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Sky News
3 days ago
- Business
- Sky News
Regular savings rates fall - and you need to keep your eye on the small print
For this week's guide, Anna Bowes, personal finance expert from The Private Office, looks at where rates are falling... Savings rates have resisted the Bank of England's base rate cut in recent weeks, but the top rates on offer have now begun to fall - and the terms and conditions for some of them have changed. Atom Bank's Instant Saver Reward account, for example, is offering the top rate at 4.75% AER, but if you make a withdrawal, the rate falls to 2.5% for the month that follows. "It's important to double-check the small print, as many of the top rate accounts have either restricted access to the cash, which means that if you make some or too many withdrawals, you could earn less interest than you were expecting - or there may be a short-term bonus," Bowes says. Here are the best rates available... Fixed-rate bonds The fixed-rate bond market looks different, with rates across all terms increasing slightly as markets expect no changes to be made to the base rate for a while. While the new rates are only marginally higher, it does mean that savers have more inflation-beating options to choose from. "Choosing a longer-term bond could be a way of hedging against any further base rate cuts that are still expected to happen over the next year or so," Bowes adds. Here's a look at the best rates available. All of these accounts can be opened online and can't be accessed during the term... Easy access cash ISAs Unlike fixed-rate cash ISAs, which haven't changed over the past week, competition is fierce among easy access cash ISA providers. Yet a few rates have been cut this week, which may indicate the start of a lull. The top easy access ISA is 4.85% with Plum, while a week ago Chip was offering 4.99% on its Chip Cash ISA. Those who opened the account before this latest rate cut will still continue to earn the higher rate - for the time being at least. "Currently it would appear that the best paying cash ISA on the market is the Moneybox Cash ISA, paying 5.46%. But this rate includes a bonus of 1.51% for just three months, after which the rate will fall to 3.95% - this account also restricts the number of penalty free withdrawals," Bowes explains. "The advice would be to check the interest you are earning on your savings and switch, where possible, if you can improve your returns - but watch out for any tricks that might catch you out." Here are the best rates on the market...
Entrepreneur
4 days ago
- Business
- Entrepreneur
Kevin O'Leary: Four-Day Workweeks Are the 'Stupidest Idea'
O'Leary is a remote work enthusiast who often does television interviews wearing a suit jacket paired with pajama bottoms and flip-flops. AI is already changing the workplace, from taking on the tasks of junior employees to creating PowerPoints in your place. Some experts suggest AI could help eliminate wasteful work time and, in turn, cut an entire day from the workweek. And it isn't such a far-fetched idea anymore. After examining 245 businesses and nonprofits that piloted a four-day workweek over the last three years, a new study found that working one less day a week improved employees' mental health and boosted the businesses' bottom line. Moreover, Iceland adopted a four-day workweek in 2019, and Australia and France have piloted programs. Atom Bank in the U.K. has a four-day workweek — and employees can even be fully remote, if they choose. Related: Here's How Eliminating a Workday Without Cutting Pay Impacted Hundreds of Businesses But don't tell this to Kevin O'Leary. Despite being a remote work enthusiast who often does interviews from his hotel room in pajama pants, eliminating a day of work during the week is out of the question. "That's the stupidest idea I have ever heard," O'Leary said on "Outnumbered" on Fox News after being asked for his thoughts on four-day workweeks. "There's no such thing as a work week anymore anyway, in a digital economy." That's the stupidest idea I have ever heard. I think we should let the French go to a two-day work week and then kick their ass internationally. There's no such thing as a work week anymore anyways on a digital economy. I look at my staff, 40% of them work remotely all around the… — Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) June 1, 2025 O'Leary said about 40% of his staff "work remotely all around the world" and that "it's project-based," noting that he only cares about the work getting done, not where or when his staff is working on it. "Can you get it done by the 15th of June? 'Yes, I can.' I don't care when you do it, four-day, three-day, five-day," he said. Related: AI Is Dramatically Decreasing Entry-Level Hiring at Big Tech Companies, According to a New Analysis We don't expect the new study data to change O'Leary's mind, either. Last year, Kickstarter CEO Everette Taylor told O'Leary that his employees and their four-day workweek (adopted in 2021) are "very productive," and engagement is up 50%. It doesn't look like O'Leary was swayed.
Daily Mail
21-05-2025
- Business
- Daily Mail
Major bank cuts easy-access savings rate to near 1% - here's where you should move your cash
Banks have rushed to re-price savings accounts in the wake of the Bank of England cutting the base rate to 4.25 per cent last week. In the days following the Bank of England's base rate decision, at least 59 savings accounts had their rates slashed or withdrawn This is Money analysis found, including Monzo, Chase, Chip and Plum. Savers who keep money in a NatWest flexible easy-access account will soon be on the receiving end of a cut to their savings rate too. The banking giant is slashing the rate it pays on its flexible easy-access account to 1.15 per cent from 1.25 per cent from 30 May. This is the rate paid on balances up to £24,999. Customers can earn up to 2.7 per cent depending on the amount kept in the account. The average easy-access account rate is 2.75 per cent according to rates scrutineers Moneyfacts Compare. A rate of 1.25 was already paltry, but savers will now be earning little over 1 per cent on easy-access savings. It means that for every £100 kept in this account, a saver would earn just £1.15. On a deposit of £1,000 a saver would earn £11.50 in interest. If they were to keep this sum in the best easy-access account, currently offered by Atom Bank and paying 4.75 per cent, they would earn £47.50 on each £1,000. The next best deal is from West Bromwich and pays 4.65 per cent. There are six easy-access deals currently offering 4.5 per cent, This is Money's best buy easy-access tables show, so savers should not have to put up with dud rates. NatWest is not alone in offering low flexible easy-access rates. Lloyds Bank pays an even worse 1.05 per cent on its easy saver on balances up to £24,000. Savers earn just £1.05 per cent interest for every £100 in the account. Santander's easy-access saver pays 1.2 per cent, Barclay's everyday saver pays 1.5 per cent while HSBC's flexible saver pays 1.74 per cent. On a balance of £10,000 these banks pay an average interest rate of just 1.42 per cent. Caitlyn Eastell, of rates scrutineer Moneyfacts Compare says: 'After the recent Bank of England base rate cut many providers have been rushing to re-price their offerings, which has ramped up the competition, but challenger banks continue to dominate the market-leading positions. A spokesman for NatWest says: 'Following the Bank of England base rate cut, we have made reductions to some of our variable rate savings accounts. 'We will communicate these changes to customers in due course, giving at least 14 days' notice of any changes. 'Details of these changes are available on our website now.'
Daily Mail
28-04-2025
- Business
- Daily Mail
Savings provider launches best buy easy-access account - is it worth opening before any base rate cut?
Products featured in this article are independently selected by This is Money's specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence. Savers have a new top paying easy-access account to pick from as Chip has boosted its rate. The app-based provider has added a 12 month bonus to its easy-access deal*, boosting the rate to 4.76 per cent. The bonus makes up 1.2 per cent of the headline rate, with an underlying rate of 3.56 per cent. The bonus is fixed for 12 months, even if the underlying rate changes. The new rate is available to This is Money readers who open the account through this link* and must use the code GETCHIP. On a £10,000 deposit. a saver could earn £476 of interest over a 12 month period, if the rate remains unchanged. The move by Chip comes as the Bank of England's Monetary and Policy Committee is widely expected to vote to cut interest rates next week from 4.5 per cent to 4.25 per cent and many savings providers have moved to cut savings rates as a result. The market is pricing in around three more cuts in 2025. In the past 18 months, savings rates have fallen. The average easy access rate fell from 3.18 per cent to 2.77 per cent according to rate scrutineers Moneyfacts Compare. Today's rate change positions Chip as the best paying easy-access rate on the market. It has knocked Atom Bank's Instant Saver Reward out of the top spot for best easy-access rate, which is offering a deal paying 4.75 per cent. All money deposited in Chip's deal is held by ClearBank, and is eligible for Financial Services Compensation Scheme protection of up to £85,000 per person. This FSCS protection means savers' cash is protected up to £85,000 per person if the firm fails. However, as with many of the best buy savings deals at the moment, Chip's* bumper offer does come with a catch. For a start, the 4.76 per cent rate is propped up by a bonus rate of 1.2 per cent for the first 12 months - thereafter the rate will fall to 3.56 per cent. Savers will also have to tread carefully if they intend to dip in and out of their savings on a regular basis. If someone makes four or more withdrawals within 12 months they will find their rate is reduced to 3.75 per cent. Atom Bank has a similar catch on its Instant Saver Reward account. Anyone who doesn't withdraw earns 4.75 per cent, but make one withdrawal and the rate falls to 3 per cent for that given month. For savers who want the freedom to withdraw their money as many times as they like without being penalised by a rate cut, Charter Savings Bank has a 4.59 per cent easy-access deal with unlimited withdrawals. What are the best Isa rates? Don't overlook cash Isas for high easy-access rates with the huge benefit of interest earned being completely tax free, which is not the case with a easy-access savings account. The best ones are offering rates of up to 5.71 per cent. Moneybox is paying savers this rate which includes a 1.51 per cent bonus for 3 months. Withdrawals are limited to three times in a 12 month period, after a fourth withdrawal the rate drops to a mere 0.75 per cent. The next best deal comes from CMC Invest *, paying 5.7 per cent on its easy-access cash Isa deal. It includes a bonus of 0.85 per cent for three months but withdrawals are unlimited. How we pick our favourite Isas Our five favourite Isas round-up is a permanent feature of This is Money. It comes complete with an explanation detailing why we're happy to pick each account. Our team work tirelessly to stay on top of the latest rate changes, but banks and building societies can pull deals without telling us. If you spot a deal here that is not longer available please email us at editor@ Remember, you can open an Isa or transfer (provided you're not tied to a fixed-term) at any time during the year. Note that we don't just copy the best rates from the savings tables - we scour the market for all-around winners.
Yahoo
10-03-2025
- Business
- Yahoo
Atom Bank wants to inspire staff back to the office
The boss of Atom Bank said he wants to inspire his staff back to the office as he announced plans to relocate its headquarters to Newcastle. Chief executive Mark Mullen has confirmed plans to move its head office from The Rivergreen Centre in Durham to The Pattern Shop in Newcastle. The Pattern Shop was where industrial pioneer Robert Stephenson built steam locomotives in the 1800s for export around the world. Atom Bank employs more than 550 people and is to retain its links to Durham through the Atom Futures Fund, AMI Women in Technology Scholarships and its Memorandum of Understanding with Durham University. Mullen sad: ''Our investment in the iconic Pattern Shop is a bold statement about how we see the future of work. 'While many companies are backtracking on past commitments, and forcing their people back to the office, we're doing the opposite – we're creating a social space that brings people together because it's inspiring, not because it's mandated. 'We're building a culture of trust at Atom, with the flexibility to work how and where people are most happy and productive. 'The Pattern Shop played a key role in shaping the modern world. With its unique character and rich history, it is the perfect place to reimagine what a company HQ can be. 'This isn't just an office – it's a symbol of who we are as a brand. Its deep roots in the North East industrial heritage mirrors our ambition to build on tradition with bold, modern thinking. 'The move comes at an exciting time for the bank as we continue to grow. We're now the UK's most trusted bank on Trustpilot, delivering market leading products, whilst at the same time achieving industry-leading employee engagement. 'Other businesses may use the blunt instrument of 'back to the office' diktats but at Atom, as always, we look to do the right thing. Our move to the Pattern Shop and Newcastle reflects that.' Knight Frank secured the letting on behalf of Newcastle City Council and its development partner, igloo Regeneration, with JLL representing Atom in the negotiation of the term of the lease documents. The head office moves comes after Atom Bank became the latest UK digital lender in 2024 to swing to its first annual pre-tax profit, with the group benefiting from higher interest rates and a jump in mortgage lending. The lender, which launched in 2016 as the UK's first app-based bank, posted a pre-tax profit of £7m in 2023, swinging from a £10.1m loss in 2022. Atom's operating profit surged 600 per cent year on year to £27m, while its costs up ticked up just four per cent, which it said demonstrated 'the success of its efficient, sustainable and scalable business model'. Atom Bank first moved to a four-day working week for all employees with no loss in salary in November 2021. Sign in to access your portfolio
