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Follow on Google News | Ffrees’ alternative to banking catches 2013 zeitgeist.The new services and products being introduced include 400 commercial partnerships with retailers including personal loans, travel insurance from Just Travel Cover, and ISAs through SFIA Ltd. The Ffrees mission to support hard pressed families is well timed. Asda found in its latest income tracker that UK households had only £155 a week of discretionary income in April, marking two months of annual decline in a row. This worsening trend is being put down to weak income growth, with average pay rising to just over 0.8% over the year to April, the lowest rise since comparable figures began in 2001.* Alex Letts, CEO of Ffrees Family Finance, commented: “Consumers are looking for new ways to make their money go further and Ffrees does this by helping its customers save up as they spend.” Ffrees is a new breed of electronic current account, with a debit card and savings facility all-in-one; customers are rewarded by Ffrees for buying from trusted financial services brands, and household shopping. These rewards, called Ffrees (1 Ffree = £1), averaging 6% and up to 33%, are then saved automatically in a Ffrees Savings Account, and can be withdrawn as cash or saved for the future. Letts continued: “The growth in the number of our customers since the beginning of this year suggests that our family account and new savings concept is resonating with those families squeezed by the difficult economic situation. We are offering a unique modern proposition, completely differentiated from the tired Edwardian banking model which lacks transparency and sees customers as people to be charged, rather than as people to be served”. ENDS Notes to Editor www.ffrees.co.uk *Asda Income Tracker - http://your.asda.com/ Ffrees customers can save an average of £500 a year; here’s an example: • £100 weekly food shop with high street supermarkets = 156 Ffrees • New Samsung mobile with O2 = 41 Ffrees • Switch home insurance to Hiscox = 78 Ffrees ** • Switch car insurance to Aviva = 49 Ffrees • Open an ISA with SFIA = 180 Ffrees 500 Ffrees = £500 Retailers can join the scheme by contacting Debbie McDermott on 0114 2866327 or by emailing info@ffrees.co.uk. **estimate based on home insurance annual premium of £650 Some of the brands available through Ffrees: Goedhuis Wines Stratstone Jaguar Chesterton Humberts Estate Agents The Letteroom CV Travel Lower Mill Estate SFIA About Ffrees • Ffrees Family Finance Ltd. is an independent company founded in 2012 • Ffrees is free to join and carries no annual fee. It is available to anyone aged 18 with a UK postal address • The Ffrees Family Account is an electronic account in which deposits can be made free from a bank or using a debit card. Ffrees Cards can be loaded with money from the account, which enables control of the family budget • The Ffrees Card is a payment card. As a MasterCard Prepaid Card, it can be used at MasterCard outlets across the world, but rebates, called Ffrees, are only earned with Ffrees partners. Members can nominate family members to have a Ffrees Card. There is a small charge for extra Ffrees Cards and some standard payment card charges. Terms and conditions apply. • The Ffrees Savings Account holds the rebates, called Ffrees, earned by Members. When 100 Ffrees have been earned a bonus of 2% is added, repeated each year 100 Ffrees are earned. The bonus is increased to 3% in each year that 100 transactions are carried out. At 10 Ffrees, Members may decide to withdraw in cash once they have 10 Ffrees Alex Letts: Ffrees CEO and Founder Alex was trained in advertising and set up his own agency, specialising in technology and the internet. It soon became the largest business advertising agency in Europe and after that he founded and masterminded the creation of the unique trading exchange for the Lloyd’s & London reinsurance markets. When this was taken over by the Qatar Financial Centre, he started up Ffrees. End
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