Money: latest news
20 March 2025
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Gold price reaches new record high
The price of gold has soared to more than $3,000 an ounce amid ongoing geopolitical uncertainty and fears about the impact that tariffs will have on the global economy. Gold is often seen as a safe haven by investors, although it is not without risk. Learn more about the recent jump in gold prices and things you should be aware of if you’re considering investing in our article Five facts about investing in gold.
Over 12 million Nationwide members to receive £50 each
More than 12 million Nationwide members will receive £50 each as a thank you for enabling the purchase of Virgin Money. You should be eligible for the payment if you had a savings account, current account or mortgage with Nationwide at the end of last September, and you still have it now. You must also have made at least one transaction on your current or savings account or had a balance of at least £100 in your current account, savings or mortgage in the 12 months to the end of September 2024. Most of the payments will be paid from 9 April onwards and the building society is writing to members to let them know when and how the money will be paid. Check if you qualify here.
Yorkshire Building Society launches new cash ISA range
Yorkshire Building Society has launched a new range of fixed rate ISAs for savers including a one -year fixed rate cash ISA account with an interest rate of 4.15% tax free/AER. The tax-free account can be opened with an opening balance of £100, transfers-in are allowed and interest payable annually. It is available from Yorkshire Building Society branches, by post, online and for existing customers via the app. The building society has also launched new two, three and five-year fixed rate cash ISAs paying 4.10%, 4.05% and 4% respectively. Find out more about in our article Best cash ISA rates – which cash ISAs pay the most interest?
Annuity sales reach £7 billion in 2024
Annuity sales jumped to a ten year high in 2024, with total annuity sales topping £7bn, according to the Association of British Insurers. Current annuity incomes remain just below the all-time highs experienced after the mini-Budget. Hargreave’s Lansdown’s annuity search engine shows a 65-year-old with a £100,000 pension can get an income of up to £7,490 per year from a single life level annuity with a five-year guarantee. Learn more in our article Annuity rates jump to 16-year high – is now the time to buy?
Buy to let mortgage rates reduce
Buy to let mortgage rates are starting to ease, with several lenders announcing cuts in recent days. These include intermediary-only lender Accord which has reduced two and five-year fixed rates by up to 0.15%, and three-year fixes by up to 0.10%. Accord has also reduced two-year rates for landlords by up to 0.15%.
Want to speak to a mortgage advisor? Speaking to an experienced mortgage advisor 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 1,000 reviews.
New 15-month fixed ISA paying 4.40%
Paragon Bank has launched a new 15-month fixed-rate ISA, paying 4.40% tax-free. The product is available via Paragon’s online channels for a limited period. The account, which can be opened with £500, allows additional deposits for 28 days from the date of application, so customers are free to add next year’s ISA allowance as well as this year’s allowance to the same account if they want to. With £12.8 billion of fixed-rate ISA balances due to mature during March, £8.4 billion of which sitting in one-year accounts, this account might appeal to those who want a slightly longer term with a competitive rate. Find out more at Paragon Bank.
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