Some of Britain’s biggest banks have slashed the returns on children’s savings accounts just months after the Chancellor handed parents a boost to the tax-free Junior Isa allowance. Halifax and Lloyds Bank cut Junior Isa rates from 3 per cent and 2.5 per cent to 2.45 per cent and 1.95 per cent respectively in a … Read more
Lloyds Bank will let customers cancel monthly subscriptions like television streaming and food boxes in its app with three quick clicks The bank with 11m mobile customers will launch the service after a pilot Subscription services boomed in lockdown It said it would eventually alert people prior to their free trial running out to avoid … Read more
Coronavirus lockdown taught us to spend less…and save more By Rachel Wait, Financial Mail On Sunday Published: 21:57 BST, 11 July 2020 | Updated: 22:40 BST, 11 July 2020 As lockdown restrictions finally ease and life begins to feel more ‘normal’, a number of financial lessons have been learnt along the way. We highlight six. … Read more
Checkout time for Tesco Bank customers? Popular current account now pays ZERO interest just a year after it slashed rate from 3% to 1% The bank currently pays 1% a year on balances of up to £3,000 – £30 a year It already cut the rate once last June from 3% It is the latest … Read more
Cash Isas loose their sparkle: Dismal returns mean you can now earn more with an ordinary savings account By Sylvia Morris For The Daily Mail Published: 22:01 BST, 7 July 2020 | Updated: 22:01 BST, 7 July 2020 Savers are pulling cash out of Isas at a record pace after rates plummeted. The dismal returns … Read more
Londoners come out top of the lockdown savers with 38% saying they have managed to lay more cash aside By Money Mail Reporter For The Daily Mail Published: 22:01 BST, 7 July 2020 | Updated: 22:01 BST, 7 July 2020 31 per cent of people nationwide said they had managed to save more during lockdown … Read more
Experts have warned that hard-up savers face more misery with providers likely to shave even more off the tiny returns currently on offer. Bankers and industry experts said the combination of a record low base rate of 0.1 per cent, cheap Bank of England cash in the form of quantitative easing, a fall in mortgage … Read more
Goldman Sachs’ Marcus bank looks for an Isa boss as it confirms tax-free savings accounts will launch soon… but only for existing savers Marcus launched a one-year fixed-rate account at the end of March It has previously said it will likely launch new savings accounts It posted a job advert on LinkedIn for an Isa … Read more
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 online. The 50p was allegedly sold in mid-June after a 41-bid 10-day auction on eBay, and supposedly changed hands for around … Read more
The city regulator today effectively gave the green light to banks to reintroduce overdraft rates of nearly 40 per cent within weeks, despite the coronavirus pandemic potentially leaving millions struggling financially. The Financial Conduct Authority announced it would not launch an investigation into overdraft changes announced by banks, nor would it require lenders to continue … Read more