A quarter of Britons have less than £500 saved despite a recent surge in people tucking cash away in the pandemic Some 13% of UK adults have no savings at all whilst 26% have less than £500 The figures indicate a widening of the financial wellbeing gap Many adults are saving less as spend more … Read more
Metro Bank cuts interest it pays on its savings accounts – and experts advise customers to shop around By Jeff Prestridge, Financial Mail on Sunday Published: 21:50 BST, 12 June 2021 | Updated: 21:50 BST, 12 June 2021 Metro Bank has taken an axe to the interest it pays on its savings accounts. In a … Read more
More than 700,000 savers could be paying too much tax after interest rates plunged to record lows. It is yet another blow for beleaguered savers already struggling to earn an income from their nest eggs. And long delays at HM Revenue & Customs (HMRC) means anyone attempting to correct their tax code and claw back … Read more
Parents saving for their children could be starving them of a sizeable savings pot by the time they turn 18, as research reveals many are failing to take advantage of higher-rate savings accounts. Some 34 per cent of parents have saved for their children in often low interest paying bank accounts over the last 12 … Read more
Perhaps you have lockdown savings sitting idle. If so, now could be the perfect time to consider overpaying your mortgage. Even an extra £100 a month could slash your total interest bill by nearly £10,000 — and clear your debt four years early. Britain’s band of ‘accidental savers’, who were forced to cut back on … Read more
An Australian landlord who sank his life savings into saving a 200-year-old British pub from closure is now facing deportation from the UK for taking a pay cut to save the failing business. Russell Young, 62, and his wife Tracie, 56, bought the Sun Inn in Failsworth, Greater Manchester in 2018 for £250,000 and paid … Read more
Best buy savings bank PCF suspends share trading as chief executive of 13 years resigns PCF Bank opened its doors in 2017 and often offers best buy savings rates The AIM-listed lender suspended trading in its shares on Wednesday It said it was reviewing its ‘financial controls and reporting processes’ It told This is Money … Read more
Emergency savings pot is something we could all benefit from – yet almost half of us are putting nothing aside By Toby Walne, Financial Mail on Sunday Published: 21:50 BST, 22 May 2021 | Updated: 10:58 BST, 23 May 2021 An emergency savings pot is something we could all benefit from – yet almost half … Read more
Savings rates might be slowly ticking up, but the cost of living is increasing even more quickly. Consumer price inflation more than doubled last month to 1.5 per cent, the Office for National Statistics said on Wednesday, leaving most savers with nowhere to go to avoid losing money in real terms. As a result, cash … Read more
After a rather stormy year for the stock market, a new threat has arrived to plague investors — inflation. Britain expects a spending boom as lockdown restrictions ease. Last week, Bank of England chief economist Andy Haldane predicted the economy will grow at its fastest since World War II. But experts warn that a surge … Read more