More savers have to pay tax on their interest as savings rates rise – but the good news is that a technique called ‘paying away’ can help slash these bills. In 2023, 37 per cent of savers made enough interest on their savings to breach their Personal Savings Allowance (PSA), research from Paragon Bank reveals. … Read more
Charles Stanley Direct has launched a cash savings platform Savers can open an account with a minimum of £1 Savings platforms have been gaining popularity with rapid rate movements By Helen Kirrane Updated: 06:01 GMT, 2 November 2023 Charles Stanley Direct is the latest provider to launch a savings platform, This is Money can reveal. … Read more
Two major British banks have announced they are closing another 80 branches this year in another blow to Britain’s beleaguered High Street which has seen over 500 banks shuttered in a decade. Lloyds Banking Group and Natwest today announced the closures as a raft of other financial institutions shut their doors on local sites. At … Read more
There is little more disconcerting than news of bank runs, government bailouts and plunging bank share prices – all of which we saw last week. Silicon Valley Bank in the US collapsed and HSBC had to bail out its UK arm. Then troubled banking giant Credit Suisse announced it had secured a £45 billion lifeline … Read more
Big banks are now offering far better savings rates to existing customers – and it can take just minutes to get them. With more than £600 billion parked in current accounts and easy-access accounts paying less than 0.5 per cent, you can easily get an interest boost with your bank. Unlike when you open an … Read more
Premium Bond savers are set for better payouts after National Savings & Investments (NS&I) raised its prize fund to 3.15 per cent starting from its draw next week. This marks the fourth rise in the Premium Bond prize fund since interest rates started to climb just over a year ago. The latest rise means an … Read more
NS&I sees a £600m dip in new savings account deposits… but Premium Bond sales continue to grow NS&I pulled in just £172 million in October from interest-earning accounts This is less than one-tenth of the £1.8 billion that flowed in during August However, in October, savers still put a further £207 million into Premium Bonds … Read more
The very first coins featuring the image of King Charles III will start to appear in people’s change from today. A total of 4.9million 50 pence coins featuring the monarch will enter circulation throughout the month of December via the Post Office, with the majority of branches handing them out. The Royal Mint says the total … Read more
Before December gets a hold of you – the socialising, gift-buying, last-minute Christmas rush and then the ‘aagh it’s here’ moment – give yourself a present: move your savings to a better account. That doesn’t sound like a lot of fun – or particularly festive – but I reckon you’ve got just under a week … Read more
Some of the rarest and most collectable banknotes held by NatWest are set to go up for auction, with the proceeds being given to charity. Hundreds of notes will go under the hammer with a face value of around £21,000 but leading auctioneer of collectable banknotes, Spink, estimates that the auctions could raise over £400,000. … Read more
Call to ban derisory savings rates: Banks trading on savers’ ‘ignorance and inertia’ and should face tighter regulation in savings market By Rachel Rickard Straus, Financial Mail On Sunday Published: 21:50 GMT, 26 November 2022 | Updated: 21:50 GMT, 26 November 2022 High street banks are trading on savers’ ‘ignorance and inertia’ and should face … Read more
Following the Bank of England’s decision to up the base rate earlier today, a number of savings providers have responded in kind. The Monetary Policy Committee increased the base rate for the seventh time since December – by 0.5 percentage points to 2.25 per cent. Although, most savers will be unlikely to see any changes immediately, … Read more
Average working household would run out of money in just 19 DAYS if they lost their income… while 2MILLION end the month with nothing to spare The number of ‘days from the breadline’ shrunk from 24 in 2020 to only 19 now Most people overestimate by six weeks how long they could go without income Almost … Read more