Best savings rates: QIB UK and United Trust Bank launch best buy fixed-rate bonds
on August 6, 2020 at 8:06 am
Savers have been handed some rare good news as smaller challenger banks have raised the rates they pay on fixed-term deposits over the last few weeks.
Why are so many banks still only open part-time?
on August 5, 2020 at 8:14 am
Many branches restricted services during lockdown as they battled staff shortages, with some closing doors altogether. It has meant customers have been forced to queue around the block.
Best current accounts: Halifax launches £100 switch offer
on August 5, 2020 at 7:52 am
Those who earn hundreds of pounds from regularly switching accounts will hope the move from one of Britain’s biggest banks will spur others into action and lead to a resurgence in welcome bonuses.
Billions pour into Premium Bonds lengthening odds of winning £1m
on August 3, 2020 at 2:21 pm
There were a record 1.745bn more Premium Bonds in this month’s prize draw as Treasury-backed NS&I continued to hoover up billions of pounds from savers.
Coronavirus UK: Bank account switching slumped April to June
on July 30, 2020 at 2:01 pm
The number of people who switched bank account between April and June fell by two-thirds compared to the first three months of the year, as the coronavirus decimated the battle over bank accounts.
Best cash Isas 2020: Where to get the best cash Isa rates and deals
on July 30, 2020 at 7:53 am
We pick our five favourite cash Isas for savers. This is essential Isa reading and is kept up-to-date throughout the year
LEE BOYCE: Top cash Isa rates are falling fast, what next for tax-free rates?
on July 30, 2020 at 7:47 am
Rates haven’t just fallen off a cliff – they’ve somersaulted into the Mariana Trench, and are sinking so fast, it’s hard to see them bobbing back anytime soon.
What does the future hold for Metro Bank on its tenth birthday?
on July 29, 2020 at 3:22 pm
Metro Bank tonight celebrates 10 years of its first branch in London on 29 July with Heather Small of M People. But the bank with big branches appears to be facing big challenges in the years ahead.
Savers urged not to be fooled by ‘teaser rates’ on notice accounts
on July 29, 2020 at 7:57 am
Some accounts promise up to 1.45 per cent, but will be more than halved within weeks. The teaser rates come from little-known notice accounts which pay more interest than easy-access deals.
The cyber banking converts who went digital during lockdown
on July 29, 2020 at 7:54 am
For years, Roger Jewitt had no interest in banking online. But he is now among a group of retired internet banking converts who were forced to get to grips with the technology during lockdown
Help to Save scheme: £2m withdrawn between March and June
on July 28, 2020 at 1:43 pm
Hard-up savers withdrew almost £2m in three months from a tax-free government savings scheme aimed at helping those on low incomes build a rainy-day fund, official figures have revealed.
Best savings rates: Barclays becomes the last high street bank to pay just 0.01% interest
on July 28, 2020 at 8:36 am
Barclays has followed HSBC, Lloyds Bank, NatWest and Santander in slashing the rate on its everyday saver today from 0.25 per cent to 0.01 per cent, a drop in interest of £24 a year.
Best bank accounts: Club Lloyds to cut interest rate to 0.8%
on July 24, 2020 at 2:01 pm
Customers will earn less interest from October, with Lloyds Bank slashing how much Club Lloyds and Bank of Scotland Vantage customers earn by around £21.
The 20 items bought by most Britons during lockdown
on July 22, 2020 at 11:01 pm
Holed up in their homes, it it clear that some Britons went to great lengths and expense to up the fun factor in their households, including the Ellison family (pictured)
Santander ups monthly Lite fee and cuts cashback on phone and internet bills
on July 22, 2020 at 2:49 pm
The bank is upping the Lite fee from £1 a month to £2 and cutting cashback on internet, phone and television packages from 3% to 1% – many will be asking, is it still worth it?
Nationwide Building Society’s Start to Save account proves popular
on July 22, 2020 at 2:22 pm
The lottery-style savings product offers £100 prizes and an underlying rate of 1%, which now looks attractive given that rates have dropped elsewhere.
The kids who cashed in on lockdown and learned the value of saving
on July 22, 2020 at 8:26 am
Many struggling families have had to halt pocket money payments after losing their income. But others say pocket money has become a bargaining chip as they attempt to juggle childcare and jobs.
NS&I offers a ray of hope for savers
on July 22, 2020 at 7:52 am
The bank already offers some of the best savings rewards on the market as interest rates have plummeted to an all-time low. Experts now believe NS&I could maintain its rates for a while.
Attack of the clones: Fake investment sites posing as genuine firms
on July 21, 2020 at 10:07 pm
Starved savers seeking a decent return are being targeted by fraudsters posing as genuine investment firms. Reports of investment scams soared by 45 per cent over lockdown.
More Britons have picked up the savings habit says Nationwide Building Society
on July 20, 2020 at 12:34 pm
Despite many people losing their jobs or living on reduced incomes – and falling savings rates – 37 per cent said they had put more into a savings account than normal since lockdown began.
Having a clear-out can boost your finances by £4,300
on July 20, 2020 at 7:03 am
Coronavirus has impacted everyone’s finances one way or another, but fortunately there are ways to give your bank balance a much-needed boost.
Are Britons’ spending habits gradually returning to pre-pandemic levels?
on July 17, 2020 at 3:41 pm
Lloyds Bank suggests that a ‘return to normal’ for both essential and non-essential goods and services is still a long way off, with money forked out for fuel and commuting still pitifully low.
Number of inflation-beating savings accounts falls to 450
on July 16, 2020 at 9:45 am
Some 450 savings accounts now match or beat June’s inflation reading, but that is nearly 100 fewer than last month after inflation rose and savings rates fell.
NS&I now aims for £35bn of savers’ cash this financial year
on July 16, 2020 at 9:14 am
The Treasury-backed bank now has a number of best buy savings deal and says the move has been made to ‘reflect government finance requirements arising from Covid-19.’
Monzo brings back £5-a-month Plus account with holographic blue card
on July 16, 2020 at 7:13 am
Monzo has brought back its packaged premium ‘Plus’ bank account after an extensive revamp, with a £5 monthly price tag and a new holographic blue card.
Best savings rates: Junior Isa and children’s account rates tumble
on July 15, 2020 at 10:22 am
Some of Britain’s biggest banks are slashing the returns on children’s savings accounts just months after the Chancellor handed parents a boost to the tax-free Junior Isa allowance.
Beware the easy-access deals that pay no interest at all
on July 15, 2020 at 8:15 am
With interest rates at record lows, it is vital savers seek out the very best deal. And the majority of the £814.6bn in easy-access accounts is with big banks that typically pay the worst rates.
Lloyds announces in-app service to let customers cancel subscriptions
on July 13, 2020 at 11:03 am
Millions of Lloyds customers who signed up for new subscription services during the coronavirus lockdown will be able to cancel them in their banking apps under a new update, the bank said.
Laws set to force banks to have local ATMs
on July 13, 2020 at 8:05 am
Link said that 12 per cent of Britain’s 60,000 ATMs were shut during the coronavirus lockdown and more than 5,000 ATMs have not been turned back on, raising fears that many may never reopen.reopen.
Lockdown taught us to spend less…and save more
on July 12, 2020 at 1:02 pm
As lockdown restrictions finally ease and life begins to feel more ‘normal’, a number of financial lessons have been learnt along the way.
Best bank accounts: Tesco Bank to axe in-credit interest from September
on July 9, 2020 at 3:30 pm
Holders currently earn 1% on balances of up to £3,000. The cut will come on 22 September and is the second reduction in 13 months.
Best savings rates: Dismal Isa returns mean you earn more elsewhere
on July 8, 2020 at 8:07 am
The amount of money deposited into the tax-free accounts has dropped for three months in a row, according to Bank of England figures. Savers withdrew £366 million between March and May.
Londoners come out top of the lockdown savers
on July 8, 2020 at 8:00 am
More than a quarter of Britons stopped or cut back on saving in the pandemic, according to the survey by pension firm Aegon. Yet 31 per cent of people said they had managed to save more.
Marcus Bank will launch a cash Isa in the near future
on July 7, 2020 at 2:19 pm
Goldman Sachs’ Marcus will soon launch a cash Isa, This is Money has learned, but it plans to make it available only to existing customers.
Banks will soon start charging nearly 40% for overdrafts again
on July 7, 2020 at 10:02 am
The city regulator today effectively gave the green light to banks to reintroduce overdraft rates of nearly 40%, despite the coronavirus pandemic expected to leave millions struggling.
Savings rates will still fall even further experts predict
on July 7, 2020 at 7:07 am
Experts have warned that hard-up savers face more misery and that savings rates could fall even further, despite the worst six months of interest rate cuts in more than a decade.
Royal Mint warns collectors after Battle of Hastings 50p sells for £63,000
on July 3, 2020 at 8:37 am
The Royal Mint has urged coin collectors to avoid paying huge sums for common coins on the basis of ‘farfetched’ reports, after a 2016 Battle of Hastings 50p reportedly sold for more than £63,000
Savers pounce on NS&I after it ditched plans to slash rates
on July 1, 2020 at 8:29 am
Money flooded iwent into NS&I’s Direct Saver, which pays 1 per cent, in the year to the end of March – the most since the account was launched in 2010. A further £3bn poured into Income Bonds.
How to make your children’s savings grow while they do
on July 1, 2020 at 8:16 am
Young savers are losing out because of a failure to invest for their future, it is warned today. Experts are calling on the regulator and the industry to act now to ensure children get the most out of their savings.
One in ten Britons do not live within a mile of a free cash machine
on July 1, 2020 at 8:08 am
In some rural areas more than half of the population have to travel more than a mile to get it, according to the Financial Conduct Authority and Payment Systems Regulator.
Savers see worst six months in a decade as easy-access rates fall 0.35%
on July 1, 2020 at 7:54 am
Easy-access rates have plummeted by 0.35 per cent since the start of the year, while longer-term fixed Isas are down by 0.56 per cent, according to Moneyfacts.
Households save a record amount of money last month
on June 29, 2020 at 2:05 pm
Britons spent a little more, paid back a little less and tucked away a lot more last month, with savings increasing a record £25.6bn, figures from the Bank of England show.
Find out if your Isa pot matches up to your peers
on June 27, 2020 at 9:56 am
HMRC has published a stash of data giving people the chance to discover how their Isa stash compares with people all over the country.
NS&I reveals savers cost it £887m last year as borrowing costs were so low
on June 25, 2020 at 6:42 am
Rock-bottom borrowing costs mean it is increasingly expensive for the government to raise cash from savers, raising concerns NS&I’s market-leading savings rates could be cut.
Major providers set to pay just 0.01% interest with easy-access deals
on June 24, 2020 at 9:19 am
Savings rates have plummeted to record lows since the Bank of England base rate fell to 0.1% in March. But experts warn that customers with big providers are suffering the worst of the rate cuts.
Rise in savings accounts that now beat inflation
on June 24, 2020 at 9:15 am
The fall means there are now 440 savings accounts which beat inflation, says Moneyfacts., including 35 easy-access accounts. The top rate on offer is 1% from NS&I with its Direct Saver.
Bank staff accused of ‘interrogating’ elderly customers
on June 24, 2020 at 8:31 am
In one case, a grandmother was denied entry to her local Halifax branch after taking a taxi to deposit a large amount of cash she felt unsafe keeping at home.
Savers add £11bn to easy-access savings accounts during lockdown
on June 23, 2020 at 1:14 pm
Savers piled 303% more money into easy-access accounts during March and April, according to industry data showing how savers opted to keep their cash on hand.
Online savings platforms see continued interest from savers with big pots
on June 23, 2020 at 6:34 am
Platforms which allow savers to spread their money across multiple accounts with one application are continuing to see heavy demand from savers, even after stock market turmoil subsided.
Is banks sharing buildings the way to save cash?
on June 21, 2020 at 9:54 am
Natalie Ceeney (pictured) has sanctioned the launch of eight ‘cash pilot’ schemes designed to test new ways of cash remaining available to consumers and businesses.
Best savings rates: Top catch-free Isa pays just 0.65%
on June 19, 2020 at 9:42 am
Three months of historically brutal cuts to savings rates mean the best cash Isa which comes with no strings attached pays just £130 interest a year on the full £20,000 tax-free allowance.
Will anyone take cash? We visit shops to check virus fears
on June 18, 2020 at 10:18 am
Our research suggests half of all retailers plan to go cashless because of the virus. Miles Dilworth (pictured) sees if his high street still takes cash.
Best savings rates that now beat inflation
on June 17, 2020 at 1:35 pm
The CPI measure of inflation stood at 0.5% in May, a four-year low and the fourth successive month in which inflation has fallen, according to the ONS.
Savers forced to turn to NS&I after ‘devastating’ month of rate cuts
on June 17, 2020 at 8:17 am
In just three months, the average easy-access rate has plummeted from 0.6 per cent to a record low of 0.27 per cent.
Cash campaign set to name eight pilot communities
on June 14, 2020 at 9:27 am
We understand that the ‘Community Access to Cash Pilots’ board, chaired by cash champion Natalie Ceeney, has selected eight communities to participate in the project.
Kew Gardens 50p is worth 2,733% more than it was in 2009
on June 11, 2020 at 6:34 am
Numismatists who snaffled the Kew Gardens 50p when it was released into circulation in 2009 and still hold onto it now could have seen the value of that ‘investment’ skyrocket over the last decade.
TSB revamps £50 sign-up bonus’s terms after they were called unclear
on June 11, 2020 at 6:34 am
TSB has finally clarified the terms of a £50 current account cashback offer it launched last October which were decried by some of its customers as ‘unclear’ and left others out of pocket.
Goldman Sachs closes Marcus account to new customers
on June 10, 2020 at 8:52 am
Marcus, the bank’s easy-access account, has been near the top of best buy tables since 2018
Savers abandon cash Isas as interest rates plunge
on June 10, 2020 at 8:28 am
Around £1bn was withdrawn from cash Isas between March and April this year. By comparison, £21bn flowed into easy-access accounts. Experts say plummeting interest rates are partly to blame.
How now £5,000 in Nationwide Isa will earn you just 50p
on June 8, 2020 at 12:33 pm
Cuts applied to savings rates in the wake of the Bank of England’s decision to cut the Base Rate to 0.1 per cent are bringing criticism.
Best savings rates: Marcus launches one-year fixed-rate paying just 1%
on June 5, 2020 at 6:41 am
Goldman Sachs-backed Marcus Bank has brought back its one-year fixed-rate deal, but the account actually pays 1% now, a lower rate than its easy-access deal which pays 1.05%.
Cash made up just 23% of transactions in 2019 as contactless boomed
on June 3, 2020 at 1:21 pm
Cash was used for less than a quarter of all payments last year for the first time ever, new figures show, as consumers continue to choose debit cards and contactless payments instead.
How to track down old bank accounts to see if you’re due a windfall
on June 3, 2020 at 8:22 am
Culture secretary Oliver Dowden said the government would take millions from dormant bank accounts, meaning some may be looking to see if they are due a windfall too. We reveal how.
Best buy savings accounts continue to disappear
on June 3, 2020 at 8:18 am
Big banks and building societies have already slashed one-year deals to below 0.5%, but newer banks are now following suit with devastating cuts of their own.
Are you an accidental lockdown saver?
on June 3, 2020 at 7:43 am
Despite the doom and gloom, many have found themselves saving hundreds of pounds in lockdown and becoming more financially secure.
Premium Bonds jackpot winner’s 7000% return on investment
on June 2, 2020 at 3:24 pm
A saver from Stoke-on-Trent might have secured the best investment of the coronavirus lockdown, securing a 7,000% return on their Premium Bonds in just five months.
It is safe to use physical cash despite coronavirus says ATM boss
on May 29, 2020 at 1:34 pm
One of Britain’s largest cash machine providers is launching a campaign to convince people to continue using cash after the coronavirus lockdown, saying it wants to dispel ‘fake information’
Will coronavirus result in the death of cash in Britain?
on May 28, 2020 at 7:49 am
‘Sorry, we don’t accept cash.’ That will be a familiar phrase for the rest of 2020 as major retailers begin to reopen on mass in mid-June.
MPs demand Chancellor take action to save cash system from collapse
on May 27, 2020 at 7:51 am
A letter signed by 37 cross-party MPs have written to Rishi Sunak urging him to bring forward legislation that would revive free-to-use cash machines for local communities.
Savers desperate to switch Isa deals lose out over costly delays
on May 27, 2020 at 7:46 am
Many savers are now stuck in an account paying almost nothing and urgently want to transfer. But branches have asked customers not to visit unless it is an emergency.
TSB customers say they’ve been unfairly denied a £50 cashback offer
on May 25, 2020 at 7:26 am
Some customers of TSB have complained the bank has left them out of pocket by denying them a £50 cashback bonus they were entitled to, despite appearing to follow the rules of the offer.
The banks paying savers zero interest and just £1 on £10,000 of savings
on May 21, 2020 at 7:06 pm
More than 200 savings accounts now pay savers just 10p of interest each year for £1,000 tucked away, while one building society has recently cut its rate to zero.
NatWest/RBS staff member reveals lockdown target pressure
on May 21, 2020 at 6:39 am
RBS and NatWest have been accused of using sales target pressure for branch staff under coronavirus-lockdown at home.
Best savings rates: Government-backed NS&I now offers the best rates
on May 20, 2020 at 8:06 am
While most other top deals require you to be online, you can open NS&I accounts by post or phone, too. Savers should prepare for delays and long waiting times due to the coronavirus chaos.
Banks squeeze savers as one-year fixed-rates hit three-year low
on May 18, 2020 at 10:43 am
One-year fixed-rate bonds and tax-free Isas now pay an average of 0.99% and 0.91%, both three-year lows, as banks cut savings deals and pulled offers from sale.
NatWest customers had accounts suddenly shut
on May 17, 2020 at 11:54 am
In recent months, a steady trickle of NatWest customers, like Adam Siddle, pictured, have had accounts closed and contacted us for help.
How are neobanks Monzo and Starling attracting current account customers?
on May 16, 2020 at 11:29 am
Millions of people have chosen to open an account at one of the nimble new banks which don’t have a bank branch presence: Consumer Trends looks at what is behind the surge.
Savers at the mercy of inflation as RCI Bank’s easy-access rate is slashed from 1.20% to 1.05%
on May 15, 2020 at 10:48 pm
With consumer inflation running at 1.5 per cent in March that means savers who want access to their deposits are suffering rapid declines in the value of their savings.
Those on Universal Credit can get up to £1,200 in free Government savings
on May 14, 2020 at 8:05 am
With 1.8million people signing up to Universal Credit since 16 March, many more people could be eligible for Help to Save, which offers those on low incomes up to £1,200 over four years.
Lifetime Isa penalty could still be 25% until HMRC updates systems in June
on May 13, 2020 at 10:48 am
Some Lifetime Isa holders forced to dip into their housing or retirement funds at short notice could still be penalised their own money for another month because the taxman needs to update its systems.
Best savings rates: Marcus cuts rate again from 1.2% to 1.05%
on May 13, 2020 at 9:59 am
The lower rate comes into effect for new customers immediately and for existing customers from May 30. It is the second cut in a month after it trimmed the rate to 1.2% from 1.3% on 17 April.
Best savings rates: fixed-rate regular savers pay up to 2.75%
on May 13, 2020 at 8:43 am
Analysts at Moneyfacts say the best deals for drip-feeding spare cash are fixed-rate plans linked to current accounts. The top easy-access accounts currently pay 1.2 per cent.
Refund call for package bank account perks that cannot be used
on May 13, 2020 at 8:39 am
Customers pay £156 a year on average in fees, and around two-thirds of package accounts offer travel insurance. But many UK customers are now unable to travel and are driving less.
Heartbreak and hope in Santander’s coronavirus hotline call centre
on May 13, 2020 at 8:33 am
Currently Santander bank’s coronavirus call handlers answer around 400 calls a day. That’s down from a peak of more than 1,000 in the first week after lockdown began.
Banks turn customers away from branches if visits are not ‘essential’
on May 13, 2020 at 8:08 am
Lloyds, Halifax and Bank of Scotland are now providing only ‘essential’ services in branches. Nationwide customers may also be asked to come back again another time.
Fixed-rate savings accounts continue to fall thanks to coronavirus
on May 12, 2020 at 10:54 am
Aldermore Bank led a bank holiday barbecue of fixed-rate savings deals, scrapping all non-easy-access accounts as savings rates continue to tumble.
Best current accounts: Santander announces 123 interest rate cut
on May 11, 2020 at 8:37 am
Santander has handed 123 current account customers further misery with the news they will receive 0.6% interest on their balances from August 2020.
Is my NHS 10p coin worth more than face value?
on May 11, 2020 at 7:59 am
Change Checker’s latest scarcity index revealed the N for NHS coin, released alongside 25 others as an A-Z of Britain in 2018, is now the most in-demand 10p around.
What do low Bank of England interest rates mean for savers?
on May 7, 2020 at 4:28 pm
Savers were handed more bad news today with the Bank of England suggesting its base rate could remain close to historically low levels over the next few years.
Easy-access savings customers urged to check their rates
on May 7, 2020 at 7:37 am
A number of challenger banks and building societies are making cuts to their bread and butter savings accounts – and it’s time to check you won’t be hit.
Treasury lifeline to Lifetime Isa savers facing financial difficulties
on May 6, 2020 at 8:48 am
In a welcome move, HM Treasury has finally agreed to reduce the punishing exit fee it previously charged anyone wanting to withdraw money from a Lifetime Isa for an unapproved reason.
Can you be infected by cash and will it be a virus victim?
on May 6, 2020 at 8:06 am
Last month cash withdrawals fell by 60 per cent compared with April 2019, according to ATM operator Link, whose chief exec says the pandemic is ‘speeding up’ the decline of cash.
Nationwide savers forced to wait weeks to transfer Isas
on May 6, 2020 at 8:02 am
Nationwide has cut the rate on its Future Saver, Loyalty Saver and Isa customers, but jumping ship is proving tricky.
Millions dip into their savings or take on debt amid coronavirus crisis
on May 4, 2020 at 3:45 pm
Nearly a third of people in the UK have had to dip into their savings while a fifth have taken on debt, with the younger generations the worst hit, a new survey has showed.
Should you cash out as NS&I makes cuts to fixed-rate savings deals?
on May 4, 2020 at 3:03 pm
While NS&I announced it was reversing planned cuts to some of its variable rate savings accounts, including Premium Bonds, it still pressed ahead with cuts to 10 fixed-rate deals.
Treasury will reduce Lifetime Isa penalty to 20% until next April
on May 1, 2020 at 3:13 pm
In a major victory for This is Money, who raised the issue with the Treasury on Monday, minister John Glen said the Lifetime Isa withdrawal penalty would be reduced to 20% until next April.
Nationwide loses current account switching crown to Monzo
on April 30, 2020 at 8:00 am
Nationwide lost its switching crown to Monzo in the final three months of last year, new figures show, as the highest number of people in four years switched their bank accounts in March.
We waited 60 years to win £50,000 in the Premium Bonds draw
on April 30, 2020 at 6:46 am
Last month retired school site manager Ken Medlycott (pictured with wife Sally) won a huge £50,000 – doubling his savings. The odds of him winning such a prize in a year were one-in-7,466.
Banks cut savings rates for loyal savers by four times the base rate chop
on April 29, 2020 at 8:05 am
The official base rate was reduced by 0.65 percentage points last month to 0.1 per cent, but savers face bigger cuts.
Last chance to open a Nationwide account offering 5% interest
on April 28, 2020 at 10:54 am
From the start of May, 5% savings deals will be as dead as a dinosaur, with Nationwide cutting FlexDirect from 5% to 2% and lowering the balance you can earn interest on. But you can sign up now.
Call to stop Lifetime Isa penalties in Universal Credit trap
on April 28, 2020 at 7:45 am
Thousands of first-time buyers in financial trouble in the coronavirus pandemic must pay the Government big penalties to raid their house deposits.
HSBC and Lloyds report thousands more are digitally scanning cheques
on April 28, 2020 at 7:44 am
Figures from two of Britain’s big four high street banks revealed the numbers of cheques being digitally deposited using mobile banking apps has surged, while branch footfall has plummeted.
What next for savings rates? Banks tap into new funding scheme
on April 27, 2020 at 1:00 pm
A Bank of England scheme designed to provide banks with cheap money to lend to small businesses has handed out an enormous £6billion in its first week, official figures reveal.
Saving money in the lockdown? How to use the cash
on April 26, 2020 at 7:40 am
While a lot of people will sadly have found themselves furloughed on reduced pay or even out of a job as a result of the coronavirus, some will actually have found themselves with more cash
NS&I reverses savings cuts to fund Government war on coronavirus
on April 22, 2020 at 7:53 am
Despite interest rates plunging to record lows, National Savings and Investments has gone against the grain and abandoned plans to cut rewards which would have cost savers £200 m.
Record 180 savings deals vanish as Nationwide cuts
on April 21, 2020 at 7:52 am
There were 1,768 available savings accounts and Isas at this time in March, Moneyfacts said. By April this had fallen to 1,588, and average savings rates from 0.56% to 0.44%.
Build a £240,000 savings pot for your child by the time they reach 18
on April 19, 2020 at 10:33 am
The increase in the allowance means a parent starting a Junior Isa this month for a newborn child could build a tax-free pot of more than £240,000 by the time their child reaches 18.
Initiative aimed at improving financial education among young children extended online
on April 19, 2020 at 10:30 am
The KickStart Money programme, funded by 20 financial companies and overseen by charity MyBnk, will start delivering money education into the homes of children aged between five and 11.
Is Allica Bank’s one-year fix paying 1.49% a safe spot for your savings?
on April 18, 2020 at 6:56 am
This is Money’s best buy tables are frequently dominated by lesser-known banks. Allica Bank is a newcomer and one savers are unlikely to have encountered before. We take a closer look.
NS&I reverses next month’s planned cuts to Premium Bonds in win for savers
on April 17, 2020 at 1:12 pm
National Savings & Investments was due to halve the number of winners of £50 and £100 prizes next month to 13,448, and the odds of winning would be cut from 24,500 to 1 to 26,000 to 1.
Best savings rates: Marcus makes a cut but new top easy-access deals are launched
on April 17, 2020 at 11:05 am
Savers have been handed a double blow as two market-leading easy-access deals have both disappeared within a week of each other, with Marcus and Virgin Money both making cuts.
Best savings rates: Children’s accounts face hefty cuts
on April 15, 2020 at 8:02 am
Grandparents with fixed monthly pension payments could find their bank balances are looking much healthier now they are no longer spending money on things like going out and holidays.
Don’t use cards? Here’s how to get hold of cash
on April 15, 2020 at 8:01 am
UK banks this week outlined how how vulnerable customers can get hold of cash. For the first time, trusted friends and family will be able to make withdrawals on their behalf.
Savings platforms saw surge in interest as coronavirus caused market havoc in March
on April 14, 2020 at 11:00 am
Savers with large pots looked for a safe haven amid market storms caused by coronavirus, with savings platforms that safely spread money around seeing a surge in applications.
Will building society fat cats cut their pay this year?
on April 12, 2020 at 8:27 am
The interest building society customers receive has been cut to ribbons ever since the 2008 financial crisis. But Yorkshire’s Mike Regnier, for example, will keep his £20,000 bonus from 2019.
New Turner £20 note smashes estimate and sells for £7,500 in online auction
on April 8, 2020 at 4:37 pm
An ultra-low numbered new £20 note sold for a whopping £7,500 at a behind closed doors auction this afternoon, far beyond its estimated price.
Big banks to cut savings rates to as low as 0.01%
on April 8, 2020 at 11:40 am
Some savers are now in line to earn as little as 0.01 per cent – just £1 interest over a whole year on each £10,000 in their account. This is £129 less than if they switched to a top easy-access deal.
Families struggling with coronavirus offered bigger fee-free overdrafts
on April 8, 2020 at 8:12 am
The Financial Conduct Authority suggested banks offer interest-free overdrafts of up to £500 for three months and temporary payment freezes on loans and credit cards.
Virus means Premium Bond winners were not visited by Agent Million
on April 8, 2020 at 8:07 am
National Savings has sent a representative to personally inform £1 million prize winners in the UK ever since April 1994. But the two top prize winners were this month notified by NS&I remotely.
Kick off your Isa New Year: Best easy access rate is 1.18%
on April 8, 2020 at 8:00 am
The best easy-access deal is with the Family BS Market Tracker Cash Isa, available online or by post. This pays the average of the 20 highest easy-access rates and resets it every three months.
Best current accounts: Nationwide to cut FlexDirect interest to 2% in May
on April 6, 2020 at 3:48 pm
In another blow to savers, Britain’s biggest building society has cut the rates on 22 different savings products – its Junior Isa will fall from 3% to 1% among some of the biggest drops.
New overdraft rates of up to 40% are meant to come into force today
on April 5, 2020 at 11:01 pm
Controversial new overdraft rules come into force today which has seen some banks increasing overdraft rates to nearly 40 per cent.
How Britain’s shopping habits have changed amid coronavirus
on April 4, 2020 at 8:15 am
22-year-old Tara Hinchy and 31-year-old Greg Linning were among those who told This is Money they had changed their shopping habits in response to the coronavirus.
Best Isa rates: How to transfer your Isa and find the best deals
on April 3, 2020 at 6:32 am
Although there is little to no chance of new top tax-free savings rates ahead of the end of the tax year on Sunday, savers will still lose their tax-free Isa allowance for this year if they don’t use it up.
NS&I confirms Premium Bond millionaires still had visits from Agent Million
on April 1, 2020 at 11:19 am
National Savings & Investments confirmed it has a top-secret strategy to deliver the good news to Premium Bond millionaires without putting Agent Million or the lucky winner at risk from coronavirus.
The banks which have halted overdraft charges for their customers
on April 1, 2020 at 8:07 am
Nine High Street banks and building societies have pledged support for overdraft customers after Money Mail demanded action.
Best Isa rates: Open accounts online before 5 April deadline
on April 1, 2020 at 7:52 am
The countrywide lockdown in the face of the coronavirus means banks and building societies have shortened opening times to as little as two hours a day to safeguard staff and customers.
Best savings rates: Investec brings back top notice account paying 1.65%
on April 1, 2020 at 7:47 am
While the relaunched Notice Plus account from Epsom Derby sponsor Investec has more moving parts than a track full of racehorses, it offers an easy-access element with a top-rate deal.
Best savings rates: Marcus Bank launches 1.45% one-year fixed-rate
on March 31, 2020 at 6:50 pm
Goldman Sachs-backed Marcus Bank has finally expanded its offering beyond its sole easy-access account after 18 months, but savers hoping for a new top rate deal will be disappointed.
Savers will be hit by rate cuts, so be ready to look for a better deal
on March 29, 2020 at 8:09 am
Many savers can expect a round of brutal interest rate cuts to their accounts from this week – after the Bank of England base rate was slashed from 0.25 per cent to a record low 0.1 per cent just over a week ago.
Will my bank write off my overdraft fees during coronavirus?
on March 28, 2020 at 8:54 am
Britain’s six biggest high street names have set out measures to help holders of Britain’s £7.7billion overdraft debt, including increased fee-free buffers and temporarily writing off overdraft charges.
How could the Bank of England’s cheap cash affect savings rates?
on March 26, 2020 at 5:19 pm
Savers with memories of the aftermath of the financial crisis might have felt a sense of déjà vu after the Bank of England’s emergency press conference on 11 March.
First Direct pulls its current account for new customers
on March 25, 2020 at 5:21 pm
First Direct has pulled its current account from sale as it focuses on its existing customers ‘and their immediate financial needs’ amid the coronavirus outbreak.
Banks should halt overdraft changes which see customers pay 50% fees
on March 25, 2020 at 5:16 pm
High-Street banks are poised to increase interest rates to as much as 50 per cent, which means many struggling households will have to pay more to borrow.
Best savings rates: Lock into a fixed-rate savings deal now
on March 25, 2020 at 9:00 am
The Bank of England base rate now sits at a historic low of 0.1 per cent. And with another cut on the cards, things are likely to get worse. To move your money into a top fixed deal, you need to act fast.
Coronavirus: Hundreds of bank branches forced to shut their doors
on March 25, 2020 at 9:00 am
Barclays, HSBC, Lloyds, NatWest, Santander and TSB have all now confirmed that they have shut down some branches. Nationwide building society, has also closed 50 of its 650 branches.
Will my bank branch be open during the coronavirus lockdown?
on March 24, 2020 at 3:59 pm
Banks across Britain can stay open during the coronavirus lockdown. This is Money has contacted all the banking giants to ask what they are doing for customers.
Best savings rates: New top fixed-rate deals hand savers lifeline
on March 24, 2020 at 1:57 pm
Hard-pressed savers expecting the worst after two Bank of England base rate cuts in eight days have been handed a lifeline in the form of new top fixed-rate deals.
Sky billed the ‘wrong’ bank account then placed a Cifas fraud marker on me
on March 23, 2020 at 2:57 pm
Just after Christmas last year I noticed my Halifax Ultimate Reward account, which I use as a savings account, had been billed £290 by Sky. I thought it was fraud, but then got my accounts frozen.
Chancellor’s new plan is set to allow pubs and shops to hand out cash
on March 23, 2020 at 9:09 am
A new ‘cashback’ initiative means that pubs and shops could soon be able to hand out money in communities abandoned by banks.
We’ll lend firms £250k in 48 hours to survive the economic crisis, say banks
on March 22, 2020 at 12:39 pm
Sources told the Mail on Sunday that Chancellor Rishi Sunak’s emergency coronavirus loans would initially take the form of overdrafts.
‘Cuts are inevitable’: Savers warned to prepare for another reduction in interest
on March 22, 2020 at 10:33 am
Anna Bowes, a director of rate scrutineer Savings Champion, says most banks and building societies will start trimming rates in ten days’ time.
Double-whammy for savers as base rate is cut again to 0.1%
on March 19, 2020 at 4:29 pm
Savers have been handed more dire news as the Bank of England announced its second emergency cut in eight days.
Best savings rates: Ford Money slashes best buy deals
on March 18, 2020 at 1:37 pm
Ford Money has cut some of its best savings deals, in a move which could be followed by other banks passing on the Bank of England base rate cut to savers.
Some Isa providers will close accounts before April 5 deadline
on March 18, 2020 at 10:17 am
You have until the end of this tax year – midnight on Sunday April 5 – to use your £20,000 allowance. If you don’t use it, you can’t carry it forward until next tax year.
Nationwide to open its doors early for customers at risk of coronavirus
on March 18, 2020 at 9:12 am
Nationwide said it was trialling a new time so older people and those with underlying health conditions can manage their money ‘in a safe environment’.
Best savings rates: Banks slash accounts as top deals disappear
on March 18, 2020 at 8:59 am
Within hours of the Bank of England dramatically reducing its base rate by two-thirds to 0.25 per cent last Wednesday, rates had already started to fall. It means savers could soon be earning close to zero.
Everything you need to know about savings! This is Money podcast
on January 25, 2019 at 4:41 pm
When savings is mentioned, the first thought that springs to mind for many is: rates are low, what’s the point? We take a look in the latest This is Money podcast special.
How to invest and save for your children – the This is Money podcast
on December 7, 2018 at 4:47 pm
It might not be on the top of your to-do list when you have a child, but investing and saving for them to build a tidy nest egg for when they reach adulthood is best done sooner rather than later.
Savings compensation and protection: Bank ownership and licences
on September 20, 2018 at 12:12 pm
The way you spread out your savings with banks is crucial in terms of protection and compensation. We show you how to get protected.
Friday, August 07, 2020