Saving & banking

Nationwide's £2.9bn takeover of Virgin Money UK has been cleared by Britain's competition watchdog. The CMA said on Friday said the deal, which will create Britain's second biggest savings and loans group, does not 'give rise to a realistic prospect of a substantial lessening of competition'.

Inflation has finally reached the Bank of England's 2 per cent target in the 12 months to May. The gap between the best savings rates and the rate of inflation has been narrowing steadily since October 2023 which is good news for savers as 1,622 savings accounts now beat inflation.

Savers with closed easy-access savings deals are being short changed if they don't switch to live easy-access deals. We look at the best savings deals to move your money to if your deal is a dud.

Savings experts say the main thing is not how long you have held the bond for, but the amount of bonds you hold. The oldest bond to ever scoop the £1m jackpot was bought in 1959 - and was picked out as a winner by ERNIE 45 years later in 2004.

There is a fear Isas could get caught in the crosshairs of Rachel Reeves plans, given the Government's need to raise cash without immediately raising taxes outright. We asked the experts whether the allowance could be cut and if Isas could be taxed - or whether savers fears are simply unjustified.

I'm a Nationwide customer and recently, I went to visit the branch on my local high street. However, there was a poster stating it is now closed on Tuesdays and Thursdays. I know Nationwide has made a big song and dance about keeping branches open, but is this how they're doing it - by reducing opening hours?

Customers of AJ Bell's investing app Dodl can now earn table-topping Isa interest on cash. Dodl is offering 5.09 per cent interest on cash held in its app to customers with an investment Isa or Lifetime Isa. We explain how it works and look at how it compares.

July's £1m winners come from Hertfordshire and Cumbria, with the winning bonds bought in November 2016 and October 2021 respectively. There were more than 5.9million prizes this month worth nearly £456.5million, National Savings and Investments says.

A new King Charles bank note has sold for £17,000 at a Bank of England Charity auction today, as collectors went into a bidding frenzy. The auction, held by Spink & Son on behalf of the Bank of England featured 262 lots of new £10 notes featuring King Charles III.

Being flexible is a fantastic savings tax-beating feature, which can transform how you use your cash Isa and mean you no longer need to lose a chunk of easy access savings interest to tax.In my view, this is the best type of savings account that you can have and an essential building block for managing your money.

With the inflation dragon appearing to have been slain, and the rate of growth falling to the magic 2% target in recent data, there is a risk that savings rates could similarly plummet. At the start of this year, money markets predicted a series of cuts in base rate from March. But inflation came down more slowly than expected, and the base rate is still stuck at 5.25% after ten months.

Recently I found some buried treasure in the form of a mysterious silver coin - although the most valuable thing about it turned out to be its history. But I think the story of this one little coin teaches us modern-day lessons about the value of money, and how the way we make and spend coins has barely changed in 650 years. It even tells us something about the ever-present nature of fraud.

The Bank of England has opted once again to hold the base rate at 5.25%, despite inflation falling to the 2% target. The decision marks its seventh pause in a row, after the Monetary Policy Committee first voted to hold the base rate in September 2023. We explain why the Bank of England has paused interest rate rises and what it means for your mortgage, savings and the wider economy,

Savvy savers are pouring money into cash Isas as they look to protect the interest on their nest eggs from tax. They put more than £11bn into cash Isas in April to take advantage of their £20,000 allowance, which reset at the start of the new tax year on April 6. This was up an impressive 31% on the same month last year.

When you think of generative AI and fraud, your mind might not immediately conjure up images it being used as a force for good. But both Mastercard and Visa are using AI to beat criminals at their own game. Here's how...

Co-op has become the latest bank to attempt to reel in customers by offering a cash bonus - we explain how to get it. It joins Lloyds, First Direct, Nationwide, Santander and TSB as banks battle for customers.

The UK's five biggest banks are still failing to offer competitive savings interest despite the Financial Conduct Authority's Consumer Duty rules introduced last summer, new figures reveal. Barclays, HSBC, Lloyds, Santander and NatWest are continuing to offer easy-access savings rates far below the market average, new figures from rates monitor Moneyfacts Compare reveal. This is despite the finance watchdog telling them to give savers 'fair value'.

Cash Isas have seen the largest inflows for the start of the tax year since the tax-free accounts were launched in 1999, official data shows. The £11.7bn is more than the first three months of the 2023-24 tax year combined, when savers piled more than £9bn into cash Isas.

Savings platforms tell me they are becoming ever-more popular.  And they are determined to bring their wares to a wider public.The platforms, which include Raisin, Hargreaves Lansdown Active Savings, Flagstone and rivals, might not always offer all the best rates on the market but have a selection of deals that challenge the top of the savings tables.

The changes mean that monthly and weekly mini-bank statements will no longer be sent to those who have opted into the service. The existing service allows customers to view their statement each week along with five recent transactions without needing to log in to their online banking account.

Have you won one of this month's major prizes? Our tables show all the £1,000 to £1m winners. You can also look up the winners for the past 12 months and tap in your bond numbers to see how close you were to winning.

My father-in-law is 85 years old. He has just had heart surgery, suffers from mobility issues and is in the early stages of dementia. He also recently lost his wife of more than 40 years. In July 2023 he noticed that transactions had been made from his bank account with HSBC, totalling £5,523. This is his sole bank account and only held around £6,000. Originally HSBC did put the money back into his account pending an investigation. However, it later said that as it was his card that had been used and his Pin, the money would not be reimbursed. He has dementia and his recollection of events is unclear - but the spending happened two hours away and was nothing like his usual activity.

Between 28 May and 30 July, customers can make use of the Current Account Switch Service to move their account to either a Club Lloyds account, a Club Lloyds Platinum account or a Club Lloyds Silver account.

Nationwide Building Society has announced it will pay out another 'Fairer Share' bonus this year. Britain's biggest building society will pay 3.85m eligible members £100 this summer after yet another set of bumper profits. So, will you be eligible for the payout?

The building society last year gave some 3.3 million customers £100 each. But the latest payout could be even higher because the mutual's profits have been buoyed by higher interest rates. Nationwide has said it wants to capitalise on this to continue paying a 'Fairer Share' bonus to eligible members. The details, which will be announced on Thursday, will come a day after Virgin Money shareholders decide on whether to accept a controversial £2.9 billion takeover offer from Nationwide.

The secret to saving success is compound interest. Over the long-term this earns you interest on the interest on your savings and boosts your returns. This calculator works out how much a regular monthly savings scheme could make and how much a lump sum investment could be worth.

How hard does your bank account work for you? Hard enough to give you cashback on your household bills, interest on your balance or simply standout customer service? Here is our pick of the best accounts to make your money work harder, cut down on fees, or get free stuff.

A new wave of savings platforms have emerged in recent years which help savers keep track of their accounts more easily and move money into better rates after signing up. We round them up, look at the top rates from savings platform Raisin and reveal whether they beat the best buys in our independent This is Money savings tables.