Money: latest news
31 October 2024
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NatWest launches £180 current account switching offer
Switch your current account to the NatWest Reward account and you’ll pocket a £180 cash bonus, plus £5 a month in cashback and access to a 6.17% AER interest linked regular saver account. However, bear in mind that the NatWest Reward account has a £2 monthly fee, so once this is deducted from the £5 monthly cashback you’ll end up with £3 cashback a month. The bonus is payable when you pay in at least £1,250 into the account and have at least two Direct Debits set up, and you must also log into NatWest’s mobile banking app each month. Learn about all the current account switching offers that are currently available in our guide What are the best current accounts and switching incentives?
Premium Bond Prize fund cut
The NS&I Premium Bond prize rate will be cut from 4.4% to 4.15% from the December draw, and the odds of winning will fall from 21,000 to one to 22,000 to one. The December Premium Bonds draw is expected to have over £435 million in the prize fund with over 5.7 million prizes ranging from two £1 million prizes to over 1.5 million £25 prizes. Additionally, from Wednesday 20 November the interest rate for NS&I’s Direct Saver accounts will change to 3.75% gross/AER, and Income Bonds to 3.69% gross/3.75% AER. Learn more about the changes to Premium Bonds in our article NS&I to reduce Premium Bond prize rate.
New 7% Christmas Saver account
Principality Building Society has launched a new Christmas 2025 Regular Saver account paying a competitive 7% annual equivalent rate (AER) for anyone who wants to get ahead and start saving for next year’s festive season. Savers can open the account with just £1 and can save between £1 and £125 each month, equivalent to a maximum of £1,500 by the end of its 12-month term. The account is available to open and manage online, by post or in branches. You can learn more and apply for the account at Principality.
Know your tax return deadlines
If you file your self-assessment tax return by post rather than online, the deadline for paper returns is 31 October, although don’t panic if you’ve missed it as you still have until 31 January 2025 to pay any tax you owe for the 2023/24 tax year. If you’re not sure whether you need to complete a return or not, you can check on the Gov.uk website or call the HMRC Self Assessment helpline on 0300 200 3310. Find out more about self-assessment tax returns and penalties if you miss the deadlines in our article Beat the 31 January tax deadline!
AA urges caution on the roads following clock change
Crashes rise by 11% in the two weeks following the clocks going back, according to the AA, which is urging drivers to carry out some basic vehicle checks such as checking tyres and lights. Collision data from The AA’s Accident Assist team saw calls for its service rise by 11% the fortnight after last year’s October clock change compared to the fortnight before the clocks fell back, with darker evenings, wet weather and slippery streets all contributing to increased collisions in late October and early November. Find out more about winter breakdowns and how to protect yourself in our guide Winter breakdowns: is my car protected?
Mortgage approvals reach highest level for two years
UK net mortgage approvals edged up in September by 700 to 65,600 to reach the highest level in more than two years, the Bank of England’s latest Money and Credit data shows. The increase is likely to be down to August’s base rate reduction boosting buyer confidence, and fears around a hike in the rate of Capital Gains Tax on property sales spurring second homeowners and buy-to-let landlords to sell up.
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