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By Justin Schamotta
Staff Writer
18 December 2009
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Money News Roundup
If you only do one thing with your money this week...
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Previous Money News Roundups
See our other recent Money News Roundups and other related news stories:
Money News Roundup (11 Dec 09)
A glance back at this week's personal finance news: prepaid MasterCards can avoid new Ryanair fees, pre-budget report unveiled, credit card fraud set to hit £200m and Michael McIntyre has principles... at least in this week's money news roundup..
Money News Roundup (04 Dec 09)
A glance back at this week's personal finance news: Brits misjudge monthly spend... a lot, consumers repaying more debt than ever, UK payments council: put pressure on your bank, ISA sales surge and A&L brings back switching bonus.
Money News Roundup (27 Nov 09)
A glance back at this week's personal finance news: HSBC launch credit and debit card in one, couple caught trying to steal credit card details, Nationwide slumps, graduate gets £2,750 in store credit, and the ruling on bank charges.
Money News Roundup (20 Nov 09)
A glance back at this week's personal finance news: HSBC keep quiet on fee loophole, CofE: God wants you to spend less, "FSA sees lenders as drug dealers" and suing banks will be easier.
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Order of payments angers cardholders,99% of savings accounts make no money and why cleaners are worth more than bankers in this week's money news roundup.
Order of payments angers cardholders
UNHAPPY cardholders want the government to decide how their credit card debts are paid off, a survey has found.
Research by Nationwide Building Society found that more than half felt cheated by the card issuers that paid off the cheapest debts first and left them saddled with higher interest debt repayments.
"Consumers still don't understand this issue and continue to be penalized," said Nationwide's product and marketing director Chris Rhodes. Nationwide is the only high street card provider which pays off the most expensive loans, such as cash advances, first.
Young and wealthy favour families
TOMORROW'S rich young things are turning to their family for tips on what to do with their wealth - much to the concern of traditional financial advisers, according to new research.
The Future Wealth Report, produced by wealth consultancy Scorpio Partnership and Standard Chartered Private Bank, found that a mere 24% said they would rely on an adviser for one of their top three sources of wealth advice.
Half of the 1,414 individuals questioned preferred advice from family rather than a financial adviser, while a further 30% said they would prefer the advice of a friend.
"The results point to what is widely acknowledged to be a trust deficit when it comes to financial advice. When it comes to taking professional financial advice, people simply don't trust what is on offer," says the report.
Cleaners worth more than bankers
IT'S an opinion held by many already - our nation is improved not by city bankers, but by those working the lowest paid jobs.
A study by the New Economics Foundation found that the social impacts of City workers, advertising executives and tax advisers were negative, whilst hospital cleaners, childcare workers and staff in the waste-recycling industry were positive.
The foundation claims that high pay is often generated by businesses that destroy other parts of the economy or fail to pay the full costs of their activities.
99% of savings accounts make no money
SAVING money has never been less attractive thanks to a sickly combination of dizzyingly low interest rates and escalating inflation. The result is that almost all higher rate taxpayers lose out on a return on their savings once tax is taken into account.
Out of 744 variable-rate savings accounts, only nine saw savers earning any real rate of return on their investment. It is a sharp drop on last month when 69 out of 744 variable rate savings accounts were earners.
One million open current accounts with Santander
SPANISH banking supremos, Santander, are assured a good Christmas as they celebrate the one million UK customers that have joined them this year.
The staggering number of current accounts were opened with the Santander-owned Abbey and Alliance and Leicester banks.
"We have only been able to do this by offering the most compelling products, a free switcher service and through the dedication of our staff in promoting the benefits of switching to our accounts," said Alison Brittain, Santander's executive director of retail distribution in the UK.
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