Millions are facing almost no returns on their savings as hundreds of banks offer virtually zero interest and the national base rate threatens to dip into the negative. More than 200 High Street banks, including giants like HSBC, have a mere 0.01 per cent interest rate, meaning customers who invest £10,000 will only claw in … Read more
The banks giving savers ZERO interest: As the Bank of England says rates may turn negative, there are already hundreds of accounts paying 0.01% Some 214 easy-access accounts pay savers 0.01% and six pay nothing Savings rates have tumbled over the last few months due to coronavirus Average rate has fallen from 0.62% last May … Read more
Fears savers will end up paying double tax if forced to dip into pensions early in the coronavirus crisis By Ben Wilkinson for the Daily Mail Published: 22:01 BST, 19 May 2020 | Updated: 22:01 BST, 19 May 2020 Former pensions minister Steve Webb warns that overtaxing on pension withdrawals will be worse in lockdown … Read more
Savers opt for an old favourite: NS&I now offering many of the best deals as banks and building societies continue to slash rates By Sylvia Morris For The Daily Mail Published: 22:01 BST, 19 May 2020 | Updated: 22:01 BST, 19 May 2020 Savers who are not online can now look to old favourite NS&I … Read more
The great savings squeeze continues: Average one-year fixed rate now pays less than 1% as banks axe deals – will short-term accounts head even lower? The average one-year fixed-rate bond pays 0.99% and Isa 0.91% This is a fall of 0.16 and 0.23 percentage points since March respectively Savings rates have been falling this year … Read more
Savers were potentially handed more bad news today with the Bank of England suggesting base rate could remain close to historically low levels over the next few years. While policymakers kept the base rate, which helps determine borrowing and savings rates, at 0.1 per cent today, it forecast it could increase to just 0.2 per … Read more
Will the top savings account soon pay less than 1%? Savers at the mercy of inflation as market-leading easy-access rate is slashed from 1.20% to 1.05% RCI Bank – which funds Renault car finance deals – followed Marcus Bank The Goldman Sachs-backed bank cut its easy-access rate to 1.05% on Tuesday Ford Money pulled a … Read more
Will the best savings account soon pay less than 1%? Savers at the mercy of inflation as market-leading easy-access rate is slashed from 1.20% to 1.05% RCI Bank – which funds Renault car finance deals – followed Marcus Bank The Goldman Sachs-backed bank cut its easy-access rate to 1.05% on Tuesday Ford Money pulled a … Read more
Beware the early pension tax trap: Savers told not to make unnecessary early withdrawals By Ben Wilkinson for the Daily Mail Published: 22:00 BST, 12 May 2020 | Updated: 00:15 BST, 13 May 2020 Savers are being warned not to make unnecessary early withdrawals from their pensions or risk triggering a costly tax trap. With … Read more
Treasury throws a lifeline to savers facing financial difficulties due to Covid-19 by reducing exit fees By Sylvia Morris For The Daily Mail Published: 22:01 BST, 5 May 2020 | Updated: 23:35 BST, 5 May 2020 Savers facing financial difficulties due to Covid-19 have been thrown a lifeline. In a welcome move, HM Treasury has … Read more