Thousands of us have picked up a surprise savings habit in lockdown, a Money Mail survey reveals today. The coronavirus crisis has inflicted job losses and pay cuts – and still threatens to kill off many struggling businesses. But despite the doom and gloom, many Mail readers have found they are saving hundreds of pounds … Read more
You can still get a 1.5% savings rate despite the Marcus cut, but there’s an ill wind blowing for savers, says SIMON LAMBERT By Simon Lambert for Thisismoney.co.uk Published: 06:00 BST, 5 September 2019 | Updated: 08:48 BST, 5 September 2019 Whether a 1.5 per cent savings rate can fall under the banner of all … Read more
Savers desperate to switch Isa deals lose out to costly delays as banks and building societies cut rates almost daily By Sylvia Morris For The Daily Mail Published: 22:01 BST, 26 May 2020 | Updated: 22:01 BST, 26 May 2020 Savers desperate to move their Isa money to a better-paying account are suffering long delays … Read more
We learned two things last week about the impact of Covid-19 on the nation’s finances. One was that the increase in the national debt is likely to be larger than even the pessimists expected. The other was that it will mostly be savers who will have to take on the burden of paying it off. … Read more
The banks giving savers ZERO interest: As the Bank of England says rates may go negative, there are already hundreds of accounts paying less than 0.01% Some 214 easy-access accounts pay savers 0.01% and six pay nothing Savings rates have tumbled over the last few months due to coronavirus Average rate has fallen from 0.62% … Read more
Fears savers will end up paying double tax if forced to dip into pensions early in the coronavirus crisis By Ben Wilkinson for the Daily Mail Published: 22:01 BST, 19 May 2020 | Updated: 22:01 BST, 19 May 2020 Former pensions minister Steve Webb warns that overtaxing on pension withdrawals will be worse in lockdown … Read more
Savers opt for an old favourite: NS&I now offering many of the best deals as banks and building societies continue to slash rates By Sylvia Morris For The Daily Mail Published: 22:01 BST, 19 May 2020 | Updated: 22:01 BST, 19 May 2020 Savers who are not online can now look to old favourite NS&I … Read more
The great savings squeeze continues: Average one-year fixed rate now pays less than 1% as banks axe deals – will short-term accounts head even lower? The average one-year fixed-rate bond pays 0.99% and Isa 0.91% This is a fall of 0.16 and 0.23 percentage points since March respectively Savings rates have been falling this year … Read more
Will the best savings account soon pay less than 1%? Savers at the mercy of inflation as market-leading easy-access rate is slashed from 1.20% to 1.05% RCI Bank – which funds Renault car finance deals – followed Marcus Bank The Goldman Sachs-backed bank cut its easy-access rate to 1.05% on Tuesday Ford Money pulled a … Read more
Beware the early pension tax trap: Savers told not to make unnecessary early withdrawals By Ben Wilkinson for the Daily Mail Published: 22:00 BST, 12 May 2020 | Updated: 00:15 BST, 13 May 2020 Savers are being warned not to make unnecessary early withdrawals from their pensions or risk triggering a costly tax trap. With … Read more