After months of lacklustre tax-free returns for savers, a flurry of deals from building societies and challenger banks is putting High Street rivals in the shade. Marsden Building Society has launched a two-year fixed-rate cash Isa at 2.05 per cent, matching Coventry Building Society - that's £205 a year on £10,000.
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Savings rates are creeping up: Challenger bank Kent Reliance raises one-year fix to a best-buy 2.1%
Kent Reliance has today boosted the rate on its one-year fixed-rate account rocketing in to the top of the independent This is Money savings tables. It is now offering 2.1 per cent over 12 months, up from 2.02 per cent it previously had available. This nudges it past Charter Savings Bank to the top spot by 0.04 percentage points. ...read
Banks in line for another £40bn bill as fresh wave of charges over mis-seling and foreign exchange rate rigging looms
The Financial Conduct Authority is set to rule within weeks on whether undisclosed commissions charged on Payment Protection Insurance break consumer protection rules. Some experts have put the cost of an adverse ruling at as much as £33billion for the banks. Separately, pension funds and other investors engaged in currency trading are likely to file a claim in London in October for billions of pounds against the banks for rigging foreign exchange markets.
Earn £100 interest by switching your old easy access account to one of the latest deals
The gap between the rates of interest paid by banks on their old easy-access accounts and that on new deals has risen by such a degree that customers are missing out on huge interest boosts. In the worst cases, banks are bringing out high rates on new offers while, at the same time, meting out harsh cuts to savers in their older accounts. ...read
Provider | Rate |
NS&I; | 1.50% | Monmouthshire BS | 1.50% | Virgin Money | 1.41% |
Coventry BS | 1.40% | |
Dudley BS | 1.40% |
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Premium Bonds winners
Prize value | Winning bond No. | Area |
---|---|---|
£1,000,000 | 181XE611069 | South West Wales |
£1,000,000 | 180AV204733 | Overseas |
£100,000 | 82NC804116 | Outer London |
£100,000 | 248RZ165168 | Bedfordshire |
£100,000 | 188PZ779903 | Essex |
£100,000 | 15SM469591 | Overseas |
£100,000 | 137XP786876 | Fife |
£50,000 | 89AE387151 | Birmingham |
£50,000 | 6HJ562295 | Hertfordshire |
£50,000 | 36BX381662 | Leicester |
£50,000 | 251XK512431 | Surrey |
SAVINGS ESSENTIALS
Provider | Incentive |
First Direct | Free £100 | |
HSBC | Earn £240 | |
Nationwide | Travel cover | |
Santander | 3% cashback | |
Halifax | £5 a month |
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Banks braced for £825m bill over mis-sold current accounts as 200 complaints a day now pour into ombudsman
Banks have been forced to set aside a £825million compensation fund for customers who have been mis-sold expensive, fee-charging current accounts. Record numbers of people are complaining they did not want or could not use packaged accounts costing up to £25 a month, offering 'perks' such as breakdown cover and mobile phone and travel insurance.Around 200 complaints a day are being handled by the independent Financial Ombudsman Service, and with the average payout at £300, more than two million people may be set to make a claim.
LATEST SAVINGS DEALS REVIEWS
Kent Reliance boosts fixed savings rates and one-year deal is now best buy as challenger banks continue to battle for top spot
Kent Reliance has today boosted the rate on its one-year fixed-rate account rocketing in to the top of the independent This is Money savings tables. It is now offering 2.1 per cent over 12 months, up from 2.02 per cent it previously had available. This nudges it past Charter Savings Bank to the top spot by 0.04 percentage points.
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How to start saving or investing into an Isa - the essential guide to a tax-friendly pot
Making the most of your annual Isa allowance is the cornerstone of wise saving. There's no income tax to pay on interest and no capital gains tax on profits. This makes them ideal for long-term savings because money that is not taxed grows faster. This essential guide reveals, how to start using an Isa for your savings. ...read
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