Latest news with #AndrewHagger
Daily Mirror
4 days ago
- Business
- Daily Mirror
Brits with at least £500 in the bank urged to take action with their money now
Savers across the UK are being urged to move their money now, before the latest Bank of England interest rate cut, to avoid missing out on free cash in the long term Millions are being encouraged to switch their bank accounts as finance gurus highlight the missed opportunities for free cash due to low-interest savings accounts. UK households are advised to make the move swiftly before the Bank of England interest rate reduction. Even those with a modest £500 could notice a significant benefit from moving to one of the leading accounts. The more savings individuals have, the greater the gains they'll see through accrued interest. Recent studies indicate that the best 50 easy-access accounts yield an average of 4.23% interest. This is in stark contrast to many major banks which offer a paltry 1.17%. Financial experts are dismissing these accounts as unworthy due to their negligible returns. In other similar news, a state pension warning for millions of Brits who are between two specific ages. A person with just £500 would earn £21 in the higher-yielding accounts versus a mere £6. For someone with £10,000, the difference is even more pronounced: £423 in interest compared to only £117 in a typical low-interest account - that's such a big difference! With the latest Bank of England interest rate cut on the horizon, households are urged to capitalise on these advantageous accounts promptly, reports Birmingham Live. Alastair Douglas, CEO of TotallyMoney, commented: "The Bank of England is expected to continue cutting rates over the next 12 months in a bid to boost the economy – so it's important that savers act quickly, and make sure their money is working for them. Some banks are paying below 1% interest, and with inflation at 4.10%, for some people, their cash will effectively be losing value." He added: "When shopping around, keep an open mind, and consider smaller or newer banks and building societies. They'll often offer some of the best rates in a bid to try and win customers from the big high street providers. Loyalty doesn't pay, but being savvy with your savings can." Andrew Hagger, personal finance expert of commented: "Your average saver simply wants a decent rate of return on their money without having to worry about the impact of confusing terms and conditions. Their priority is to be able to get their hands on their cash whenever they need it." So, if you're looking to expand your savings and earn some extra free cash - don't think twice and move your money to accounts with higher rates. Every little helps, right?
Daily Mail
30-07-2025
- Business
- Daily Mail
Nationwide has now gained 1m current account customers from rivals since switching service launched
Nationwide Building Society has passed the milestone of a net 1million customers ditching a rival bank to switch current account to it, new data shows. Britain's biggest mutual has now seen a net 1.03million customers join it since the Current Account Switch Service launched in 2013. It saw net switching gains of 55,578 between January and March 2025, according to bank-specific data - which is three months in arrears - making it the first bank or building society to surpass the figure. The current account switching war is driven by generous cash bribes to move account, with Cass making it far easier to do so. In total 72,847 new customers switched to Nationwide between January and March while 17,269 switched away to a different bank. This is the third quarter in a row that Nationwide had the highest net switching gains. Between October and September 2024, Nationwide had net switching gains of 51,254 and between July and September 2024, the figure stood at 22,622. Much of the Nationwide switching rush in recent times has been fuelled by the generous cash incentives it offers. It was offering a £175 switching bonus until 31 March and also unveiled its third annual £100 Fairer Share payment in May which customers would have needed to have a Nationwide bank account up and running in January to receive. Andrew Hagger, from independent information website MoneyComms says: 'Nationwide had a £175 switching incentive in place for the whole of the three months in question, which no doubt helped boost recruitment. 'However, the £100 annual Fairer Share payment is also having a positive impact on customer retention.' Cass has been a huge success for Nationwide. The next closest rival is Santander, which has seen a net 259,000 switches in the past 12 years - lagging nearly three quarters of a million customers behind. Around 1million bank account switches took place in the past 12 months, with 222,805 happening in the first three months of the year, figures from the Cass show. June was a record month for bank switches in 2025 thus far, with 88,146 switches processed. The data shows just how Nationwide is dominating the switching battle. The next closest is Monzo, which gained 8,550 more customers than it lost in January to March - but that is more than 46,000 below Nationwide. It is the first time a digital bank has been in the top three banks for switching gains. Andrew Hagger says this 'was a good performance considering it doesn't offer a three-figure cash incentive like the big players. 'It does however offer refer a friend incentive, so it could be that this is having a bit of a positive impact.' HSBC saw 5,621 net switchers - with Co-Op, Santander and TSB all gaining customers, albeit 3,845 between them. Barclays, Halifax and NatWest were the big losers, with a net 22,334, 15,707 and 13,086 leaving using Cass. John Dentry, of which owns and operates the Cass, says: 'The fact that the top three spots are occupied by a legacy bank, long-standing building society, and a neobank, shows the depth and diversity of the UK banking system.'
Edinburgh Live
14-07-2025
- Business
- Edinburgh Live
Jet2, Ryanair, TUI and easyJet passengers issued Euros holiday money warning
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info A caution has been sounded for thousands of holidaymakers flying with Jet2, Ryanair, TUI and Easyjet this summer regarding the use of Euros abroad. UK tourists are being hit by foreign exchange fees that amount to a staggering £2.5 million annually, especially as the peak travel season gets underway. Travellers are advised to reconsider using standard debit cards due to potential extra costs, with experts recommending specialist travel debit cards from providers such as Wise, Revolut or Currensea instead. These cards can offer significant savings by eliminating bank fees and can be over 0.5% cheaper than fee-free cards and more than 3% less expensive than high street banks' debit card options. Tourists are also urged to steer clear of airport currency exchanges, which are notorious for their exorbitant rates. Personal finance expert Andrew Hagger warns: "Never buy or sell your currency at the airport. You'll lose around an extra £10 for every £100 you spend – just don't do it unless it's an absolute emergency." Laith Khalaf from AJ Bell echoes this sentiment, stating: "Effectively buying money at the airport is a hefty tax on your holiday for not planning ahead." The advice extends to obtaining travel money from the post office, another common choice among travellers. While individual post offices may have varying currency rates, ordering online in advance is almost always guaranteed to secure a better deal, reports Birmingham Live. However, it's crucial to bear in mind that prepaid cards have their drawbacks – particularly when it comes to withdrawing small sums of cash. Certain providers may charge up to £5 for each cash withdrawal transaction overseas, turning it into a costly spending method. Mr Hagger of the personal finance website MoneyComms advised: "If you pay in GBP this allows the overseas retailer or ATM to use an inferior local exchange rate which can prove way more expensive than the normal Visa or MasterCard exchange rates – this is known as Dynamic Currency Conversion."
Yahoo
23-05-2025
- Business
- Yahoo
The best bank cards to use abroad
Before going abroad, it's important to make sure you have the best payment card with you, or your holiday spending could quickly start racking up hefty fees. Some providers issue fees of around 3pc added to all foreign purchases, and ATM withdrawals can also attract instant fees and interest. Fortunately, a range of debit and credit cards offer fee-free spending and cash withdrawals abroad. Some even offer additional perks including cashback, meaning banks will pay you to spend rather than the other way around. Rachel Springall, of financial analyst Moneyfacts, said: 'Holidaymakers looking to make their cash go further should apply for a credit card designed for use abroad, or open a current account with a debit card which does not charge for making withdrawals.' Here, Telegraph Money takes a closer look at the best bank cards to take on your next holiday. Top travel credit cards Top travel debit cards Are credit or debit cards a better option to use abroad? How much could a travel bank card save you? FAQs The key to finding a good travel credit card is making sure it doesn't charge foreign spending fees. You may prefer to use a credit card while abroad due to the Section 75 protection they offer. If something goes wrong, you can reclaim the value of purchases between £100 and £30,000 from your credit card provider. Andrew Hagger, of personal finance website MoneyComms, said: 'Unlike most credit cards, Barclaycard Rewards doesn't charge any fees or interest charges on purchases overseas or cash withdrawals, provided you pay your statement in full by the due date.' As a small added bonus, you also get 0.25pc cashback on your spending. Applicants for this card must be over 21, and have a minimum annual income of £20,000. It has a representative APR of 28.9pc based on a £1,200 credit limit. Halifax's Clarity card is another favourite with holidaymakers, as there is no exchange rate mark-up for purchases or ATM transactions. That said, you will pay up to 28.94pc interest on any cash withdrawals. This begins the moment they are made. Mr Hagger added: 'On a £100 ATM withdrawal, this will work out at around £2.30 over 30 days.' There are several debit card options to use abroad too; the best ones will also let you spend and withdraw cash fee-free. The debit card from Chase is fee-free for spending at home or abroad, and pays you 1pc cashback on most purchases, even when you're away. This means that for many, it's likely to be the best pick for which card to use abroad. Chase lets you take out up to £500 per day, and £1,500 per month. Spending and cash withdrawals abroad are fee-free with Monzo, but there may be limits to the amount of cash you can withdraw before fees kick in. If Monzo's free account is not your main bank: £400 fee-free every 30 days in the UK and EEA, 3pc afterwards; £200 fee-free every 30 days outside EEA, 3pc afterwards If Monzo's free account is your main bank: Unlimited fee-free withdrawals in UK and EEA; £200 fee-free every 30 days outside EEA, 3pc afterwards Monzo Plus (comes with monthly fees): Unlimited fee-free withdrawals in UK and EEA; £400 fee-free every 30 days outside EEA, 3pc afterwards Monzo Premium, Perks and Max (comes with monthly fees): Unlimited fee-free withdrawals in UK and EEA; £600 fee-free every 30 days outside EEA, 3pc afterwards. Starling is another popular app-only bank. Again, no fees are charged on spending or cash withdrawals when you're abroad – but ATM withdrawals are capped at £300 a day. If you don't want to take out a new credit card or open a new bank account, Currensea might be a good option. Mr Hagger says: 'Currensea provides you with a Mastercard that you link to your existing current account. The beauty is, you don't have to worry about pre-loading with euros or dollars before you set off.' According to its website you cannot yet link up with Co-op Bank, Metro Bank, Danske Bank or the Bank of Ireland. There are three price plans to choose from. The essential package has no annual fee, but charges 0.5pc foreign exchange charge on both purchases and ATM withdrawals. There are no additional charges for the first £500 cash withdrawals each month, but anything above this monthly limit attracts a 2pc fee. The premium plan is £25 annually and the elite plan costs £120 per year. Mr Hagger said these might suit frequent travellers as they come with lower foreign exchange rates and additional features. Both credit and debit cars are viable options for using abroad, but there are pros and cons for each. Credit cards are useful for deposits when preparing to travel, for example if you are renting a car. If you're travelling for business, a credit card may also be the better option thanks to the increased protection and insurance, longer payment terms and the opportunity to earn points. For all travellers, credit cards offer more robust protection against fraud and scams. However, if you have a debit card with one of the challenger banks, such as Monzo or Starling, you can spend fee-free. In this case, a debit card may be the better option but it's worht checking the terms before you jet off. Depending on how long your trip is, foreign transaction fees could potentially add hundreds of pounds to your holiday spending. There are three charges that could be added to your foreign transactions by your credit or debit card provider: non-sterling transaction fee ATM fee spending charge. Some might charge just one of these, while others will charge all three. For credit or debit card purchases – such as buying a meal at a restaurant – non-sterling transaction fees are usually around 3pc. This may be charged in addition to a spending charge, which is usually between 50p and £1.50. Paying £100 for a meal while you're away, for example, could therefore cost you up to £104.50 once the additional costs are added. These fees can seriously add up, especially when making smaller purchases. If you make five transactions in a day, you could be looking at £7.50 in spending charges alone, plus the non-sterling transaction fee. ATM fees vary between providers, but you could end up paying a cash advance interest – and in some cases this is charged every day until you pay it off. A non-sterling cash fee is usually around 3pc, with a minimum charge of £3. This means even a small cash withdrawal of £20 could cost £23 plus interest. The good news is, there are lots of ways to avoid these charges altogether – you just need to have the right card for the job. Prepaid cards can work well if you want to stick to a strict budget on your trip, as you can load up the card before you go – either in sterling or your chosen currency – and then it's ready to spend while you're away. Some popular options include: Post Office Travel Money Card. It allows you to carry up to 22 currencies, and can be managed via an app should you want to move your cash around. It also syncs up with Apple Pay and Google Pay if you want to make transactions via your phone or smartwatch. You'll use the Post Office exchange rate and there are no spending charges. FairFX multi-currency card is another good alternative, as there is no exchange rate mark up for the 21 currencies available to load on the card. There is, however, a £1 fee on all ATM withdrawals. Another fee to watch out for is inactivity fees. This card charges £2 per month on any remaining balance if it's left loaded after its expiry date. EasyFX card doesn't charge for ATM withdrawals or to load your card. However, if you lose it and need a replacement there is a £6 charge, and it will also take £2 per month if the card hasn't been used for more than 12 months. If you're given the option of paying in sterling, as opposed to the local currency, whether you're in a shop, restaurant or other outlet during your holiday, you should always say no. Opting to pay in sterling means you're giving the card payment provider the chance to decide the exchange rate, via a process known as 'dynamic currency conversion'. The rate is unlikely to be in your favour. Matt Sanders, of Money, said: 'In most cases you will get a better currency rate from your card provider, so if you are presented with the option of paying in pounds, opt against it, as it may cost you more.' Wind the clock back 10 or 20 years ago, and hardly anyone would be considering regularly using your debit or credit card abroad – instead, travel wallets would be stuffed with foreign currency, and even a few traveller's cheques. Cash use is in decline in the majority of holiday destinations, but is it still worth taking at least a little cash with you? This will largely depend on the destination; you probably won't need as much cash if you're visiting Sweden than, say, a remote town that is yet to catch up with the contactless revolution. 'There's not a great need to carry a large quantity these days,' said Mr Hagger, 'although some people like to carry a little for tipping taxi drivers, room cleaners or in bars or restaurants.' It can be stressful if your card is lost while travelling, but you have options. The first thing to do is to tell your bank that it has been lost or stolen, to ensure no one else can access your money. Emergency phone lines are generally open 24 hours a day, seven days a week. But you may be charged for calls made outside of the UK. Many banks offer access to emergency cash while you're abroad. Barclays promise that funds will reach you within three days, for instance. It can be a good idea to tell your bank where you are going before your travels to prevent normal activity alerting fraud monitoring systems as suspicious. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
20-05-2025
- Business
- Telegraph
Highest ever bank switching offer launches – should you do it?
TSB has launched a new current account switching deal, offering the highest value bonus yet. New customers could earn up to £310 in rewards, one of the most valuable to be offered by a bank for switching. However, it won't all be paid in cash, and you'll have to wait several months – and jump through several hoops – to benefit from the full amount. Andrew Hagger, personal finance expert from said: 'The headline deal sounds great, but it's important to break down the details of this deal as it's far from a straightforward instant £310 being paid into your bank account.' At any one time, you'll usually be able to find at least a couple of current account switching perks on offer, often giving you the chance to bag some free cash with just a few clicks. Commonly, these are worth between £100-£200. Here, Telegraph Money explains the fine print of the TSB offer to help you weigh up whether it's worth moving your account: How to get the rewards In order to qualify for the incentive, you will need to switch to a TSB Spend & Save current account by July 19. You'll need to do this via the Current Account Switch Service (Cass), which covers most major UK bank providers. You'll receive the £100 cash switching bonus if you log in to the TSB banking app and make five payments on your TSB debit card before July 19. The money will be paid between August 2 and August16. A spokesman said the bank was 'pleased to be able to reward new customers'. The other rewards will take longer to earn. For the first six months of holding the account, you can get up to £15 in triple cashback for each month you make at least 20 debit card payments – which can earn you a total of £90. But is a 'fairly big ask', according to Hagger. The final part of the reward will only be granted if you qualified for a switching bonus and make at least 20 debit card transactions in December. Come January 2026, and you'll also be able to choose a 'treat' – which is either a £120 hotel voucher or access to 12 months of tickets for various UK attractions. Mr Hagger said: 'TSB is being quite clever. It's not paying the £310 upfront, and instead is making sure customers have to stick around for at least six months and use their card very frequently. 'The deal will appeal to some, but not the army of switchers who like to bag their cashback and quickly move on to the next bank offering a cash freebie.' Drawbacks of the deal Alongside the hoops you have to jump through to earn the £310 – and how long it will take to earn it – there are other considerations to keep in mind. In 2018, TSB suffered reputational damage after an IT meltdown locked millions of customers out of accounts for weeks. The bank was later fined £49m for the chaos that followed an attempt to move data to a different computer system. The Financial Conduct Authority said 'a significant proportion of its 5.2m customers were affected by the initial issues'. TSB apologised at the time. Robin Bulloch, the bank's chief, told the Guardian they have 'worked hard to put things right for customers then, and have since transformed our business'. Should you switch elsewhere instead? There are other current account switching deals which are open at the moment, so it's worth checking them out before committing. First Direct's lucrative £175 deal is still on offer, which opens the door to a £250 0pc overdraft, a linked 7pc regular saver and fee-free overseas spending. To qualify, customers must switch at least two direct debits or standing orders, pay in £1,000 and make five card payments within 45 days of opening the account. However, you can't get the bonus if you've held a First Direct account before, or if you've opened an account with HSBC since January 1, 2018. Meanwhile, NatWest is offering £150 for opening a reward account if you pay in £1,250 and log in to mobile banking within 60 days of opening a new account. If you're planning on sticking with the account you switch to, Co-op Bank is offering £175 if you stay for three months. However there are considerable terms and conditions to bear in mind. You must deposit £1,000, have two direct debits, register for online banking and make at least ten transactions. You can also receive £25 a month for three months if you meet further requirements. You might need to act quickly for offers you like the look of. Rachel Springall, from said: 'Switching bonuses come and go. There is no guarantee such lucrative perks will remain on offer forever.' That being said, it's also important to research any deals carefully before making any decision. She added: 'Consumers may be tempted to grab a free cash perk, but it is imperative you weigh up the overall package on offer before committing to any new account.'
