POUND NOTES

Financial fact

In 2017, 931,956 current accounts were switched, according to figures from payments body Bacs, which oversees the current account switch service.

‘Cold start to 2018’ for balance transfer deals

Borrowers looking to ease the cost of Christmas debts may find the range of balance transfer card deals on offer is not as competitive as it once was. Moneyfacts.co.uk says 2018 saw a “cold start” to the market when it comes to the 0% balance transfer credit card market, with “very few” launches or improvements in the sector.

It says in 2017, there was a much bigger drive to launch or improve on 0% balance transfer offers.

Jump in average motor insurance costs

The average cost of motor insurance has jumped by £30 over the past year to reach a new record high of £493, according to insurers.

The Association of British Insurers said the average amount paid in the fourth quarter of 2017 for a private comprehensive insurance policy was the highest quarterly figure since it started collecting the data in 2012. It marked a 6% rise on the same quarter in 2016.

Pension freedom figures show savers operating restraint

Around £1.5bn worth of flexible payments were made from pensions to people using the retirement freedoms in the fourth quarter of 2017, HM Revenue & Customs (HMRC) figures show. This compares with around £1.56bn in the fourth quarter of 2016.

The freedoms were introduced in April 2015 to give over55s more options over how they use their retirement cash.

Nathan Long, senior pension analyst at Hargreaves Lansdown, says: “Rather than use pensions to splurge on an extravagant Christmas, retirees have operated restraint when managing their pensions.”