Latest money news

Money: latest news
23 September 2020

Help for mortgage prisoners

West Bromwich Building Society has introduced two new mortgages which should be accessible to ‘mortgage prisoners’ who can’t move to another mortgage elsewhere. Find out more about the new mortgages here and learn about the plight of mortgage prisoners here.

NS&I announces rate cuts

NS&I is cutting interest rates on its variable rate savings accounts and some of its fixed term accounts from 24 November. Its Premium Bonds prize fund rate will also reduce, from 1.4% to 1%, from the December 2020 draw. 

Switch to renewable energy and get a £22 bill credit

Switch to Pure Planet’s 100% renewable electricity and 100% carbon offset gas Green 12m Fixed Sept20 V1 tariff via our energy comparison tool before 25 September and you’ll get a £22 bill credit, or £11 if you only switch one fuel. The average annual cost of this tariff for a typical dual fuel customer is £883, and with the bill credit it’s one of the cheapest fixed green tariffs available.

One in five perplexed by pensions

Nearly one in five (19%) workplace pension holders have ‘no idea’ what happens to their pension contributions, with 8% thinking their pension is saved in a bank account, research from Royal London reveals. 

Beware impersonation scams

UK Finance is urging people to be aware of criminals exploiting Covid-19 to target their victims, after figures revealed a sharp rise in impersonation scams in the first half of this year. Almost 15,000 impersonation scam cases were reported in the first half of 2020, up 84% compared to the same period last year. 

HSBC launches £125 switching offer

New customers switching to either HSBC’s Advance and Premier current accounts will receive a £125 switching bonus. The offer is conditional on using the Current Account Switch Service and transferring a minimum of two Direct Debits and/ or standing orders within 30 days of opening the account. 

Money: latest news
16 September 2020

TSB launches new 29-month balance transfer card

TSB has introduced a new 29-month 0% balance transfer credit card – the longest 0% period currently available. There is a 2.95% balance transfer fee and some people will be offered a shorter 0% period depending on their credit score.

Exclusive £50 Amazon offer

PensionBee is offering Rest Less members who transfer at least one pension to them a £50 Amazon voucher. Learn whether transferring a pension could be right for you here.

Get up to 30% off bikes

Online bike store Chain Reaction Cycles if offering up to 30% off bicycles in its bike sale. There is also a wide range of clearance items available. You can save an extra £10 off a £75 spend on clearance items by using the code CLEAR2020 when you check out.

Nutmeg offer for Rest Less members

Digital wealth manager Nutmeg is offering Rest Less members who open a Nutmeg portfolio no portfolio management fees for 12 months.

Driving licence renewal extension

The Driver and Vehicle Licensing Agency (DVLA) has further extended the period for renewing out-of-date driving licenses to help ease a backlog of work. Drivers whose licence is due to expire before 31 December 2020 will automatically receive an 11-month extension.

Smart meter roll-out exceeds 5m

More than 5m second-generation energy smart meters have now been installed across the UK, according to the Data Communications Company. Unlike the first generation meters, these SMETS2 devices continue to function even if you switch energy suppliers. Make sure you’re on the best possible energy deal with our comparison tool.

Winter truce for renters

Evictions in England and Wales will not be enforced if a local area is in lockdown, nor should bailiffs enforce possession orders over Christmas, under new Government measures. Courts will, however, begin to hear possession cases again from 21 September. 

Money: latest news
9 September 2020

Get the lowdown on money, mortgages, retirement planning, energy, savings and more.

Early retirement?

Half (47%) of UK retirees say they retired sooner than they had planned, according to insurer Aegon’s global retirement survey, with job loss and ill health the two main reasons for stopping working. Find out how to manage the financial impact of early retirement with our guide.

Bill worries

Nearly a third (31%) of UK adults have seen their income cut as a direct result of the coronavirus crisis, according to research commissioned by GoCompare Money, with 7% concerned that they won’t be able to pay their bills. 

Pension age to rise from 55 to 57

The age at which people can access their private pensions will rise from 55 to 57 in 2028, the Government has confirmed, so anyone currently 47 or under will have to wait an extra two years before they can access their retirement savings. 

Pret launches coffee subscription service

In response to a fall in customers visiting its city centre stores, coffee chain Pret yesterday (8 September) launched a coffee subscription service which allows you to enjoy unlimited coffees for £20 a month. 

Home working to bump up energy costs

Employees working from home for five days a week could see up to £107 added to their bills this autumn and winter – a hike of almost a fifth (18%) – according to analysis by energyhelpline.com. See if you could reduce your energy bills with our energy comparison tool. Over half of Rest Less users (51%) who have switched using the tool have cut energy costs by an average of £167 a year and one in 10 have saved £340 a year. 

Beware romance scams

The Chartered Trading Standards Institute (CTSI) has uncovered evidence of scams targeting those isolated due to COVID-19 coronavirus regulations. Contact your bank immediately if you think you’ve been scammed and report it Action Fraud, or if in Scotland dial 101 and report it to Police Scotland.

Links with an * by them are affiliate links which help Rest Less stay free to use as they can result in a payment or benefit to us. You can read more on how we make money here.

Leave a Reply

Get the latest ideas, advice and inspiration​

No spam. Just useful and interesting stuff, straight to your inbox. Covering finance, learning, jobs, volunteering, lifestyle and more.

By providing us your email address you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time by following the link in our emails.

Join Rest Less for free

Rest Less is the UK’s fastest growing site for the over 50s, focusing on finance, learning, careers, volunteering, lifestyle and more. 

Good luck with your application

Before you go, we’d love to stay in touch to find out how you get on. Sign up to Rest Less today to get the latest volunteering, careers, learning, financial planning and lifestyle resources sent straight to your inbox.

By providing your email you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time through the link in our emails.

Good luck with your application

Before you go, we’d love to stay in touch to find out how you get on. Sign up to Rest Less today to get the latest jobs, learning, volunteering, financial planning and lifestyle resources sent straight to your inbox.

By providing your email you agree to receive emails and communications from us and acknowledge that your personal data will be used in accordance with our Privacy Policy and Terms and Conditions. You can unsubscribe at any time through the link in our emails.