Bank group Lloyds axes 985 staff

Lloyds Banking Group is to cut 985 jobs over the next two years, the company has confirmed. The jobs will go at a business offering car finance, which a review found was “no longer financially viable”. The banking group, which is 43% owned by the government, said 200 jobs in Speke, Merseyside, could be affected, along with 340 jobs in Chester. The union Unite said it was in talks with Lloyds and would oppose any compulsory redundancies. Lloyds said it hopes as many jobs as possible will go by natural turnover. Compulsory redundancies would be a “last resort”, it said.

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Bank group Lloyds axes 985 staff

Bank of England: no more tax cuts

Bank of England Governor Mervyn King has told the Government that Britain cannot afford any further tax cuts or public spending increases to fight the recession.

Mr King said that the country faces “very large fiscal deficits” and that the Government should be “cautious”.

The announcement comes at the same time as Gordon Brown is thought to be considering another large `fiscal stimulus package` of tax cuts and rises in spending, according to The Telegraph.

Bank of England: no more tax cuts

Opening a Bank Account Doesn’t Have To Be Difficult

Opening a Bank Account Doesn’t Have To Be Difficult
By Jakob Jelling

If you’re a young person who has just begun to earn some money, it is very important that you know how to open a bank account. Once you do, you’ll have taken the first step in a long-term process of financial independence and growth.

A bank account is not only essential to cultivating savings, it is also important for day-to-day financial activities. Before you decide what bank or financial institution with which to do business, however, do some research. Talk to your friends and family about where they do their banking. Ask them questions about the service their bank provides, and whether or not they are satisfied with it.

Next, determine exactly what type of account you want. The two most common types of accounts are a checking account, and a savings account. A savings account does just what its name implies – it allows you to deposit money in the bank that will receive a small amount of interest over a period of time. A checking account is intended more for daily, weekly, and monthly transactions, such as the writing of checks and the withdrawal of cash for various minor purposes. For this reason, a checking account does not usually generate interest.

When choosing a bank account it is crucial to know what services are important to you. Do you want low fees, access to an ATM machine, good customer service by phone and Internet banking? Or maybe you simply want to have an account with a bank that is located conveniently close to home? These are all key questions you must ask yourself before choosing a bank.

Once you’ve chosen a bank, all you have to do is go to the branch and fill out an application form. Most of the time you also have to provide the bank with an initial deposit for the account as well. Then you are given a bank number and an ATM card (if you chose this option). If you have opened a checking account you will also be given a book of checks.

About The Author

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

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