Money: latest news
14 March 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Stock up on stamps now to beat April price hikes
The cost of a first class stamp will increase from £1.25 to £1.35 for a standard letter from April 2, while the cost of sending a large letter is set to rise from 95p to £1.10. Second class stamp prices are also increasing in April, so it will cost you 85p to send a standard letter, up from 75p currently. The cost of sending a large second class letter will remain the same at £1.55. If you want to beat the price hikes, then you should stock up on stamps now before the price changes come into effect. As long as they just say either first or second class on them rather than a price, they will still be valid after prices go up.
New one-year fixed rate savings bond paying 5.27%
MBNA is offering a one-year fixed rate savings bond to savers with a minimum £1,000 deposit. The account can be opened online and no withdrawals can be made during the fixed rate period. Smart Save’s one-year bond pays a fractionally higher 5.28% interest but this account can only be opened with a minimum investment of £10,000. You can find all the top paying fixed rate bonds in our article Fixed rate savings bonds explained.
Book your free pension review
If you’re considering getting professional financial advice, Unbiased is offering Rest Less members a free pension review. It’s a chance to have a qualified local advisor give an unbiased assessment of your retirement savings.
Did you get your £299 Cost of Living payment?
You should have received the latest cost of living payment that was paid between February 6 and 22 if you claim one or more of the following benefits: Universal Credit; income-based Jobseeker’s Allowance; income-related Employment and Support Allowance; income support; Pension Credit; Working Tax Credit, and Child Tax Credit. If the payment didn’t arrive, you can now report it using this online form on Gov.uk. You’ll need to submit your National Insurance number along with your name, date of birth and address and you should hear back within two weeks of submitting the form.
Frozen thresholds drag more into tax net
Any savings from the Budget’s 2p National Insurance cut are likely to be offset by frozen thresholds pushing people into paying more income tax. A further 2.7 million people, according to the Office for Budget Responsibilty (OBR), will be paying higher rate tax by 2028/29 due to frozen tax thresholds, whilst an additional 3.7 million people will be paying income tax. You can find out more about the true impact of the National Insurance changes in our guide Changes to National Insurance: will you pay less?
Nationwide buys Virgin Money: What does it mean for customers?
Nationwide has reached a preliminary agreement to take over Virgin Money. If the deal goes ahead, the Virgin Money brand will be phased out over a period of around six years. For now, there will be no change to Virgin Money’s products or services. The bank’s 91 branches would be taken over by Nationwide, or potentially closed. Whatever happens, your savings up to £85,000 held with Virgin Money are currently protected under the Financial Services Compensation Scheme (FSCS). Read more in our guide What to do if your bank branch closes.
ISA rules will simplify from April 2024
You will be able to open and pay into different types of ISA from April 2024 in the same tax year from the start of the new 2024/25 tax year on April 6. For example, you could open two investment (stocks and shares) ISAs or two cash ISAs. At present, you’re only able to pay into one of each type of ISA in a single tax year, and benefit from tax-free income and growth. Your annual ISA allowance will remain the same at £20,000 in the 2024/25 tax year. Find out more about ISA rules in our guide Everything you need to know about ISAs.
Money: latest news
7 March 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Get a free will this March
If you’re aged 55 or over and you’ve yet to write a will, or you think yours needs updating, you could get a solicitor to help you free of charge this month. The Free Wills scheme is supported by various charities with the hope that those who take advantage may leave a legacy to their favourite cause. If you’d like to take part and get your will written or updated, you need to log onto the Free Wills Month website, leave a few details and you’ll then gain access to details of local participating law firms, which you can then contact directly. Learn more about Free Wills Month in our article Get a free will!
UK families likely to pay more than £7 billion in Inheritance Tax again this year
The government collected £6.3 billion in Inheritance Tax (IHT) between April 2023 and January 2024, according to latest HMRC data, £0.4 billion higher than the same period the year before. This year is therefore expected to be another record-breaking year for Inheritance Tax receipts. Find out how you might be able to reduce any potential IHT liability in our article Six ways to reduce Inheritance Tax bills.
Compare cheap car insurance quotes
Car insurance renewal premiums have a habit of increasing every year, even if you haven’t made a claim. Compare car insurance quotes from over 110 UK providers – you could save up to £490* per year.
*51% of consumers could save £490.26 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next four cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023 data. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier.
Amex offers 5% cashback boost for new customers
American Express (Amex) has temporarily increased the cashback limit for new customers taking out its Platinum credit card. The new card will enable customers to receive 5% cashback in the first five months, in addition to up to 1% cashback after this period. If you’re planning to make a big purchase in the near future, this could be an offer worth considering, provided you can pay back what you owe straightaway to avoid racking up steep interest charges. You need to spend a minimum of £3,000 on the card in the first year to receive the cashback. Read more about the benefits of reward credit cards in our article What are the best reward credit cards?
Britons mostly unaware pensions aren’t usually subject to IHT
Around two-thirds of Britons (62%) don’t realise that their pension will not typically count towards their inheritance tax threshold, according to research by PensionBee. The research found that 51% of people are moving money into their pension to cut their IHT bill, or planning to, despite this money not being subject to this tax. Read more in our article Can my pension be used to reduce inheritance tax?
Exchange Avios for Nectar points by Monday March 11
If you’re planning to exchange Avois points collected through the British Airways ‘executive club’ loyalty scheme’ for Nectar points, you’ll need to do so by 11 March if you want to maximise the number of Nectar points you’ll get from them. At present, you can exchange 300 Avios for 400 Nectar points, which are worth £2 to spend at retailers such as Argos and Sainsbury’s. From 11 March, though, you’ll need 400 Avios to collect 400 Nectar points. Read more about how Nectar works in our article Shop loyalty schemes: What are your points worth?
State Pension to increase by 8.5% in April
The State Pension will rise by 8.5% in April 2024, bringing the full State Pension up from £203.85 to £221.20 a week. The increase is in line with the triple lock guarantee, which ensures that the State Pension rises each year by the highest of inflation, average earnings growth, or 2.5%. This means it will this time rise in line with earnings (8.5%) in April as this is the highest figure of the three. Read more in our article What is the pension triple lock?
Money: latest news
29 February 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
NatWest offers £200 current account switching incentive
NatWest has introduced a £200 switching incentive to people switching to one of its current accounts using the Current Account Switching Service (CASS). To qualify for the payout, you must deposit £1,250 into your account and log in to the NatWest mobile banking app within 60 days of opening the account. Find out more in our article What are the best current accounts and switching incentives?
What does the recession mean for you?
Britain’s economy officially entered a recession in the final three months of last year, the Office for National Statistics confirmed earlier this month, with the UK’s gross domestic product (GDP) falling by 0.3% from October to December 2023. That is larger than the 0.1% decline from the previous quarter, resulting in a second consecutive drop. Learn how a recession could impact your finances in our guide How will a recession affect me?
Compare home insurance quotes
Home insurance renewal premiums increase every year, even if you haven’t made a claim. Compare deals from over 50 UK providers now and you could pay less than £151* on your home insurance deal.
*51% of consumers could save £151.03 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next seven cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023. The savings you could achieve are dependent on your individual circumstances.
Yorkshire Building Society launches regular saver account for members
Yorkshire Building Society has introduced a new monthly Regular Saver account for members paying a variable interest rate of 5.75%. The Loyalty Regular Saver account is only available to those who already have a savings account or mortgage with the building society, and customers can deposit up to £250 a month. The account can be opened in branches or online. The Society also offers a standard Regular Saver account which is available to everyone and pays 5.25% on deposits between £1 and £250 a month. Savers can access their savings twice a year without penalty. Find out more in our article What are the best regular savings accounts?
Energy price cap to fall from April
The energy price cap will fall to £1,690 a year from April for a typical household with average energy use, Ofgem has announced, down from its current level of £1,928. Bear in mind that your annual energy bill could be higher or lower than this depending on your annual energy consumption and the size of your home. You can find out more about changes to the energy price cap and ways you might be able to save on your bills in our article Energy price cap falls to £1,690.
Could you save if you get more than one prescription a month?
Around one million people in England have overpaid for NHS prescriptions in the 2022/23 financial year, according to a report by MoneySavingExpert. If you pay for more than one prescription a month on average, you could save money with a ‘prescription prepayment certificate’ (PPC). A single prescription now costs £9.65. However, you’ll pay £31.25 for a three-month PPC, or £111.60 for a 12-month one to cover any prescription costs during this period. NHS prescriptions will continue to be free for people over 60. Read more in our guide How to save on NHS prescription costs.
Car finance compensation: Will you get a payout?
Lloyds has set aside hundreds of millions of pounds in potential compensation for car finance customers. The bank has become the first in the UK to set aside £450 million for compensation claims, following an investigation into whether people have overpaid for their claims. If you bought a car or motorbike on finance before 28 January 2021, you could be owed compensation. Find out whether you might have been affected in our guide Can I claim compensation for mis-sold car finance?
Money: latest news
22 February 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Lloyds launches new £175 switching offer
Lloyds Bank has introduced a new £175 switcher offer for new and existing customers switching from another bank to a Club Lloyds account before March 28. The £175 will be paid within three days of the switch completing. Club Lloyds customers can choose from a range of lifestyle benefits, including a 12 month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership. Find out more in our article What are the best current accounts and switching incentives?
Scam call? Remember 7726
If you’ve received what you think is a scam call, asking you for personal information or bank details, you can report it to your mobile phone company by forwarding it to 7726 free of charge. When you’ve done this, your mobile provider can investigate the number. You can find out more ways to report scams and tips on what to do if you think you’ve fallen victim to one in our guide Latest scams to watch out for in 2024.
Book your free pension review
If you’re considering getting professional financial advice, Unbiased is offering Rest Less members a free pension review. It’s a chance to have a qualified local advisor give an unbiased assessment of your retirement savings.
Grab a free breakfast at Asda
Asda is offering all its customers a free bowl of porridge along with a cup of tea, coffee or hot chocolate until March 20. The offer is available daily from 8am to 12pm in all the retailer’s 205 Asda cafes. The supermarket is also still providing its £1 Winter Warmer initiative for customers over 60, which provides them with a free soup and a roll, along with a hot drink, with this offer finishing at the end of February. Find out more at Asda.
The £187,000 cost of being single in retirement
Single people currently need £187,000 more in their pension pot than those in a couple to achieve a moderately comfortable retirement, based on the latest PLSA retirement living standards. Despite single people needing more to achieve the same standard of living in retirement, they are often poorer in retirement, finding it hard to save on top of their daily living costs. According to research by interactive investor, single people expect a lower income in retirement too: £18,000 on average, compared to £19,000 for those who are cohabiting and £25,000 for those who are married. Read more in our guide How to plan for retirement if you live alone.
Should you fix your energy tariff?
A few energy providers are offering fixed tariffs that may be worth considering for price certainty. However, bear in mind that analysts Cornwall Insight predict that the energy price cap could fall by 16% in April to £1,620. Some recent tariffs available to existing customers include Octopus Energy’s Loyal Octopus 12m Fixed Feb 2024 v1 12-month fix at 13% less than the current price cap, with no exit fees. EDF Energy is offering its Essentials 1yr Mar 25 12-month fix at 12% less with £150 dual-fuel exit fees. You’ll need to have or get a smart meter to be eligible for the tariff, which is available as dual-fuel or electricity-only. Find out about this and other tariffs in our article Should I fix my energy prices?
Do you understand the Personal Savings Allowance?
Almost half of savers (44%) haven’t got to grips with their Personal Savings Allowance, according to research from Shawbrook Bank, and therefore could be paying tax on their savings returns unnecessarily. The PSA is the amount savers can earn in interest before having to pay tax. Basic taxpayers have an allowance of £1,000, falling to £500 for higher rate taxpayers. Additional rate taxpayers do not get a PSA. If you think you’re at risk of exceeding your PSA, it makes sense to consider using your ISA allowance to earn tax-free interest. Learn more in our article What is the Personal Savings Allowance?
Money: latest news
15 February 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Could you get a free TV Licence?
The cost of a TV Licence is set to increase for the first time in three years from April 1. A Licence will set you back £169.50 from this date, up £10.50 on the current price of £159 a year. However, if you’re 75 or over and you, or your partner living at the same address, are receiving Pension Credit, you should be eligible for a free TV Licence. Find out whether you’re eligible for Pension Credit and how to claim it in our guide Pension Credit explained.
Income needed for a moderate retirement increases by 38%
A single person now needs an annual income of £31,300 for a moderate retirement, according to the Pension and Lifetime Savings Association, an increase of 38% compared to last year. To achieve a minimum standard of living in retirement, an annual income of £14,400 is needed, up 8% compared to 2023. These increases are largely due to the impact of inflation, which has affected those on a low income the most. It is also partly down to changing retirement expectations and more people wanting to financially support their families. Find out more in our guide £14,400 annual income needed to retire, say pension experts.
Compare cheap car insurance quotes
Car insurance renewal premiums have a habit of increasing every year, even if you haven’t made a claim. Compare car insurance quotes from over 110 UK providers – you could save up to £490* per year.
*51% of consumers could save £490.26 on their Car Insurance. The saving was calculated by comparing the cheapest price found with the average of the next four cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023 data. The savings you could achieve are dependent on your individual circumstances and how you selected your current insurance supplier.
Bought a motor on finance before 28 Jan 2021? You might have been mis-sold
Thousands of people who bought cars and motorbikes on finance before 28 January 2021 could be in line for overcharged interest to be repaid to them. The financial regulator the Financial Conduct Authority (FCA) banned car finance lenders from making what are known as ‘discretionary commission arrangements’ with brokers in 2021. Since then it has received a high number of complaints from customers about how much they were charged before the ban. Find out whether you might be affected in our guide Can I claim compensation for mis-sold car finance?
Water bills expected to rise by 6% from April
Water bills are expected to rise by 6% in England and Wales and by 8.8% in Scotland from April, with a consultation on potentially introducing a rise in water bills in Northern Ireland currently in progress. If you’re worried about steeper costs, there are several steps you may be able to take to reduce your water consumption, such as using water-saving gadgets and switching to showers instead of baths. Learn more in our guide How to reduce your water bills.
How much do you spend on holidays?
Around one in five Britons aged 55 and above (18%) said they spent anywhere between £250-£499 per person on their most recent holiday, according to a recent YouGov poll. A further 20% spent between £500-£999, while one in ten (10%) say they spent more than £2,000 on their last holiday, per person. Many of us are thinking about booking holidays at the moment, but with steep living costs continuing to bite, keeping our holiday spending to a minimum is likely to be a priority. Read our article 11 ways to save money on your holiday for cost-cutting tips.
Self-employed should look beyond pensions to boost retirement resilience
Only 23% of self-employed households are on track for a moderate income in retirement according to the latest Hargreaves Lansdown Savings and Resilience Barometer. This compares to 46% of households where the main earner is employed by a company.Only 7% of self-employed households are on track for a comfortable retirement income. Again, this is much lower than the 16% where the main earner is employed. Self-employed people are less likely to contribute to a pension due to fluctuating earnings and not being able to access the money until at least age 55. Read more in our section focused on Self-employed pensions.
Money: latest news
8 February 2024
Rest Less Money is on Instagram! Check out our account and give us a follow @rest_less_uk_money for all the latest Money News, updated daily.
Use Tesco Clubcard points before they expire
Around £18 million worth of Clubcard vouchers are set to expire on 29 February, with shoppers urged to use them before this date or lose them for good. The vouchers set to expire next month were issued in February 2022. You need a minimum of 150 points to get a Clubcard voucher, which will be worth £1.50 and once you have converted your points into vouchers they last for two years. Find out more about how the Tesco Clubcard and other shop loyalty schemes work in our guide Shop loyalty schemes: What are your points worth?
NS&I launches new issue of Green Savings Bonds
NS&I has introduced a new issue of its Green Savings Bonds, which enable savers to help fund green government projects across the UK. Issue 7 of the bonds pays a fixed rate of 2.95% before tax over a three-year fixed term. The previous issue paid a rate of 3.95%. The minimum investment in Green Savings Bonds is £100, with a maximum limit of £100,000 per person for each Issue. No withdrawals can be made during the three-year fixed rate terms. You can find out more about Green Savings Bonds and other NS&I products in our guide National Savings & Investments products explained and learn which bonds are paying the best rates in our article Fixed rate savings bonds explained.
Compare home insurance quotes
Home insurance renewal premiums increase every year, even if you haven’t made a claim. Compare deals from over 50 UK providers now and you could pay less than £151* on your home insurance deal.
*51% of consumers could save £151.03 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next seven cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from June 2023. The savings you could achieve are dependent on your individual circumstances.
Broadband and mobile prices rising by up to 7.9% in spring
Several broadband and mobile providers have announced more price hikes from spring this year (31st March or 1st April). If you’re a customer of BT, EE, Plusnet, Talktalk, Three or Shell, you’ll be hit by hikes of up to 7.9%. This follows rises of up to 17.3% in broadband and mobile contracts last year. Someone paying £20 for a standard two-year contract at the start of 2023 could be paying more than £25 a month from spring. Find out how to get the best deal in our guide How to find the best broadband deal.
Beware romance scams
Ahead of Valentine’s Day, Metro Bank is warning people to stay safe when dating online. It advises avoiding sending money to anyone you’ve never met in person, no matter how small the amount they are asking for, and being alert to inconsistencies in stories and information about themselves. You should also never share any personal details with strangers and to trust your gut if something doesn’t feel right. Find out more about romance scams and how you can protect yourself in our guide What is romance fraud and how can you prevent it?
State Pension will increase in April under triple lock
The State Pension will increase by 8.5% in April, in line with the government’s triple lock guarantee to ensure it won’t lose value in real terms. This means that it is guaranteed to rise by the highest of September’s inflation figure, earnings growth, or 2.5%. Soaring wages outstripped inflation last year, with annual wage growth at 8.5% and inflation in September at only 6.7% (and having fallen to 4% since). Read more in our article What is the pension triple lock?
Barclays to close 77 branches this year and next
Barclays has announced plans to close another 20 branches, bringing the total number of branches that will close their doors for good in 2024 and 2025 to 77. The bank shut 157 of its branches in 2023. If the latest round of closures is likely to affect you, you can make deposits and withdraw cash at your local Post Office, or there may be a Barclays mobile branch that visits your area. You can find out more about bank closures in our guide What to do if your bank branch closes.
Important information
Please note that we do not provide financial advice. You should always do your own research before choosing any financial product so that you can be certain it is right for you. If in doubt, please seek professional financial advice.
Whilst we endeavour to provide accurate information, deals and prices can change, so although they may be correct at the time of writing, providers may subsequently decide to alter them. We accept no liability for how you choose to use the information given on our site and in our emails, nor can we be held responsible for any content on websites that we link to. Trust and transparency is important to us. If a link has * by it, it means that we may receive a commission or payment from the site being linked to.
This helps us keep Rest Less free to use for our members. Importantly, we work hard to ensure that it won’t impact what we write. This is why we routinely include many helpful links where no commission is ever paid. For full terms and conditions, view them here.
Melanie Wright is money editor at Rest Less. An award-winning financial journalist, she has written about personal finance for the past 25 years, and specialises in mortgages, savings and pensions. She is a former Deputy Editor of The Daily Telegraph's Your Money section, wrote the Sunday Mirror’s Money section for over a decade, and has been interviewed on BBC Breakfast, Good Morning Britain, ITN News, and Channel Five News. Melanie lives in Kent with her husband, two sons and their dog. She spends most of her spare time driving her children to social engagements or watching them play sport in the rain.
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