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
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
The start of a new year is a popular time for people to review their finances and plan for the year ahead. So what does the early part of 2021 have in store? AJ Bell analysts Tom Selby and Laith Khalaf consider the changes that – for better or worse – will affect the personal … Read more
Make sure fees don’t shrink your profits… as City watchdog warns too many savers are losing out by not investing FCA says too many nest eggs in ordinary cash accounts paying below inflation It believes more people could benefit from investing if they took financial advice Their report found 37% of savers with more than £10,000 … Read more
In a test of people’s knowledge of interest rates, inflation and investments, just 24 per cent of Britons received full marks, new research reveals. Financial literacy was highest among the 60-69 age group, with 43 per cent able to answer all questions correctly, which suggests people learn more as they gain experience of everyday money … Read more
VICTORIA BISCHOFF: If NS&I axes cheques, what’s to stop other banks from following suit? By Victoria Bischoff for the Daily Mail Published: 22:01 GMT, 1 December 2020 | Updated: 22:01 GMT, 1 December 2020 News that NS&I has delayed plans to axe Premium Bond prize cheques will come as an enormous relief to millions of … Read more
Fury as older Premium Bond savers ‘abandoned’: Tide of protest as savings giant NS&I moves to axe cheques and go online when its customer service is already in chaos NS&I wants to start paying all winnings directly into customer accounts It says cheques will be sent out only in the ‘most exceptional’ circumstances Customers must … Read more
Up to 25million savers with National Savings and Investments are likely to see the interest paid on their money plummet today, if they haven’t already shifted it elsewhere. The Treasury-backed bank is hitting savers hard to seemingly try and force them out the door after they deposited £38.3billion into it between April and September, shattering its … Read more
NS&I is today accused of turning its back on millions of older savers as it forces them online while its customer service operation falls apart. National Savings and Investments (NS&I) wants more customers to use its website, and will soon stop sending Premium Bond prizes in the post after more than 60 years. However, the … Read more
All Don Forsyth wants to do is unlock the money tied up in an old pension he had forgotten about. But because the pension comes with valuable guarantees and is worth more than £30,000, he needs to pay a financial adviser to sign it off. Yet the trouble is, the 61-year-old cannot find one willing … Read more