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Latest Money News 29.07.2026
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New 8% regular savings accounts from Lloyds and Bank of Scotland
Both Lloyds Bank and Bank of Scotland increased the interest rates on their Monthly Saver accounts last week to a market-leading 8%, matching Santander’s rate. Available to new and existing current account customers, these regular savings accounts offer a fixed interest rate for 12 months and can be opened and managed online, in branch, by phone or through each bank’s mobile app. Savers can pay in between £25 and £250 each month and, unlike many regular savings accounts, can withdraw money whenever they need to without facing any penalties or restrictions. Find out more at Lloyds Bank and Bank of Scotland.
State pension age could rise seven years earlier than expected
Government documents suggest the State Pension age could rise from 67 to 68 seven years earlier than currently planned. While the increase is currently scheduled for between 2044 and 2046, the Treasury has indicated it could instead take place between 2037 and 2039. Around 5m people currently aged between 49 and 55 could be affected, potentially delaying when they can claim their State Pension by a year and costing them around £12,500 in payments at today’s rates. Find out more about the State Pension in our article Everything you need to know about the State Pension.
Earn 4.92% by fixing your savings
Market Harborough Building Society has launched two new five-year fixed-rate bonds paying a market-leading 4.92% AER, putting the provider at the top of the fixed savings best-buy tables. Available online and in branch, the bonds require a minimum deposit of £5,000 and run until 31 August 2031. Savers can choose between annual or monthly interest payments and add to their account for up to 10 days after opening. No withdrawals are allowed during the five-year period. You can find all the current market-leading rates in our article Where can I find the best fixed savings accounts?
Kids eat free at Ask Italian this summer
Entertaining the grandchildren this summer holiday but on a tight budget? Sign up for the Ask Italian Rewards app and you can download a code that enables you to get up to two kids’ meals for free with at least one full-price adult main meal. The deal runs until 6 September 2026. There’s no specific age limit to qualify for this offer, although the restaurant says it thinks its kids’ menu is suitable for kids up to the age of 10. You can find out more and download the app at Ask Italian.
Number of higher and additional rate taxpayers jumps 59% in four years
Millions more workers are being pushed into higher tax brackets as frozen income tax thresholds continue to bite, according to latest HMRC figures. An estimated 40.8m people are projected to be paying income tax by 2026/27, up from 34.5 million in 2022/23, an increase of 6.3 million taxpayers in just four years. The number of higher-rate taxpayers is forecast to reach around 7.7 million by 2026/27, compared to 5.1 million in 2022/23, a rise of 2.6 million in four years. You can explore ways to keep your tax bills down in our article 6 ways to pay less tax in retirement.
VAT on electricity bills to be scrapped this autumn
In one of his first acts as Prime Minister, Andy Burnham announced that he would remove VAT from domestic electricity bills from October 1 in time to impact the next Ofgem price cap. The reduction is being funded from the cancellation of the (£1.8bn) Digital ID programme. The change is thought likely to cut an average of £45 a year from annual electricity bills, but many homes will still struggle to cover steeper costs this winter when the higher energy price cap comes into effect. Explore ways you might be able to cut costs in our guide Energy saving tips: how to reduce your bills.
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