizational structure and ways of working,” Roshan Gya, CEO of Capgemini Invent and a member of the Group Executive Committee said in a press note. “This shift allows employees to focus on higher-value activities, unlocking new perspectives and challenging assumptions.”
Increased autonomy for junior employees
The widespread integration of AI into the workplace will not only change the nature of entry-level work but also grant more autonomy to junior employees.
According to the data, 52% of leaders and managers expect entry-level positions to gain greater independence as AI becomes more embedded in daily workflows. For example, in industries such as supply chain and logistics, AI will take on tasks like inventory management and order processing, allowing junior analysts to focus on strategic tasks and project management.
As AI continues to manage mundane tasks, junior employees will have more opportunities to make decisions that were previously the domain of higher-level staff. This will enable them to fast-track their careers and assume greater responsibilities early on, the report stated.
The report reveals that 51% of leaders believe AI will accelerate the career progression of entry-level employees. With AI automating routine functions, junior employees will gain exposure to more strategic elements of their roles, moving into management positions much faster than traditional career paths have allowed. AI will facilitate this shift by providing employees with the tools and data necessary to make informed decisions and take on supervisory roles.
“It should be noted that this shift depends on several factors: clarity on skills requirements at higher levels; the ability of junior employees to develop these skills (often tied to experience, which cannot be fast-tracked); and the availability of opportunities available for the shift,” the report pointed out.
It further added that “Organizations must prioritize building the skills and readiness of junior employees as part of a clear roadmap for employees’ journeys to people leadership or functional/technical leadership. This requires proactive steps around talent acquisition, development, skilling, and review and reward mechanisms.”
This transformation is already visible in fields such as marketing, customer service, and even technical domains like software development.
“We’re seeing AI take over foundational tasks in these sectors, and junior employees are becoming curators of AI work, rather than creators,” the report said.
With AI’s involvement, the proportion of managers within teams could expand from 44% to 53%, reflecting a broader move toward specialized roles that focus on managing AI-human collaborations.
Productivity gains but upskilling gaps remain
The findings from the report suggest that while AI adoption promises significant productivity gains — potentially saving 18% of time for entry-level workers — there are concerns about the readiness of employees to leverage these tools.
Despite the optimism about AI’s role in career acceleration, the report highlights a significant gap: only 16% of employees feel they are receiving adequate training in AI-related skills from their organizations. This gap poses a major challenge for companies that want to fully harness the benefits of AI, especially at the entry level.
“Without the proper training and resources, employees won’t be able to maximize the potential of AI,” the report cautioned, urging organizations to prioritize formal training programs to ensure their teams are ready for the AI-driven future.
The path ahead
Despite the promise of Gen AI, adoption remains nascent. While 64% of workers already use Gen AI tools, the report stated that only 20% use them daily.
This gap between AI’s potential and actual usage underscores the need for clearer guidelines, comprehensive training, and better integration of AI tools into existing workflows. As organizations continue to explore AI’s capabilities, defining roles and responsibilities for human-AI collaboration will be key to ensuring accountability and cohesion across teams.
With 81% of leaders expecting new roles like AI ethics specialists and data curators to emerge, the landscape of entry-level work is on the verge of a significant transformation. The future of work, it seems, will be less about replacing human effort and more about enhancing it through strategic collaboration with AI.
‘Stop all time wasting’: Woolworths workers tracked and timed under new efficiency crackdown
October 22, 2024 · · Topic: automation impact · Relevance: badWorkers in Woolworths warehouses claim they are increasingly being pushed to comply with unrealistic and risky productivity standards. The supermarket giant has increased pressure on employees with a new framework that warehouse staff describe as ‘bullying’ and unsafe Get our breaking news email , free app or daily news podcast
Tim* has worked in a Woolworths warehouse for more than a decade. He’s helped load trucks and done other jobs, but mostly he “picks”.
When he arrives at work, he puts on a headset that tells him where to go, what items he needs to take from the shelves […]
Full Post at www.theguardian.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.theguardian.com
Search 2 keywords found: employment,productivity,consumer,manufactur,technology,robot
The supermarket giant has increased pressure on employees with a new framework that warehouse staff describe as ‘bullying’ and unsafe
- Get our breaking news email, free app or daily news podcast
Tim* has worked in a Woolworths warehouse for more than a decade. He’s helped load trucks and done other jobs, but mostly he “picks”.
When he arrives at work, he puts on a headset that tells him where to go, what items he needs to take from the shelves and pack and how long it should take him to do it. All the while, the company measures his productivity and pushes him to go faster.
For years, the company has tracked almost every minute of his day. Take a long bathroom break and a team leader might ask where he’s been. His performance percentage out of 100 appears on the screen when he clocks off, based on an algorithmic management system that predicts how long it should take to do each task.
With a market capitalisation of about $40bn, Woolworths is one of Australia’s largest companies. This kind of tracking and time pressure isn’t unique to the supermarket chain, but workers who are responsible for keeping shelves stocked claim they are increasingly being pushed to comply with unrealistic and risky standards.
Late last year, the company introduced a new framework to enforce an efficiency rate for picking of 100%. Workers who weren’t meeting the standard would be put into a coaching program. Some were directed to “stop all time wasting and non-productive behaviors”, according to warning letters seen by Guardian Australia. Failure to improve could lead to disciplinary action and even loss of employment. One worker described it as a “bullying” tactic.
Tim, who is over 60, said he was pushed to improve his rating. He got it to more than 80%, then 90%, then 100%, he said, but in his effort to work harder, faster, he was injured.
“You might get someone that’s … 20 years old and goes to the gym every day. And someone like me. I’m getting the average between him and me,” Tim said. “Obviously, I can’t keep up with him.”
“We’re going down the same path as Amazon,” said another worker, Ross*. “We’re not robots, we’re humans.”
A spokesperson for Primary Connect, Woolworths’ supply chain arm, said its coaching framework helped “to ensure a fair approach to the standards is applied to any personal circumstances or abilities”.
“As the country’s largest private sector employer, we are committed to ensuring that our workplaces are safe and productive for our teams and customers,” she said.
Efficiency v reality
Work in a Woolworths warehouse can be relentlessly physical: stacking products and boxes that can weigh up to 18kg on to pallets, wrapping them and getting it all into trucks. Much of this is timed.
The amount of time workers have to complete a task is meant to reflect how long it would take “a person with reasonable skill, applying reasonable effort”, a baseline of performance known as “engineered standards”, according to a memo issued by Primary Connect.
But Guardian Australia spoke to a dozen current and former workers for Woolworths and Primary Connect, who claim the standards are unfair and putting their safety at risk. All requested anonymity for fear of losing their jobs.
As more people shop online, there’s been growing attention to the treatment and tracking of workers in warehouses run by e-commerce conglomerates like Amazon. In June, the state of California fined the company for failing to properly disclose its productivity targets to workers – a decision the company is reportedly appealing. But Australian warehouse workers have long been subject to this style of control. Engineered standards were introduced by Australian supermarket chains in the late 1980s and 1990s and were the target of industrial action.
“It’s a fantasy of total efficiency,” Christopher O’Neill, a research fellow at Deakin University who studies workplace automation, said of engineered standards. “The argument was: this was a ‘scientific’ way of rationalising work and eliminating wasted time,” he said.
“It’s basically a pseudoscientific veneer over this kind of fantasy of being able to control every second of every day.”
This year, Woolworths workers told the United Workers Union (UWU) that safety “could be jeopardised if pressure is placed on workers to work faster”.
According to the union’s submission to the Australian Competition and Consumer Commission’s supermarkets inquiry, the standards don’t adequately take into account “gap times” – moments when a task cannot be completed because there is congestion in an aisle, a product is missing, or a spillage.
One worker described a recent job to Guardian Australia where she was told it should take 14 minutes to pick 96 items from multiple locations, which she said was “not achievable”. Others say the times don’t adequately take into account the need for longer bathroom breaks, variations in physical ability or worker fatigue throughout the day. The rates are meant to be reviewed every two years to reflect changes in the warehouses.
While 100% has long been the target, workers said this wasn’t strictly enforced until recently, so long as they were consistent and not taking long breaks. Older workplace documents state that “100% is our goal, not our minimum expectation”.
The new “Coaching and Productivity Framework” included “Glidepath”, a new “timeline” to push workers to improve and reach 100% performance, according to documents seen by Guardian Australia. If they didn’t meet the required targets and there were no mitigating factors, the worker would be “counselled and may be disciplined”.
After strong worker pushback, the framework was “paused” before it was rolled out to all sites – but workers are concerned it will be reintroduced.
According to the Primary Connect spokesperson, the standards that outline how long it should take to complete a task are based on a person “working at a safe and conscientious pace that can be maintained for the duration of a shift”, while the framework helps provide a “consistent approach” for its teams.
They said the company has listened to feedback from workers and the union on the framework, “and will engage our teams in the distribution centres in due course”.
Susannah* was picked for the program and warned after being told her performance was less than that of others on her team. She said she was told she would have to be retrained, despite working at the site for years, and was expected to climb to about 90% in just a few weeks. She said it was “humiliating” to be followed around the warehouse by a “coach”, just as it causes daily embarrassment to have your efficiency score shown on the screen for anyone to see when you clock off for the day.
The framework documents say that the engineered standards have not changed, but according to the UWU’s research and policy officer Lauren Kelly it represents “a sharp break” from how they were enforced as recently as last year.
“My worry, and the worry of the members, is that the response will be that we just need better data on how long it takes to do these tasks,” Kelly said. She claims the system is designed to be “disciplinary and coercive”.
‘It’s just pressure, pressure, pressure’
It’s difficult for some to reach 100% without rushing or taking shortcuts, workers say. Some jobs might be simple, but others are like “playing Tetris on a pallet”.
There’s also congestion – the forklifts and other items clogging the aisles. In the warehouse where Tim works, several workers say the standards don’t sufficiently account for the building’s layout, including the location of bathrooms. Neither are glitches in the voice pick technology itself. According to a memo introducing the new framework, seen by Guardian Australia, any unexplained “gap time” should not exceed five minutes on top of the expected standard.
“They say, ‘Oh, it’s all built [into] the standards’, but the problem is it doesn’t cover that gap,” Tim said. Exemptions to the 100% standard are “rare”, according to the Primary Connect memo, and for situations where a worker is pregnant or has a disability.
The recent push for 100% led to injuries as well as mental stress, workers say. “These people go a bit harder and those little niggles that they’re managing are now injuries,” Tim said. “It’s just pressure, pressure, pressure.”
According to preliminary data from Safe Work Australia, there were 1,283 serious claims in grocery, liquor and tobacco product wholesaling in 2022-23 – accepted workers’ compensation claims that resulted in an absence from work of one working week or more (this data precedes the new framework). That’s a frequency rate of 13.5, compared with food manufacturing, which was 11.4, or coal mining at 11. The frequency rate is calculated by the number of claims per million hours worked.
In June 2023, warehouse worker Basel Brikha was killed after pallets collapsed on to him at a Woolworths site in western Sydney. A SafeWork NSW spokesperson said the investigation was ongoing. Guardian Australia understands Brikha was not working under engineered standards at the time of his death.
Workers say Safe Work numbers are unlikely to reflect true rates of injury, as casuals may not report incidents for fear of losing shifts.
Sammy* has worked at a Woolworths distribution centre for about four years. First as a casual with a recruitment agency and eventually full-time. Each roster, he might be sent to a different part of the warehouse: manual pick, for example, or salvage, where they sort through returned goods from the stores.
He felt his back getting weaker and sore. Eventually he was diagnosed with bulging discs in his spine, aggravated by work, but treatments like cortisone injections haven’t helped. For a while he had no complaints about how he was treated. He had workers compensation, and was put on light duties, but after about a year, he was back to normal work, he said.
“If they’re sending me to salvage or maybe manual pick … I’m scared that I’m going to be feeling pain after I finish work.”
Automation on the horizon?
Some workers leave because of the pressure. Jake* worked at a Woolworths distribution centre in Perth about three years ago, via a labour hire firm. He was a pick-packer, and even then he felt the engineered standards were often unrealistic.
In one section with dog food or soft drinks, for example, the pick rate might be fairly reasonable. But in another, say alcohol, the beer and wine boxes were heavy and all different sizes. Nevertheless, they all had to fit together on the pallet.
“I remember getting a pick estimated time for two pallets that was mostly cartons of beer and it was something like 19 or 21 minutes and I ended up doing it in 45,” he said. “And so of course, that dropped my efficiency percentage way down.”
Jake did receive training in the safe ways to pick things up, but said once you’re on the floor and have efficiency percentages hanging over your head, that goes out the window. “You’ve got the time limits, you’re rushing, you’re panicking. You’re not thinking. And so … the risk of injury is there,” he said.
Phil* worked at the same Perth distribution centre with Jake. “It was pretty difficult to achieve 100% efficiency,” he said, “even after working my arse off and completing the job as quickly as I could.”
Eventually they both left, partly because of the frustration over pick rates. “I was like, I can’t do this. There’s no way I can get to that level without physically hurting myself,” Jake said.
There are fears the new enforcement of standards and workplace surveillance could be a way to push some workers out. In recent years, Woolworths has announced plans to close three warehouses in Sydney and Melbourne and replace them with two new sites with more automation – a move that will see hundreds of job losses.
“If a warehouse just materialised with full robots that could do the work, they wouldn’t hesitate to get rid of us,” Tim said.
* Names have been changed
Do you know more? Contact ariel.bogle@theguardian.com
Senior Python Developer, AVP – Onsite
October 22, 2024 · · Topic: automation impact · Relevance: badState Street Corporation Senior Python Developer, AVP – Onsite
Who we are looking for
We are seeking a highly skilled Senior Python Developer with extensive experience working with data to join our team. The ideal candidate will have a strong background in Python, Spark, and PySpark, as well as experience in shell scripting, SQL while following the Software Development Life Cycle (SDLC) processes. You will be responsible for ensuring high-quality code through rigorous testing practices and be involved in designing and developing scalable data solutions. You will use your knowledge of object-oriented design best practices to solve challenging […]
Full Post at www.efinancialcareers.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.efinancialcareers.com
Search 2 keywords found: employment,services,technology,software,robot,technical
Senior Python Developer, AVP - Onsite
Who we are looking for
We are seeking a highly skilled Senior Python Developer with extensive experience working with data to join our team. The ideal candidate will have a strong background in Python, Spark, and PySpark, as well as experience in shell scripting, SQL while following the Software Development Life Cycle (SDLC) processes. You will be responsible for ensuring high-quality code through rigorous testing practices and be involved in designing and developing scalable data solutions. You will use your knowledge of object-oriented design best practices to solve challenging problems in the trading systems space.
ONSITE: Due to the role requirements this job needs to be performed primarily in the Boston office OR Canada Office with some flex work opportunities available.
Interview: 1st interview will be via Video and second interview will be onsite
What you will be responsible for
- Work independently and within team settings to analyze, design, develop, test, and debug large and complex software enhancements and solutions
- Design, develop, and maintain scalable data processing applications using Python and PySpark
- Participate in all phases of the Software Development Life Cycle (SDLC), including requirements gathering, design, development, testing, deployment, and maintenance
- Implement best practices in coding, testing, and documentation, ensuring high-quality code delivery
- Develop and maintain unit tests, integration tests, and automated test suites to ensure the robustness of data solutions
- Work closely with data engineering teams to build and optimize data pipelines on distributed systems (e.g., Spark, Hadoop)
- Leverage your expertise in shell scripting to automate data workflows and ensure system reliability
- Write and optimize complex SQL queries for data extraction, transformation, and analysis
- Collaborate with data scientists, analysts, and other developers to implement robust data solutions
- Lead code reviews, provide mentorship to junior developers, and advocate for test-driven development (TDD) and continuous integration (CI/CD) practices
- Monitor, troubleshoot, and improve the performance of existing framework and python code
- Ensure proper documentation and testing of all data solutions developed
What we value
These skills will help you succeed in this role
- 5+ years of professional experience in Python development, with a focus on data-intensive applications
- Proven experience with Apache Spark and PySpark for large-scale data processing
- Strong hands-on experience with shell scripting (e.g., Bash) for automating tasks and data workflows
- Solid understanding of SQL and experience working with relational databases (e.g., Oracle, sparkSQL) and query optimization
- Experience in SDLC, particularly in applying software development best practices and methodologies
- Experience in creating and maintaining unit tests, integration tests, and performance testing for data pipelines and systems
- Familiarity with big data platforms like Hadoop, Hive, or Databricks
- Experience with cloud platforms such as AWS for data infrastructure and services is preferred
- Familiarity with version control systems like Git and CI/CD pipelines for automated testing and deployment
- Excellent problem-solving skills and the ability to work independently and collaboratively in a team environment
- Strong communication skills and the ability to present technical concepts to both technical and non-technical stakeholders
- Excellent object-oriented design skills
Education & Preferred Qualifications
- Masters or B.S. degree in Computer Science or related field
- 8+ years' experience developing object-oriented software such as Java
- Experience in financial industry or trading systems is a plus
Additional requirements
- Knowledge of data formats like AVRO, Parquet, and working with complex data types
- Experience with Apache Kafka for real-time data streaming and Kafka Streams for processing data streams
- Experience with Airflow for orchestrating complex data workflows and pipelines.
- Expertise or interest in Linux
- Exposure to data governance and security best practices in data management.
Are you the right candidate? Yes!
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.
Why this role is important to us
Our technology function, Global Technology Services (GTS), is vital to State Street and is the key enabler for our business to deliver data and insights to our clients. We're driving the company's digital transformation and expanding business capabilities using industry best practices and advanced technologies such as cloud, artificial intelligence and robotics process automation.
We offer a collaborative environment where technology skills and innovation are valued in a global organization. We're looking for top technical talent to join our team and deliver creative technology solutions that help us become an end-to-end, next-generation financial services company.
Join us if you want to grow your technical skills, solve real problems and make your mark on our industry.
About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees' diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.
Salary Range:
$100,000 - $160,000 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Job Application Disclosure:
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
State Street's Speak Up Line
Job ID R-751647
Hardware Automation Engineer II (4352)
October 22, 2024 · · Topic: automation impact · Relevance: badThe Hardware Automation Engineer II solves key workflow problems in large complex health systems. Supports a full technology stack of automated lab and software sequencing.
Responsibility
> Own all aspects of the design process, prototyping, testing, and deployment for fully automated robotic platform. Design layout, process, and custom components for a modular robotics platform by utilizing mechanical expertise. Learn and develop electrical and software expertise. Work with other development teams to integrate processes into custom robotic platform. Drive process improvements to maximize the level of hands-free automation throughout the lab. Develop automation related documentation for effective operation and maintenance of […]
Full Post at career.grinnell.edu
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at career.grinnell.edu
Search 2 keywords found: employment,manufactur,technology,software,robot
The Hardware Automation Engineer II solves key workflow problems in large complex health systems. Supports a full technology stack of automated lab and software sequencing.
Responsibility
- Own all aspects of the design process, prototyping, testing, and deployment for fully automated robotic platform.
- Design layout, process, and custom components for a modular robotics platform by utilizing mechanical expertise.
- Learn and develop electrical and software expertise.
- Work with other development teams to integrate processes into custom robotic platform.
- Drive process improvements to maximize the level of hands-free automation throughout the lab.
- Develop automation related documentation for effective operation and maintenance of automated equipment.
- Travel to Myriad locations as needed during certain project phases.
Qualifications
- Bachelor’s degree in mechanical, electrical, biomedical engineer, or related field required.
- 2+ years of experience with electro-mechanical design, assembly, wiring, and troubleshooting.
- Experience with mechanical CAD software (SolidWorks, OnShape).
- Experience documenting designs (BOMs, drawings) and working with contract manufacturers.
- Experience with text-based PLC programming or Python and terminal usage a plus.
- Experience working cross-functionally with multiple groups on projects a plus.
Physical Requirements
Lifting Requirements – light work or exerting up to 20 pounds of force frequently. Physical Requirements – stationary positioning, moving, operating, ascending/descending, communicating, observing, pushing or pulling, and reaching. Use of equipment and tools necessary to perform essential job functions.
EEO
We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. In hiring and all other employment decisions, we prohibit discrimination and harassment on the basis of any protected characteristic, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. In accordance with applicable law, we make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as any mental health or physical disability needs.
Automation Specialist
October 21, 2024 · · Topic: automation impact · Relevance: bad� Field Operations � 240560 POSITION SUMMARY:
The Automation Specialist is a member of the team that is responsible for providing support through the daily operations of the Targa Pipeline Gas Plant Automation HMI/PLC hardware/software systems and related process control systems that ensure reliable gas plant operations. This position will be focused on Targa’s Badlands area of operation.
JOB FUNCTIONS AND KEY RESPONSIBILITIES: Provide daily operational support for Plant Automation HMIPLC systems. Work closely with Engineering, and Operations to ensure the Gas Plant Automation HMIPLC Systems are being developed to established standards. Implement modification based on control […]
Full Post at targaresources.referrals.selectminds.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at targaresources.referrals.selectminds.com
Search 2 keywords found: employment,software,technical
- �
-
- 240560
POSITION SUMMARY:
The Automation Specialist is a member of the team that is responsible for providing support through the daily operations of the Targa Pipeline Gas Plant Automation HMI/PLC hardware/software systems and related process control systems that ensure reliable gas plant operations. This position will be focused on Targa’s Badlands area of operation.
JOB FUNCTIONS AND KEY RESPONSIBILITIES:
- Provide daily operational support for Plant Automation HMI\PLC systems.
- Work closely with Engineering, and Operations to ensure the Gas Plant Automation HMI\PLC Systems are being developed to established standards.
- Implement modification based on control narrative and C&E information.
- Work closely with O&M groups to ensure the efficient and reliable delivery of fully functional and maintainable systems, as well as provide expertise for ongoing operational support
- Assist in the development and maintenance of design standards, templates and tools for the Gas Plant Automation HMI\PLC Systems.
- Collaborate with internal and external customer(s) to determine operational needs and requirements of Plant Automation HMI\PLC systems.
- Implement Gas Plant Automation HMI\PLC system projects, including engineering oversight, task management, and implementing lessons learned, found during project execution.
- Position will require travel (less than 40%)
MINIMUM ESSENTIAL QUALIFICATIONS:
- Bachelor’s Degree in Engineering or equivalent experience
- Design/analysis experience in automation design.
- Design/analysis experience with software HMI\PLC\DCS systems.
- Problem solving – the individual identifies and resolves problems in a timely manner and gathers and analyzes information skillfully
- Communication – the individual speaks and writes clearly and persuasively in positive or negative situations, demonstrates group presentations skills and conducts meetings.
- Building Effective Teams - create strong morale and spirit within the team, shares wins and successes, fosters open dialogue, defines success in terms of the whole team, and creates feeling of belonging in the team.
- Organized and methodical approach to maintaining a high-performance HMI/PLC system
- Regular and reliable attendance.
PREFERRED QUALIFICATIONS:
- HMI and PLC\DCS Systems Design Engineering with 5+ years’ experience
- In depth knowledge and project design experience with HMI Systems and PLC\DCS with end-to-end responsibility.
- In depth knowledge with Allen Bradly PLCs, Controllogix, Compactlogix, and slc500 and micrologix1400.
- In depth knowledge with other PLCs, GE, Modicon, Bristol, Scadapack a plus
- In depth knowledge of industry standard HMI software and platforms – Wonderware System Platform, Rockwell FactoryTalk and Ignition.
- In depth knowledge of DCS systems, DeltaV, Honeywell, and GE Matrix. Also, knowledge of Foxboro, GE Cimplicity, ABB a plus
- In depth knowledge of programming languages, UI design, databases
- Highly organized individuals capable of working on multiple projects simultaneously
- Strong technical writing skills for the development of design standards and specifications
- Ability to collaborate as a team and act as a team leader in a group of cross functional engineers
- User knowledge with AutoCAD, Visio, MS Office and MS Project, Excel
- Knowledge of electrical design, materials and methods installation.
PHYSICAL REQUIREMENTS:
- Vision sufficient to read computer screens, reports and related documents
- Hearing sufficient to hear verbal instruction and normal conversation levels
- Speech sufficient to communicate in person and over the telephone
- Dexterity sufficient to operate computers and other related office equipment
- Strength sufficient to lift, carry and move objects weighing up to 25 lbs.
- Endurance sufficient to maintain efficiency throughout the entire work shift
EQUAL EMPLOYMENT OPPORTUNITY:
Targa Resources provides equal employment opportunities based on merit, experience, and other work-related criteria and without regard to race, color, ethnicity, religion, national origin, sex, age, pregnancy, disability, veteran status, or any other status protected by applicable law. We also strive to provide reasonable accommodation to employees’ beliefs and practices that do not conflict with Targa’s policies and applicable law. We value the unique contributions that every employee brings to their role with Targa.
Automation Technician II – Nights
October 21, 2024 · · Topic: automation impact · Relevance: badAt Jabil we strive to make ANYTHING POSSIBLE and EVERYTHING BETTER. We are proud to be a trusted partner for the world’s top brands, offering comprehensive engineering, manufacturing, and supply chain solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe. Job Description
JOB SUMMARY
Working under limited supervision, performs a […]
Full Post at careers.jabil.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at careers.jabil.com
Search 2 keywords found: employment,services,manufactur,technical
At Jabil we strive to make ANYTHING POSSIBLE and EVERYTHING BETTER. We are proud to be a trusted partner for the world's top brands, offering comprehensive engineering, manufacturing, and supply chain solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe.
Job Description
JOB SUMMARY
Working under limited supervision, performs a variety of semi-routine assignments by following established procedures. Is able to recognize the occasional need to deviate from accepted practice to resolve problem.
ESSENTIAL DUTIES AND RESPONSIBILITIES
Follows established procedures on routine assignments; receives instructions on new assignments; completing assignments the following areas:
· Train and coordinates activities of machine operators or MA’s in the maintenance of production equipment.
· Troubleshoot to determine problems in non-functioning electro-mechanical equipment used in the manufacturing process.
· Dismantle, adjusts, repairs and assembles equipment according to layout plans, blueprints, operating or repair manual, rough sketches or drawings.
· Uses test and diagnostic equipment to perform checkouts.
· Rebuilds manufacturing equipment as required.
· Perform scheduled preventive maintenance. Document maintenance as per program designation.
· Move or assist in the movement and installation of equipment.
· Calibrate equipment using general and special purpose test equipment.
· May be required to source equipment parts.
· May be required to work overtime or be on-call.
· Comply and follow all procedures within the company security policy.
· May perform other duties and responsibilities as assigned.
JOB QUALIFICATIONS
KNOWLEDGE REQUIREMENTS
· Knowledge of company policies and procedures to complete assigned tasks.
· Must be able to read, write and communicate in English. Must be able to effectively communicate with technical support services.
· Use of basic and special purpose hand tools, leveling instruments, and test/calibration equipment.
· Must be able to troubleshoot all failures that are detectable at the IO level.
· Basic mathematics.
· May require forklift certification.
· Understanding of electronic color codes and other component value markings.
· Understanding of safety practices requirements.
· Solid knowledge of specialized maintenance tracking programs.
· Personal computer operation in a Windows environment (Excel, Word and PowerPoint and e-mail).
· Use of specialized maintenance tracking programs.
EDUCATION & EXPERIENCE REQUIREMENTS
· Associates degree in electronics with emphasis in servo positioning theory or equivalent discipline.
· Two (2) to five (5) years prior work experience in electro-mechanical equipment in a manufacturing environment required.
· Or an equivalent combination of education, training or experience.
Jabil, including its subsidiaries, is an equal opportunity employer and considers qualified applicants for employment without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, disability, genetic information, veteran status, or any other characteristic protected by law.
BE AWARE OF FRAUD: When applying for a job at Jabil you will be contacted via correspondence through our official job portal with a jabil.com e-mail address; direct phone call from a member of the Jabil team; or direct e-mail with a jabil.com e-mail address. Jabil does not request payments for interviews or at any other point during the hiring process. Jabil will not ask for your personal identifying information such as a social security number, birth certificate, financial institution, driver’s license number or passport information over the phone or via e-mail. If you believe you are a victim of identity theft, contact the Federal Bureau of Investigations internet crime hotline (www.ic3.gov), the Federal Trade Commission identity theft hotline (www.identitytheft.gov) and/or your local police department. Any scam job listings should be reported to whatever website it was posted in.
Accommodation Statement
If you are a qualified individual with a disability, you have the right to request a reasonable accommodation if you are unable or limited in your ability to use or access Jabil.com/Careers site as a result of your disability. You can request a reasonable accommodation by sending an e-mail to Always_Accessible@Jabil.com or calling 727-803-7988 with the nature of your request and contact information. Please do not direct any other general employment related questions to this e-mail or phone number. Please note that only those inquiries concerning a request for reasonable accommodation will be responded to.
#whereyoubelong
#AWorldofPossibilities
#EarlyCareer
Payroll Specialist
October 21, 2024 · · Topic: automation impact · Relevance: badOverview
Susquehanna is growing its Philadelphia area Payroll team with the addition of a Payroll Specialist at our Bala Cynwyd headquarters. In this role, you will assist with the preparation and processing of our multi-state, semi-monthly payroll for over 1,900 US employees.
On our team, you can expect to work in a dynamic environment that fosters continuous learning and development. You will have the opportunity to be involved in new initiatives and projects that will give you exposure to multi-state and international payroll. You will partner with your peers on the Payroll team as well as the Accounting/Tax, Corporate Systems/IT, […]
Full Post at www.efinancialcareers.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.efinancialcareers.com
Search 2 keywords found: employment,software
Overview
Susquehanna is growing its Philadelphia area Payroll team with the addition of a Payroll Specialist at our Bala Cynwyd headquarters. In this role, you will assist with the preparation and processing of our multi-state, semi-monthly payroll for over 1,900 US employees.
On our team, you can expect to work in a dynamic environment that fosters continuous learning and development. You will have the opportunity to be involved in new initiatives and projects that will give you exposure to multi-state and international payroll. You will partner with your peers on the Payroll team as well as the Accounting/Tax, Corporate Systems/IT, and HR/Benefits teams, among others, to support the business, its payroll needs, and the systems/tools we use to execute these processes every day. Additionally, you will have the chance to research new and complex issues that arise; and help put processes in place to ensure compliance and mitigate risk.
In this role, you will:
- Assist with the processing and payment of bonus, shadow, and off-cycle payrolls throughout the year
- Review and approve employee job, name, and address changes to ensure accurate reporting and payroll processing
- Participate in complex projects such as the evaluation, implementation, and support of moving all new hire tax forms to our payroll software as well as solutions for payments to independent contractors
- Process employee verifications and letters of employment for current and former employees
- Support file generation and related troubleshooting for 401(k), HSA and other benefit plans; actively work with third party vendors to resolve any file related issues and ensure proper disbursement of funds
- Respond to employee inquiries
- Audit and reconcile benefit file feeds and the flow of data
What we're looking for
- Minimum of 2-3 years of multi-state payroll tax experience required
- Demonstrated working knowledge of US federal, state, and local payroll laws and regulations
- Must possess extensive attention to detail and organizational skills
- Prior experience supporting year-end processes, process improvements and process automation required
- Advanced experience with Microsoft Excel required and HRIS reporting strongly preferred
- Strong analytical, quantitative, and problem-solving skills
- Previous experience with UKG Pro is a plus
- Exposure to pre and post-tax benefit plans is a plus
- Visa sponsorship for work authorization is not available for this position now or in the future
SIG does not accept unsolicited resumes from recruiters or search firms. Any resume or referral submitted in the absence of a signed agreement will become the property of SIG and no fee will be paid.
#LI-SK1
Job ID 8538
Haas Automation breaks ground on Henderson manufacturing facility
October 21, 2024 · · Topic: automation impact · Relevance: badCity of Henderson Posted
HENDERSON (KTNV) — Construction has officially begun on a new Haas Automation manufacturing facility in Henderson.
Earlier this month, the company held a ceremonial groundbreaking with Haas founder and CEO Gene Haas, Nevada Gov. Joe Lombardo, Henderson Mayor Michelle Romeo, and City of Henderson Councilman Dan Shaw. City of Henderson While the groundbreaking is the official start of construction, Peter Zierhut, Vice President, Outside Operations for Haas Automation, previously told me that Haas has already put over $100 million into the site."We started about three years ago. We put over a year of work into grading […]
Full Post at www.ktnv.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.ktnv.com
Search 2 keywords found: employment,manufactur,mobility
Posted
HENDERSON (KTNV) — Construction has officially begun on a new Haas Automation manufacturing facility in Henderson.
Earlier this month, the company held a ceremonial groundbreaking with Haas founder and CEO Gene Haas, Nevada Gov. Joe Lombardo, Henderson Mayor Michelle Romeo, and City of Henderson Councilman Dan Shaw.
While the groundbreaking is the official start of construction, Peter Zierhut, Vice President, Outside Operations for Haas Automation, previously told me that Haas has already put over $100 million into the site.
"We started about three years ago. We put over a year of work into grading that property, which was a significant project," Zierhut said. "What starts this month is actually vertical construction and the construction of the factory itself."
He added that Nevada seemed like a good fit for the company, who has their world headquarters in Oxnard, California.
"Henderson and Nevada have made it very easy for us to secure land and build a factory fairly quickly. We have had some delays but it was due to the pandemic and not their fault," Zierhut said. "I think Nevada, overall, is just so much more business-friendly than other parts of the country that we've looked at. It's been an easy and wonderful process."
It's something Haas also emphasized at the groundbreaking.
"I've been in the machine tool business for 50 years and this building will reflect that experience. Nevada fits our personality. We are a small company by California standards and Nevada is a small state but people here are more direct and get things done. You are not afraid to build here," Haas said. "It is a beautiful piece of land. Our goal is to turn it into a manufacturing sector. We will be moving our operations here under one roof."
Initially, the factory will hire 200 to 300 workers and that workforce is projected to grow to 2,500 jobs over the next 10 years.
"Primarily, it's going to be workers to build our product, assembly line workers. That's a skill level like, say, a mechanic, somebody that can assemble, build, follow instructions and drawings. It's not heavy-duty work. It's something that we can train fairly easily," Zierhut explained. "The rest of it is machinists, warehouse workers, engineers, a lot of engineers in both mechanical and electrical engineering, as well as manufacturing engineers."
According to Lombardo, manufacturing is booming across our state.
"From 2012 to 2022, manufacturing jobs in Nevada have increased by 61%, while overall employment in the state grew by 26%," Lombardo said. "Advanced manufacturing will enable our state to attract quality employers and good-paying jobs that contribute to economic diversity and resilience."
Economic diversification has been a big topic across the valley as local leaders look for ways to bolster our economy.
"The City of Henderson went through a whole target industry study. When we went through this study, what
we found is there are target industries like logistics management and technologies," said Jared Smith, the Director of Economic Development and Tourism for the City of Henderson. "We're also building back-end artificial intelligence to monitor those industries so that we are understanding, in real-time, those industries and how they're doing here in the City of Henderson."
Smith added that being business-friendly while adapting workforce programs to the needs of incoming companies will make our community stronger.
"Any community that cannot say they are not business-friendly aren't even going to be in the discussion for large business growth. It's also about being proactive with businesses. What are we doing? How are we putting our money and our strategy where these companies need us to," Smith said. "I think it's about economic mobility and economic opportunity that this training can give our residents. Whatever a company needs, Henderson offers it."
PROJECT FAST FACTS:
- 165 acres are under development
- 2.65 million cubic yards of earth have been transported
- 175,000 cubic-yards of native materials were crushed and utilized on-site
- 500 million pounds of gravel is being used
- 70 million pounds of asphalt is being used
- 204,000 cubic yards of concrete is being used
- 1 million square feet of landscape planting
- 2,140 LED high bay fixutes
- 30,500 fire sprinkler heads
Copyright 2024 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
DOL guidelines for workplace AI center employee needs, job quality
October 21, 2024 · · Topic: automation impact · Relevance: badThe agency’s principles for responsible AI use in the workplace focus heavily on employee rights and how the technology should improve working conditions.
Published Oct. 21, 2024
Senior Reporter Workers assemble Ford vehicles at the Chicago Assembly Plant on June 24, 2019 in Chicago. Dive Brief: The Department of Labor has issued formal principles to guide employers as they introduce artificial intelligence platforms into their workplaces. The guidelines, released Oct. 16, are an extension of the Biden administration’s 2023 executive order on AI . “Whether AI in the workplace creates harm for workers and deepens inequality or supports […]
Full Post at www.legaldive.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.legaldive.com
Search 2 keywords found: inequality,employment,technology,inequality
The agency’s principles for responsible AI use in the workplace focus heavily on employee rights and how the technology should improve working conditions.
Published Oct. 21, 2024
Senior Reporter
Dive Brief:
- The Department of Labor has issued formal principles to guide employers as they introduce artificial intelligence platforms into their workplaces. The guidelines, released Oct. 16, are an extension of the Biden administration’s 2023 executive order on AI. “Whether AI in the workplace creates harm for workers and deepens inequality or supports workers and unleashes expansive opportunity depends (in large part) on the decisions we make,” Acting Labor Secretary Julie Su wrote in her introduction.
- The principles are designed to encourage support for collective bargaining rights, transparency in the use of AI, and workers’ data privacy, while seeking to provide employer support for those whose jobs are displaced by the technology.
- The Partnership on AI, a coalition of tech companies and nonprofit organizations that includes Google, Microsoft and the American Civil Liberties Union, commended the recommendations. “Together, we are working to ensure that the benefits of AI are broadly shared so we have a future of work that works for all of us,” the partnership’s CEO, Rebecca Finlay, said in the department’s press release.
Dive Insight:
The agency said its document is not meant as an “exhaustive list” but a framework for businesses, and that “employers should review and customize the best practices based on their own context and with input from workers.”
The Labor effort builds on the labor aspects of the broader Biden administration effort to outline AI policy in the current absence of federal legislation. Several states – notably California and Colorado – have enacted laws regulating AI.
The administration’s October 2023 Executive Order said that AI technology “should not be deployed in ways that undermine rights, worsen job quality, encourage undue worker surveillance, lessen market competition, introduce new health and safety risks, or cause harmful labor-force disruptions.”
While AI may revolutionize some dull or repetitive worker tasks, this automation is likely to cause a demand for new skills and training as employees migrate to new and different work roles and for those overseeing AI work. It may also thrust some workers into unemployment.
Further, AI-augmented work, according to the department “poses risks if workers no longer have autonomy and direction over their work or their job quality declines.”
The technology could also “embed” bias and discrimination into decision-making or make “consequential workplace decisions without transparency, human oversight, and review,” the Labor Department said.
A report last year from the U.S. Chamber of Commerce’s AI Commission also called for measured federal regulation of the technology. “A failure to regulate AI will harm the economy, potentially diminish individual rights and constrain the development and introduction of beneficial technologies,” the report said.
The Chamber did not immediately respond to a request Monday for comment on the Labor Department’s AI framework.
The eight principles articulated in the document aim to:
- Center worker empowerment
- Develop AI ethically
- Establish AI governance and human oversight
- Ensure transparency in AI use
- Protect labor/employment rights
- Use AI to enable workers
- Support workers impacted by AI
- Ensure responsible use of worker data
“Incorporating worker perspectives is an important part of the AI principles, part of our company approach, and a key component of our partnership with AFL-CIO,” Amy Pannoni, Microsoft’s deputy general counsel, said in the department’s press release.
President Joe Biden first nominated Su for the permanent Labor role in February 2023, but the full Senate has not voted because Democrats lack the votes needed to confirm her. Earlier this year, Biden renominated Su, a former labor lawyer from Los Angeles.
Dongfeng Honda Launches New NEV Plant
October 21, 2024 · · Topic: automation impact · Relevance: badSign up for our popular daily email to catch all the latest EV news !
Dongfeng Honda has officially launched its new energy vehicle (NEV) production plant in Wuhan, China, marking the beginning of a new chapter for Honda’s electric vehicle (EV) production. This new plant is Honda’s first dedicated EV production facility worldwide and represents a significant step towards the company’s sustainability goals. With advanced automation, environmentally responsible features, and a focus on efficiency, the plant will help Honda move closer to its global goal of carbon neutrality by 2050.
Key Highlights First dedicated Honda EV production […]
Full Post at theevreport.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at theevreport.com
Search 2 keywords found: employment,consumption
Sign up for our popular daily email to catch all the latest EV news!
Dongfeng Honda has officially launched its new energy vehicle (NEV) production plant in Wuhan, China, marking the beginning of a new chapter for Honda’s electric vehicle (EV) production. This new plant is Honda’s first dedicated EV production facility worldwide and represents a significant step towards the company’s sustainability goals. With advanced automation, environmentally responsible features, and a focus on efficiency, the plant will help Honda move closer to its global goal of carbon neutrality by 2050.
Key Highlights
- First dedicated Honda EV production plant globally, located in Wuhan, China.
- Advanced automation, including a multi-level automated warehouse and complete automation of parts logistics.
- Elimination of logistics personnel in the stamping process for enhanced efficiency.
- Environmentally friendly features include reduced energy consumption and real-time monitoring to optimize power usage.
- Part of Honda’s plan to introduce 10 Honda-brand EV models in China by 2027 and achieve 100% EV sales by 2035.
The launch ceremony was attended by high-profile executives, including Toshihiro Mibe, Global CEO of Honda, who emphasized the importance of the plant’s smooth operation and its role in delivering high-quality EV models to customers in China. He stated, “Honda will operate this new plant smoothly and stably and provide high-quality EV models to our customers in China, through which we will continue our pursuit to ‘Expand the Joys for our customers and society.’”
The Dongfeng Honda NEV production plant features a high level of automation in the assembly process, as well as the integration of quality and operational data to improve efficiency. The plant also stands out for its environmental innovations, including an efficient daylighting layout to reduce electricity consumption and the utilization of thermal energy generated during production. Additionally, real-time monitoring of energy consumption in each process allows for dynamic adjustments to minimize waste.
This new plant supports Honda’s ambitious environmental strategy, aiming for carbon neutrality across all products and corporate activities by 2050. In China, Honda plans to introduce 10 EV models by 2027, aiming for full EV adoption by 2035. This includes the e Series, launched in 2022, and the upcoming Ye Series, which was unveiled in 2024.
About Dongfeng Honda NEV Production Plant
- Location: Wuhan, Hubei Province, China.
- Production Capacity: Approximately 120,000 units per year.
- Employment: Approximately 800 associates (as of October 2024).
- Investment Amount: Approximately 4 billion R.M.B.
Sign up for our popular daily email to catch all the latest EV news!
The EV Report
The EV Report is a digital platform dedicated to the global electric vehicle industry. It is a product of Hagman Media Group, and its mission is to inform, engage, and connect industry professionals and EV enthusiasts with relevant news and insights.
ABC 13 Houston’s Rita Garcia reveals she is now expecting baby No. 2
October 21, 2024 · · Topic: Basic Income · Relevance: badABC 13 morning anchor Rita Garcia and her husband, Sergio Selvera, announced they are expecting their second child. After giving birth to her first child early last year, ABC 13 Houston anchor Rita Garcia is now expecting her second. The weekday morning anchor took to social media on Friday to make the big announcement. "I’m usually the one delivering the news, but today, Jordan, the future big sister, has the honor," Garcia wrote on Facebook. "Exciting times ahead as we get ready to become a family of four!"
In a slideshow included in the post, Garcia and her husband Sergio […]
Full Post at www.chron.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.chron.com
Search 2 keywords found: guaranteed income
After giving birth to her first child early last year, ABC 13 Houston anchor Rita Garcia is now expecting her second. The weekday morning anchor took to social media on Friday to make the big announcement. "I'm usually the one delivering the news, but today, Jordan, the future big sister, has the honor," Garcia wrote on Facebook. "Exciting times ahead as we get ready to become a family of four!"
In a slideshow included in the post, Garcia and her husband Sergio Selvera hold hands with their daughter Jordan Renee, who wore a "big sis" T-shirt. The couple, who wed in 2021, welcomed Jordan on Jan. 21, 2023.
Prior to joining ABC 13 in 2021, Garcia worked as a morning anchor in Los Angeles on FOX 11's Good Day LA. While on maternity leave last year, she took some time out to appear on the show to congratulate her former co-anchor Tony McEwing on his retirement during his final day at the channel. Before her time on the West Coast, Garcia was previously an anchor at FOX 26 Houston. Born in Austin, she is a Texas State University graduate. She kicked off her career in TV in the Rio Grande Valley at ABC's KRGV-TV, where she was Cameron County bureau chief.
Garcia isn't the only local TV news personality to announce a baby on the way next year. Last week, KPRC 2 meteorologist Caroline Brown revealed she and her husband Jack Chadderdon will be welcoming their first child, a baby boy, in February. The couple has decided to name him Jack Jr. and his nickname will be J.J.
More News
Battle | Ken Paxton sues Harris Co. over guaranteed income program
Moves | Texas A&M begs people to stop breakdancing in art galleries
Rattle | Texas shakes with one of largest earthquakes in state history
Threshold | UT-Austin announces new cut to automatic admission
For the latest and best from Chron, sign up for our daily newsletter here.
McConalogue: €206m in eco-scheme advance payments underway
October 21, 2024 · · Topic: Basic Income · Relevance: badAdvance payments under the eco-scheme, worth €206 million, are underway, the Minister for Agriculture, Food and the Marine announced today (Monday, October 21).
According to Minister Charlie McConalogue 110,450 farmers will receive advance payments under the scheme. “Eco-scheme payments are a vital support for farmers and the payment rate in 2024 will be €66.50 per eligible hectare. “The €206 million payment made today, which is €22 million more than in the advance payment in 2023, builds on the Basic Income Support for Sustainability (BISS) advance payment last week to over 110,000 farmers meaning that total advance payments on BISS, Complementary […]
Full Post at www.agriland.ie
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.agriland.ie
Search 2 keywords found: basic income
Advance payments under the eco-scheme, worth €206 million, are underway, the Minister for Agriculture, Food and the Marine announced today (Monday, October 21).
According to Minister Charlie McConalogue 110,450 farmers will receive advance payments under the scheme.
“Eco-scheme payments are a vital support for farmers and the payment rate in 2024 will be €66.50 per eligible hectare.
“The €206 million payment made today, which is €22 million more than in the advance payment in 2023, builds on the Basic Income Support for Sustainability (BISS) advance payment last week to over 110,000 farmers meaning that total advance payments on BISS, Complementary Redistributive Income Support for Sustainability (CRISS) and eco-scheme over the last week amounts to over €712 million,” Minister McConalogue added.
Eco-scheme
To qualify for the eco-scheme payment, farmers have to undertake specific agricultural practices on their farms.
The eco-scheme has eight agricultural practices to choose from and three of these practices also have an enhanced option.
According to the Department of Agriculture, Food and the Marine (DAFM) the aim of the eco-scheme is to “reward farmers, from all farming sectors and from different levels of intensity, for undertaking actions that are beneficial to the climate, environment, water quality and biodiversity”.
Minister McConalogue said: “I know how important these payments are and have been steadfast in my resolve to ensure that all scheme payments issue to farmers in the most efficient and timely manner possible.
“I am therefore pleased that with 94% of all 2024 eco-scheme eligible applicants being paid today, the department is meeting its commitment under the Farmers’ Charter to pay 90% of eligible applicants.”
According to the minister the eco-scheme advance payments starting today at are at a rate of 70% – which is the same rate it was paid at in 2023.
“Payments will be visible in farmers’ bank accounts in the coming days and the department will continue to process, all remaining cases for payment as they meet scheme criteria.
“I would however urge any farmers with outstanding requests for documentation from my department, to return them to allow payments to issue as soon as possible,” he added.
Minister McConalogue also detailed that advance payments under the 2024 Areas of Natural Constraints Scheme (ANC) which started last month and 2024 BISS payments that began last week are continuing “as more cases are cleared for payment”.
Dot Net Developer
October 21, 2024 · · Topic: automation impact · Relevance: badSynechron Inc We are
At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron’s progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been […]
Full Post at www.efinancialcareers.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.efinancialcareers.com
Search 2 keywords found: employment,services,technology,software,technical,mobility
We are
At Synechron, we believe in the power of digital to transform businesses for the better. Our global consulting firm combines creativity and innovative technology to deliver industry-leading digital solutions. Synechron's progressive technologies and optimization strategies span end-to-end Artificial Intelligence, Consulting, Digital, Cloud & DevOps, Data, and Software Engineering, servicing an array of noteworthy financial services and technology firms. Through research and development initiatives in our FinLabs we develop solutions for modernization, from Artificial Intelligence and Blockchain to Data Science models, Digital Underwriting, mobile-first applications and more. Over the last 20+ years, our company has been honored with multiple employer awards, recognizing our commitment to our talented teams. With top clients to boast about, Synechron has a global workforce of 14,000+, and has 55 offices in 20 countries within key global markets.
Our challenge
We are looking for a candidate who has development experience in C#/.NET with desktop-based application with Equity Derivative and/or SWAP business knowledge. Experience with developing Unit testing modules for Window service-based application. Experience in automating Test Harness.
Additional Information*
The base salary for this position will vary based on geography and other factors. In accordance with law, the base salary for this role if filled within New York, NY is $128k - $138k/year & benefits (see below).
The Role
Responsibilities :
- Develop and maintain desktop-based applications specifically tailored for Equity Derivative and SWAP business functionalities.
- Collaborate with business analysts and stakeholders to translate business requirements into technical specifications.
- Design and implement Windows service-based applications with a focus on performance, scalability, and security.
- Develop comprehensive unit testing modules to validate the functionality and performance of Windows services.
- Automate test harnesses to streamline the testing process and ensure consistent quality.
- Participate in code reviews and adhere to best practices in software development.
- Maintain up-to-date knowledge of C#/.NET programming, design patterns, and application development methodologies.
- Troubleshoot and resolve complex issues within the application and related systems.
- Document technical designs, processes, and procedures for cross-team knowledge sharing and future maintenance.
- Work closely with the quality assurance team to ensure delivery of high-quality and reliable software.
- Provide technical support and guidance to junior developers and team members.
- Stay abreast of new trends and best practices in software development and introduce them to the team wherever beneficial.
Requirements:
You are:
- Bachelor's or master's degree in computer science, Information Technology, or related field.
- Hands on experience in C#/.NET development, particularly with desktop applications.
- Proven experience in the financial services industry, with a strong understanding of Equity Derivatives and/or SWAP business.
- Expertise in developing unit testing modules for Windows services.
- Experience with test automation and familiarity with test harness frameworks.
- Proficient understanding of code versioning tools, such as Git.
- Strong understanding of object-oriented programming and design patterns.
- Excellent problem-solving and analytical skills.
- Strong communication and interpersonal abilities.
It would be great if you also had:
- Experience with WPF, WinForms, or other GUI libraries in .NET for desktop application development.
- Familiarity with Continuous Integration/Continuous Deployment (CI/CD) pipelines.
- Knowledge of SQL and experience with database design and management.
We can offer you:
- A highly competitive compensation and benefits package
- A multinational organization with 55 offices in 20 countries and the possibility to work abroad
- Laptop and a mobile phone
- 10 days of paid annual leave (plus sick leave and national holidays)
- Maternity & Paternity leave plans
- A comprehensive insurance plan including: medical, dental, vision, life insurance, and long-/short-term disability (plans vary by region)
- Retirement savings plans
- A higher education certification policy
- Commuter benefits (varies by region)
- Extensive training opportunities, focused on skills, substantive knowledge, and personal development.
- On-demand Udemy for Business for all Synechron employees with free access to more than 5000 curated courses
- Coaching opportunities with experienced colleagues from our Financial Innovation Labs (FinLabs) and Center of Excellences (CoE) groups
- Cutting edge projects at the world's leading tier-one banks, financial institutions and insurance firms
- A flat and approachable organization
- A truly diverse, fun-loving and global work culture
S- YNECHRON'S DIVERSITY & INCLUSION STATEMENT
Diversity & Inclusion are fundamental to our culture, and Synechron is proud to be an equal opportunity workplace and is an affirmative action employer. Our Diversity, Equity, and Inclusion (DEI) initiative 'Same Difference' is committed to fostering an inclusive culture - promoting equality, diversity and an environment that is respectful to all. We strongly believe that a diverse workforce helps build stronger, successful businesses as a global company. We encourage applicants from across diverse backgrounds, race, ethnicities, religion, age, marital status, gender, sexual orientations, or disabilities to apply. We empower our global workforce by offering flexible workplace arrangements, mentoring, internal mobility, learning and development programs, and more.
All employment decisions at Synechron are based on business needs, job requirements and individual qualifications, without regard to the applicant's gender, gender identity, sexual orientation, race, ethnicity, disabled or veteran status, or any other characteristic protected by law .
Candidate Application Notice
Job ID JR1018731
McGuireWoods Adds Jennifer Shanley as Digital Health Partner
October 21, 2024 · · Topic: automation impact · Relevance: badJennifer Shanley joined McGuireWoods as partner in its digital health and technology team in New York, the firm announced Monday .
Shanley advises clients including digital health providers, medical device manufacturers, clinical laboratories, pharmacies, health systems, hospitals, and companies that support or invest in the health-care industry, the firm said.
In addition, she represents underwriters and health industry issuers in preparing public filings with the Securities and Exchange Commission, and provides regulatory counseling associated with mergers and acquisitions, private equity and venture capital transactions, and public offerings.She joins from Cooley. This story was produced by Bloomberg Law Automation. Learn more about […]
Full Post at news.bloomberglaw.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at news.bloomberglaw.com
Search 2 keywords found: manufactur,technology
Jennifer Shanley joined McGuireWoods as partner in its digital health and technology team in New York, the firm announced Monday.
Shanley advises clients including digital health providers, medical device manufacturers, clinical laboratories, pharmacies, health systems, hospitals, and companies that support or invest in the health-care industry, the firm said.
In addition, she represents underwriters and health industry issuers in preparing public filings with the Securities and Exchange Commission, and provides regulatory counseling associated with mergers and acquisitions, private equity and venture capital transactions, and public offerings.
She joins from Cooley.
This story was produced by Bloomberg Law Automation.
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.
Guaranteed Income: Invest in Post Office Monthly Income Scheme with 7.4% Interest Rate
October 21, 2024 · · Topic: Basic Income · Relevance: badDo you want to get regular income on your savings, Post Office Monthly Savings Income Scheme can be a great option for you. By investing in this scheme, you can definitely get a fixed amount in your account every month. Benefits of the scheme
Regular income: Get a fixed amount every month.
Attractive interest rate: The interest rate of this scheme is higher than other investment options. Safe investment: Post office schemes are completely safe. Flexibility: You can invest in this scheme from a minimum of ₹ 1,000 to a maximum of ₹ 9 lakh (for a single account) […]
Full Post at www.timesbull.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.timesbull.com
Search 2 keywords found: guaranteed income
Do you want to get regular income on your savings, Post Office Monthly Savings Income Scheme can be a great option for you. By investing in this scheme, you can definitely get a fixed amount in your account every month.
Benefits of the scheme
Regular income: Get a fixed amount every month.
Attractive interest rate: The interest rate of this scheme is higher than other investment options.
Safe investment: Post office schemes are completely safe.
Flexibility: You can invest in this scheme from a minimum of ₹ 1,000 to a maximum of ₹ 9 lakh (for a single account) or up to ₹ 15 lakh (for a joint account).
How to Invest
To invest in the Monthly Income Scheme, you first have to open your savings account at the post office. After this, you will have to submit the filled form for National Savings Monthly Income Account. Also, you have to deposit the amount to be deposited in the account through cash or cheque along with the form. After this, your Post Office Monthly Income Account will be opened.
Interest Rate and Returns
The interest rate of the Post Office Monthly Income Scheme changes from time to time. Currently, the interest rate is 7.4%. If you invest ₹15 lakh in this scheme, you will get an income of around ₹12,333 every month.
Investment Limit
You can invest up to a maximum of ₹9 lakh when opening a single account.
You can invest up to a maximum of ₹15 lakh when opening a joint account.
Additional Information
You can open a single or joint account in this scheme. The maturity period of this great scheme is about to 5 years. You can withdraw your investment in this scheme at any time, but certain conditions may apply. If you want to invest in this scheme for more than 5 years, you can extend it in blocks of 5 years.
Invest Now
Monthly Savings Income Scheme is a great way to secure your future and get regular income. If you want to invest in this scheme, visit your nearest post office today and find out more.
Oregon Considers a Universal Basic Income Program
October 21, 2024 · · Topic: Basic Income · Relevance: badGet a daily rundown of the top stories on Urban Milwaukee Cash. ( CC0 ) Every day at The Overhead Wire we sort through over 1,500 news items about cities and share the best ones with our email list. Each week, we take some of the most popular stories and share them with Urban Milwaukee readers. They are national (or international) links, sometimes entertaining and sometimes absurd, but hopefully useful.
Use the subway for transit : Every few decades there’s a new movement to make something out of Cincinnati’s abandoned subway tunnels that were only partially finished due to […]
Full Post at urbanmilwaukee.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at urbanmilwaukee.com
Search 2 keywords found: basic income
Get a daily rundown of the top stories on Urban Milwaukee
Every day at The Overhead Wire we sort through over 1,500 news items about cities and share the best ones with our email list. Each week, we take some of the most popular stories and share them with Urban Milwaukee readers. They are national (or international) links, sometimes entertaining and sometimes absurd, but hopefully useful.
Use the subway for transit: Every few decades there’s a new movement to make something out of Cincinnati’s abandoned subway tunnels that were only partially finished due to the inflationary pressures of WWI and killed entirely by the Great Depression. Joshua Lawrence Junker suggests that as the water main that exists there comes to the end of its useful life, perhaps it’s time to revive the idea of a subway for transit again. (Joshua Lawrence Junker | Cincinnati Enquirer)
Day Zero never came but reforms needed: The headlines had stated Mexico City was perilously close to running out of water but a good fortune of timely rainfall and better water management have relieved the pressure for now. The near miss and attention it garnered also started larger discussions about what the city should be doing better to manage its water systems which were more salient due to a national election for president. (Maya Averbuch | Bloomberg CityLab)
Creating Dreamtroit: Two artists have taken an old car factory in Detroit and transformed it into a haven for artists including studio space and affordable housing. Half the units in the space called Dreamtroit are reserved for artists making less than $40k per year and some of the spaces rent for just $365 a month. And as the area around the factory gets redeveloped by major institutional investors, Dreamtroit stands out as “a point of resistance.” (Patricia Leigh Brown | New York Times)
Oregon voters to consider a state basic income rebate: In Oregon, voters will be asked whether the state’s minimum tax on large companies should be increased to give every resident of the state a $750 tax rebate and for some residents with low incomes it could be a direct cash payment. But not everyone is a fan of the idea of universal basic income programs. A lot of elected officials including the governor have come out against it and other states have even written laws banning the practice. (Erika Bolstad | Pew Stateline)
Traffic models and highway spending: Ben Ross and Joe Cortright argue that billions of dollars have been wasted on highway expansions sold to the public through black box traffic models trained to get results that point towards expansion. They use two examples of projects they have been following closely, the I-5 Columbia River Crossing plan in Portland and Maryland’s toll lane expansion to show how the process has been perverted, and pushed actual solutions to congestion to the side. (Ben Ross and Joe Cortright in Dissent Magazine)
Get a daily rundown of the Milwaukee stories
Quote of the Week
Those who don’t see themselves in those images or who live in built-up areas may feel as if cycling is not for them because they are not also white, slim, or able-bodied and do not have widespread access to green spaces and calmer roads on which to cycle.
-A report by the UK charity Possible shared in Forbes on how there’s a lack of diversity in cycling imagery.
This week on the Talking Headways podcast we’re joined by Cassidy Boulan and Thom Stead of the Delaware Valley Regional Planning Commission (DVRPC).
Want more links to read? Visit The Overhead Wire and signup.
If you think stories like this are important, become a member of Urban Milwaukee and help support real, independent journalism. Plus you get some cool added benefits.
Post Office’s superhit scheme! Invest once and get Rs 66,600 sitting at home, check the calculation
October 21, 2024 · · Topic: Basic Income · Relevance: badPost Office’s superhit scheme! Invest once and get Rs 66,600 sitting at home, check the calculation Post Office Monthly Income Scheme (POMIS): Single and joint accounts can be opened in MIS. Its maturity is within 5 years from the date of opening the account. From January 1, 2024, this scheme is getting 7.4 percent annual interest.
Post Office Monthly Income Scheme (POMIS) calculator: Do a job, earn money, then invest and earn from interest. But, in most schemes, there is a long wait for your money due to the maturity period. How would it be if there is […]
Full Post at www.informalnewz.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.informalnewz.com
Search 2 keywords found: guaranteed income
Post Office Monthly Income Scheme (POMIS): Single and joint accounts can be opened in MIS. Its maturity is within 5 years from the date of opening the account. From January 1, 2024, this scheme is getting 7.4 percent annual interest.
Post Office Monthly Income Scheme (POMIS) calculator: Do a job, earn money, then invest and earn from interest. But, in most schemes, there is a long wait for your money due to the maturity period. How would it be if there is a scheme in which you invest money once and forget about it but the income keeps coming home every month? Post Office solves this problem of yours. Guaranteed income on investment without risk. Post Office Monthly Income Scheme is the best option. You have to deposit money once in MIS, then there will be guaranteed income every month for the next 5 years. There is an option of single and joint account in MIS. From January 1, 2024, 7.4% annual interest is being given on MIS.
Post Office MIS: What is it and how is it beneficial
In this scheme of post office, you can deposit up to Rs 9 lakh in a single account (POMIS account) and Rs 15 lakh in a joint account. If you want, your total principal amount will be returned after a maturity period of 5 years. At the same time, it can be extended for another 5 years. After every 5 years, there will be an option to take the principal amount or extend the scheme. The interest received on the account is paid every month in your savings account.
POMIS: Guaranteed income will be Rs 66,600
Suppose you open a single account in Post Office MIS and deposit a maximum of Rs 9 lakh. The interest rate on this is 7.4 percent per annum. In this way, there will be an income of Rs 5,550 every month. In this way, the income in 12 months will be Rs 66,600. In this way, there will be a total guaranteed income of Rs 3.33 lakh from interest in 5 years.
What is the rule regarding joint account?
According to the rules, two or three people can open a joint account in MIS. The income received in exchange for this account is given equally to each member. A joint account can be converted into a single account at any time. A single account can also be converted into a joint account. To make any change in the account, all the account members have to give a joint application. There may be premature closure in this. But then there is a tax deduction.
Account can be opened with just ₹ 1000
An account can be opened in the POMIS scheme with a minimum investment of Rs 1000 and investment can be made in multiples of Rs 1000. According to India Post, interest is paid in MIS every month. Any Indian citizen can invest in Post Office Monthly Income Scheme (POMIS).
Which documents will be required?
To open an MIS account, you must have an Aadhaar Card or Passport or Voter Card or Driving License as ID proof. You will have to provide 2 passport size photographs. Utility bills will be valid for address proof. Apart from this, you will have to fill the Post Office Monthly Income Scheme form. You can also download it online. Nominee details are necessary.
GitOps: Enhancing Operational Efficiency with Git-Centric Automation
October 21, 2024 · · Topic: automation impact · Relevance: badThe landscape of software development and operations has been dramatically transformed by the emergence of GitOps. Ravindra Karanam, a distinguished expert in this field, offers profound insights into how GitOps enhances consistency, traceability, and automation in operational workflows. His work illuminates the path forward for organizations seeking to optimize their development and deployment processes.
Core Principles of GitOps
GitOps centers on using Git repositories as the single source of truth for managing infrastructure and applications. It extends version control to infrastructure configurations and deployment specifications. Key principles include: Declarative Approach : Specifies the system’s desired state for predictable deployments. […]
Full Post at techbullion.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at techbullion.com
Search 2 keywords found: services,software
The landscape of software development and operations has been dramatically transformed by the emergence of GitOps. Ravindra Karanam, a distinguished expert in this field, offers profound insights into how GitOps enhances consistency, traceability, and automation in operational workflows. His work illuminates the path forward for organizations seeking to optimize their development and deployment processes.
Core Principles of GitOps
GitOps centers on using Git repositories as the single source of truth for managing infrastructure and applications. It extends version control to infrastructure configurations and deployment specifications. Key principles include:
- Declarative Approach: Specifies the system’s desired state for predictable deployments.
- Git-based Version Control: Tracks change history and enables easy rollbacks.
- Automated Deployments: Merging changes triggers automated deployment, minimizing manual effort.
- Continuous Monitoring: Tools ensure the system matches the desired Git configuration.
- Pull-based Model: Agents pull configurations, enhancing security by reducing the attack surface.
GitOps Tools and Technologies
The GitOps ecosystem provides tools that simplify application and infrastructure management. Key technologies include:
ArgoCD – A declarative continuous delivery tool for Kubernetes, offering automated deployments, multi-tool support, real-time application state visualization, and flexible management through web UI, CLI, and API.
Flux – An open-source tool that synchronizes Kubernetes clusters with Git repositories, supports Helm charts and CRDs, offers multi-tenancy, and manages secrets.
These tools integrate with CI/CD pipelines, automating deployments based on Git changes and streamlining the management of multiple environments, improving the software delivery process.
Addressing Challenges in GitOps Implementation
While GitOps offers many benefits, several challenges must be addressed to fully realize its potential.
Manual Configuration Drift:Direct changes in production environments can cause discrepancies between desired and actual states. Enforcing strict policies and implementing comprehensive monitoring can help mitigate this issue.
Visibility and Audibility Issues:Maintaining visibility in large-scale systems is difficult. Investing in tools that provide aggregated views and enhance traceability can improve this.
Synchronization Delays:Pipeline execution time and network latency can cause delays. Optimizing pipelines, batching changes, and using advanced GitOps tools can minimize this problem.
Best Practices for Successful GitOps Adoption
Successfully implementing GitOps involves adhering to best practices that enhance deployment reliability, efficiency, and maintainability.
Declarative Infrastructure as Code (IaC)
Utilize tools like Terraform, Ansible, and Kubernetes manifest files to manage infrastructure configurations declaratively, ensuring reproducibility and consistency across environments.
Immutable Deployments
Implement strategies to replace entire infrastructure components rather than modifying them in place. This approach, combined with blue-green or canary deployment strategies, minimizes downtime and reduces the risk associated with updates.
Automated Synchronization
Leverage tools like ArgoCD or Flux for continuous reconciliation between the system state and Git repository, reducing manual intervention and maintaining system integrity.
Separation of Concerns
Organize repositories and workflows to clearly separate application code from infrastructure configurations, facilitating smoother deployments across various environments and improving overall system maintainability.
Comprehensive Testing
Implement robust testing strategies at all levels, from unit tests to integration and end-to-end tests, to ensure the reliability of both application code and infrastructure configurations.
Impact on Organizational Processes
GitOps plays a significant role in shaping organizational processes, promoting collaboration and improving operational efficiency.
Consistency in Deployments
By using version-controlled configurations and automated processes, GitOps ensures consistent deployments, reducing errors and improving system stability across all environments.
Enhanced Traceability
Recording every change in Git provides a detailed audit trail, aiding troubleshooting, ensuring regulatory compliance, and supporting better decision-making by offering clear system evolution insights.
Improved Collaboration
GitOps bridges the gap between development and operations teams, encouraging shared ownership and standardized workflows. This leads to faster problem resolution and a more cohesive approach to system development and management.
Accelerated Innovation
By streamlining the deployment process and reducing manual overhead, GitOps allows teams to focus more on innovation and feature development, potentially leading to faster time-to-market for new products and services.
In conclusion, Ravindra Karanam‘s work underscores that GitOps is not just a trend, but a fundamental shift in how organizations approach software development and operations. By offering enhanced consistency, traceability, and automation, GitOps paves the way for more efficient, reliable, and scalable software deployment practices. As the field continues to evolve, staying attuned to emerging best practices and tools will be crucial for organizations aiming to maintain a competitive edge in the fast-paced world of software development.
Public Sector Management Practices Survey pilot, UK: 2023
October 21, 2024 · · Topic: automation impact · Relevance: bad1. Main Points
On a scale of 0 to 1, the mean public sector management practice score (0.56) was broadly comparable to the private sector management practice score (0.55), and the median in the public sector (0.58) was also broadly comparable to the private sector (0.60).
Police and fire service organisations had the highest median management practice score (0.69); education organisations had the lowest median management practice score (0.57). Across all public services surveyed, organisations with more employees had higher management practice scores. Public sector organisations with higher management practice scores were more likely to adopt […]
Full Post at www.ons.gov.uk
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.ons.gov.uk
Search 2 keywords found: employment,productivity,services,technology,software,robot,academic,technical
1. Main Points
On a scale of 0 to 1, the mean public sector management practice score (0.56) was broadly comparable to the private sector management practice score (0.55), and the median in the public sector (0.58) was also broadly comparable to the private sector (0.60).
Police and fire service organisations had the highest median management practice score (0.69); education organisations had the lowest median management practice score (0.57).
Across all public services surveyed, organisations with more employees had higher management practice scores.
Public sector organisations with higher management practice scores were more likely to adopt technology, including artificial intelligence, and were more likely to see automation as way to deliver work in a different way.
Only around one-fifth (19%) of public sector organisations surveyed reported facing no barriers to improving how they were managed, compared with almost one-third (32%) of private sector organisations.
The pilot study of our Public Sector Management Practices Survey (PSMPS) faced challenges in reaching some public sector organisations, notably in healthcare; public sector respondents reported some difficulty in applying private sector-structured management practice questions to their organisation.
!
Caution should be taken when interpreting these results, which are based on a pilot survey with low response rates in some public service sectors. For more details, please see Section 8.
2. Measurement of management practices in the public sector
This bulletin reports the main findings from the pilot of our Public Sector Management Practices Survey (PSMPS). This pilot was conducted across the UK from April to July 2024. It asked public sector organisations about their structured management practices in 2023. The survey covered organisations in five public service sectors:
central government – ministerial and non-ministerial departments, devolved administrations, and arm's length bodies
local government
education
health and social care – boards, trusts, and local healthcare providers; local healthcare units were excluded from analysis because of low response rates
police and fire services
This is the first time a survey of management practices across the public sector has been conducted in the UK. The PSMPS contributes to our Public Services Productivity Review (PSPR) by improving our understanding of the role of management practices for productivity. The PSMPS pilot is based on our established Management and Expectations Survey (MES), which we have conducted periodically since 2016.
Differences in management quality have been found to be related to important private sector firm outcomes like productivity, as described in The New Empirical Economics of Management article by Bloom, Sadun, Van Reenen and co-authors. Small-scale, bespoke studies of the public sector have found that management is important to delivering better outcomes in areas like health and education. These include The impact of competition on management quality working paper (PDF, 164KB) and Does management matter in schools paper (PDF, 394KB), both by Bloom and co-authors.
Management practice scoring questions have been developed to measure management quality across organisations. This allows for comparisons of management practices between the public and private sector, across the public sector, internationally, and over time. The structured management practices scores were developed across a series of academic projects by Nick Bloom, Raffaela Sadun, John Van Reenen and co-authors, as described in their Measuring and explaining management practices across firms and countries paper (PDF, 575KB). Scores consist of four categories:
continuous improvement – how well organisations monitor and adapt to unexpected situations (1 question)
key performance indicators (KPIs) – how many, and how frequently they are reviewed (3 questions)
targets – how targets are set, tracked, and reviewed (6 questions)
employment practices – processes of promotion, management, and training of employees (6 questions)
Management practice scores range from 0 to 1. Organisations score 0 if they do not respond to ongoing problems, base promotion decisions on factors other than merit, and do not track performance or set targets. To score 1, organisations need to continuously review their processes to minimise future challenges, carry out regular performance reviews, train employees, and base hiring and promotion decisions on merit.
The PSMPS pilot also included supplementary questions on topics related to structured management practices and organisational performance, such as technology adoption, innovation, and staff retention. Given this is an initial pilot study of the PSMPS in the UK, we consider these findings to be provisional. They are classified as official statistics in development.
The pilot survey aims to provide a baseline measure of public sector management practices, and to test the translation of the survey instrument from the private to the public sector. Conducting the survey has highlighted the benefits and limitations of comparing management practices between private and public sectors using the same approach. We found that some aspects of management are more relevant to the private sector than the public sector. For example, anecdotal evidence from respondents during the fieldwork period suggested that they have a different understanding of how best practice can be achieved across the four dimensions of management.
We also carried out qualitative research to further explore management practices, particularly on the impact of administrative tasks and the use of innovation through automation and technology, like artificial intelligence, on productivity. Findings from this research are published in our Public sector managers' views on management practices, Great Britain: August to September 2024 article.
3. Management practices in the public sector, 2023
The total management practice score is a simple average of all 16 questions across the 4 dimensions of management. On a scale of 0 to 1, the overall mean management practice score was 0.56 across the UK public sector. This is similar to the private sector average of 0.55, as found in our Management and Expectations Survey (MES) 2023. The public sector median score of 0.58 was also similar to the private sector MES median score of 0.60.
Figure 1 shows the distribution of management practice scores across organisations in the public sector and the private sector. The public sector had fewer respondents with management practice scores at the lower end of the scale, compared with the private sector. However, a greater proportion of public organisations are concentrated just below the average, while proportionally, more private firms have a higher score. This is why the public sector median score is lower than the private sector median score.
Figure 1: Management practice scores in the public sector are broadly comparable to the private sector
Comparison of Public Sector Management Practices Survey (PSMPS) and Management and Expectations Survey (MES) overall management practice score distribution, UK, 2023
Embed code
Embed this interactiveFigure 2 shows the distribution of management practice scores for each sector surveyed by the Public Sector Management Practices Survey (PSMPS) using a box-and-whisker plot. Police and fire services had the highest management score, with a median score of 0.69. This is followed by central government (0.67), health boards (0.66), local government (0.65), and education (0.57).
Differences in these median sector scores were statistically tested to determine whether they are significant. When excluding education, differences were not found to be significant. Therefore, users should interpret these results as showing a large degree of similarity in management scores across the public sector.
Public sector organisations are more closely distributed around the median. However, in the private sector, the median is closer to the 75th percentile. This means there are many higher-scoring firms, but with a larger proportion of low-scoring firms.
Figure 2: Management practices vary by sector
Management practice score by sector, UK, 2023
Embed code
Embed this interactiveNotes:
Lines show the 10th to 90th percentiles.
Boxes show the 25th to 75th percentiles, with the middle line showing the median and the "x" showing the mean.
"MES23" refers to results from the Management and Expectations Survey, 2023, of private firms.
Figure 3 presents average scores for each of the four dimensions of management by PSMPS public service sector and for the private sector overall from the MES. Like the private sector, "continuous improvement" and "employment practices" were the highest-scoring components of management across the public sector. "Key performance indicators (KPIs)" in the public sector varies more than other components of structured management practices, ranging from 0.42 in education to 0.66 in health boards.
Figure 3: “Continuous improvement” is the highest scoring component of management practice score by sector
Mean management practice score by component and public service sector, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot and Management and Expectations Survey (MES) from the Office for National Statistics
Download this chart Figure 3: “Continuous improvement” is the highest scoring component of management practice score by sector
The relationship between firm size and management score in the private sector has been shown to be positive and statistically significant. We tested this hypothesis for the public sector, controlling for the type of public organisation. Figure 4 shows the regression coefficients for organisation size.
Organisations that employ between 100 and 249 people have management scores on average 0.06 points higher than organisations that employ between 20 to 49 people. As organisations continue to become larger, management scores continue to increase, but at a slower rate. An organisation that had 5,000 or more employees had a score on average 0.02 points higher than one that had between 1,000 and 1,999 employees.
Figure 4: Organisations with more employees have a higher management practice score on average
Conditional analysis of the relationship between management practices score and organisation size, UK, 2023
Embed code
Embed this interactive4. Management practices and technology adoption in the public sector
Levels of current or planned artificial intelligence (AI) adoption and testing vary by management practice score (Figure 5). Over a quarter (27%) of organisations in the bottom decile of management practice score had tested, used, or planned to use the technology, compared with 47% in the top decile.
Figure 5: Organisations with higher management practice scores were more likely to test, use, or plan to use artificial intelligence
Proportion of organisations that used or tested artificial intelligence, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 5: Organisations with higher management practice scores were more likely to test, use, or plan to use artificial intelligence
The technologies used in 2023 varied across the public service sector (Figure 6). Cloud-computing was reported as the most common technology that had been adopted in 2023 across all sectors, followed by specialised software. Healthcare organisations were more likely to adopt robotics than other sectors, with 58% of health boards reporting they had done so. Specialised equipment was also more widely used in health boards (54%) and in police and fire services (61%) than in other sectors.
Figure 6: Cloud-based computing was the most commonly-used technology
Use of technology type by public service sector, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 6: Cloud-based computing was the most commonly-used technology
We asked organisations about the types of analysis they use to support making important decisions. In the bottom decile of management practice scores, 22% of organisations used little to no analysis, compared with 0% in the top decile. The most common use of data analysis was timeseries analysis (73%), followed by dashboards and interactive tools analysis (69%).
Figure 7: Analysis was more commonly used for decision making in better-managed organisations
Use of analysis by management practice score decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 7: Analysis was more commonly used for decision making in better-managed organisations
5. Improving public sector management
Just under one-fifth (19%) of organisations reported facing no barriers to improving how they were managed. In 2023, 23% of the top decile of management practice scores faced no barriers, compared with 28% in the bottom scoring decile. In comparison, 32% of private sector firms reported no barriers in 2023, according to the Management and Expectations Survey (MES).
The most commonly-reported barriers to improving the way organisations were managed were cost (58%), or there was too little time to think about or implement those changes (41%). This varied by decile, with cost being the most common response for the top decile and the second-most common response for the bottom decile. "Employee resistance" was reported as a barrier to improvement by 28% of organisations in the top decile of management practices, compared with 5% of organisations in the bottom decile.
Figure 8: Cost and too little time were the most common barriers to improving management in organisations
Barriers to improving management by management practice score decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 8: Cost and too little time were the most common barriers to improving management in organisations
When asked how managers improve the way the organisation is managed, the most common response (80%) was "formal training online" (Figure 9). Within the top decile, 41% of organisations would carry out their own experimental changes to improve management practices. This was more than double the proportion of organisations in the bottom decile (19%). There were also large differences between the proportion of organisations making use of government-funded training schemes, with 67% of the top decile doing so, compared with 33% of the bottom decile. Employees would be consulted by 84% of organisations in the top decile, compared with 61% in the bottom decile.
Better-managed organisations more commonly reported more than one means of improving the way the organisation was managed. Of organisations in the bottom decile reported, 4% reported that "nothing" was done as a means of improving the way the organisation was managed, compared with 1% of the top decile.
Figure 9: Better-managed organisations were more likely to report ways of improving management their organisation
Solutions to improving management by management practice score decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 9: Better-managed organisations were more likely to report ways of improving management their organisation
When asked about factors that reduce their ability to get work activities done on time (Figure 10), the most common factors reported were "understaffing" (66%) and "ad hoc work" (56%). "Lack of digital/technical skills" was identified as a barrier in more organisations in the top decile (22%) and bottom decile (10%). The only factor more commonly reported by the bottom decile was "excessive mandatory/statutory training" (14%), compared with 11% of the top decile.
Figure 10: Understaffing and ad-hoc requests were common factors affecting organisations’ ability to get work done on time
Factors affecting the ability to get work done on time by management practice score decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 10: Understaffing and ad-hoc requests were common factors affecting organisations’ ability to get work done on time
We asked organisations "How could administration work in your organisation be done in a more efficient way?". The most common response was to "streamline or reduce task repetition", with 80% of all respondents citing this option (Figure 11). Of organisations in the top decile of management practice scores, 62% reported "using automated computer process", compared with 25% in the bottom decile.
Figure 11: Better-managed organisations were more likely to report computer automation as an opportunity to do work more efficiently
Ways work could be done more efficiently by scoring decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 11: Better-managed organisations were more likely to report computer automation as an opportunity to do work more efficiently
When asked about the amount of administration work that could be done by something else in each week (for example, by automation), 56% of the top decile of management practice scores reported that between 10% and 24% of work could be automated. The most common response (48%) in the bottom decile was that less than 10% of work could be automated. Some 30% of organisations in the bottom decile reported that no work could be automated, compared with 10% in the top decile.
Figure 12: Better-managed organisations reported more work could be done in a different way in a typical week
Amount of administration work that could be done in another way by scoring decile, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 12: Better-managed organisations reported more work could be done in a different way in a typical week
Organisations were grouped into those which have used or tested artificial intelligence (AI) and those who have not used or tested AI in the workplace. This allows us to understand whether users or non-users are more likely to identify opportunities for administration work to be assisted by the application of technology. Figure 13 shows that 6% of organisations that have used AI reported no administration work could be automated or done by something else, compared with 14% of non-users.
Figure 13: Organisations with experience of using artificial intelligence are more likely to report opportunities to automate work
Amount of administration work that could be done in another way by experience of use of artificial intelligence, percentage of respondents, UK, 2023
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this chart Figure 13: Organisations with experience of using artificial intelligence are more likely to report opportunities to automate work
6. Data on management practices in the public sector
Management score estimates from the Public Sector Management Practices Survey
Dataset | Released 21 October 2024
Management score estimates from the Public Sector Management Practices Survey (PSMPS), a new survey of management practices in public sector organisations.
7. Glossary
Management practices score
The overall management practices score (or management score) is an average of the scores along the four dimensions of management practices measured: continuous improvement, key performance indicators (KPIs), targets, and employment practices.
Artificial intelligence
Artificial intelligence (AI) is computer programs or machines that can learn from data and perform tasks that are usually completed by humans. AI is currently used in many ways, including online product recommendations, facial recognition, self-driving vehicles, medical diagnostic tools, and chatbots that interact in a conversational way and can answer complex questions.
Automation
Automation is a set of technologies that can substitute routine, non-cognitive tasks or jobs. For example, this could include the introduction of the telephone switchboard replacing switchboard operators, or accounting software.
8. Data sources and quality
Coverage and defining the public sector for the Public Sector Management Practices Survey pilot
Public sector organisations may have several thousand employees. They may operate on a multi-site basis, within the same organisational structure, or be responsible for overseeing a variety of functions or frontline services. We arrived at the approach of surveying sectors by selecting a single location per organisation, typically the headquarters, by engaging with departmental leads during development of the Public Sector Management Practices Survey (PSMPS). This means that a single office is asked to report on the management practices for the whole organisation, which could be spread across multiple sites. The benefit of this approach is that surveys could be targeted at organisation leaders, ensuring senior managers or their delegates were the respondent. However, it does mean less granularity within organisations, from the perspective of their different locations or the functions they deliver.
Our business surveys will typically only survey once per reporting unit. The exceptions to this single-site PSMPS approach are the health and social care sector and the education sector. This is because community schools, academy status schools, and health and social care providers are, in effect, delivering public services within a larger organisation like the local authority, multi-academy trust, or health board.
For this pilot, the public sector is primarily defined by using the Inter-Departmental Business Register (IDBR) legal status of organisations, or by selecting schools from the Department for Education's school establishment list. Only those organisations on the IDBR with a public sector legal status were eligible to be sampled. We made exclusions below sector-specific employment thresholds to reduce the respondent burden on small organisations. This approach meant that some organisations that are commonly considered as part of the public sector were not included.
General practitioners (GPs) are an example of public services not included in the pilot. GPs are classified as "social transfers in kind – market production purchased by general government and non-profit institutions serving households (NPISHs)", as described in our Public sector classification guide and forward work plan. They provide healthcare free at the point of use, and are services purchased by central government. However, GP surgeries are commonly classified as having a private sector legal statuson the IDBR. It is not possible to identify from the IDBR whether the services they deliver are solely on behalf of the NHS, with contracts to provide NHS healthcare free at the point of use. Conversely, an NHS health board has a public sector legal status and would be eligible to be surveyed. Academy schools or trusts are state funded but have charitable legal status. They are classified under central government, with the Department for Education being the sponsoring body, and so have been included in this pilot. Classifications are described in more detail in our Public sector classification guide and forward work plan.
Users may be interested in a more granular breakdown of results. This will require a separate weighting approach and further disclosure checks to maintain respondent confidentiality, which we will develop over the coming months. Results with extended breakdowns will be published when these weights have been fully quality assured.
Sampling and response rates
Public sector organisations, such as ministerial departments, were selected to represent themselves. Where the number of organisations were large, such as schools or local healthcare providers, a stratified random sample was drawn to represent the subsector. The sample was comprised of the eligible organisations in each sector.
Eligible organisations in the central government sector (selected by census)
Ministerial departments
Non-ministerial departments
Arm's length bodies (ALBs)
Executive agencies
Devolved administrations and their departments, ALBs and agencies
Eligible organisations in the local government sector (selected by census)
Local authorities
Devolved English regions
Eligible organisations in the health and social care sector
Health boards (selected by census)
Health and social care providers (selected by threshold sample)
Eligible organisations in the police and fire services sector (selected by census)
- All headquarters
Eligible organisations in the education sector (selected by stratified random sample)
Local authority schools
Academy groups
Academy schools
Achieving responses from local units below health board level in the health and social care sector proved to be challenging. The low response rate has led to concerns with data quality, so they were excluded for the purposes of this bulletin. Further work will be done to investigate the feasibility of deriving results from these respondents. The effective response rate was 18%. Response rates by public service are shown in Table 1.
Response rate | Completed | Sample size | |
---|---|---|---|
Local government | 40% | 155 | 388 |
Central government | 35% | 85 | 242 |
Police and fire | 35% | 33 | 95 |
Health boards | 20% | 57 | 281 |
Education | 16% | 1423 | 8928 |
All | 18% | 1753 | 9934 |
Source: Public Sector Management Practices Survey (PSMPS) pilot from the Office for National Statistics
Download this table Table 1: Response rates by public service
Weighting
Weighting is applied to results to make them reflect the population of organisations within the public sector, rather than just the organisations that have responded. Responses have been weighted by selection probability and response rates within stratification groups.
Selection probability weights are referred to as "a-weights". For the PSMPS, organisations that were selected by census were given an a-weight of 1, meaning they represent only themselves. If 20% of organisations within a stratification group were randomly sampled, each organisation sampled was assigned an a-weight of 5, so its return represented five organisations. A-weights were adjusted by the response rate of each group, using a similar approach. If 50% of organisations in a stratification group responded, each return in that group represented two organisations.
Future developments
The PSMPS pilot has captured an important baseline of management practices and provides a strong basis for conducting further waves of this survey. The survey gives important insight into how public sector organisations are managed, as well as how to measure management practices in the public sector.
Users may be interested in a more granular breakdown of results. This will require a separate weighting approach and further disclosure checks to maintain respondent confidentiality, which we will develop over the coming months. Results with extended breakdowns, such as by geography, will be published when these weights have been fully quality assured.
Official statistics in development
These statistics are labelled as "official statistics in development". Until September 2023, these were called "experimental statistics". Read more about the change in our Guide to official statistics in development.
We are developing how we collect and produce the data to improve the quality of these statistics. Once the developments are complete, we will review the statistics with the Statistics Head of Profession. We will decide whether the statistics are of sufficient quality and value to be published as official statistics, or whether further development is needed. Production may be stopped if they are not of sufficient quality or value. Users will be informed of the outcome and any changes.
We value your feedback on these statistics. Contact us at psmps@ons.gov.uk.
9. Related links
Management practices in the UK: 2016 to 2023
Bulletin | Released 13 May 2024
Review of management practice scores for firms in the production and services industries across the UK in 2023 and Great Britain from 2016 to 2023.
Public sector managers' views on management practices, Great Britain: August to September 2024
Bulletin | Released 21 October 2024
Public sector managers' views on their organisations' management practices, administration, technology and innovation, and on how these affect productivity.
Time use in the public sector, further analysis, Great Britain: February 2024
Bulletin | Released 21 October 2024
Estimates of time spent by public sector workers on a range of work activities. These are official statistics in development.
How we are transforming our understanding of public services productivity
Blog | Released 21 October 2024
National Statistical blog explaining how work on public services productivity is progressing. Includes insights about where productivity could potentially be improved.
Time Well Spent: How the ONS is improving the measurement of public service productivity
Blog | Released 09 January 2024
National Statistical blog explaining why the Office for National Statistics (ONS) launched the pilot Time Use Survey for public sector workers.
10. Cite this statistical bulletin
Office for National Statistics (ONS), released 21 October 2024, ONS website, statistical bulletin, Public Sector Management Practices Survey pilot, UK: 2023
Schneider Electric expands footprint in the Middle East
October 21, 2024 · · Topic: automation impact · Relevance: badThe new facility will generate local employment. Credits: ricochet64/Shutterstock. French energy management and automation company Schneider Electric has established a new manufacturing facility in Sharjah, UAE.
Located in the Hamriyah Free Zone, it will cater to the region’s growing demand for AI-powered data centre solutions. The free zone attained second place in fDi’s Global Free Zone of the Year Awards 2024.
Schneider Electric’s new site will manufacture and assemble AI-ready prefabricated modular data centres. It will contribute to the country’s ‘ Make it in the Emirates ‘ strategy and benefit from the National In-Country Value (ICV) program. Both initiatives aim to […]
Full Post at www.investmentmonitor.ai
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.investmentmonitor.ai
Search 2 keywords found: employment,services,manufactur
French energy management and automation company Schneider Electric has established a new manufacturing facility in Sharjah, UAE.
Located in the Hamriyah Free Zone, it will cater to the region’s growing demand for AI-powered data centre solutions. The free zone attained second place in fDi’s Global Free Zone of the Year Awards 2024.
Schneider Electric’s new site will manufacture and assemble AI-ready prefabricated modular data centres. It will contribute to the country’s ‘Make it in the Emirates‘ strategy and benefit from the National In-Country Value (ICV) program. Both initiatives aim to enhance the local economy and private sector’s role in the UAE’s GDP.
The new data centre line is designed to provide customers with more reliable services, reduce expenses, and expedite the implementation process. The facility will generate domestic employment predominantly in supply chain, logistics, project management, and maintenance.
Amel Chadli, president of Gulf countries at Schneider Electric said, “Our expansion in local manufacturing reflects Schneider Electric’s commitment to the UAE’s vision for industrial growth and sustainability.”
See Also:
- Levi Strauss joins Pakistan safety Accord, urged to join Bangladesh
- Trump-proofing the EU: too little, too late?
“By advancing our AI-powered data centre solutions, we are addressing the country’s increasing demand for scalable, energy-efficient, digital infrastructure.”
He further added that the facility will enable it to provide data centre solutions in alignment with “national economic objectives and the evolving needs of industries.”
The new site adds to Schneider Electric’s investments globally in 2024. In September, it opened a new $55m manufacturing site in Scarborough, UK. In March, it invested $140m to boost its operations in Tennessee, US.
According to GlobalData insights, Schneider Electric is most prolific at making international expansions in the electronics sector.
Valmet’s change negotiations completed in Finland in its Paper business line’s Board and Paper Mills business unit
October 21, 2024 · · Topic: automation impact · Relevance: badValmet Oyj’s press release on October 21, 2024 at 12:00 p.m. EEST
ESPOO, Finland, Oct. 21, 2024 /PRNewswire/ — Valmet announced on September 5, 2024 , the start of change negotiations in its Paper business line’s Board and Paper Mills business unit that included a plan to consider measures aimed at improving the profitability and competitiveness of the business operations. The business unit develops and delivers board and paper making lines and technologies globally. The scope of the negotiations covered all employees in Board and Paper Mills business unit in Finland, totaling approximately 1,300 employees. Other organizations or employees […]
Full Post at www.prnewswire.co.uk
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.prnewswire.co.uk
Search 2 keywords found: employment,services
Valmet Oyj's press release on October 21, 2024 at 12:00 p.m. EEST
ESPOO, Finland, Oct. 21, 2024 /PRNewswire/ -- Valmet announced on September 5, 2024, the start of change negotiations in its Paper business line's Board and Paper Mills business unit that included a plan to consider measures aimed at improving the profitability and competitiveness of the business operations. The business unit develops and delivers board and paper making lines and technologies globally. The scope of the negotiations covered all employees in Board and Paper Mills business unit in Finland, totaling approximately 1,300 employees. Other organizations or employees in the Paper Business Line were not included in the scope of the change negotiations.
As a result of the change negotiations, the employment of 112 people will end. In addition, there will be fixed-term position terminations, retirements, and internal transfers to other positions within Valmet. At the beginning of the negotiations, the need for employee reductions was estimated to be 200 positions.
Additionally, the Board and Paper Mills business unit will implement temporary layoffs lasting up to 90 days during the first half of 2025.
Valmet supports the re-deployment of the laid-off persons by offering i.e. personal career coaching.
Valmet has in total more than 19,000 employees globally, and in Finland it employes around 6,600 people.
VALMET
Corporate Communications
For more information, please contact:
Mikko Sillanpää, Vice President, Paper business line, Board and Paper Mills business unit, Valmet, tel. +358 40 766 4971
Petri Rasinmäki, Business Line President, Paper, Valmet, tel. +358 40 042 8422
Valmet has a global customer base across various process industries. We are a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries, and with our automation and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward – every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet's net sales in 2023 were approximately EUR 5.5 billion.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Follow us on valmet.com | X | X (IR) | LinkedIn | Facebook | YouTube | Instagram |
This information was brought to you by Cision http://news.cision.com
The continuing woes of CVS
October 21, 2024 · · Topic: Basic Income · Relevance: badGood morning. I feel bittersweet about the WNBA season ending, but I’m excited that the NBA regular season kicks off tomorrow night. Today, we’re looking at a guaranteed basic income program in Salem, Halloween costume ideas , and the social media accounts of Boston sports teams.
But first, we’re examining the continuing struggles of CVS and other pharmacy giants.
To continue reading, please login or subscribe to Globe.com THE STARTING POINT CVS’s financial woes are harming its retail pharmacy business — and consumers. MICHAEL DWYER/ASSOCIATED PRESS CVS, with dreams of becoming a comprehensive health care behemoth , is struggling. It’s […]
Full Post at www.bostonglobe.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.bostonglobe.com
Search 2 keywords found: basic income
Good morning. I feel bittersweet about the WNBA season ending, but I’m excited that the NBA regular season kicks off tomorrow night. Today, we’re looking at a guaranteed basic income program in Salem, Halloween costume ideas, and the social media accounts of Boston sports teams.
But first, we’re examining the continuing struggles of CVS and other pharmacy giants.
To continue reading, please login or subscribe to Globe.com
THE STARTING POINT
CVS, with dreams of becoming a comprehensive health care behemoth, is struggling. It’s cutting 2,900 corporate jobs nationwide. It’s ending some of its core infusion services and closing or selling 29 pharmacies that provide those services. On Friday, the company ousted its CEO.
For the past few years, the Rhode Island-based corporation has been trying to build itself into a one-stop-shop for all things health care: drug stores, in-store primary health clinics, health insurance (Aetna), and a pharmacy benefit manager.
But it’s been difficult to tie those business pieces together. CVS even considered spinning off Aetna and breaking itself into two smaller companies; it ultimately decided not to.
Even though CVS’s troubles are very specific to that company, turmoil is roiling the pharmacy industry: Rite Aid recently emerged from bankruptcy, and Walgreens is closing one-fourth of its 8,600 stores.
What’s happening?
After the pandemic, customers simply didn’t return to brick-and-mortar pharmacies in the same numbers, preferring to order online, which often is cheaper. The problem is that many pharmacies are closing in places where residents have low incomes, making it difficult for them to get the medications they need.
It’s a problem that affects nearly 15,000 Bostonians — and counting. Since 2017, at least 26 pharmacies in the city and about 200 statewide have closed, according to data from the Massachusetts Department of Public Health.
A Globe analysis found that many of these so-called pharmacy deserts overlap with vulnerable communities that are already poorer, sicker, and less well resourced than the rest of the state.
With CVS floundering, health care inequalities could grow worse.
POINTS OF INTEREST
MIDDLE EAST How Israel decimated Hamas and Hezbollah leadership in three months. The sprawling decapitation operation has little precedent in modern history. (Axios)
NEW ENGLAND Stop & Shop is closing 14 stores around the region between Oct. 31 and Nov. 2. The chain will offer a 15 percent discount at those stores starting Friday. (The Patriot Ledger)
SAUGUS, Mass. Too many close encounters between people walking their dogs and coyotes has residents on edge. There are ways to avoid unwanted encounters with the wild animals. (The Boston Globe)
TD GARDEN The Celtics open the 2024-2025 season tomorrow night against the New York Knicks. It’s also Banner Night to celebrate their 18th championship. (NESN)
CAMBRIDGE The American Repertory Theater is selling 20,000 pieces from its historic costume collection — just in time for Halloween (photo above). The sale continues this weekend. (The Boston Globe)
SALEM, Mass. The city launched a guaranteed basic income program for residents who live at or below the poverty line. The pilot program will give 100 residents $500 per month with no strings attached. (The Boston Globe)
ON SOCIAL MEDIA Boston sports teams are relying on social media to reach a younger generation of fans. The new-age sports marketing includes game day fits, skits, and fast-paced highlight reels. (Boston Magazine)
AT WORK Bostonians are more likely to skip their midday meal than the national average, according to an annual lunch report. Their reasons are related to money and time. (The Boston Globe)
IN YOUR CLOSET This global fashion business quiz tests your knowledge of how people around the world shop for their clothing. (Rest of World)
IN YOUR MAILBOX The third biggest print magazine by circulation is published by ... Costco. The top two spots are held by AARP: The Magazine and The AARP Bulletin. (The New York Times)
BOSTON The city is packed with things to do this Halloweekend and beyond. There’s a candy crawl, nightmare bash, drag dinner, and more. (The Boston Globe)
ELECTION INSIGHTS | 15 days until the presidential election
We’re using five Election Insights to explain each of the questions on the Massachusetts ballot this fall. Today, we’re tackling Question 3: Unionization for Transportation Network Drivers. Here are the others we’ve done: Question 1 and Question 2.
This Question 3 analysis is from the Globe’s Voter Guide. It was written by reporter Katie Johnston.
What this question would do
Question 3 would give Uber and Lyft drivers the right to organize a union. The companies consider the drivers to be independent contractors, a classification of workers not typically allowed to unionize under federal law. This ballot initiative would create a new framework for drivers to do so under state law.
Forming a union would require support from a quarter of the most active half of Massachusetts drivers for both companies, or 25 percent of the drivers who have given at least the median number of rides in the past six months.
A yes vote would allow Uber and Lyft drivers to form a union.
A no vote would maintain the current law, which prevents Uber and Lyft drivers from unionizing.
Why vote yes
Drivers are in need of a voice and the ability to bargain for more rights, just as most employees are entitled to, according to SEIU 32BJ. Granting drivers the ability to organize does not preclude the fight for drivers to be recognized as employees.
Why vote no
The Massachusetts Fiscal Alliance says the measure creates a “radical labor category that is inconsistent with federal labor law” and could raise prices for riders. Drivers were also just granted a number of new protections in a settlement between the state and the companies, the alliance noted, which guarantees them a minimum wage of $32.50 an hour before expenses, paid sick leave, a healthcare stipend, and more.
– Katie Johnston
Here’s what the polls say
Around 59 percent of Massachusetts voters want this ballot measure to pass, according to a Suffolk University/Boston Globe poll.
The bottom line
Uber and Lyft drivers have been in a tug-of-war with their employers for a long time, especially in Massachusetts. We have some of the strongest labor laws in the country, so this vote would set the tone for the rest of the country.
NOTE: The Boston Globe Editorial Board, which is independent of the Globe newsroom, endorsed Question 3. The board’s opinions do not reflect those of reporters in the newsroom nor do they influence our coverage. Here’s an explanation of how we operate separately.
Elsewhere
There’s a very real scenario where Donald Trump loses and takes power anyway. Here’s how the former president could overturn the 2024 election. (Politico Magazine)
Vice President Kamala Harris turned 60 yesterday, older than the median age of a US president at inauguration (55). She’s still a political generation younger than President Biden (81) and Trump (78). (Axios)
Door-knocks, texts, and ads, ads, ads: Life on the swing-state battlefield. (The New York Times via the Globe)
POLAROID DIARIES
Where we share our adventures around New England and rate them for Starting Point readers.
Rating: Bagged (�) | Tagged (�️) | Dragged (❌)
This is a quintessential Chinatown bakery, and they’re serving some of the best egg custards and Portuguese egg custards around. The pastries melt in your mouth if you’re lucky enough to catch them fresh out of the oven, and most standard items are under $5 each (but keep in mind that the bakery is cash-only!). Rating: Bagged 9/10 (�)
This early-to-open, early-to-close diner serves creative omelets and adjusts its menu seasonally. Their portions are massive and come with equally large sides (peep the pancake in the top left corner). Hot coffee keeps flowing here, and it’s a great place to fuel up before exploring the nearby Dover Community Trail. Rating: Bagged 8/10 (�)
� Want this sent to your inbox? Subscribe to Starting Point here.
Report reveals how AI-automation can shape businesses
October 21, 2024 · · Topic: automation impact · Relevance: bad‘This trend presents a dual opportunity for South Africa. It creates high-skilled jobs and drives economic growth through increased business efficiency.’
AI-automation can enhance efficiency in a lot of businesses, while creating new jobs. Picture: iStock Following the outbreak of the Covid-19 pandemic, digital transformation has been a key imperative for businesses all over the world.
Greg Williams, regional vice president for South Africa at UiPath says automation and Artificial Intelligence (AI) have established themselves as solid pillars in the digital transformation.“The recently released UiPath State of the Automation Professional report 2024 provides important insights into global trends that have […]
Full Post at www.citizen.co.za
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.citizen.co.za
Search 2 keywords found: productivity,services,technology
'This trend presents a dual opportunity for South Africa. It creates high-skilled jobs and drives economic growth through increased business efficiency.'
Following the outbreak of the Covid-19 pandemic, digital transformation has been a key imperative for businesses all over the world.
Greg Williams, regional vice president for South Africa at UiPath says automation and Artificial Intelligence (AI) have established themselves as solid pillars in the digital transformation.
“The recently released UiPath State of the Automation Professional report 2024 provides important insights into global trends that have significant implications for our local business environment.”
He is of the view that the findings of the report will outline how AI-powered automation can play an important role in helping companies in the country boost their competitiveness and efficiency.
Why companies go for AI-powered automation
The combination of AI and automation technologies can enhance efficiency and reduce manual labour. While AI will analyse data, amongst other things, automation technologies will execute tasks, and workflows, amongst other things.
Undocumented foreign nationals working in SA: What employers need to know
The report shows that the reason why businesses make use of AI is to increase productivity. “This fits perfectly with the need in our market to get the most out of limited resources,” he says.
The report reads, “Confirming other Bain research, survey findings showed that efficiency and productivity (85%) have been motivating factors in automation adoption, followed by cost reduction (35%).”
ALSO READ: AI could be a game changer for South Africa, says Malatsi
Sectors supporting AI-powered automation
The report reveals that 79% of IT companies have adopted automation, followed by customer service (58%), accounting (53%), and legal and compliance (21%).
Williams says financial services can make use of AI-powered automation in code writing and testing, which can enhance the development and security of financial and technology solutions.
“While mining can benefit from AI in documentation and process optimisation, improving safety and efficiency in operations.”
For the healthcare sector, he is of the view that AI-assisted documentation can relieve doctors and nurses from the burden of admin tasks, streamlining patient care and leaving more time for patient care, medical research, and more, especially in resource-constrained environments.
ALSO READ: How about an AI boss? – SA adopts ChatGPT for work, school and romance
Automation teams growing
He adds that automation teams are forever growing and getting better, which can provide jobs for many people in the country.
The report shows that 61% of companies worldwide have added more automation workers in the last year. While 81% of these companies plan to hire more people.
“This trend presents a dual opportunity for South Africa: it creates high-skilled jobs and drives economic growth through increased business efficiency.”
“For South African businesses, this means investing in upskilling programmes and partnering with educational institutions to create a pipeline of automation professionals. It is an opportunity to address our high youth unemployment rate by aligning skills development with the growing demand in the automation sector.”
ALSO READ: Google trends reveal South Africans keen to grow AI skills
Job satisfaction
Williams says the findings of the report also prove that the automation sector can provide job satisfaction and career stability.
“70% of automation professionals worldwide think they will stay in the industry for the next five years. This shows they are happy with their jobs and have a steady career path.”
The report details that 86% of professionals think their current job in automation will help them move up in their careers.
Are jobs in other sectors safe?
Advaita Naidoo, Africa managing director at Jack Hammer Global said AI will most certainly lead to affect certain jobs, but new sectors and jobs will be created.
“While we cannot yet understand the extent of the impact of AI on specific careers and fields and how the world of work, in general, is going to change in coming years, individuals have to start exploring this new terrain even in the absence of a map.”
NOW READ: The most important digital jobs for 2025 – and the skills needed to get one
CX Automation Platforms, Associate Manager
October 21, 2024 · · Topic: automation impact · Relevance: badAbout PhonePe Group:
PhonePe is India’s leading digital payments company with 50 crore (500 Million) registered users and 3.7 crore (37 Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India’s first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company’s vision to offer every Indian an equal opportunity to accelerate […]
Full Post at boards.greenhouse.io
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at boards.greenhouse.io
Search 2 keywords found: productivity,services,technology,robot,technical,mobility
About PhonePe Group:
PhonePe is India’s leading digital payments company with 50 crore (500 Million) registered users and 3.7 crore (37 Million) merchants covering over 99% of the postal codes across India. On the back of its leadership in digital payments, PhonePe has expanded into financial services (Insurance, Mutual Funds, Stock Broking, and Lending) as well as adjacent tech-enabled businesses such as Pincode for hyperlocal shopping and Indus App Store which is India's first localized App Store. The PhonePe Group is a portfolio of businesses aligned with the company's vision to offer every Indian an equal opportunity to accelerate their progress by unlocking the flow of money and access to services.
Culture
At PhonePe, we take extra care to make sure you give your best at work, Everyday! And creating the right environment for you is just one of the things we do. We empower people and trust them to do the right thing. Here, you own your work from start to finish, right from day one. Being enthusiastic about tech is a big part of being at PhonePe. If you like building technology that impacts millions, ideating with some of the best minds in the country and executing on your dreams with purpose and speed, join us!
JD - Associate Manager, Customer Experience Automation [Pincode, Indus]
The customer experience automation team for Pincode, and Indus businesses aims to create a smooth and automated support system for all customers, ensuring they receive top-notch assistance for all their needs and products. They collaborate closely with business and product teams to discover new possibilities, develop predictive models to detect potential issues in a customer's journey, and establish preventative measures.
Responsibilities
Own the development and management of PhonePe’s automated support channels for Pincode and Indus Businesses in alignment with business goals and improve key performance indicators (KPIs) such as (but not limited to) productivity, customer satisfaction, operational & process efficiency, automation %, etcBuild deep understanding of technical specification across a diverse portfolio of products to create memorable customer experiencesIdentify, scope and implement measurements and control variables for our support products - automated support, helpdesk, and other tooling suitesDesign and implement scalable automation frameworks for business-critical processes and enhance support metrics.Keep up with industry trends and continuously assess new technologies and tools that can be incorporated into the automation strategy.Create and manage SOPs of platform management ensuring compliance and security of platformsLead the team by example - plan the projects, assign tasks to the team, self-execute tasks to lead from the frontManage a team of highly motivated individual contributors and collaborate with cross functional teams to ensure the best user experience
Basic Requirements
Engineering graduate with 4+ years of experience in a technical domain related to customer experience, knowledge of SQLPrior experience of people managementPrior experience in CX or automation and experience robotic process automationAbility to deal with ambiguity and create processes to streamline information and knowledge dissipation
Ability to manage influence through persuasion, negotiation, and consensus building
Demonstrated desire for continuous learning and improvement
Good to have!
MBA and/or previous experience of digital payments landscape is a plus
2+ years of total experience in Program/Product management roles
Analytical, Inquisitive and process-oriented mindset
PhonePe Full Time Employee Benefits (Not applicable for Intern or Contract Roles)
- Insurance Benefits - Medical Insurance, Critical Illness Insurance, Accidental Insurance, Life Insurance
- Wellness Program - Employee Assistance Program, Onsite Medical Center, Emergency Support System
- Parental Support - Maternity Benefit, Paternity Benefit Program, Adoption Assistance Program, Day-care Support Program
- Mobility Benefits - Relocation benefits, Transfer Support Policy, Travel Policy
- Retirement Benefits - Employee PF Contribution, Flexible PF Contribution, Gratuity, NPS, Leave Encashment
- Other Benefits - Higher Education Assistance, Car Lease, Salary Advance Policy
Working at PhonePe is a rewarding experience! Great people, a work environment that thrives on creativity, the opportunity to take on roles beyond a defined job description are just some of the reasons you should work with us. Read more about PhonePe on our blog.
Software Engineer I – Business Automation
October 21, 2024 · · Topic: automation impact · Relevance: badAbout The Role
ABOUT ROCKET LAB
Rocket Lab is a global leader in launch and space systems. The rockets and satellites we build and launch enable some of the most ambitious and vital space missions globally, supporting scientific exploration, Earth observation and missions to combat climate change, national security, and exciting new technology demonstrations. Our Electron rocket has provided reliable access to orbit since 2018, becoming one of the most frequently launched rockets in the world. Neutron will be our next rocket on the launch pad, an advanced 13-tonne payload class, reusable rocket to launch the mega constellations of […]
Full Post at www.rocketlabusa.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.rocketlabusa.com
Search 2 keywords found: employment,technology,software,technical
About The Role
ABOUT ROCKET LAB
Rocket Lab is a global leader in launch and space systems. The rockets and satellites we build and launch enable some of the most ambitious and vital space missions globally, supporting scientific exploration, Earth observation and missions to combat climate change, national security, and exciting new technology demonstrations. Our Electron rocket has provided reliable access to orbit since 2018, becoming one of the most frequently launched rockets in the world. Neutron will be our next rocket on the launch pad, an advanced 13-tonne payload class, reusable rocket to launch the mega constellations of the future. Our space systems business includes our extensive line of satellites and components that have enabled more than 1,700 missions including the James Webb Space Telescope, NASA Psyche Mission, Artemis I, Mars Ingenuity helicopter, and more.
Join our pioneering team and launch your career to new heights!
ABOUT THE ROLE:
As a Software Engineer I in the Business Automation Terrestrial Software team, you will contribute significantly to designing, developing, and maintaining software systems that are fundamental to our mission success. Collaborating closely with cross-functional teams and stakeholders, you'll have the opportunity to contribute to the full software lifecycle – from conception of solutions for intricate challenges, to ensuring the dependability of critical systems. The software solutions we create in-house solve challenges across the entire business – from mission planning, to launch vehicle configuration, to ground station reservations, to production floor optimization - these are anything but ordinary challenges!
YOU'LL BRING THESE QUALIFICATIONS:
- Minimum of 3 years professional experience within a relevant discipline.
- Confidence in full stack Typescript application development.
- Confidence in relational databases and object-relational mappers.
- Ability to understand complex technical challenges.
- Ability to write clean, maintainable, scalable code.
- Experience with MVC frontend frameworks (Angular, React, Vue, etc.).
- Experience creating unit tests.
- A team player with a positive attitude.
THESE QUALIFICATIONS WOULD BE NICE TO HAVE:
- Node.js and NestJS experience.
- Experience with RxJS observables.
- Docker and Kubernetes experience.
- Experience with build systems and tooling.
- Experience with Git and CI/CD pipelines.
- Experience with agile scrum methodologies.
- Elasticsearch experience.
- Linux as a development environment.
ROCKET LAB EMPLOYEE BENEFITS:
- The opportunity to work on innovative and groundbreaking technology.
- Access to world leading experts to develop your career.
- Unlimited barista coffee, fruit, and snacks.
- Rocket Lab merchandise – t-shirts, mission patches, etc.
- Discounted health insurance with Southern Cross.
- Additional parental leave entitlements.
- An employee stock purchase program.
- A vibrant team culture with social activities throughout the year.
If the above sounds like you, apply now!
Important Information
FOR CANDIDATES SEEKING TO WORK IN NEW ZEALAND OFFICES ONLY
While we celebrate diversity and encourage all qualified candidates to apply irrespective of background or identity, for security reasons background checks will be undertaken prior to any employment offer being made to an applicant. These checks will include nationality checks as it is a requirement of this position that you be eligible to access equipment and data regulated by the United States' International Traffic in Arms Regulations.
Under these Regulations, you may be ineligible for this role if you do not hold citizenship of Australia, Japan, New Zealand, Switzerland, the European Union or a country that is part of NATO, or if you hold ineligible dual citizenship or nationality. For more information on these Regulations, click here ITAR Regulations.
WHAT TO EXPECT
We’re on a mission to unlock the potential of space to improve life on Earth, but that’s not an easy task. It takes hard work, determination, relentless innovation, teamwork, grit, and an unwavering commitment to achieving what others often deem impossible. Our people out-think, out-work and out-pace. We pride ourselves on having each other’s backs, checking our egos at the door, and rolling up our sleeves on all tasks big and small. We thrive under pressure, work to tight deadlines, and our focus is always on how we can deliver, rather than dwelling on the challenges that stand in the way.
Important information:
FOR CANDIDATES SEEKING TO WORK IN US OFFICES ONLY:
To conform to U.S. Government space technology export regulations, including the International Traffic in Arms Regulations (ITAR), Rocket Lab Employees must be a U.S. citizen, lawful U.S. permanent resident (i.e., current Green Card holder), or lawfully admitted into the U.S. as a refugee or granted asylum, or be eligible to obtain the required authorizations from the U.S. Department of State and/or the U.S. Department of Commerce, as applicable. Learn more about ITAR here.
Rocket Lab provides equal employment opportunities to all employees and applicants for employment and prohibits discrimination and harassment of any type without regard to race, color, religion, age, sex, national origin, disability status, genetics, protected veteran status, sexual orientation, gender identity or expression, or any other characteristic protected by federal, state or local laws. This policy applies to all terms and conditions of employment at Rocket Lab, including recruiting, hiring, placement, promotion, termination, layoff, recall, transfer, leaves of absence, compensation and training.
Applicants requiring a reasonable accommodation for the application/interview process for a job in the United States should contact Giulia Biow at g.biow@rocketlabusa.com.This dedicated resource is intended solely to assist job seekers with disabilities whose disability prevents them from being able to apply/interview. Only messages left for this purpose will be considered. A response to your request may take up to two business days.
FOR CANDIDATES SEEKING TO WORK IN NEW ZEALAND OFFICES ONLY:
For security reasons background checks will be undertaken prior to any employment offers being made to an applicant. These checks will include nationality checks as it is a requirement of this position that you be eligible to access equipment and data regulated by the United States' International Traffic in Arms Regulations.
Under these Regulations, you may be ineligible for this role if you do not hold citizenship of Australia, Japan, New Zealand, Switzerland, the European Union or a country that is part of NATO, or if you hold ineligible dual citizenship or nationality. For more information on these Regulations, click here ITAR Regulations.
Sr. Automation Design Eng
October 21, 2024 · · Topic: automation impact · Relevance: badAt Jabil we strive to make ANYTHING POSSIBLE and EVERYTHING BETTER. We are proud to be a trusted partner for the world’s top brands, offering comprehensive engineering, manufacturing, and supply chain solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe.
JOB SUMMARY
The purpose of the job is to design […]
Full Post at mygwork.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at mygwork.com
Search 2 keywords found: employment,manufactur,software
At Jabil we strive to make ANYTHING POSSIBLE and EVERYTHING BETTER. We are proud to be a trusted partner for the world's top brands, offering comprehensive engineering, manufacturing, and supply chain solutions. With over 50 years of experience across industries and a vast network of over 100 sites worldwide, Jabil combines global reach with local expertise to deliver both scalable and customized solutions. Our commitment extends beyond business success as we strive to build sustainable processes that minimize environmental impact and foster vibrant and diverse communities around the globe.
JOB SUMMARY
The purpose of the job is to design automation engineering projects in the area of assignment, e.g., mechanical, electrical, electronics, software application. The Sr. Automation Design Engineer reviews and analyzes project requirements, specification, plan, design and installation. Position is responsible for design of automation equipment to ensure stipulated specification and requirements are met, and delivered within budget and on time. Position supports Lead Engineer of respective area in design of automation equipment.
ESSENTIAL DUTIES AND RESPONSIBILITIES
· Designs automation equipment in respective areas of expertise, e.g., Mechanical, Electronics, Electrical, or Software Application.
· Works closely with Project Manager/Engineer to meet project time line and within budget.
· Reviews, understands and interprets requirements/specification accurately for integration into design of equipment.
· Ensures design for manufacturability.
· Acts as liaison with internal and/or external Assemblers/manufacturer of equipment to ensure all parts are manufactured to the design.
· Generates design drawings, installation manual, and user manual.
· Ensures all engineering times are logged into tracking system correspondent to the projects.
· May perform other duties and responsibilities as assigned.
JOB QUALIFICATIONS
KNOWLEDGE REQUIREMENTS
· Advanced knowledge of mechanical/electronics/electrical/software application engineering.
· Advanced knowledge of EMS industries.
· Advanced knowledge of automation equipment assembly and installation.
EDUCATION & EXPERIENCE REQUIREMENTS
· B.Sc. in Mechanical or Electronics/Electrical Engineering.
· Minimum 5- 7 years experiences in automation equipment design and installation.
· Or an equivalent combination of education, training or experience.
BE AWARE OF FRAUD: When applying for a job at Jabil you will be contacted via correspondence through our official job portal with a jabil.com e-mail address; direct phone call from a member of the Jabil team; or direct e-mail with a jabil.com e-mail address. Jabil does not request payments for interviews or at any other point during the hiring process. Jabil will not ask for your personal identifying information such as a social security number, birth certificate, financial institution, driver's license number or passport information over the phone or via e-mail. If you believe you are a victim of identity theft, contact your local police department. Any scam job listings should be reported to whatever website it was posted in.
Jabil, including its subsidiaries, is an equal opportunity employer and considers qualified applicants for employment without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, disability, genetic information, veteran status, or any other characteristic protected by law.
Accessibility Accommodation
If you are a qualified individual with a disability, you have the right to request a reasonable accommodation if you are unable or limited in your ability to use or access Jabil.com/Careers site as a result of your disability. You can request a reasonable accommodation by sending an e-mail to Always_Accessible@Jabil.com with the nature of your request and contact information. Please do not direct any other general employment related questions to this e-mail. Please note that only those inquiries concerning a request for reasonable accommodation will be responded to.#whereyoubelong
Job OverviewJabilElectrical/Electronic Manufacturing
AI in Recruitment: The Definitive Guide for 2024
October 21, 2024 · · Topic: automation impact · Relevance: badBy TechFunnel Contributors – Published on October 21, 2024
Share: Array
Tags : Hiring & Onboarding recruitment A futuristic illustration of AI technology streamlining the recruitment process in 2024. Artificial Intelligence has emerged as a game-changing force, revolutionizing how organizations identify, attract, and hire top talent. As we navigate through 2024, the integration of AI in recruitment processes has become more than just a trend—it’s a necessity for companies aiming to stay competitive in the war for talent.This comprehensive guide will explore the multifaceted role of AI in recruitment, diving deep into its benefits, challenges, and practical applications. Whether you’re […]
Full Post at www.techfunnel.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.techfunnel.com
Search 2 keywords found: employment,productivity,technology,technical
By TechFunnel Contributors - Published on October 21, 2024
Share: Array
Tags : Hiring & Onboardingrecruitment
Artificial Intelligence has emerged as a game-changing force, revolutionizing how organizations identify, attract, and hire top talent. As we navigate through 2024, the integration of AI in recruitment processes has become more than just a trend—it’s a necessity for companies aiming to stay competitive in the war for talent.
This comprehensive guide will explore the multifaceted role of AI in recruitment, diving deep into its benefits, challenges, and practical applications. Whether you’re a seasoned HR professional, a hiring manager, or a business leader looking to optimize your recruitment strategies, this blog will provide you with valuable insights and actionable advice on leveraging AI to transform your hiring processes.
In this article
- Definition of AI for Recruiting
- Why AI Matters in Recruiting 2024
- AI vs. Machine Learning in Recruitment
- Advantages and Challenges
- AI Use Cases in Recruitment
- Top AI Recruiting Tools in 2024
- Will AI Replace Recruiters?
- Future Trends for AI in Recruiting
What is AI for Recruiting?
At its core, AI for recruiting refers to the application of artificial intelligence technologies to streamline and enhance various aspects of the hiring process. Unlike traditional automation tools that follow predefined rules, AI systems can learn from data, adapt to new inputs, and make decisions with minimal human intervention.
In the context of recruitment, AI goes beyond simple keyword matching or resume parsing. It encompasses sophisticated algorithms that can analyze vast amounts of data, recognize patterns, and make predictions or recommendations based on complex criteria. This could include assessing candidate fit, predicting job performance, or even conducting initial screenings through natural language processing.
Why AI is Important for Recruiting in 2024
The importance of AI in recruitment has never been more pronounced than it is in 2024. Here are some key reasons why AI has become indispensable:
-
Efficiency at Scale
With the increasing volume of job applications, AI can process and analyze thousands of resumes in a fraction of the time it would take human recruiters.
-
Data-Driven Decision Making
AI provides recruiters with deep insights and analytics, enabling more informed and objective hiring decisions.
-
Enhanced Candidate Experience
AI-powered tools can offer personalized interactions and timely communications, improving the overall candidate journey.
-
Reduced Bias
Properly implemented AI can help minimize unconscious biases in the hiring process, promoting more diverse and inclusive workplaces.
-
Predictive Hiring
AI algorithms can predict candidate success and job fit based on various data points, improving the quality of hires.
Recent statistics underscore the growing adoption of AI in recruitment. According to a 2024 survey by HR Tech Insights, 78% of large enterprises now use some form of AI in their recruitment processes, up from 55% in 2022.
The Difference Between Artificial Intelligence and Machine Learning in Recruitment
While often used interchangeably, AI and Machine Learning (ML) are distinct concepts, especially in the context of recruitment:
- Artificial Intelligence is the broader concept of machines being able to carry out tasks in a way that we would consider “smart.” In recruitment, this could involve AI-powered chatbots handling initial candidate inquiries or AI systems making complex decisions about candidate suitability.
- Machine Learning is a subset of AI that focuses on the ability of machines to receive data and learn for themselves, changing algorithms as they learn more about the information they’re processing. In recruitment, ML might be used to improve resume screening accuracy over time or to refine candidate matching algorithms based on successful hires.
For example, an AI-powered recruitment system might use machine learning algorithms to continuously improve its ability to identify top candidates by learning from past successful hires and adapting its criteria accordingly.
( Also Read: Recruitment Automation in the Age of AI )
Advantages of AI: Enhancing Recruitment Practices
-
Reduce Administrative Work
One of the most significant benefits of AI in recruitment is its ability to automate time-consuming administrative tasks. AI-powered tools can handle resume screening, schedule interviews, and manage candidate communications, freeing up recruiters to focus on more strategic aspects of their role.
For instance, tools like Ideal can automatically screen, grade, and shortlist candidates, reducing time-to-hire by up to 75%.
-
Speed Up Volume Screening
AI excels at processing large volumes of data quickly and accurately. In recruitment, this translates to the ability to screen thousands of applications in minutes, identifying the most qualified candidates based on predefined criteria.
Advanced AI algorithms can analyze not just keywords but also contextual information, work experience relevance, and even writing style to assess candidate suitability.
-
Diversify Your Talent Pool
AI can play a crucial role in promoting diversity in hiring by helping to eliminate unconscious biases. By focusing on skills, qualifications, and potential rather than demographic factors, AI-driven screening can surface diverse candidates who might otherwise be overlooked.
A 2023 study by the Society for Human Resource Management (SHRM) found that companies using AI in recruitment reported a 20% increase in workforce diversity over two years.
-
Enhance the Candidate Experience
AI-driven tools like chatbots and virtual assistants can significantly improve the candidate experience by providing instant responses to queries, offering personalized job recommendations, and keeping candidates informed throughout the hiring process.
For example, Mya Systems’ conversational AI can engage with candidates 24/7, answering questions and guiding them through the application process, resulting in higher candidate satisfaction rates.
Challenges and Risks: Navigating the AI Landscape in Recruitment
-
Variable Quality of Candidates
While AI can efficiently process large volumes of applications, there’s a risk of overlooking high-potential candidates who don’t fit traditional criteria. AI algorithms may struggle to evaluate soft skills or unique experiences that don’t align with predefined patterns.
To mitigate this, it’s crucial to regularly review and refine AI models, ensuring they capture a holistic view of candidate potential.
-
Loss of Human Touch
The increased use of AI in recruitment raises concerns about the loss of personal interaction in the hiring process. While AI can streamline many aspects, the human element remains crucial for assessing cultural fit, interpersonal skills, and building relationships with candidates.
Striking the right balance between AI efficiency and human interaction is key to a successful recruitment strategy.
-
Making a Large Investment
Implementing AI in recruitment often requires significant upfront investment in technology, training, and infrastructure. Organizations must carefully consider the long-term ROI and choose solutions that align with their specific needs and goals.
Ethical and Legal Concerns in AI Recruitment
As AI becomes more prevalent in hiring decisions, ethical and legal considerations come to the forefront. Issues such as data privacy, algorithmic bias, and compliance with employment laws must be carefully addressed.
Organizations must ensure their AI recruitment tools comply with regulations like the EU’s General Data Protection Regulation (GDPR) and the US Equal Employment Opportunity Commission (EEOC) guidelines.
Use Cases for AI in Recruitment
-
Candidate Sourcing and Attraction
AI-powered tools can analyze job descriptions and automatically search various platforms to identify potential candidates. These tools can also personalize job advertisements and tailor outreach messages to increase engagement with passive candidates.
For example, Entelo uses AI to source candidates from various online platforms, predicting which candidates are most likely to be open to new opportunities.
-
Candidate Screening & Interview Support
AI can conduct initial screenings through chatbots or video interviews, assessing candidates’ responses and body language to provide insights to human recruiters.
HireVue, for instance, offers AI-powered video interviewing that analyzes candidate responses, facial expressions, and tone of voice to provide recruiters with additional data points for evaluation.
-
Talent Assessment and Skills Matching
AI algorithms can assess candidates’ skills and match them to job requirements more accurately than traditional methods. These tools can analyze resumes, social media profiles, and even coding samples to evaluate technical skills.
Platforms like Pymetrics use AI-driven gamified assessments to measure cognitive and emotional traits, matching candidates to roles where they’re most likely to succeed.
-
Offer Management and Onboarding
AI can streamline the offer process by analyzing market data to suggest competitive compensation packages. During onboarding, AI-powered virtual assistants can guide new hires through paperwork and initial training, ensuring a smooth transition.
-
AI for Candidate Engagement and Communication
AI-driven communication tools can maintain engagement with candidates throughout the recruitment process. Chatbots can provide updates, answer frequently asked questions, and even schedule interviews.
For example, Paradox.ai’s Olivia assistant can handle candidate communications, freeing up recruiters’ time while ensuring candidates stay informed and engaged.
Responsible Use of AI in Recruitment
To ensure the ethical and effective use of AI in recruitment, organizations should:
- Regularly audit AI algorithms for bias and fairness
- Maintain transparency about the use of AI in the hiring process
- Provide human oversight and the ability to override AI decisions
- Ensure compliance with data protection regulations
- Continuously train and update AI models with diverse datasets
Best AI Recruiting Tools Available in 2024
-
Smart Sourcing by Indeed
Leverages AI to match job seekers with relevant opportunities based on their skills and experience.
-
Betterleap
Uses AI to automate outreach and nurture relationships with passive candidates.
-
AI
Offers AI-powered video interviewing and assessment tools.
-
Test Gorilla
Provides AI-driven skills assessments and personality tests.
-
Eightfold AI
Offers a comprehensive talent intelligence platform for sourcing, engaging, and hiring candidates.
How AI Can Support Diversity, Equity, and Inclusion (DEI) Initiatives
AI can play a significant role in promoting DEI in recruitment by:
- Removing identifying information from resumes to reduce unconscious bias
- Using language analysis tools to ensure job descriptions are inclusive
- Expanding candidate sourcing to diverse talent pools
- Providing data-driven insights on diversity metrics throughout the hiring funnel
However, it’s crucial to ensure that AI models themselves are trained on diverse datasets to avoid perpetuating existing biases.
Best AI Recruiting Tools Available in 2024
-
Smart Sourcing by Indeed
Leverages AI to match job seekers with relevant opportunities based on their skills and experience.
-
Betterleap
Uses AI to automate outreach and nurture relationships with passive candidates.
-
AI
Offers AI-powered video interviewing and assessment tools.
-
Test Gorilla
Provides AI-driven skills assessments and personality tests.
-
Eightfold AI
Offers a comprehensive talent intelligence platform for sourcing, engaging, and hiring candidates.
How AI Can Support Diversity, Equity, and Inclusion (DEI) Initiatives
AI can play a significant role in promoting DEI in recruitment by:
- Removing identifying information from resumes to reduce unconscious bias
- Using language analysis tools to ensure job descriptions are inclusive
- Expanding candidate sourcing to diverse talent pools
- Providing data-driven insights on diversity metrics throughout the hiring funnel
However, it’s crucial to ensure that AI models themselves are trained on diverse datasets to avoid perpetuating existing biases.
( Also Read: Future of HR: AI in Talent Acquisition )
The Future of AI in Recruitment: Will AI Replace Recruiters?
While AI is transforming recruitment, it’s unlikely to replace human recruiters entirely. Instead, AI will augment human capabilities, handling routine tasks and providing data-driven insights to support decision-making.
The future of recruitment will likely involve a symbiotic relationship between AI and human recruiters, with AI handling data processing and initial screenings while humans focus on relationship-building, complex decision-making, and strategic talent acquisition.
Preparing for the Implementation of AI in Your Recruitment Process
To successfully implement AI in your recruitment process:
- Assess your current recruitment challenges and identify areas where AI can add value
- Research and select AI tools that align with your specific needs and integrate with your existing systems
- Ensure buy-in from stakeholders by clearly communicating the benefits and addressing concerns
- Provide comprehensive training for your recruitment team on using AI tools effectively
- Start with a pilot program and gradually expand based on results and feedback
- Continuously monitor and evaluate the performance of AI tools, making adjustments as needed
What’s Next on the Horizon for AI in Recruiting?
As we look to the future, several exciting developments are on the horizon for AI in recruiting:
-
Advanced Natural Language Processing
Improved ability to understand and generate human-like text, enabling more sophisticated candidate interactions.
-
Predictive Analytics
Enhanced capabilities in forecasting hiring needs and candidate success based on complex data patterns.
-
Augmented Reality (AR) in Recruitment
AR technologies may be integrated into recruitment processes for immersive job previews or virtual office tours.
-
Blockchain for Credential Verification
AI-powered blockchain solutions could streamline the verification of candidate credentials and work history.
-
Emotion AI
Advanced systems that can better interpret human emotions and soft skills during video interviews or interactions.
The Role of AI in Building Employer Brand
AI is increasingly playing a role in shaping and promoting employer brands:
-
Personalized Candidate Experiences
AI can tailor the recruitment process to individual candidates, reflecting the company’s values and culture.
-
Consistent Messaging
AI-powered content generation tools can ensure consistent brand messaging across various recruitment channels.
-
Social Media Monitoring
AI can analyze social media sentiment about the company, providing insights to improve employer branding strategies.
-
Employee Advocacy
AI tools can identify and amplify positive employee stories, strengthening the employer brand from within.
AI in Recruitment: Myths vs. Reality
As AI becomes more prevalent in recruitment, it’s important to dispel common myths:
- Myth: AI completely replaces human decision-making in hiring. Reality: AI augments human capabilities but doesn’t eliminate the need for human judgment, especially in final hiring decisions.
- Myth: AI recruitment tools are inherently biased. Reality: While AI can reflect biases present in training data, properly designed and monitored AI systems can actually help reduce bias in hiring.
- Myth: Implementing AI in recruitment is too complex and expensive for small businesses. Reality: Many AI recruitment tools are now scalable and affordable, with options suitable for businesses of all sizes.
- Myth: Candidates dislike interacting with AI during the recruitment process. Reality: When implemented thoughtfully, AI can enhance the candidate experience through faster responses and personalized interactions.
Final Thoughts: Striking the Right Balance Between AI and Human-Centric Recruitment
As we’ve explored throughout this guide, AI has the potential to revolutionize recruitment, offering unprecedented efficiency, insights, and candidate experiences. However, the key to success lies in striking the right balance between leveraging AI’s capabilities and maintaining the human touch that is essential to effective hiring.
By understanding the strengths and limitations of AI in recruitment, addressing challenges proactively, and implementing AI tools thoughtfully, organizations can create a recruitment process that is both high-tech and high-touch. This balanced approach will not only improve hiring outcomes but also position companies to attract and retain top talent in an increasingly competitive landscape.
As we move further into 2024 and beyond, the organizations that thrive will be those that embrace AI as a powerful tool in their recruitment arsenal while continuing to value the irreplaceable human elements of empathy, intuition, and relationship-building in the hiring process.
The future of recruitment is here, and it’s a future where AI and human expertise work hand in hand to build stronger, more diverse, and more successful teams.
Related Articles:
How Artificial Intelligence Can Change the HR Recruitment Process
5 Ways AI is Improving HR Recruitment Process
TechFunnel Contributors | TechFunnel.com is an ambitious publication dedicated to the evolving landscape of marketing and technology in business and in life. We are dedicated to sharing unbiased information, research, and expert commentary that helps executives and professionals stay on top of the rapidly evolving marketplace, leverage technology for productivity, and add value to their knowledge base.
Control Systems Engineer
October 21, 2024 · · Topic: automation impact · Relevance: badJob Title: Control Systems Engineer
Reports To: Engineering Manager
FLSA Status: Exempt Salary: $90k- $120K Summary: Responsible for developing control systems for industrial machinery, including selecting suitable control hardware, generating schematics, fabricating control electronics, and developing machine code and user interfaces for PLC and PC-based systems. Ability to create and edit/revise existing ladder logic and procedural programming. Work with the mechanical design team to ensure smooth interfacing between mechanical, electrical, and software systems. Work with the technical writer to develop documentation of software for users by performing the following duties. Duties and Responsibilities include the following. Works with mechanical […]
Full Post at www.glassdoor.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.glassdoor.com
Search 2 keywords found: employment,manufactur,software,robot,technical
Job Title: Control Systems Engineer
Reports To: Engineering Manager
FLSA Status: Exempt
Salary: $90k- $120K
Summary:
Responsible for developing control systems for industrial machinery, including selecting suitable control hardware, generating schematics, fabricating control electronics, and developing machine code and user interfaces for PLC and PC-based systems. Ability to create and edit/revise existing ladder logic and procedural programming. Work with the mechanical design team to ensure smooth interfacing between mechanical, electrical, and software systems. Work with the technical writer to develop documentation of software for users by performing the following duties.
Duties and Responsibilities include the following.
- Works with mechanical and process engineers, as well as customers to understand control system and machine requirements.
- Selects suitable controls hardware within the constraints of cost, capability, and customer requirements.
- Generates a complete control system schematic in SolidWorks Electrical.
- Creates, tests, and debugs industrial control software written in a variety of standard languages such as Ladder Logic, VB.NET, and C#, as well as hardware-specific languages such as Aero Basic.
- Modifies pre-existing software after careful study of the new requirements and existing hardware, electronics, existing software.
- Designs and develops functional user interfaces using VB.NET, C#, or dedicated UI hardware and software, including Siemens and Allen Bradley platforms.
- Documents all code for future review and revision.
- Works with other engineers and writers to prepare customer-ready documentation of software features.
- Works and communicates with hardware original equipment manufacturers to interface with their provided application program interfaces.
- Assists mechanical and electrical engineers with control system development issues.
- Works one-on-one or in groups with customers to provide training and support.
- Assists with the fabrication of control panels and enclosures.
- Develops machine vision programs and strategies.
- Assists with mechanical assembly.
- Develops desktop software when CoTS solutions do not exist.
- Develops plug-ins and interfaces to allow easy communication with minimally supported hardware.
**The duties and responsibilities as described above may be supplemented by other duties needed to help drive our organization’s Vision and Core Values.
Required Qualifications:
- Ability to understand and create code in a variety of languages including VB.NET and Ladder Logic.
- Experience with control system development on Siemens PLC platforms.
- Ability to design and program effective and ergonomic user interfaces.
- Ability to communicate effectively with other employee’s, production workers, customers, and vendors.
- Highly motivated to adapt to situations requiring multi-disciplinary thinking.
- Self-sufficient and independent work style with general supervision.
- Bachelor’s degree in software engineering, computer science, controls engineering, robotics engineering, or equivalent.
Desired Qualifications:
- Experience with control system development on Siemens motion control platforms, such as the 840D.
- Experience with Allen Bradley PLC and motion control solutions.
- Experience with multi-threaded desktop programming.
- Knowledge of industrial control communications such as Profibus, ProfiNet, TCP/IP, Serial, and EtherCAT.
- Knowledge of Aero Basic and Aerotech-based programming.
- Knowledge of G code.
- Experience with a variety of industrial controls vendors such as Siemens, Automation Direct, Aerotech, SMC, Keyence, etc.
- Some mechanical design background/understanding.
- Five (5) years of experience with control systems.
- Familiarity with laser systems and/or motion systems.
*Language Ability:
*Read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations. Ability to write reports, business correspondence, and procedure manuals. Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
Math Ability:
Apply advanced mathematical concepts such as exponents, logarithms, quadratic equations, and permutations. Ability to apply mathematical operations to such tasks as frequency distribution, determination of test reliability and validity, analysis.
Reasoning Ability:
Ability to apply principles of logical or scientific thinking to a wide range of intellectual and practical problems. Ability to deal with nonverbal symbolism (formulas, scientific equations, graphs, musical notes, etc.,) in its most difficult phases. Ability to deal with a variety of abstract and concrete variables.
*Physical Demands:
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
While performing the duties of this job, the employee is regularly required to sit, use hands, and talk or hear. The employee is frequently required to stand, walk, and reach with hands and arms. The employee is occasionally required to climb or balance and stoop, kneel, crouch, or crawl. The employee must occasionally lift and/or move up to 20 pounds. Specific vision abilities required by this job include close vision, ability to adjust focus, and ability to see color.
While performing the duties of this job, the employee is frequently exposed to non-ionizing laser radiation.
*Equal Opportunity Employer
*It is JTAutomation’s policy to provide equal employment opportunity for all qualified employees and applicants without regard to race/color, religion, age, sex (including pregnancy), national origin, disability, veteran status, marital status, genetic information, or other characteristic protected by law.'
Benefits offered:
- Paid time off
- Medical insurance
- Dental insurance
- Vision Insurance
- Short and Long Term Disability
- Life Insurance
- Healthcare spending or reimbursement accounts such as HRA's, HSAs or FSAs
- Aflac
- 401K w/ Company Match
- Flexible schedules
- Workplace perks
Work Remotely
- No
Job Type: Full-time
Pay: $90,000.00 - $120,000.00 per year
Benefits:
- 401(k)
- 401(k) matching
- Dental insurance
- Employee assistance program
- Flexible schedule
- Flexible spending account
- Health insurance
- Health savings account
- Life insurance
- Paid time off
- Referral program
- Vision insurance
Schedule:
- 8 hour shift
- Day shift
- Overtime
Supplemental Pay:
- Bonus opportunities
Education:
- Bachelor's (Required)
Experience:
- Programmable logic controllers: 2 years (Required)
- Network Protocol communication: 1 year (Required)
Ability to Relocate:
- Windsor, CT 06095: Relocate before starting work (Required)
Work Location: In person
JT Automation Inc. reviews by controls engineer
Pros
- "Easy work and good environment." (in 1 review)
Cons
- "Upper level Leadership is not as good" (in 1 review)
AI For Business Process Automation Jobs
October 21, 2024 · · Topic: automation impact · Relevance: badAI-Powered Recruitment Platforms: Leveraging GenAI for Enhanced Hiring Processes
In the rapidly evolving landscape of recruitment, AI-powered platforms are transforming how organizations approach hiring. By integrating generative AI (genAI) technologies, companies can streamline their recruitment processes, making them more efficient and effective. Understanding the Role of GenAI in Recruitment
GenAI can automate various aspects of the recruitment process, from sourcing candidates to conducting initial screenings. This not only saves time but also enhances the quality of hires by leveraging data-driven insights. Here are some key areas where genAI can make a significant impact: Candidate Sourcing : AI algorithms can […]
Full Post at www.restack.io
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.restack.io
Search 2 keywords found: productivity
AI-Powered Recruitment Platforms: Leveraging GenAI for Enhanced Hiring Processes
In the rapidly evolving landscape of recruitment, AI-powered platforms are transforming how organizations approach hiring. By integrating generative AI (genAI) technologies, companies can streamline their recruitment processes, making them more efficient and effective.
Understanding the Role of GenAI in Recruitment
GenAI can automate various aspects of the recruitment process, from sourcing candidates to conducting initial screenings. This not only saves time but also enhances the quality of hires by leveraging data-driven insights. Here are some key areas where genAI can make a significant impact:
- Candidate Sourcing: AI algorithms can analyze vast amounts of data to identify potential candidates from various platforms, including social media and job boards. This helps recruiters find talent that may not be actively looking for a job but fits the desired profile.
- Resume Screening: By utilizing natural language processing (NLP), AI can quickly sift through resumes to identify the most qualified candidates based on specific criteria, reducing the time spent on manual reviews.
- Interview Scheduling: AI tools can automate the scheduling of interviews, coordinating between candidates and interviewers to find suitable times, thus enhancing the candidate experience.
Enhancing Candidate Experience with AI
A positive candidate experience is crucial for attracting top talent. AI-powered recruitment platforms can personalize interactions and provide timely feedback, which is essential in today’s competitive job market. Here are some strategies to enhance candidate experience:
- Chatbots for Communication: Implementing AI chatbots can facilitate real-time communication with candidates, answering their queries and providing updates on their application status.
- Personalized Job Recommendations: By analyzing candidates' profiles and preferences, AI can suggest job openings that align with their skills and career goals, making the application process more relevant and engaging.
Data-Driven Decision Making
AI recruitment platforms provide valuable analytics that can inform hiring decisions. By tracking metrics such as time-to-hire, candidate quality, and diversity of applicants, organizations can refine their recruitment strategies. Here’s how data can drive improvements:
- Performance Metrics: Analyzing the success rates of different sourcing channels can help recruiters focus their efforts on the most effective methods.
- Diversity and Inclusion: AI can assist in identifying biases in the recruitment process, enabling organizations to implement strategies that promote diversity and inclusion.
Conclusion
AI-powered recruitment platforms are not just a trend; they represent a fundamental shift in how organizations approach hiring. By leveraging genAI, companies can optimize their recruitment processes, enhance candidate experiences, and make data-driven decisions that lead to better hiring outcomes. As the job market continues to evolve, embracing these technologies will be essential for staying competitive and attracting the best talent.
Related answers
- AI For Automating Salesforce DataExplore how AI enhances automation in Salesforce data processes, improving efficiency and accuracy in business operations.
- Automating Salesforce Tasks With AIDiscover how AI can streamline Salesforce task automation, enhancing efficiency and productivity in business processes.
- Automating Salesforce Processes With AIExplore how AI can streamline and enhance Salesforce process automation for improved efficiency and productivity.
Restack AI SDK
The framework for autonomous intelligence
Build autonomous AI products in code, capable of running and persisting month-lasting processes in the background.
Lead Test Automation Engineer
October 20, 2024 · · Topic: automation impact · Relevance: badEmployer Accenture Location Manchester, United Kingdom Salary Competitive Closing date 19 Nov 2024 Lead Test Automation Engineer
Location: Manchester
Salary: Competitive salary and package (Depending on level of experience) Please Note: Any offer of employment is subject to satisfactory BPSS and SC security clearance which requires 5 years continuous UK address history at the point of application. About Accenture Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. With our thought leadership and culture […]
Full Post at www.newscientist.com
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.newscientist.com
Search 2 keywords found: employment,productivity,services,technology,software,technical,mobility
- Employer
- Accenture
- Location
- Manchester, United Kingdom
- Salary
- Competitive
- Closing date
- 19 Nov 2024
Lead Test Automation Engineer
Location: Manchester
Salary: Competitive salary and package (Depending on level of experience)
Please Note: Any offer of employment is subject to satisfactory BPSS and SC security clearance which requires 5 years continuous UK address history at the point of application.
About Accenture
Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. With our thought leadership and culture of innovation, we apply industry expertise, diverse skill sets and next-generation technology to each business challenge.
We believe in inclusion and diversity and supporting the whole person. Our core values comprise of Stewardship, Best People, Client Value Creation, One Global Network, Respect for the Individual and Integrity. Year after year, Accenture is recognized worldwide not just for business performance but for inclusion and diversity too.
"Across the globe, one thing is universally true of the people of Accenture: We care deeply about what we do and the impact we have with our clients and with the communities in which we work and live. It is personal to all of us." - Julie Sweet, Accenture CEO
Our team
Accenture Next Gen Engineering is over 1,000 people strong and provides end-to-end product engineering solutions which deliver tangible value, fast. We bring together an obsession for technical excellence with agility and scale, to help clients move from project to product at speed.
We work with clients in every sector. They range from scale-ups through to national and international blue-chip names and public sector organisations. Our teams routinely work on products that are used by millions of people.
We offer an exciting career working in a vibrant environment, with access to training and a global network of experts. As part of our Next Gen Engineering team, you'll be working with cutting-edge technologies and will have the opportunity to develop a wide range of new skills on the job.
The role
We typically work hand-in-hand with our clients to develop new Quality Engineering strategies or improve their existing processes. To do this, we need experienced, capable
Quality Engineers who can both deploy their own mastery to get things done hands-on and successfully lead others in doing so. The nature of our work varies from client to client so there will be lots of opportunities to experience new domains and new stacks.
Our team is dedicated to applying great engineering to get great outcomes. Our engineers stand out by keeping one eye on value at all times, and by proposing thoughtful solutions that get the job done efficiently and with low complexity. You'd be a key advocate for this approach within a team.
Beyond client work, our engineers are essential contributors to our internal and regional Quality Engineering communities. There are many opportunities to get involved and help shape conversations around topics you're interested in, share your knowledge and experience, and learn from colleagues working in very diverse problem spaces.
We are looking for experience in the following skills:
• You have a passion for improving quality, productivity and software delivery
• You've spent several years defining and implementing modern Quality Engineering concepts including automated testing
• You're comfortable working in at least one Object Orientated programming language (Java, C#, Typescript, Python etc)
• You're used to working in devops teams with industry-standard practices
• You are familiar with testing within cloud environments such as AWS, Azure
• You love working with people to build things and solve problems together in an egoless way, regardless of their level of experience or your role in the team
• You are still actively testing and writing code, the role will require this in addition to your role defining strategy and influencing
• You're comfortable with change and always happy to learn something new; as consultants we flex our individual roles and tech stacks as required to get the best outcomes for our clients
• You have some experience leading a team and growing the careers of team members
What's in it for you
At Accenture in addition to a competitive basic salary, you will also have an extensive benefits package which includes 25 days' vacation per year, private medical insurance and 3 extra days leave per year for charitable work of your choice!
Flexibility and mobility are required to deliver this role as there will be requirements to spend time onsite with our clients and partners to enable delivery of the first-class services we are known for.
About Accenture
Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries - powered by the world's largest network of Advanced Technology and Intelligent Operations centers. With 509,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com
Accenture is an equal opportunities employer and welcomes applications from all sections of society and does not discriminate on grounds of race, religion or belief, ethnic or national origin, disability, age, citizenship, marital, domestic or civil partnership status, sexual orientation, or gender identity, or any other basis as protected by applicable law.
Closing Date for Applications 30/10/2024
Accenture reserves the right to close the role prior to this date should a suitable applicant be found.
#LIEU
About Accenture
Accenture is a leading global professional services company that helps the world's leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services-creating tangible value at speed and scale. We are a talent- and innovation-led company with 750,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world's leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology and leadership in cloud, data and AI with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients reinvent and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com
Equal Employment Opportunity Statement
All employment decisions shall be made without regard to age, race, creed, colour, religion, sex, national origin, ancestry, disability status, veteran status, sexual orientation, gender identity or expression, genetic information, marital status, citizenship status or any other basis as protected by applicable law.
Job candidates will not be obligated to disclose sealed or expunged records of conviction or arrest as part of the hiring process.
6 Process automation engineer jobs in Portageville, MO
October 20, 2024 · · Topic: automation impact · Relevance: badA Building Automation (also known as HVAC Controls or Energy Management) Engineer (Also known as a "Project Engineer", "Applications Engineer", or "Controls Engineer", depending on the client-company and the size/type of projects) works directly on the project team to design HVAC control and energy management systems. Duties can involve CAD drawings, system/network layouts, point database creation, programming, ordering of components, project management and jobsite coordination with technicians and sub-contractors. The Building Automation Engineer may act as the Project Manager for smaller (under $100K) projects, or purely as a design/applications engineer on multi-million dollar projects.
ESSENTIAL FUNCTIONS AND RESPONSIBILITIES include […]
Full Post at www.glassdoor.ca
Quickly Publish or Save as Draft
Title:Notes/Comments:
Excerpt:
Original Article Text
Click here to view original web page at www.glassdoor.ca
Search 2 keywords found: technical
A Building Automation (also known as HVAC Controls or Energy Management) Engineer (Also known as a "Project Engineer", "Applications Engineer", or "Controls Engineer", depending on the client-company and the size/type of projects) works directly on the project team to design HVAC control and energy management systems. Duties can involve CAD drawings, system/network layouts, point database creation, programming, ordering of components, project management and jobsite coordination with technicians and sub-contractors. The Building Automation Engineer may act as the Project Manager for smaller (under $100K) projects, or purely as a design/applications engineer on multi-million dollar projects.
ESSENTIAL FUNCTIONS AND RESPONSIBILITIES include the following:
· Ownership of the design and proper function of complex building automation systems, and a major role in executing jobs as estimated/budgeted.
· Possesses good knowledge of HVAC / air conditioning systems and controls.
· Basic understanding of control programming and graphics for control systems.
· Knowledge of, and ability to coordinate with those doing electrical terminations, commissioning, graphics, programming, test and startup.
· Manages / engineers multiple projects on multiple client sites.
· Maintains customer satisfaction with building owners, mechanical contractors and mechanical consulting engineers
· Some travel within territory, but overnight stays are rare.
SUPERVISORY RESPONSIBILITIES
This position has no supervisory responsibilities, and reports to Operations Manager or Group Operations Supervisor. It's common to coordinate with an electrical subcontractor onsite, plus be partnered with a technician/specialist doing start-up/installation on the sites.
QUALIFICATIONS
· High school diploma, plus either 4-year technical (mechanical engineering highly desired) degree.
· If no 4-year/Engineering degree, military or two-year technical school, plus significant experience in a similar role or high-functioning technician/specialist role in the past. (We love seeing technicians/specialists develop into engineers and project managers!)
· Basic knowledge of electricity and electrical circuits.
· Basic knowledge of HVAC systems (you know what you're looking at in a mechanical room or with a piece of unitary equipment in an individual space).
· Working knowledge of Microsoft Office products, programming and engineering drawing tools.
· Familiarity with the concepts of new construction, renovation/retrofit, and service projects.
· Knowledgeable of contracting processes and sub-contractor relationships.
· Familiarity with energy management systems, HVAC systems, and temperature controls, and related/integrated systems.'
'
Work Remotely
- No
Job Type: Full-time
Pay: $35.00 - $55.00 per hour
Benefits:
- 401(k)
- Dental insurance
- Health insurance
- Life insurance
- Paid time off
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
Application Question(s):
- Tell us what brand experience you have in Building Automation (Such as Alerton, Distech, Tridium, Automated Logic, Delta Controls, etc.)
- What is your motivation at this point in time for considering a new job at a new company?
- This is a nationwide posting, with opportunities in most major markets. Let us know your preference for location (no wrong answers here, just tell us if you'd like to remain where you are, or if you would consider other cities/states):
Experience:
- Building Automation: 2 years (Preferred)
Work Location: Multiple locations