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A lost decade for starved Cash Isa savers after inflation outstrips low interest rates interest By Sylvia Morris For The Daily Mail Published: 22:00 GMT, 26 January 2021 | Updated: 22:00 GMT, 26 January 2021 Cash Isas have failed to deliver over the past decade as low rates have left savings to be eaten away … Read more
NS&I boss apologises to savers for poor customer service but warns them to expect long waiting times to continue until spring In a letter to MPs, Ian Ackerley defended NS&I and its performance last year He defended its decision to maintain and then slash savings rates in November It was deluged with £69.4bn from savers … Read more
Savers will soon be offered four ready-made investment deals when they first dip into their pension pots, if they are doing this without paying for financial advice first. They are designed to help those who want to keep their pension invested in retirement by delivering returns and avoiding common mistakes, such as taking too much … Read more
Savers withdrew a staggering £6.2bn from NS&I accounts in November after rate cuts… as January’s Premium Bonds winners are named UK households saved more with banks and building societies during the month They put £17.6bn in cash accounts, up 38% from £12.7bn saved in October A woman from West Scotland and a woman in Barnet … Read more
Charged a tax bill for savings interest you weren’t paid? HMRC is still estimating earnings based on previous years despite 2020’s plunging rates Basic rate taxpayers can earn up to £1,000 a year in interest tax-free Coupled with falling rates it means 95% of savers don’t pay tax on their returns However a Cambridgeshire man … Read more
The start of a new year is a popular time for people to review their finances and plan for the year ahead. So what does the early part of 2021 have in store? AJ Bell analysts Tom Selby and Laith Khalaf consider the changes that – for better or worse – will affect the personal … Read more
Make sure fees don’t shrink your profits… as City watchdog warns too many savers are losing out by not investing FCA says too many nest eggs in ordinary cash accounts paying below inflation It believes more people could benefit from investing if they took financial advice Their report found 37% of savers with more than £10,000 … Read more
In a test of people’s knowledge of interest rates, inflation and investments, just 24 per cent of Britons received full marks, new research reveals. Financial literacy was highest among the 60-69 age group, with 43 per cent able to answer all questions correctly, which suggests people learn more as they gain experience of everyday money … Read more
VICTORIA BISCHOFF: If NS&I axes cheques, what’s to stop other banks from following suit? By Victoria Bischoff for the Daily Mail Published: 22:01 GMT, 1 December 2020 | Updated: 22:01 GMT, 1 December 2020 News that NS&I has delayed plans to axe Premium Bond prize cheques will come as an enormous relief to millions of … Read more
Fury as older Premium Bond savers ‘abandoned’: Tide of protest as savings giant NS&I moves to axe cheques and go online when its customer service is already in chaos NS&I wants to start paying all winnings directly into customer accounts It says cheques will be sent out only in the ‘most exceptional’ circumstances Customers must … Read more