Money-saving expert Martin Lewis shares a guide to mastering your lockdown finances

Martin Lewis has shared his comprehensive guide to everything you need to know about personal finances during the third national lockdown.  With many already struggling to cope under the tighter restrictions in the UK, the money saving expert has offered advice on what support is available to Britons across the country.  His guide, shared in his … Read more

Savers withdrew staggering £6.2bn from NS&I accounts in November

Savers withdrew a staggering £6.2bn from NS&I accounts in November after rate cuts… as January’s Premium Bonds winners are named UK households saved more with banks and building societies during the month  They put £17.6bn in cash accounts, up 38% from £12.7bn saved in October A woman from West Scotland and a woman in Barnet … Read more

Fear of bank closures as lockdown lessens use of cash

Fear of more bank branch closures as lockdown lessens use of cash Nearly a third of consumers have stopped using cash since the initial lockdown  Some 28% said they have stopped using cash machines altogether  By Jeff Prestridge for The Mail on Sunday Published: 22:21 GMT, 2 January 2021 | Updated: 22:21 GMT, 2 January … Read more

Will 2021 see the end of free banking as banks struggle to turn a profit?

At the start of September, buried in an otherwise nondescript update about changing terms and conditions, the digital bank Starling made an unusual announcement. From 4 November, the bank would ‘introduce an interest rate of -0.5 per cent on deposits over €50,000’ held in its euro account.  Starling had become the first British bank to … Read more

Save smarter in 2021: ‘Autosave’ apps can analyse bills and spending

Smarter ways to save in 2021: The ‘autosave’ apps that analyse your bills and spending to calculate how much you can squirrel away Plum & Chip are two such apps that can help you with potential savings  Some round up payments to the nearest pound and stash away the difference Others look at your spending … Read more

Cards for carers: New breed of bank accounts cuts the risk of fraud

Thousands of people now depend on others to do their shopping, withdraw cash and pay bills on their behalf because of the pandemic. But this has put them at a greater risk of fraud. Last year, there were 29,180 concerns raised over financial abuse, according to NHS records. And if you hand your bank card … Read more

What has the pandemic done to the future of payments in Britain?

There are not many things that had a better 2020 than the QR code. Although the scannable square barcode dates back more than 25 years, it became an everyday fixture this year thanks to the coronavirus pandemic. Pubs and restaurants digitised their menus and Britons across the country were asked to scan black and white … Read more

HMRC taxes interest savers haven’t received after plunging rates

Charged a tax bill for savings interest you weren’t paid? HMRC is still estimating earnings based on previous years despite 2020’s plunging rates Basic rate taxpayers can earn up to £1,000 a year in interest tax-free   Coupled with falling rates it means 95% of savers don’t pay tax on their returns However a Cambridgeshire man … Read more

HMRC taxes savings interest based on previous years despite rate fall

Tax bills for savings interest you weren’t paid? HMRC still estimating earnings based on previous years despite 2020’s plunging rates By Sylvia Morris For The Daily Mail Published: 22:00 GMT, 22 December 2020 | Updated: 22:25 GMT, 22 December 2020 Savers are facing baffling tax bills for interest they haven’t actually earned. HMRC estimates how … Read more

What will happen to FSCS protection on savings after Brexit?

Britain will keep its £85,000 savings guarantee after Brexit… but a fall in the pound means it’s currently less generous than the one in Europe The £85,000 FSCS limit will be kept after Brexit  The amount protected may not be adjusted until 2025 It has previously been linked to €100,000 worth of savings but the … Read more