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Latest Money News 16.06.2026
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Premium Bond prize fund rate to rise from July
Government-backed NS&I has announced that the Premium Bond prize rate will increase from 3.30% to 3.80% from the July 2026 draw onwards. The prize fund rate previously changed from 3.8% to 3.6% in August 2025 and then from 3.6% to 3.3% in April 2026. The odds of winning a prize will shorten in July from 23,000 to 1 to 22,000 to 1. There will be an increase in the number of people who will win larger Premium Bond prize amounts. Learn more in our article NS&I to increase Premium Bond prize rate.
Government cracks down on pension scams
The government has announced a new crackdown on pension scams, targeting a loophole in Small Self-Administered Schemes (SSAS) where victims lose an average of £38,400. The Department for Work and Pensions (DWP) proposed regulations to automatically block transfers where there is no clear link between a saver and the new scheme. Find out more in our article Pension scam crackdown: Government moves to protect savers’ lifetime savings.
Mortgage market shows signs of recovery
After several volatile months for the mortgage market, conditions are finally beginning to stabilise, with the total number of available products climbing back above 7,000 for the first time since March, according to the latest Moneyfacts UK Mortgage Trends Treasury Report. At the start of June, borrowers had 7,132 deals to choose from, up sharply from a recent low of 6,201 recorded in April. Learn more in our article More mortgage deals and lower rates: what it means for homeowners.
Could you be facing a £5,000 tax bill?
The number of savers expected to pay £5,000 or more income tax on their savings interest has risen to 144,000 people, a Freedom of Information request by Paragon Bank has found. This represents a 173% increase in the last four years, with savers urged to make the most of tax-efficient wrappers such as ISAs to protect their returns from tax. Find out more in our article Are you paying unnecessary tax on your savings?
More than £335m left sitting on forgotten M&S and John Lewis gift cards
There is a combined £335.8m sitting in outstanding gift card and voucher balances, according to new analysis from Investing.co.uk. The site is urging consumers to check whether they have unused gift cards sitting around anywhere and to check expiry dates so they don’t miss out. Separate research from Ipsos found that 11% of UK adults had a voucher expire before they got around to using it in the past year, losing £75.30 on average.
What are your plans for your pension tax-free cash?
Nearly 40% of over-55s (38%) say they don’t have a plan for what to do with their pension tax-free cash, according to recent findings from Hargreaves Lansdown. Among those who do have plans, a cash ISA is the most popular option (17%), even though inflation could eat into the purchasing power of their cash. A further 16% intend to use the money to top up their retirement income, while only 10% plan to invest it. Other choices include putting the cash into savings (14%) or leaving it in a current account (7%). Learn about the different options you have in our article What’s the best way to use my 25% pension tax-free cash?
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