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This is Money Podcast

Dumb business decisions - banks vs BA, Ferrari and football clubs

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1650 Ratings

🗓️ 24 February 2017

⏱️ 53 minutes

🧾️ Download transcript

Summary

There are a lot of laughs this week as Simon Lambert, Lee Boyce and Georgie Frost take a sideways look at some of the week’s potty money stories.

Banks are in the spotlight because it’s reporting season and there was a mix of good news, shock news and fraud news from Barclays, HSBC, Lloyds and the rest.

But the pathetic attempts by RBS to lure customers to its headline 0.05% interest-paying cash Isa get taken to pieces by the This is Money team.

Also on the show…

A trendy new bank backed by the tech entrepreneur, haircut wearer and singing coach on TV’s The Voice, Will. i.am, is paying 2% to its savers.

It’s a suspiciously high a rate say our judges.

To open the account you have to take a selfie. How many moneyed 60-year-olds will take that seriously?

Football. Bloody hell! It’s the metaphor for anything. Could the rise and fall of Leicester City be clever economic forecasting at play?

A conversation about the state of our banking sector ensues: Tale of two bail outs – RBS v Lloyds

British Airways vs all the other airlines it used to be better than until it got into bed with Marks & Spencer’s sandwich department.

Divorce vs capital gains tax

Scammers vs printer owners

The new Ferrari vs critics of its odd new name

And finally,

How much is a coin worth when the Queen’s face has a goatee beard?

Enjoy.

Transcript

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0:00.0

This is Money, brought to you in partnership with NS&I, giving you 100% security backed by HM Treasury.

0:18.0

A very warm welcome to This Is Money Podcast in partnership with NS&I.

0:22.8

I'm Georgie Frost and joining me in the studio is editor Simon Lambert

0:26.5

and Consumer Affairs editor Lee Boyce to round up the week's top stories

0:30.7

that they've been covering on their award-winning website and what a week for the banks.

0:35.6

Among the winners, Barclays, Lloyds and fraud investigators,

0:39.5

among the big losers, HSBC, RBS and the taxpayer.

0:43.5

It's the increase in mis-sending and conduct cost you to rise in nearly $6 billion for last year.

0:47.9

That's almost doubling it.

0:49.2

It just continues the bank that leaks money from every poor.

0:51.9

It is now the time for the challenger banks to step up and step in?

0:55.6

I think it really is because people are very jaded with the financial system.

0:59.5

People are very jaded with the big banks.

1:01.2

And this is a great time for Challenger brands entering the market,

1:03.9

doing something a bit different.

1:05.3

Well, one has in the savings space.

1:07.1

Saturn Bank is now topping each best buy fixed rate table.

1:13.0

But why? And talking of savings as a growing divide develops across the UK, can the wealthy ever understand what it's

1:18.7

like to be in a position where you've nothing to put aside?

1:22.0

Or become considerably richer than you through honished hard work. You get what you pay for

1:27.3

and you earn what you worth.

1:28.9

Simon Ars, are you on the right side of the savings divide?

...

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