Money Mail found that most major savings providers are yet to inform customers about the perk, which starts in April, and the information they do provide on their websites is wrong. Many are telling savers 20 per cent tax will continue to be deducted automatically from their interest. But this is not the case.
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DON'T MISS
- Market turmoil is sapping my income drawdown pension plan - what should I do? Help!
- Victory as Royal Mint accepts commemorative coins back from buyers worried they were misled over legal tender But boss shirks our interview request
- Tax bosses have totally lost the plot - cosying up to the corporate giants but threatening ordinary people DAN HYDE
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Five tips to find the best tenants for your buy-to-let property
Get off to the best start
Sponsored - Struggling UK economy means Chancellor 'won't be able to fulfill promise to balance the books by 2019' Tough task
- Former Cambridge graduates set for multi-million pound windfall as tech giant Microsoft snaps up SwiftKey A £174m deal
- Six home-grown classic cars tipped for a handsome return in 2016 Investing in the best of British
- Can Osborne make Facebook cough up? Chancellor under pressure over social media giant Following Google disaster
- Shoppers still paying less for clothes, shoes and books than a year ago ...but food prices are creeping up
- 'Gary and I had three kids but when he died we got no support because we never married' Cohabiting couples lose thousands in bereavement help
- I have £20k worth of credit card debts and want to put them all in one place and pay them off What's the best way to do this?
- Cherie Blair steps into landlord mortgage tax relief battle... on human rights angle Her legal firm fights changes
- Whatsapp users beware the scam messages that appear to come from friends Dodgy links to hijack your phone
- Put through its paces early: A sneak test of Jaguar's highly-anticipated F-Pace SUV hits showrooms in April
BUSINESS, CITY & MARKETS
FTSE CLOSE: Footsie falls back as weak US services data offsets oil price recovery to $34 a barrel
UPDATED The FTSE 100 closed down 84.87 points at 5837.14 as worries about global growth dominated market sentiment, despite a modest rise in the oil price. The Dow Jones was down 15.6 points at 16,138.0 as a weaker than expected ISM services report took its toll, while Germany's DAX dropped 2 per cent and France's CAC 40 was off 1 per cent. Brent crude was trading at $34.43 while US WTI was at $31.63.
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MONEY NEWS & ADVICE
Help! Market turmoil is sapping my income drawdown pension plan - what should I do?
I retired last year and put about £80,000 in an income drawdown plan following the pension freedom reforms.The trouble is my portfolio is doing badly, and I'm really worried about the impact of all these market losses since the start of the year. What should I do - change the investments in my portfolio, reduce the income I take from it, think again about buying an annuity, or something else?
Where in London could a buy-to-let investment pay off most? Get a street-level view of average rental returns from our interactive map
A few years ago it was possible to achieve relatively high returns on many rental properties. But the landscape for landlords has changed significantly following the steep rise in house prices. Rental yields of less than 4 per cent are commonplace and investors must now work hard to find stronger returns. This interactive map helps London landlords get a quick overview of potential rates of income.
DAN HYDE: Tax bosses have totally lost the plot - cosying up to corporate giants but threatening ordinary people
How can Google, Lloyds, Shell and others be allowed to rake in billions from British customers without contributing to the schools, hospitals, roads and services their staff use here? Yet, as a blind eye is turned to these outlaws, the tax authorities are busily attacking the middle-class way of life.
Former Cambridge graduates set for multi-million pound windfall as tech giant Microsoft snaps up SwiftKey in £174m deal
Eight years ago, two former Cambridge graduates shared a belief that there had to be a more efficient way of typing on smartphones. They quit their day jobs and developed SwiftKey, a predictive keyboard powered by artificial intelligence. Now, Southwark-based SwiftKey founders Jon Reynolds and Dr Ben Medlock are set to become multi-millionaires as technology giant Microsoft has snapped up their company in a £174million deal.
LEE BOYCE: Victory as Royal Mint accepts commemorative coins back from buyers worried they were misled over legal tender (but boss shirks our interview request)
Readers have been left outraged after learning commemorative coins can't be cashed in at face value despite being labelled 'legal tender'. Now, it appears the Royal Mint will accept returns outside of its usual 14-day window. However, chief executive Adam Lawrence shirked our interview request - despite earning £362,000 in 2014/15.
I have £20k worth of credit card debts and want to put them all in one place and pay them off - what's the best way to do this?
I currently have £20k worth of credit card debt back dating about four years now and spread across four cards. My credit score isn't the best and therefore I can't do any balance transfer on the credit cards due to this. I want to get all my debts in one place and pay the credit cards off ASAP otherwise it is a never-ending circle.
'Gary and I had three kids but when he died we got no support because we never married': How cohabiting couples lose thousands in bereavement help
Like thousands of widows every year, Claire missed out on thousands of pounds in support because she and her partner, Gary, were not married when he died. A study from Royal London suggests widows and widowers miss out on support worth £82million a year in total, because they were cohabiting but not married.
I want to buy a holiday home but am worried about being ripped off transferring money abroad, how can I get the best deal?
I'm thinking of buying a holiday home for my family to enjoy. I haven't quite decided which of our three favourite destinations to go for yet - the south of France, Menorca or Florida. Wherever I end up buying, I'm nervous about getting ripped off when sending money abroad. How can I find the best deal?
MORE BUSINESS, CITY AND ECONOMY NEWS
I'll back boardroom revolts over fat cat pay: World's most powerful fund manager pens a warning to FTSE bosses
BlackRock, which invests £3.2trillion worth of savings and pensions, has sent a warning letter to FTSE 100 chief executives, demanding openness and transparency with shareholders. And in an aggressive move it reminded firms that it had voted with activist investors more than a third of the time over the past year.
YOUR MONEY ESSENTIALS
Cherie Blair steps into landlord mortgage tax relief battle as her legal firm claims Chancellor's move breaches human rights
A legal campaign to fight 'unfair' mortgage tax relief changes for buy-to-let landlords has stepped up a gear today as Cherie Blair MBE QC has thrown her weight behind the battle. The changes, likely to hit Britain's army of small-scale landlords hardest, were announced by Chancellor George Osborne in the July Budget.
Whatsapp users beware: Scam messages that appear to come from friends contain dodgy links to hijack your phone
Fraudsters are targeting popular messaging application Whatsapp by sending legitimate looking links to users as part of an existing conversation loop. One This is Money reader almost fell for the scam after a message came through on a thread from her sister directing her to click on a link to obtain a gift voucher at clothes shop Zara.
How to invest for the falling oil price and rising power of the consumer: MAIKE CURRIE taps into a major theme for 2016
The fall in oil price is a double-edged sword: while it's taking its toll on the world's oil producing nations, for many consumers it's welcome news. Many fund managers expect 2016 to be characterised by a strengthening consumer enjoying a boost in spending power, maike Currie has some ideas to play that.
The best Help to Buy London mortgage rates to boost your 5% deposit and climb aboard the capital's property ladder
The latest housing market initiative provides a five-year interest-free 40 per cent government equity loan that, added to 5 per cent from the borrower, gives a 45 per cent deposit to be put towards a new-build property in London property. We reveal the best of the mortgages and how the scheme works.
TONY HETHERINGTON: I was overpaid - but now Barclays says I'm £1,770 worse off
I paid a cheque made out in Canadian dollars into my account at Barclays and staff assured me it would take no longer than five days to clear. Five days later the funds were cleared in my account, but two weeks after that I received a letter from Barclays saying the cheque was counterfeit. The bank has added charges and taken into account exchange rate differences and has deducted £1,770 from my account.
Real or not real: Is this answer machine message a genuine one from HSBC or a phishing scam to get hold of bank details?
We document various cases of readers who have been duped by criminals pretending to telephone from their bank and using an array of tactics to make the call seem genuine. Listen to this answering machine message left on a This is Money journalist's phone, and see if you can guess - and then vote - whether it is a genuine call from HSBC or a scam.
SIMON LAMBERT: Is tax-free pension saving a principle to defend or a perk to hack into?
If the widely expected cut to pension tax relief for higher rate taxpayers goes ahead, a near 100-year-old cornerstone of saving will be swept away instantly. If he wants to build our trust in the system, and to avoid the kind of pension-stealing accusations that Gordon Brown still suffers from, George Osborne would be wise to leave the principle intact.
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WHAT NEXT FOR YOUR MONEY?
50 ways to save money: Simple steps to cut what you spend that could clear your debts or seriously boost your savings
To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.
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Best paid jobs 2015: Compare your salary to the national average in this league table of 350 professions - and see the year's winners and losers
Musicians have seen pay rises averaging nearly 20 per cent in 2015, while cleaners are getting 17.8 per cent more, and window cleaners 12.3 per cent. Artists in general are earning 14.6 per cent more in 2015 than 2014, according to the huge annual data dump of pay scales by the Office For National Statistics highlights.
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£1,000,000 | 98DC258404 | Nottingham |
£1,000,000 | 241QQ814726 | Wales |
£100,000 | 211GQ302543 | Kent |
£100,000 | 170MT779070 | Hampshire and Isle of Wight |
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MOST READ MONEY
- Do markets know something we don't? Investors must stop panicking over every blip... STEPHANIE FLANDERS.
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- I was overpaid - but now Barclays says I'm £1,770 worse off TONY HETHERINGTON
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- Tesco calls time on 24-hour shopping at 76 large stores as customers turn away from nightowl grocery trips
- I cancelled Virgin holiday to Barbados due to Zika virus worries - but it would only give me half a refund despite being pregnant...
- Coffee shop owner in the Welsh town that went offshore puts himself forward as the next boss of HMRC - and 140k sign petition to back Steve Lewis.
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- Compare the Market founder to cash in on unstoppable rise of the price comparison websites Meerkats that made millions...
- A leg-up onto the property ladder with a 40% interest-free loan Leeds BS and Nationwide launch first Help to Buy London rates.
- Buy-to-let landlords risk heavy fines 300,000 fail to put tenant deposits in government-backed scheme.
- Is tax-free pension saving a principle to defend or a perk to hack into? SIMON LAMBERT
- The blue-collar supercar scramble: Tactics hopeful buyers are using to get a Ford GTs More in-demand than a La Ferrari
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- The customer ISN'T always right: Elon Musk cancels Tesla buyer's $130k electric car after taking exception his letter of complaint
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- As Tata is forced to rename its Zica due to links to Zika virus, are these the 10 most unfortunate car names ever?
- Put through its paces early: A sneak test of Jaguar's highly-anticipated F-Pace SUV before it hits showrooms in April
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MIDAS SHARE TIPS
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FUND AND TRUST IDEAS
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Latest: Mortgages & home
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- A leg-up onto the property ladder with a 40% interest-free loan: Leeds BS and Nationwide launch first Help to Buy London rates
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Latest from Saving & banking
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ANSWERS FROM THE Experts
- ASK TONY: Can I force an Amazon seller to reimburse the postage for return of faulty goods?
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Latest from Holidays
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Currency | Rate | Buy now |
---|---|---|
Updated 03 Feb 2016. | ||
Euro | 1.2935 | Buy Now |
US Dollar | 1.4105 | Buy Now |
Australian Dollar | 1.988 | Buy Now |
Canadian Dollar | 1.977 | Buy Now |
Chinese Yuan | 9.1054 | Buy Now |
Croatian Kuna | 9.7669 | Buy Now |
Czech Koruna | 34.57 | Buy Now |
Danish Krone | 9.5424 | Buy Now |
Egyptian Pound | 9.82 | Buy Now |
Hong Kong Dollar | 10.919 | Buy Now |
Hungarian Forint | 395.53 | Buy Now |
Israeli New Shekel | 5.46 | Buy Now |
Japanese Yen | 168.92 | Buy Now |
Malaysian Ringgit | 6.2624 | Buy Now |
New Turkish Lire | 4.0762 | Buy Now |
New Zealand Dollar | 2.1339 | Buy Now |
Norwegian Krone | 12.169 | Buy Now |
Polish Zloty | 5.6014 | Buy Now |
Singapore Dollar | 2.0053 | Buy Now |
South African Rand | 22.73 | Buy Now |
Sterling | 1.0 | Buy Now |
Swedish Krona | 11.942 | Buy Now |
Swiss Franc | 1.43 | Buy Now |
Thai Baht | 49.671 | Buy Now |
UAE Dirham | 5.16 | Buy Now |
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- JPM GLOBAL MACRO OPPORTUNITIES: Fund has a name change - but the focus is still absolute
- MIDAS SHARE TIPS UPDATE: From motorway to medical, our tip JLIF's healthy 50% return
- MIDAS SHARE TIPS: Satellite Solutions aims to provide broadband to remote areas - and strong returns for investors
- Investors are piling cash into India funds and trusts - but should you be bold or beware this high-risk market?
- Sunday newspaper share tips: Satellite Solutions Worldwide, JLIF – and is it a good time to buy into Barclays?
- Could the retail giants rise again? M&S stock has held up and shares yield 5% - but Sainsbury's and Tesco could be due a comeback...
- TONY HETHERINGTON: US watchdog takes 'bank' Banc de Binary to court...but Britain lets it in
Latest: money and Cars
- The customer ISN'T always right: Elon Musk cancels Tesla buyer's $130k electric car after taking exception his letter of complaint
- As Tata is forced to rename its Zica due to links to Zika virus, are these the 10 most unfortunate car names ever?
- The car giant that conquered Britain: How Nissan combined Eastern efficiency with western workmanship
- Investing in the best of British: Six home-grown classic cars tipped for a handsome return in 2016
- Put through its paces early: A sneak test of Jaguar's highly-anticipated F-Pace SUV before it hits showrooms in April
- Government injects £20m into driverless car projects as crusade to start autonomous car tests on UK's public roads kicks off
- The Bentley Bentayga revealed: RAY MASSEY puts it through its paces in the desert around Palm Springs to see if it's worth the money
- If you can’t quite stretch to a new Bentley, how about its bespoke picnic hamper - which costs more than a family car
- One in five or 8m British motorists won't use the country's motorways because of safety fears and lack of confidence
- UK named as the world's whiplash capital as car-shunt claims make up 80% of all personal injury requests – more than the US
Latest from Markets
- FTSE CLOSE: Footsie falls back as weak US services data offsets oil price recovery to $34 a barrel
- GlaxoSmithKline boss Andrew Witty denies group is ripe for a break-up despite pressure from prominent investors
- Stronger than expected services sector data points to a slight upturn in UK growth, as think-tank says economy should pick up
- Foxtons shrugs off London property market slowdown and rewards shareholders with 'special dividend' after its sales rise
- Clydesdale Bank float completed at 180p a share following 24 hour delay after leading credit agency spoilt the party
- Hargreaves Lansdown rides out volatile stock markets as pension freedom sees investors plough 23% more into pots
- Three Ben Sherman shops to close as clothing label favoured by British rockers is sold by US private equity-backed owners
- Mike Ashley fails to snap up football kit retailer Kitbag as owners sell to US firm for £11.55m
- MARKET REPORT: Prudential shares plunge amid fears China is set to crack down on citizens buying insurance from foreign firms
- FTSE CLOSE: Footsie plunges as oil prices drop; BP and Exxon Mobil tumble after posting dire annual results
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