Lifetime Isa savers may still lose their own money to tap savings… as the taxman proves slow to update its system after rule change victory The Treasury is cutting the Lifetime Isa penalty from 25% to 20% until April 2021 Savers who need to access the money now won’t be charged their own money They … Read more
Bonfire of fixed-rate savings accounts: Best buy offers up in smoke as providers blame coronavirus for pulling deals Some 62 one, two, three and five-year fixed-rate deals have gone since March Savings rates have continued to slide since the coronavirus hit Britain Challenger bank Aldermore pulled all its non-easy-access deals from sale It said the … Read more
Savers were potentially handed more bad news today with the Bank of England suggesting base rate could remain close to historically low levels over the next few years. While policymakers kept the base rate, which helps determine borrowing and savings rates, at 0.1 per cent today, it forecast it could increase to just 0.2 per … Read more
Savers who signed up to top easy-access deals as little as six months ago are finding the rates paid on their savings slashed as banks make cuts to their back books. While the best on-sale easy-access rate has fallen by 0.11 percentage points over the last month, challenger banks and building societies which pay the … Read more
Nationwide Building Society lost its current switching crown to digital challenger Monzo in the final three months of last year, new figures show. Furthermore, the highest number of people in four years switched their bank accounts in March, according to the Current Account Switch Service. It found 113,037 people switched accounts last month, the most … Read more
Treasury throws a lifeline to savers facing financial difficulties due to Covid-19 by reducing exit fees By Sylvia Morris For The Daily Mail Published: 22:01 BST, 5 May 2020 | Updated: 23:35 BST, 5 May 2020 Savers facing financial difficulties due to Covid-19 have been thrown a lifeline. In a welcome move, HM Treasury has … Read more
Nationwide savers forced to wait weeks to transfer Isas after building society slashes rates across the board By Money Mail Reporter For The Daily Mail Published: 22:01 BST, 5 May 2020 | Updated: 22:01 BST, 5 May 2020 Nationwide has cut the rate on its Future Saver account by 2.5 points Nationwide customers are having … Read more
Victory! Treasury will now allow aspiring first-time buyers dented by lockdown to tap into Lifetime Isas without penalty – just days after we raised concerns On Tuesday, we reported young savers would be penalised The DWP expects people to use Lifetime Isa cash before they can get benefits But the Treasury did not adjust the … Read more
Santander unleashes another 123 current account rate cut on the SAME DAY another one bites, costing customers hundreds of pounds in lost interest Santander today cut the interest rate on 123 accounts from 1.5% to 1% It has handed savers more bad news with a cut to 0.6% in August Savers with £20,000 in the … Read more
Millions of Britons are either dipping into their savings or getting into debt as their incomes are being dented by the coronavirus pandemic, a new survey has showed. 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 … Read more