Money: latest news
09 May 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Use Tesco Clubcard vouchers before 31 May
Tesco shoppers have less than a month left to use almost £17 million worth of Clubcard vouchers before they expire for good. The vouchers, which were first issued in May 2022, are only valid for two years, and so can no longer be used after midnight on 31 May. Vouchers can either be used to get discounts off your shopping, or you can double their value if you put them towards rewards such as restaurant vouchers, or theme park days out. Learn more about shop loyalty schemes in our guide Shop loyalty schemes: What are your points worth?
Virgin Money launches new current account switching offer
Virgin Money is giving switchers to all three of its current accounts a bonus interest rate of 10% gross on current account balances up to £1,000 for a year from 1 July 2024 until 30 June 2025. The Virgin Money M Plus account and Club M account already offer 2% annual interest, which means switchers will earn total interest of 12% over the year. The accounts also offer cashback on everyday spending and access to exclusive savings rates and offers. To qualify, new customers must open a Virgin Money current account online or in store by 31 May. Find out more at Virgin Money.
Nearly half of over-55s unaware they can choose pension investments
Almost half (49%) of workers aged 55 and older who have a defined contribution pension are unaware of what their pension is invested in. Research carried out by Wealth at Work found that 44% of over 55s said they were unaware that their pension had a choice of investment funds, even though this could have a significant impact on the amount you end up with at retirement. Learn more in our article Where is my pension invested?
More mortgage choice for landlords
The number of buy-to-let mortgage products increased from 2,844 to 2,883 between the start of March and the start of April, according to recent analysis from Moneyfactscompare.co.uk. Although there were more products available at the start of the year (3,114), there are now more deals to choose from than at the same time last year when there were just over 2,600 available. Learn more about buy-to-let mortgages and how they work in our guide Understanding buy to let mortgages.
Beware fake stamps
Royal Mail has asked customers to watch out for fake stamps that are currently circulating. These stamps tend to have an unusually shiny surface, unusual colouration or perforations that are inaccurate – although some fake stamps are incredibly difficult to distinguish from the real thing. Customers should avoid buying stamps online unless it’s through the Royal Mail website. If you think you have purchased counterfeit stamps, contact the Royal Mail customer service team on 03457 740 740.
House prices fall as lenders raise rates
House prices fell 0.4% month on month in April, according to Nationwide’s latest House Price Index, the second consecutive month that property prices have dropped. They are currently around 4% lower than their peak in the summer of 2022. The numbers come after a series of lenders hiked their mortgage rates, amid speculation that we might not see the Bank of England cut the base rate until August at the earliest. Find out more in our guide What do falling house prices mean for my mortgage?
Money: latest news
2 May 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
New online tool launched to make State Pension top ups easier
The government has introduced a new online service to make it easier for people to make voluntary national insurance (NI) contributions if they want to boost their State Pension. The tool can be accessed at GOV.UK and you’ll need your Personal Tax Account log in details. If you don’t have an account with HMRC, you can register for one here. You won’t be able to use the tool if you’re already claiming your State Pension or if you want to fill gaps from when you were self-employed or working overseas. Learn more in our article Is it worth paying to top up your State Pension?
Inheritance Tax receipts hit £7.5 billion
The taxman raked in £7.5bn from Inheritance Tax (IHT) between April 2023 and March 2024 – an increase of £400,000 compared to the previous year. If you’re concerned that your estate might be liable to IHT when you die, there are various steps you can take to reduce potential bills. For example, everyone has an annual exemption of £3,000 they can give, as well as gifts out of regular income. Find out more about keeping inheritance bills down in our guide Six ways to reduce inheritance tax bills.
Mortgage rates on the up
Recent days have seen a flurry of lenders increase their mortgage rates amid ongoing uncertainty surrounding when the Bank of England might reduce the base rate. NatWest, NatWest and Royal Bank of Scotland have all raised selected rates by as much as 0.22%. At Santander, some of the residential rates are now up to 0.20% higher and its buy-to-let (BTL) offerings are now up to 0.25% higher. If you’re considering remortgaging soon, it could pay to act sooner rather than later. Learn more in our guide Five good reasons to remortgage right now.
Tesco launches ‘Clubcard Challenges’
Tesco is inviting three million Clubcard holders to take part in “Clubcard Challenges” which consists of 20 personalised tasks and allows you to get an extra £50 worth of extra Clubcard points. For example, customers will be asked to “spend £20 on our Summer BBQ range over the next six weeks” or “spend £10 on plant-based meals”. Shoppers can choose the 10 tasks they most want to complete and they’ll get a maximum of £50 worth of extra Clubcard points if they finish them all, which can be doubled to £100 points to £100 if they spend them with a Tesco reward partner. The Clubcard Challenges scheme starts on May 20 and runs for six weeks. Find out more at Tesco.
Barclaycard reduces minimum credit card repayments
Barclaycard is reducing the minimum repayments many of its credit card customers have to repay from 22 July 2024. Currently, most types of Barclaycard require you to repay the highest of either 3.75% of your balance, or 2.5% of your balance plus interest, or £5. However, from July, you’ll either have to pay back 1% of your balance, 1% of your balance plus interest, or £5. Whilst this will mean lower monthly costs for those only making minimum repayments, debts will take much longer to pay off and customers will end up paying back more interest overall. Find out how to clear your balance quickly in our guide How to pay off your credit card.
Get a National Trust family day pass worth around £50 for £1.40
The Daily Express is offering a voucher in copies of the paper until May 5 which provide one-time free entry to a National Trust attraction of your choice. The voucher, which you need to cut out to use, covers admission for two adults and up to three children (or one adult and up to four children). A National Trust day family pass is normally around £50 and the newspaper is £1.40 on a weekday.This pass is single-use and is valid once from the date of issue until June 14.
Money: latest news
25 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
2 for 1 entry to gardens and free seeds with magazine
Buy the May issue of BBC Gardeners’ World magazine which is on sale now and you’ll get four free packets of seeds worth around £10. The magazine, which costs £9.50, is available in newsagents, but if you can’t find a copy you can order it online at Mags Direct for £9.99, which includes 49p postage. The May edition of the magazine also comes with a 2-for-1 entry card to more than 407 gardens across the UK, including 72 National Trust Gardens, Haddon Hall and Leeds Castle. The card is valid until April 2025.
eBay scraps selling fees on clothes
Auction site eBay has scrapped selling fees on new and used clothes, regardless of the price they’re listed at. The change applies to all clothes, even if they were listed prior to April 8, which is when fees on clothes were removed. Bear in mind, however, that you’ll still have to pay the usual 13.22% ‘final value’ fee, plus 30p per sale, on any accessories you sell. This includes things like shoes, jewellery, bags, hats and other accessories. If you’re selling trainers, the fee is 8.42% plus 30p. Find out more about selling unwanted clothes and other items in our guide How to make money from your clutter.
Over-50s living in fear of scams
Almost a fifth of over 50s in the UK, equivalent to 4.9 million people, fear answering their phones because of scams, according to new Age UK research, while 2.9 million over 50s fear opening their doors for the same reason. The charity is warning that particularly those who live alone or with cognitive impairment are at greater risk becoming victims to certain scams, with many people who are victimised experiencing a deep sense of shame, embarrassment, depression, social isolation and a decline in physical health. Find out more about scams and how to protect yourself in our article Latest scams to watch out for in 2024.
Have you transferred to Universal Credit?
If you’re currently receiving so-called ‘legacy benefits’ such as Income Support, Tax Credits and Housing Support, you’ll be contacted by the Department for Work and Pensions (DWP) between April and July and asked to transfer over to Universal Credit, which is replacing these benefits. Once you’ve received your Migration Notice from the DWP, you’ll have three months to submit your Universal Credit claim. Don’t delay, or you could risk losing your benefit entitlement. Find out more at GOV.UK.
Rising number of pension pots over £50,000 being fully withdrawn
There has been a significant increase in the number of full withdrawals of pensions worth over £50,000 that could trigger potentially large tax bills, according to analysis of FCA data carried out by NFU Mutual. There were 17,869 full withdrawals of pensions over £50,000, the research found. Worryingly, nearly three-quarters of these withdrawals were taken without seeking financial advice. Find out more about tax and pension withdrawals in our guide How much tax will I pay when I withdraw my pension? and about the importance of advice in our article When should I get pension advice?
Amex offers £75 bank on spending at selected hotels
American Express are offering card members the chance to receive £75 back on statement credit when they make a minimum payment of £300 (in one transaction) at selected hotels, including MalMaison, Cafe Royal, Clermon and Doyle Collection hotels. Customers can take advantage of the offer, which is available up until 1 June 2024, no more than 19 times, once per participating hotel brand. Find out more at Amex Stays.
Money: latest news
18 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Beware holiday scams
Victims of holiday scams risk losing an average of £765, up 4% on last year, according to research carried out by Lloyds Bank. Flight tickets are the most common fake item sold relating to holidays, with scammers creating fake ads for cheap flight deals or luring unsuspecting victims by pretending to sell airline tickets they can no longer use themselves. They will offer the ticket for a cheap price and ask for a fee to change the name on the ticket, but once money is sent to them, they disappear and no ticket ever materialises. Nearly half of holiday scams start on Facebook (including Marketplace) with fraudsters also using Airbnb and Booking.com to lure victims. Find out more about holiday scams and how to avoid them in our article Holiday scams and how to avoid them.
Shawbrook launches market-leading fixed rate cash ISA
Shawbrook has introduced a new market-leading one-year fixed rate cash ISA paying a leading rate of 4.91% before tax. The account can be opened with a minimum opening deposit of £1,000, and unlike many other fixed-rate ISAs, savers can add to the account without restrictions. It also allows withdrawals during the fixed rate term, subject to a 90-day loss of interest. Savers can open and manage this ISA online, or it can be managed by phone. You can find all the best cash ISA rates currently available in our guide Best cash ISA rates – which cash ISAs pay the most interest?
Nearly 7 million over-50s have no private pension
A third of women over 50 are relying on the state pension alone to provide them with an income in retirement, according to research by SunLife. Even with the £17.35 a week hike earlier this month, this is not enough even for a ‘minimum’ standard of living in retirement. The insurer’s research found that women are more than 50% more likely to be relying on the state pension alone than men, and that almost 7 million people over 50 have no private pension, putting them at risk of retirement poverty. Find out why it’s not too late to start a pension in our article Five reasons why it’s not too late to start saving into a pension.
Use Subway Reward points before they expire in May
If you’re a Subway Rewards member, you’ve got until 14 May to redeem your Rewards points before Subway launches its new loyalty scheme and app the following day. You can redeem your points at any Subway store, but if you only have a physical loyalty card, you’ll need to download the Subway app and log in with your existing account details to redeem points. Once you have the app, you can choose the item you want to claim by going to ‘Rewards’ within the app. Click on redeem and you’ll be given a QR code which can be scanned at the till. Learn more at Subway Rewards.
Stop and think before accessing your retirement savings
Savers are being urged to ‘stop and think’ before accessing their retirement pot during ‘peak withdrawals season’ in April, May and June. Flexible pension withdrawals traditionally spike at the start of the tax year, as savers take advantage of new tax allowances, but withdrawing too much too soon increases the risk of running out of money early. According to analysis by AJ Bell, if a healthy 55-year-old with a £100,000 pension pot withdraws £5,000 a year, increasing annually in line with inflation at 2%, and who enjoys 4% annual investment growth after charges, could see their fund run out by the time they reach the age of 80. Learn more in our guide Four big risks of dipping into your pension.
Risk a £500 fine from June if your cat isn’t microchipped
All cats in England must be microchipped by the time they reach 20 weeks old or owners risk being slapped with a £500 fine, under new regulations that will apply from June 10. According to Go.Compare Pet Insurance, 22% of cats in England aren’t currently microchipped, and owners have less than two months to arrange for them to have one fitted by a trained professional. Microchips store data about your pet on a database, making it easier to access essential information about them, and enabling vets to get in contact with owners if a cat is found. Learn more about the new rules in our article here.
Money: latest news
11 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Beat the NHS prescription hike!
NHS prescription charges in England are increasing from Wednesday 1 May, but there may be a way for you to beat the hikes. The cost of a single prescription will increase by 25p from £9.65 to £9.90 an item from this date, but if you need more than one several prescriptions each month, you may be able to save by getting a prescription ‘season ticket’. For example, this could potentially save you more than “00 a year if you need three prescriptions a month. Find out more in our article How to save on NHS prescription costs.
Triple lock leaves pensioners £800 better off
Pensioners will be over £800 a year better off from this April as a result of the triple lock, according to research by Standard Life, part of Phoenix Group. The analysis examined how payments would have increased if they were uprated by inflation alone versus the triple lock over the last three years and highlights just how valuable the guarantee is. The State pension will rise to £11,500 from 6th April, with the increase in line with September’s inflation figure. If it had risen by inflation alone in the last three years, it would only have increased to £10,673 – over £800 less. Find out more in our article What is the pension triple lock?
Asda offers £20 Asda pounds to new credit card customers
Customers opening a new Asda Money Credit Card or Asda Money Select Credit Card, provided by digital lender Jaja Finance, before 13 May will receive £20 Asda pounds to use in-store or online. To qualify, cardholders must spend at least £50 on their credit card and set up a Direct Debit within the first 60 days of opening the account. Shoppers will also receive 1% of every £1 spent at Asda on groceries, fuel, George.com and other Asda services and 0.3% of every £1 spent on purchases outside of Asda. Find out more at Asda Money.
Unsecured debt at highest level for a decade
The average amount of unsecured debt has reached its highest level since 2013, standing at £14,654 in 2023, up from £13,563 in 2022, according to charity StepChange. This rise has mainly been driven by higher amounts of credit card and personal loan debts. The average amount of household arrears among StepChange clients has risen to £3,124, up from £2,833 in 2022. If you’re struggling to manage your debts, our guide Six steps to take control of your debts in 2024 may help.
NS&I’s British Savings Bonds go on sale
NS&I’s British Savings Bonds, announced in the Spring Budget, have gone on sale. They offer savers a guaranteed interest rate fixed over three years for investments between £500 and £1 million. The Guaranteed Growth Bond option pays 4.15% annual interest before tax and the Guaranteed Income Bond pays 4.07% before tax. However, there are other fixed rate accounts offering higher interest rates. Find out more in our guide Fixed rate savings bonds explained.
Last chance to get free crumpets at Morrisons Cafes
Morrisons and Warburtons free crumpet offer finishes on April 14, so there are just a few days left to take advantage. Simply ‘Ask for Ellen’ at any Morrisons Cafe and you’ll receive two free Warburtons crumpets with butter and jam, no questions asked. y. There’s no minimum spend and both adults and children can claim the deal in any of Morrisons’ 397 cafes. Only one portion of crumpets per person can be claimed each day. Find out more at Warburtons.
Money: latest news
04 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Last chance to use this year’s ISA allowance
The current 2023/24 tax year finishes on 5 April, so if you’ve yet to use your tax-efficient individual savings account (ISA) allowance, you’ll need to get your skates on or you’ll lose it for good. You can pay up to £20,000 into ISAs this tax year, either into stocks and shares, cash or an innovative finance ISA, which invests in peer-to-peer lending, and returns will be free of income tax and capital gains tax (CGT). Alternatively you can split your allowance between a combination of these. Find out more about ISAs in our guide Everything you need to know about ISAs.
First Direct offers £175 switching bonus
First Direct has introduced a new £175 switching bonus to customers transferring to its 1st current account using the Current Account Switching Service. To qualify for the £175 switching bonus you must pay £1,000 or more into the account within three months of opening it. Anyone who has previously had a First Direct current account, or opened an account with its sister bank HSBC, won’t be eligible. Opening the 1st current account will give you access to First Direct’s Regular Saver account paying 7% annual interest before tax. Find out more at First Direct.
State pension to rise by 8.5% from 6 April
The new flat State Pension will increase by 8.5% to £221.20 per week from 6 April in line with the triple lock. Under the triple lock guarantee, the State Pension is guaranteed to rise by the highest of either September’s inflation figure, earnings growth, or 2.5%, so in the new tax year it will rise by 8.5% in line with earnings in April. However, even with the rise, the new full State Pension will still fall short of the minimum standard of living, estimated at over £14,400 a year for a single retired household, according to the Pensions and Lifetime Savings Association (PLSA). Read more in our article How much has the State Pension gone up by?
Inheritance tax hits £7.54 billion record high
The government is set to collect record inheritance tax receipts of £7.54 billion for the 2023/24 tax year, according to HMRC data. This exceeds the previous record high of £7.1 billion collected in 2022/23. Between April 2023 to February 2024, HMRC took £6.8 billion in inheritance tax, already £400m higher than the same period a year earlier. The inheritance tax nil-rate bands remain frozen at £325,000 for individuals and £650,000 for married couples until April 2028. Find ways you might be able to legitimately reduce this tax in our article Six ways to reduce inheritance tax bills.
Nearly one in three over 55s do not have a will
Nearly a third (30%) of those 55 or over do not have a will and one in ten (9%) have no plans to make one, according to latest research from Canada Life. The top reason for not making a will is believing you don’t have enough assets or wealth to make writing a will important (26%). Others feel they have plenty of time to make a will (23%), while many UK adults avoid the topic of wills altogether as they don’t want to think or talk about death (15%) or deal with solicitors (8%). Some simply do not want to pay for a will (14%) even though it could make life a lot easier for their loved ones. Read more in our article The importance of writing a will.
Do you know how much you’re paying to use your mobile abroad?
Mobile customers will be better protected against unexpected roaming charges while using their phone abroad and at home, under new rules introduced by regulator Ofcom. Following the UK’s exit from the European Union, EU ‘roam like at home’ rules – and UK law requiring mobile operators to alert customers of roaming charges – ceased to apply. Since then, many operators have voluntarily continued to send their customers alerts. However, a review by Ofcom found that nearly one in five (19%) holidaymakers are unaware they could face extra charges when using their phone abroad. Providers now must send roaming alerts to mobile customers when they’re travelling abroad and provide charging information.
Money: latest news
11 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Beat the NHS prescription hike!
NHS prescription charges in England are increasing from Wednesday 1 May, but there may be a way for you to beat the hikes. The cost of a single prescription will increase by 25p from £9.65 to £9.90 an item from this date, but if you need more than one several prescriptions each month, you may be able to save by getting a prescription ‘season ticket’. For example, this could potentially save you more than “00 a year if you need three prescriptions a month. Find out more in our article How to save on NHS prescription costs.
Triple lock leaves pensioners £800 better off
Pensioners will be over £800 a year better off from this April as a result of the triple lock, according to research by Standard Life, part of Phoenix Group. The analysis examined how payments would have increased if they were uprated by inflation alone versus the triple lock over the last three years and highlights just how valuable the guarantee is. The State pension will rise to £11,500 from 6th April, with the increase in line with September’s inflation figure. If it had risen by inflation alone in the last three years, it would only have increased to £10,673 – over £800 less. Find out more in our article What is the pension triple lock?
Asda offers £20 Asda pounds to new credit card customers
Customers opening a new Asda Money Credit Card or Asda Money Select Credit Card, provided by digital lender Jaja Finance, before 13 May will receive £20 Asda pounds to use in-store or online. To qualify, cardholders must spend at least £50 on their credit card and set up a Direct Debit within the first 60 days of opening the account. Shoppers will also receive 1% of every £1 spent at Asda on groceries, fuel, George.com and other Asda services and 0.3% of every £1 spent on purchases outside of Asda. Find out more at Asda Money.
Unsecured debt at highest level for a decade
The average amount of unsecured debt has reached its highest level since 2013, standing at £14,654 in 2023, up from £13,563 in 2022, according to charity StepChange. This rise has mainly been driven by higher amounts of credit card and personal loan debts. The average amount of household arrears among StepChange clients has risen to £3,124, up from £2,833 in 2022. If you’re struggling to manage your debts, our guide Six steps to take control of your debts in 2024 may help.
NS&I’s British Savings Bonds go on sale
NS&I’s British Savings Bonds, announced in the Spring Budget, have gone on sale. They offer savers a guaranteed interest rate fixed over three years for investments between £500 and £1 million. The Guaranteed Growth Bond option pays 4.15% annual interest before tax and the Guaranteed Income Bond pays 4.07% before tax. However, there are other fixed rate accounts offering higher interest rates. Find out more in our guide Fixed rate savings bonds explained.
Last chance to get free crumpets at Morrisons Cafes
Morrisons and Warburtons free crumpet offer finishes on April 14, so there are just a few days left to take advantage. Simply ‘Ask for Ellen’ at any Morrisons Cafe and you’ll receive two free Warburtons crumpets with butter and jam, no questions asked. y. There’s no minimum spend and both adults and children can claim the deal in any of Morrisons’ 397 cafes. Only one portion of crumpets per person can be claimed each day. Find out more at Warburtons.
Money: latest news
04 April 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Last chance to use this year’s ISA allowance
The current 2023/24 tax year finishes on 5 April, so if you’ve yet to use your tax-efficient individual savings account (ISA) allowance, you’ll need to get your skates on or you’ll lose it for good. You can pay up to £20,000 into ISAs this tax year, either into stocks and shares, cash or an innovative finance ISA, which invests in peer-to-peer lending, and returns will be free of income tax and capital gains tax (CGT). Alternatively you can split your allowance between a combination of these. Find out more about ISAs in our guide Everything you need to know about ISAs.
First Direct offers £175 switching bonus
First Direct has introduced a new £175 switching bonus to customers transferring to its 1st current account using the Current Account Switching Service. To qualify for the £175 switching bonus you must pay £1,000 or more into the account within three months of opening it. Anyone who has previously had a First Direct current account, or opened an account with its sister bank HSBC, won’t be eligible. Opening the 1st current account will give you access to First Direct’s Regular Saver account paying 7% annual interest before tax. Find out more at First Direct.
State pension to rise by 8.5% from 6 April
The new flat State Pension will increase by 8.5% to £221.20 per week from 6 April in line with the triple lock. Under the triple lock guarantee, the State Pension is guaranteed to rise by the highest of either September’s inflation figure, earnings growth, or 2.5%, so in the new tax year it will rise by 8.5% in line with earnings in April. However, even with the rise, the new full State Pension will still fall short of the minimum standard of living, estimated at over £14,400 a year for a single retired household, according to the Pensions and Lifetime Savings Association (PLSA). Read more in our article How much has the State Pension gone up by?
Inheritance tax hits £7.54 billion record high
The government is set to collect record inheritance tax receipts of £7.54 billion for the 2023/24 tax year, according to HMRC data. This exceeds the previous record high of £7.1 billion collected in 2022/23. Between April 2023 to February 2024, HMRC took £6.8 billion in inheritance tax, already £400m higher than the same period a year earlier. The inheritance tax nil-rate bands remain frozen at £325,000 for individuals and £650,000 for married couples until April 2028. Find ways you might be able to legitimately reduce this tax in our article Six ways to reduce inheritance tax bills.
Nearly one in three over 55s do not have a will
Nearly a third (30%) of those 55 or over do not have a will and one in ten (9%) have no plans to make one, according to latest research from Canada Life. The top reason for not making a will is believing you don’t have enough assets or wealth to make writing a will important (26%). Others feel they have plenty of time to make a will (23%), while many UK adults avoid the topic of wills altogether as they don’t want to think or talk about death (15%) or deal with solicitors (8%). Some simply do not want to pay for a will (14%) even though it could make life a lot easier for their loved ones. Read more in our article The importance of writing a will.
Do you know how much you’re paying to use your mobile abroad?
Mobile customers will be better protected against unexpected roaming charges while using their phone abroad and at home, under new rules introduced by regulator Ofcom. Following the UK’s exit from the European Union, EU ‘roam like at home’ rules – and UK law requiring mobile operators to alert customers of roaming charges – ceased to apply. Since then, many operators have voluntarily continued to send their customers alerts. However, a review by Ofcom found that nearly one in five (19%) holidaymakers are unaware they could face extra charges when using their phone abroad. Providers now must send roaming alerts to mobile customers when they’re travelling abroad and provide charging information.
Money: latest news
28 March 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
eBay to hike selling fees in April
Online auction site eBay is increasing its selling fees from April 8, so if you’re planning on having a Spring clear out, you may want to do so before costs increase. Currently eBay charges a final value fee of 12.8% including postage and plus 30p per order, when you sell an item, but this will rise to 13.22% in April. If you’re looking for the best ways to make money from things you no longer want, read our article How to make money from your clutter.
Worried about your blood pressure? Get it checked for free
If you’re aged 40 and over and live in England, you should be able to get a free blood pressure check at a local pharmacy. Bear in mind you can’t get a free blood pressure check if you already have high blood pressure or have had your blood pressure checked by a healthcare professional in the past six months. You can find a pharmacy that offers free blood pressure checks at NHS.uk.
Free crumpets at Morrisons are back
Morrisons and Warburtons have brought back their free crumpet offer for a limited period. Simply ‘Ask for Ellen’ at any Morrisons Cafe and you’ll receive two free Warburtons crumpets with butter and jam, no questions asked. The offer is available every day until April 14, subject to availability. There’s no minimum spend and both adults and children can claim the deal in any of Morrisons’ 397 cafes. Only one portion of crumpets per person can be claimed each day. Find out more at Warburtons.
Be on your guard against impersonation scams
Impersonation scams have risen by 13% in the past year, according to Lloyds Bank data, with the most dramatic spike seen in police officer impersonations. Remember that police officers will never call you to ask for personal information over the phone, and they won’t usually contact you from a mobile number. If you are contacted by someone supposedly from the police and you’re not sure if it’s a scam, ask to see identification and never hand over any money or bank details. Find out more about impersonation and other types of scams in our guide Latest scams to watch out for in 2024.
Do you know your savings rate?
More than two in five savers look for the top rate offered when choosing a savings account, according to research by Shawbrook Bank, yet nearly one in five (19%) have no idea what interest rate they’re actually earning. When looking for a savings account, start by checking how much interest you’re being paid on your existing savings. You can then work out whether it’s worthwhile switching or if in fact you’re already earning a competitive rate. Find out more in our article Could your savings be doing better?
Pet owners overpaying for medicine: How to cut costs
Pet owners may not be receiving basic information such as prices for medicine or the cost of treatment when they visit a vets practice before paying. According to The Competition and Markets Authority (CMA), which has checked thousands of vet websites, more than 80% don’t include any price details. This means owners may be significantly overpaying for medicines or prescriptions. You can find out how to cut the cost of medicine by buying it online and pet ownership in general in our article 11 ways to cut the cost of pet ownership.
Money: latest news
21 March 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Easter benefits payments to be paid early
If you are expecting a benefits payment on one of the Easter Bank Holidays you will likely receive your money early. If you are due your benefit on Good Friday (March 29) or on Easter Monday (April 1) then you should get paid on Thursday, March 28 instead. Remember that many benefit amounts are set to change at the beginning of the new tax year on April 6. You can see all the new rates and allowances in our guide How much will benefit rates change in 2024?
Mortgage arrears rise
The value of outstanding mortgage balances in arrears is over 50% higher than it was a year ago, according to latest data from the Bank of England and has jumped by nearly 10% (9.2%) in just one quarter. Many people are finding it difficult to keep up with repayments following a series of increases in the Bank of England base rate. Read our article What can you do if you can’t pay your mortgage? if you’re worried about falling behind with your mortgage payments.
One in three over-55s returns to work
A third (32%) of over 55s have gone back to work due to increased living costs, while a quarter (24%) found their pension was not sufficient to live off, research by Standard Life shows. Other retirees have returned to work or are considering doing so due to feeling bored (39%), lonely (19%) or unhappy (15%). If you’re looking for a full or part-time job, a career change after 50, or to find your purpose post-retirement, we have lots of job and volunteering roles available on our site with age-diverse employers and organisations.
Beware rising mortgage arrangement fees
The average product fee on fixed mortgage deals has risen by £46 since March 2023, according to analysis by Moneyfacts. Fixed rate mortgages charged an average fee of £1,095 a year ago, but this has now increased to £1,141. The proportion of fee-free mortgage deals fell from 43% in March 2023 to 35% at the end of February 2024. If you’re remortgaging, it’s vital to factor in arrangement fees rather than being swayed by the headline rate alone, as these can add substantially to the overall cost of a deal. Learn more in our guide Why the lowest rate mortgage may not be the cheapest deal.
Annuity rates continue to creep up
Rising interest rates in recent years have pushed annuity rates up, and they are continuing to increase, said Hargreaves Lansdown. A 65-year-old with a £100,000 pension could get themselves up to £7,430 per year from an annuity. This is based on a level, single life annuity with a five year guarantee. This is the highest since last October, and just under the highs experienced in the aftermath of the mini-Budget. This is despite the Bank of England keeping the base interest rate on hold at 5.25% for four consecutive months. Find out more about annuities in our guide Annuities Explained.
Inheritance tax shock for wealthy families
Tens of thousands of wealthy families faced tax bills of as much as £1.4m on lifetime gifts, after the person died within seven years of making the gift. They had attempted to use a rule that allows people to make gifts free of inheritance tax (IHT) if the person survives a further seven years. These gifts can be of any value, and are known as ‘potentially exempt transfers’ (PETs). However, a freedom of information request made by wealth manager RBC Brewin Dolphin to HM Revenue & Customs found that in the 2020-21 tax year 13,380 such PETs failed, and the estate had been charged IHT on the gift, as the giver had died within the seven-year period. Read more about ways to legitimately reduce IHT bills in our article Six ways to reduce Inheritance Tax bills.
Money: latest news
14 March 2024
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Stock up on stamps now to beat April price hikes
The cost of a first class stamp will increase from £1.25 to £1.35 for a standard letter from April 2, while the cost of sending a large letter is set to rise from 95p to £1.10. Second class stamp prices are also increasing in April, so it will cost you 85p to send a standard letter, up from 75p currently. The cost of sending a large second class letter will remain the same at £1.55. If you want to beat the price hikes, then you should stock up on stamps now before the price changes come into effect. As long as they just say either first or second class on them rather than a price, they will still be valid after prices go up.
New one-year fixed rate savings bond paying 5.27%
MBNA is offering a one-year fixed rate savings bond to savers with a minimum £1,000 deposit. The account can be opened online and no withdrawals can be made during the fixed rate period. Smart Save’s one-year bond pays a fractionally higher 5.28% interest but this account can only be opened with a minimum investment of £10,000. You can find all the top paying fixed rate bonds in our article Fixed rate savings bonds explained.
Compare cheap car insurance quotes
Car insurance renewal premiums have a habit of increasing every year, even if you haven’t made a claim. Compare car insurance quotes from over 110 UK providers – you could save up to £490* per year.
*51% of consumers could save £490.26 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next four cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023 data. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier.
Did you get your £299 Cost of Living payment?
You should have received the latest cost of living payment that was paid between February 6 and 22 if you claim one or more of the following benefits: Universal Credit; income-based Jobseeker’s Allowance; income-related Employment and Support Allowance; income support; Pension Credit; Working Tax Credit, and Child Tax Credit. If the payment didn’t arrive, you can now report it using this online form on Gov.uk. You’ll need to submit your National Insurance number along with your name, date of birth and address and you should hear back within two weeks of submitting the form.
Frozen thresholds drag more into tax net
Any savings from the Budget’s 2p National Insurance cut are likely to be offset by frozen thresholds pushing people into paying more income tax. A further 2.7 million people, according to the Office for Budget Responsibilty (OBR), will be paying higher rate tax by 2028/29 due to frozen tax thresholds, whilst an additional 3.7 million people will be paying income tax. You can find out more about the true impact of the National Insurance changes in our guide Changes to National Insurance: will you pay less?
Nationwide buys Virgin Money: What does it mean for customers?
Nationwide has reached a preliminary agreement to take over Virgin Money. If the deal goes ahead, the Virgin Money brand will be phased out over a period of around six years. For now, there will be no change to Virgin Money’s products or services. The bank’s 91 branches would be taken over by Nationwide, or potentially closed. Whatever happens, your savings up to £85,000 held with Virgin Money are currently protected under the Financial Services Compensation Scheme (FSCS). Read more in our guide What to do if your bank branch closes.
ISA rules will simplify from April 2024
You will be able to open and pay into different types of ISA from April 2024 in the same tax year from the start of the new 2024/25 tax year on April 6. For example, you could open two investment (stocks and shares) ISAs or two cash ISAs. At present, you’re only able to pay into one of each type of ISA in a single tax year, and benefit from tax-free income and growth. Your annual ISA allowance will remain the same at £20,000 in the 2024/25 tax year. Find out more about ISA rules in our guide Everything you need to know about ISAs.
Money: latest news
7 March 2024
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Get a free will this March
If you’re aged 55 or over and you’ve yet to write a will, or you think yours needs updating, you could get a solicitor to help you free of charge this month. The Free Wills scheme is supported by various charities with the hope that those who take advantage may leave a legacy to their favourite cause. If you’d like to take part and get your will written or updated, you need to log onto the Free Wills Month website, leave a few details and you’ll then gain access to details of local participating law firms, which you can then contact directly. Learn more about Free Wills Month in our article Get a free will!
UK families likely to pay more than £7 billion in Inheritance Tax again this year
The government collected £6.3 billion in Inheritance Tax (IHT) between April 2023 and January 2024, according to latest HMRC data, £0.4 billion higher than the same period the year before. This year is therefore expected to be another record-breaking year for Inheritance Tax receipts. Find out how you might be able to reduce any potential IHT liability in our article Six ways to reduce Inheritance Tax bills.
Compare home insurance quotes
Home insurance renewal premiums increase every year, even if you haven’t made a claim. Compare deals from over 50 UK providers now and you could pay less than £151* on your home insurance deal.
*51% of consumers could save £151.03 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next seven cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023. The savings you could achieve are dependent on your individual circumstances.
Amex offers 5% cashback boost for new customers
American Express (Amex) has temporarily increased the cashback limit for new customers taking out its Platinum credit card. The new card will enable customers to receive 5% cashback in the first five months, in addition to up to 1% cashback after this period. If you’re planning to make a big purchase in the near future, this could be an offer worth considering, provided you can pay back what you owe straightaway to avoid racking up steep interest charges. You need to spend a minimum of £3,000 on the card in the first year to receive the cashback. Read more about the benefits of reward credit cards in our article What are the best reward credit cards?
Britons mostly unaware pensions aren’t usually subject to IHT
Around two-thirds of Britons (62%) don’t realise that their pension will not typically count towards their inheritance tax threshold, according to research by PensionBee. The research found that 51% of people are moving money into their pension to cut their IHT bill, or planning to, despite this money not being subject to this tax. Read more in our article Can my pension be used to reduce inheritance tax?
Exchange Avios for Nectar points by Monday March 11
If you’re planning to exchange Avois points collected through the British Airways ‘executive club’ loyalty scheme’ for Nectar points, you’ll need to do so by 11 March if you want to maximise the number of Nectar points you’ll get from them. At present, you can exchange 300 Avios for 400 Nectar points, which are worth £2 to spend at retailers such as Argos and Sainsbury’s. From 11 March, though, you’ll need 400 Avios to collect 400 Nectar points. Read more about how Nectar works in our article Shop loyalty schemes: What are your points worth?
State Pension to increase by 8.5% in April
The State Pension will rise by 8.5% in April 2024, bringing the full State Pension up from £203.85 to £221.20 a week. The increase is in line with the triple lock guarantee, which ensures that the State Pension rises each year by the highest of inflation, average earnings growth, or 2.5%. This means it will this time rise in line with earnings (8.5%) in April as this is the highest figure of the three. Read more in our article What is the pension triple lock?
Money: latest news
29 February 2024
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NatWest offers £200 current account switching incentive
NatWest has introduced a £200 switching incentive to people switching to one of its current accounts using the Current Account Switching Service (CASS). To qualify for the payout, you must deposit £1,250 into your account and log in to the NatWest mobile banking app within 60 days of opening the account. Find out more in our article What are the best current accounts and switching incentives?
What does the recession mean for you?
Britain’s economy officially entered a recession in the final three months of last year, the Office for National Statistics confirmed earlier this month, with the UK’s gross domestic product (GDP) falling by 0.3% from October to December 2023. That is larger than the 0.1% decline from the previous quarter, resulting in a second consecutive drop. Learn how a recession could impact your finances in our guide How will a recession affect me?
Yorkshire Building Society launches regular saver account for members
Yorkshire Building Society has introduced a new monthly Regular Saver account for members paying a variable interest rate of 5.75%. The Loyalty Regular Saver account is only available to those who already have a savings account or mortgage with the building society, and customers can deposit up to £250 a month. The account can be opened in branches or online. The Society also offers a standard Regular Saver account which is available to everyone and pays 5.25% on deposits between £1 and £250 a month. Savers can access their savings twice a year without penalty. Find out more in our article What are the best regular savings accounts?
Energy price cap to fall from April
The energy price cap will fall to £1,690 a year from April for a typical household with average energy use, Ofgem has announced, down from its current level of £1,928. Bear in mind that your annual energy bill could be higher or lower than this depending on your annual energy consumption and the size of your home. You can find out more about changes to the energy price cap and ways you might be able to save on your bills in our article Energy price cap falls to £1,690.
Could you save if you get more than one prescription a month?
Around one million people in England have overpaid for NHS prescriptions in the 2022/23 financial year, according to a report by MoneySavingExpert. If you pay for more than one prescription a month on average, you could save money with a ‘prescription prepayment certificate’ (PPC). A single prescription now costs £9.65. However, you’ll pay £31.25 for a three-month PPC, or £111.60 for a 12-month one to cover any prescription costs during this period. NHS prescriptions will continue to be free for people over 60. Read more in our guide How to save on NHS prescription costs.
Car finance compensation: Will you get a payout?
Lloyds has set aside hundreds of millions of pounds in potential compensation for car finance customers. The bank has become the first in the UK to set aside £450 million for compensation claims, following an investigation into whether people have overpaid for their claims. If you bought a car or motorbike on finance before 28 January 2021, you could be owed compensation. Find out whether you might have been affected in our guide Can I claim compensation for mis-sold car finance?
Money: latest news
22 February 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Lloyds launches new £175 switching offer
Lloyds Bank has introduced a new £175 switcher offer for new and existing customers switching from another bank to a Club Lloyds account before March 28. The £175 will be paid within three days of the switch completing. Club Lloyds customers can choose from a range of lifestyle benefits, including a 12 month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. Find out more in our article What are the best current accounts and switching incentives?
Scam call? Remember 7726
If you’ve received what you think is a scam call, asking you for personal information or bank details, you can report it to your mobile phone company by forwarding it to 7726 free of charge. When you’ve done this, your mobile provider can investigate the number. You can find out more ways to report scams and tips on what to do if you think you’ve fallen victim to one in our guide Latest scams to watch out for in 2024.
Grab a free breakfast at Asda
Asda is offering all its customers a free bowl of porridge along with a cup of tea, coffee or hot chocolate until March 20. The offer is available daily from 8am to 12pm in all the retailer’s 205 Asda cafes. The supermarket is also still providing its £1 Winter Warmer initiative for customers over 60, which provides them with a free soup and a roll, along with a hot drink, with this offer finishing at the end of February. Find out more at Asda.
The £187,000 cost of being single in retirement
Single people currently need £187,000 more in their pension pot than those in a couple to achieve a moderately comfortable retirement, based on the latest PLSA retirement living standards. Despite single people needing more to achieve the same standard of living in retirement, they are often poorer in retirement, finding it hard to save on top of their daily living costs. According to research by interactive investor, single people expect a lower income in retirement too: £18,000 on average, compared to £19,000 for those who are cohabiting and £25,000 for those who are married. Read more in our guide How to plan for retirement if you live alone.
Should you fix your energy tariff?
A few energy providers are offering fixed tariffs that may be worth considering for price certainty. However, bear in mind that analysts Cornwall Insight predict that the energy price cap could fall by 16% in April to £1,620. Some recent tariffs available to existing customers include Octopus Energy’s Loyal Octopus 12m Fixed Feb 2024 v1 12-month fix at 13% less than the current price cap, with no exit fees. EDF Energy is offering its Essentials 1yr Mar 25 12-month fix at 12% less with £150 dual-fuel exit fees. You’ll need to have or get a smart meter to be eligible for the tariff, which is available as dual-fuel or electricity-only. Find out about this and other tariffs in our article Should I fix my energy prices?
Do you understand the Personal Savings Allowance?
Almost half of savers (44%) haven’t got to grips with their Personal Savings Allowance, according to research from Shawbrook Bank, and therefore could be paying tax on their savings returns unnecessarily. The PSA is the amount savers can earn in interest before having to pay tax. Basic taxpayers have an allowance of £1,000, falling to £500 for higher rate taxpayers. Additional rate taxpayers do not get a PSA. If you think you’re at risk of exceeding your PSA, it makes sense to consider using your ISA allowance to earn tax-free interest. Learn more in our article What is the Personal Savings Allowance?
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