News

Charter Savings Bank strikes twice at the Moneynet Awards

01 February 2018

Charter Savings Bank won two awards at the eighth annual Moneynet Personal Finance Awards, including Best All-Round Savings Provider and Best Fixed Rate Savings Provider. It was also highly commended for the Best Cash ISA Provider.

The Personal Finance Awards from Moneynet, one of the UK’s longest established personal finance information sites, recognise the top providers and products from the last twelve months.

Paul Whitlock, Director of Savings, Charter Savings Bank says: “Our business has gone from strength to strength since we launched in March 2015 and these awards cement the fact that we offer excellent choice and value to new and existing customers. We have a range of competitive products and it’s great to see this being recognised by the industry.”

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We’re all going on a retirement gap year

13 December 2017
  • Nearly two out of five plan an extended gap year trip when they are 60-plus
  • Two out of three are banking on savings to fund the £5,000 cost

New research1 from Charter Savings Bank shows older travellers are increasingly leading the way when it comes to gap years.

While traditionally a gap year is something students do on a tight budget after school or university, the bank’s study found two out of five (40%) workers are planning one when they are 60-plus and will fund their trip with savings built up through a lifetime of work. By contrast just one in five (18%) are planning gap years by the time they are 30-years-old.

Estimates2 show that in an average year, over half a million UK adults take a gap year, with older travellers spending around £5,000 on their trip. Around 60% of gap year travellers are students or people who are still working.

Charter Savings Bank research found around half (49%) over-45s have never taken a gap year or extended break from work but intend to take their chance to travel once they are in their 60s or have retired.

The gap year wish list is topped by continental Europe, with the under-25s in particular (48%) choosing it as their preferred destination.

TOP GAP YEAR DESTINATIONS

UK AVERAGE

UNDER-25s

OVER-55s

Europe

27%

48%

25%

Australia/New Zealand

17%

8%

18%

Round the World trip

16%

24%

11%

USA

16%

20%

14%

South East Asia

5%

8%

5%

South America

5%

Zero

4%

India

4%

Zero

4%

Africa

4%

8%

8%

Japan

4%

4%

2%

Source: Charter Savings Bank, September 2017

Would-be gap year travellers will rely on savings to fund their trips, the study shows. Up to two-thirds (63%) say they will take money from their savings accounts for the trip compared with just 7% who will use credit cards.

Younger travellers are slightly less likely to cash in savings – 56% of under-25s will take out cash while 16% will rely on credit cards and one in three (32%) will work during their gap year to raise cash. Only around 9% of over-55s will be working on their gap year.

Paul Whitlock, Director of Savings, Charter Savings Bank says: “Many of us think about gap years being the preserve of backpacking students, but increasingly we’re seeing that older customers are catching the travelling bug.

It’s worth remembering that once-in-a-lifetime opportunities can happen at any time of life, and whilst globe-trotting in your 60s might seem like a long time to wait it does have the advantage of travelling in a little more luxury and not having to run up debts to fund it.

It definitely highlights that a savings habit does pay off, even if the amount you’re able to put aside today seems too small to make a difference.”

The research shows the biggest motivation for a gap year – cited by 25% of those questioned – is the chance for a once-in-a-lifetime experience while 12% see it a chance for a career break and 11% are motivated by a desire to see the world.

The checklist below outlines financial considerations for those planning a gap year in retirement

  • Set a budget before setting off and if necessary see a financial adviser to asses your financial position
  • Make a plan on what to do with your property – renting out your home while you are away will help provide funds but you will need someone to manage the property and will need to review insurance
  • Take out long-term trip travel insurance
  • Move your finances online so you can manage money when you are travelling

On a regional level, those living in the South East are the most likely to plan a year off (14%), followed by those living in the North West (11%) and Yorkshire and Humberside (11%). In comparison, only 4% of those living in Wales are planning to have a gap year.

1 Consumer Intelligence conducted research on behalf of Charter Savings Bank between 20th and 21st September 2017 among a nationally representative sample of 1,029 UK adults aged 18-plus.
2 http://gapadvice.org/

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Charter Savings Bank named one of the UK’s most inspiring companies

12 May 2017

Charter Court Financial Services Limited (CCFS), the owner of Charter Savings Bank, has been named as one of the UK’s most inspiring companies in an influential report which showcases the country’s most dynamic businesses.

The Wolverhampton-based financial services company has been included in the London Stock Exchange Group’s 1,000 Companies to Inspire Britain 2017 report.

The report features small and medium-sized companies from more than 40 sectors which have demonstrated positive growth in revenue and strong performance in their areas of expertise.

Founded in 2008, it is the first time CCFS has been included in the report, and comes just months after it was ranked, for the second year running, in The Sunday Times 100 Best Companies to Work For. CCFS was named the third best company to work for in 2017, after featuring tenth on the list in 2016.

CCFS employs more than 450 people. It offers savings products which regularly feature at the top of the best buy tables, and is a top 20 UK mortgage lender.

Ian Lonergan, CEO of CCFS, commented: “We’re delighted to be named one of the London Stock Exchange Group’s 1,000 Companies to Inspire Britain 2017.

“To achieve recognition in such a prestigious publication less than 10 years after the company was founded is testament to the hard work and dedication everyone who works for the business has put in.”

Xavier Rolet, Chief Executive of the London Stock Exchange Group, highlighted CCFS as an example of how London’s dominance is being challenged by the West Midlands and other regions.

“CCFS is a successful specialist bank that is growing rapidly and has created more than 450 jobs in a sector which is traditionally associated with the Square Mile in the City of London,” he said.

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Wolverhampton firm tops Sunday Times list

10 March 2017

Charter Court Financial Services (CCFS) has been ranked third in The Sunday Times 100 Best Companies to Work For 2017.

CCFS employs more than 450 people at its headquarters in Wolverhampton. It offers an award-winning range of mortgages, and savings products which regularly feature at the top of the best buy tables.

The Sunday Times 100 Best Companies to Work For is an annual survey ranking the cream of Britain's happy and motivated workforces. Its appearance each year is now a highly anticipated event in the business calendar.

The survey is widely acknowledged as the most extensive research into employee engagement carried out in the country due to the methods of data-gathering and analysis it uses. Scores and ratings are based on employee opinions, and each year the questionnaires are revised and updated to reflect current workplace concerns.

Ian Lonergan, CEO of CCFS, commented: “We’re delighted to be named in the top ten of the Sunday Times 100 Best Companies to Work For survey for the second year running. We would not have been able to achieve this prestigious award without our fantastic employees. This accolade, which is voted for by our employees, is a great acknowledgement of the culture and working environment we’ve all worked so hard to achieve.”

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New FSCS limit increased to £85,000

02 February 2017

On Monday 30 January, the amount of eligible deposits that are protected by the Financial Services Compensation Scheme (FSCS) increased to £85,000 per individual (£170,000 for joint accounts).

The limit reflects the requirement for the deposit protection limit to mirror the European level of 100,000 Euros. It was reduced to £75,000 last summer following the pound’s rise against the Euro. However, as the value of the pound has fallen following the decision to leave the EU, the Prudential Regulation Authority has raised the UK limit to bring it back in line with the European level.

Savers should bear in mind that the limit is per individual, per bank, building society or credit union. If a bank has more than one brand name, then the limit is applied to the total deposits you have with all the brands of that bank.

Charter Savings Bank does not share a banking licence with any other bank or take deposits under any other brand name, so all your eligible deposits with Charter Savings Bank are protected up to the full £85,000.

For banks which are part of a bigger group operating under the same banking licence, the level protected will be a maximum of £85,000 (£170,000 for joint accounts) for all deposits held with that bank, even if the savings are held with different brands of that bank.

Paul Whitlock, Director of Savings at Charter Savings Bank, said: “Knowledge that your money is safe should anything go wrong is incredibly important to savers, something our own research confirms. We’re pleased that the Financial Services Compensation Scheme protection is going back up to £85,000, as it offers savers an increased level of reassurance.

“Savers across the country should take this opportunity to review the banks that currently hold their savings to ensure they don’t unwittingly hold savings twice with the same institution.

“Some banks, for example HSBC and First Direct, operate under a single banking licence, which means that protection is shared even if the money is held under different trading names.

“Although a banking collapse may appear unlikely, it’s always better to be prudent, and it’s a good idea to spread your savings across a number of providers with different banking licences to make sure it’s all protected should the worst happen.”

For more information, visit the FSCS website (https://protected.fscs.org.uk/About-FSCS/).

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Vote for Charter Savings Bank

04 October 2016
Complete the Moneyfacts survey and you could win £1,000. Charter Savings Bank has been nominated as a finalist in the 2017 Consumer Moneyfacts Awards in the 'Online Savings Provider of the Year' category, we would love to win this award for the second year running, but in order to win, we really need your vote. Click here to vote.
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Financial Services Compensation Scheme

Financial Services Compensation Scheme

Your eligible deposits with Charter Savings Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered. Please click here for further information or visit www.fscs.org.uk.