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Halloween is here, and as the nights draw in, it’s not just ghosts and zombies you’ll want to keep from your door.
There are a number of financial frights lurking out there that are enough to give anyone nightmares. From rollercoaster investments to rocketing energy bills, painful mortgage rates and fraudsters out to steal your cash, here are some money scare stories that could keep you awake at night.
House of Horrors for mortgage borrowers
Hundreds of thousands of homeowners who locked into competitive five-year fixed rate deals back in 2021 and early 2022 are now approaching the end of these deals, and face much steeper monthly payments when they finish.
With inflation rising and speculation that the base rate may rise in the next few months, mortgage offerings are nowhere near as attractive as they were five years ago, when many five-year fixed rate deals were below 2%.
In fact, the average five-year fixed mortgage rate reached 6% earlier this month (October 2026), its highest level since September 2023, according to Moneyfacts, while the average two-year fixed mortgage rate currently sits just below this at 5.98%.
If your current deal is ending soon, it is definitely worth exploring your next deal sooner rather than later. You can usually secure your next mortgage rate up to six months in advance, giving you peace of mind that if rates go up, you’ll already have a deal in the bag. If mortgage rates fall, then you’ll be able to move to an alternative deal before your mortgage completes.
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Want to speak to a mortgage adviser? Speaking to an experienced adviser can help you to understand your options and get a great deal on your mortgage.
If you’re looking for expert mortgage advice, you can get a free consultation with an independent mortgage adviser at Fidelius. Speak with a qualified, FCA-regulated, independent mortgage adviser you can trust. Rated 4.7/5 on VouchedFor from over 2,600 reviews.
If you can afford to, you might want to consider overpaying your mortgage while you’re still on a low rate to reduce the amount you owe, but make sure you keep a savings buffer in place so that you have some spare cash available in case of any unexpected expenses. Learn more about some of the pros and cons of overpaying your mortgage in our guide Should I overpay my mortgage?
If you’re finding it hard to cover your mortgage costs, get in touch with your lender as soon as possible. They may be able to provide you with options that could help you reduce your monthly payments, such as lengthening your mortgage term. Find out more in our article What can you do if you can’t pay your mortgage?
Scarily bad savings rates
Millions of people earn terrifyingly tiny returns on their savings, even though they could move their money to accounts paying much higher interest rates.
“Savers can’t afford to be complacent about where their money is held,” said Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk. “Even though watching a savings balance creep up can offer reassurance, savers should be aware that their money will effectively lose value in real terms if stored in an account that fails to keep pace with inflation.”
Fortunately, there are more than 1,600 savings accounts paying returns that are higher than the current rate of inflation, including more than 870 fixed bonds.
Many savers prefer to stay loyal to a particular provider and keep their money with a high street bank, for example, or simply because they don’t think it’s worth switching to an account with a higher rate. If your savings account is paying paltry returns, it’s time to escape to a better deal.
Invasion of the identity-snatching scammers
While Halloween may be a time for dressing up as someone or something else, there are fraudsters out there already faking their identity all year round to trick thousands of people out of their money. Criminals stole £1.28 billion through unauthorised and authorised fraud in 2025, according to banking trade body UK Finance, up from £1.17 billion in 2024.
Three of the most popular scams at the moment include:
- Quishing emails – Quishing describes when a fraudster sends you an email claiming to be from a bank or another organisation, like HMRC or a major retailer. The email will include a QR code and prompt you to scan it to buy a product, collect a refund or provide information. However, this code will direct you to a fake website that the scammers will use to collect your bank details. Be wary of any emails asking you for payment information and delete anything that looks fishy.
- Bogus giveaways – This is when scammers send emails, texts or WhatsApp messages claiming to be from a company offering you the chance to take part in a competition or giveaway. The link they send you – again, typically for the purpose of collecting your bank details – may be suspiciously short or not indicate what the website is, so be on your guard.
Loved one in need scam – You’ll receive a WhatsApp message supposedly from a family member, saying that they’ve got a new phone number and need money to pay a bill urgently. Messages often start with ‘Hello mum’ or ‘Hello dad’. They will then provide bank details for you to transfer money across to them. If you’re suspicious about a request for help you’ve received from a friend or family member, try and reach out to the person directly by another form of communication to confirm that their request for help is genuine.
Have a look at our article Latest scams to watch out for for more information on some of the most common scams currently doing the rounds, and how to identify them.
Beware scary energy prices
It’s been a turbulent year for the energy market, with the energy price cap increasing at the beginning of October from £1,663 to £1,723 per year for a typical dual-fuel household paying by Direct Debit.
Fortunately, there are more competitive tariffs on the market than there have been previously, although it’s still set to be another difficult winter for many. Finding ways to save energy while keeping warm is therefore more important than ever to make sure you aren’t hit by astronomical heating bills.
If you are worried about what this winter might hold, have a look at our article Energy Saving tips: how to reduce your bills, for some tips and tricks for keeping your energy spending to a minimum and The energy bills crisis: what can you do about soaring costs? for more information on the crisis itself and what to do if your provider goes bust. You should also check whether you might be entitled to any help with your heating bills. Find out more in our article Are you eligible for help with heating costs?
Cost of living nightmares
Almost everything seems to have crept up in price thanks to stubbornly high inflation over the past year, from food to travel to clothes and more. The current rate is still way over the government’s 2% target, meaning our wallets are likely to keep being stretched for the foreseeable future.
This autumn could be a good opportunity to review your finances and see if there’s any way you can reduce your outgoings – or even boost your income – to help you cover high living costs.
You can check out our guides 21 ways to save money on your food bills, 14 ways to save on car and travel costs, 20 ways to cut clothing costs and Seven ways to save on your household bills for some ideas on cutting costs in your everyday life. Our Ways to save money section contains even more useful articles if you’re in need of further inspiration.
There are plenty of simple ways you might be able to supplement your income too. For example, our articles How to make money from your clutter and 13 things you didn’t know you could sell show just how many things you can convert into cash even if you have no need for them any more. Alternatively, our articles 10 ways to make money by renting out your life and 24 ways to make extra money and boost your income suggest some more ways of earning a little extra money that you may never have considered.
Investment fads that go bump in the night
Whether you are a major or small-time investor, one of your biggest fears may be your investment failing and taking your money with it. Just like any other industry, the world of investment goes through its trends. And while you might hope that you’re investing in the next Microsoft or Amazon, there are plenty of fads along the way that fail to make profits. You need to keep your wits about you and avoid getting swept up in market hype.
You might remember the dot.com bubble at the end of the 90s, where anything related to the internet seemed like a sure-fire money maker, or the BRICs (Brazil, Russia, India and China – four emerging markets) of the early 2000s, both of which saw huge numbers of people speculatively investing in a wide array of businesses in the hope of hefty gains. However, the dot.com bubble burst and saw technology stocks nose-dive, while Brazil and Russia in particular dramatically failed to live up to investors’ expectations.
There are fears that we may now be in the midst of an AI bubble, but as yet this hasn’t burst, but if it does, investors could suffer.
So how can you avoid being haunted by a failed fad investment? Here are a few tips that can help you steer clear of them:
Make sure you fully understand what you are investing in before you hand over any money: While investing in the unknown or brand new innovations might have the potential to provide you with good returns, if you can’t understand how a company, fund, or particular asset works or will make money, you might want to hold off investing.
If it seems too good to be true, it probably is: If an investment is promising a huge financial return have your guard up. Remember, no one can predict with absolute certainty how a market or particular asset will perform.
Ask yourself if any part of you feels uncomfortable with the investment: Sometimes, your gut is a good prompt of what you should do. If you have any concerns about the investment, or the risk seems too high, then this might not be the investment for you.
If you’re not sure where to invest or aren’t clear whether investing is right for you, read our article Investing – the basics and Investing in your 50s and beyond: an introduction.
Tales from the cryptocurrency
Cryptocurrency, or digital cash, is an asset that many people thought would never last, but over the past few years, it’s proved increasingly popular. According to the Financial Conduct Authority’s (FCA) latest research, approximately 8% of UK adults currently own cryptocurrency, which equates to around 4.5 million people. This compares to 12% in 2024.
However, most investors in cryptocurrencies have had to endure a very rocky ride. Bitcoin, for example, hit an all-time high of $125,425 on October 25, 2025, but has charted a very bumpy path since, dropping to around $80,000 in September last year.
Even so, a growing number of people see cryptocurrency as an investment with the potential for long-term profits. But do horrors lie beneath?
While it’s legal to trade cryptocurrency in the UK, it’s not currently regulated which leaves investors at risk of losing their money if an exchange goes bust. And, of course, cryptocurrencies are prone to enormous swings in value, and no one can be certain they will recover when they next nose-dive.
The Financial Conduct Authority has flagged concerns that while more people have heard about cryptocurrency than ever before, few ever fully understand what they are investing in. The government has published draft legislation to bring crypto assets within the scope of financial regulation, which is expected to be enacted in the future. If you want to know more about cryptocurrencies and the risks involved, have a look at our article Understanding Bitcoin and other cryptocurrencies.
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