The number of savings accounts that now beat inflation have dropped four fifths thanks to a surprise rise in the cost of living. Inflation jumped to its highest level for four months in July, with the Consumer Price Index increasing from 0.6 per cent to one per cent, according to the Office for National Statistics. … Read more
Already pitiful savings rates have been slashed by nearly TWO THIRDS during the coronavirus pandemic and continue to set record lows Average savings rates have been slashed for the fifth consecutive month Coronavirus pandemic has seen fewer savings options available Easy-access accounts tumbled from 0.56% in March to 0.22% this month By Grace Gausden For … Read more
Child savers are missing out on £3 million a year after High Street banks took the axe to Junior Isa rates. Families poured about £555 million into cash Junior Isas (Jisas) last year. But the average rate is now down to 1.91 per cent from 2.46 per cent in January, according to data firm Moneyfacts. … Read more
Banking customers unable to visit a branch are being forced to wait for hours on the phone, a Money Mail investigation reveals. It is the latest blow for customers struggling to get a basic banking service in the pandemic, thanks to heavily restricted hours at High Street branches. Lloyds and NatWest have also paused or … Read more
More green shoots have appeared in the savings market as the recent revival in fixed-term savings rates has continued over the last week. Challenger banks have continued to increase their rates on short-term fixed-rate deals while best buy tax-free Isas have also been launched. Experts said the presence of Treasury-backed National Savings & Investments at … Read more
Signs of ‘slight green shoots’ amid savings gloom as challenger banks launch new best buy fixed-rates Savings rates on all accounts have collapsed since March due to coronavirus Over the last few weeks some banks have upped their fixed-rates Experts say these ‘baby steps’ suggest a ‘slight revival’ in fixed-rate bonds By George Nixon For … Read more
Banks have been slammed for failing to resume normal opening hours, with some branches only open for a mere four hours a day. Many branches restricted services during lockdown as they battled staff shortages, with some closing their doors altogether. It has meant customers have been forced to queue around the block, with some being … Read more
Current account customers who switch to Halifax using the official service can get a £100 bonus from today, in a move that might help revive competition among banks and building societies. 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 … Read more
Another record month for Premium Bond buys: Billions more are now in the draw – does it make the odds of winning a £1m jackpot far slimmer? Savers have poured billions of pounds into Treasury-backed NS&I since March The bank is effectively propping up savings rates and hoovering up billions There were 6.2bn £1 Premium … Read more
Current account competition collapses thanks to coronavirus: More people moved bank in March than the next three months of lockdown Just 98,192 accounts were switched between April and June – a 65% fall Banks closed accounts to new customers and withdrew switching bonuses Figures for the first three months of this year found Santander shed … Read more