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Scottish Sun
3 days ago
- Business
- Scottish Sun
Nationwide customers could make up to £759 by making simple switch
Plus, find out the best interest rates you can get on savings accounts right now BANKING BOOST Nationwide customers could make up to £759 by making simple switch NATIONWIDE customers can get a huge boost to their savings of up to £759 thanks to a new offer. The building society is Nationwide members exclusive access to a new Member Exclusive Bond account. 1 Nationwide is offering its customers a new savings account with a 5% fixed interest rate Credit: Alamy The 18-month fixed term account comes with a very attractive 5% interest rate - and it means you can get a great return on your savings. You can put anything between £1 to £10,000 into the account. If you save away the maximum £10,000, you'll get a huge return of £759 at the end of the 18 months. According to the best fixed-rate bond savings accounts up to one year offer rates of 4.45%. That makes the Member Exclusive Bond account one of the best options if you want to lock your money away in a fixed-rate account. However there are some terms and conditions you'll need to meet to be eligible to open the account. Firstly you'll need to be an existing Nationwide member - which just means you need to have a bank account, savings account or mortgage with the building society. You'll also need to be aged 16 or over, be registered to use the internet bank and have a valid email address. Once you've started the process of opening an account, you'll have two weeks to add funds to it. If you don't make a payment into the account in that time then your account will be closed. Inside the hubs restoring high street banking and reversing the tide of mass branch closures You can close the account within the same two-week timeline if you would like. But like with other fixed-term accounts, you won't be able to take money out of the account or close it before the end of the term. The interest is paid annually on the date the account was first opened. So if you opened your account tomorrow then you would receive your interest payment when the account matures on June 8 2026. What is a fixed-term account and what other options are there? A fixed-term savings account generally means your money is locked away for a fixed amount of time - such as one year, two years or five years. You'll receive a fixed interest rate that won't change over this time. Usually fixed-term accounts have higher interest rates than easy access savings accounts. Fixed accounts are best if you know you won't need your money for a certain amount of time but want to get more return on your savings. If you want to be able to get your money more easily, you are better off looking at easy access savings accounts. These might offer unlimited withdrawals, or a set number of withdrawals per year. Another option for putting away your savings is to look at ISAs, which allow you to save up to £20,000 tax-free per year. You can either go for a Cash ISA which is more similar to having a standard savings account, or if you are willing to take on more risk you can look at Stocks and Shares ISAs. These let you use your tax-free ISA allowance to invest in the stock market. Of course, another option is to look at investing. You can see our ultimate beginner's guide to investing here. What are the best interest rates around right now? Cash ISAs are currently paying some of the best interest rates - although bear in mind you can only save away up to £20,000 in these per tax year. The top easy-access rate right now is Plum's 4.85% Cash ISA. This includes a 1.57% 12-month bonus, so it's worth noting down to switch after a year as your rate will drop dramatically then. You should also be aware that your rate will drop if you withdraw more than three times a year, so this is best if you're not planning to withdraw often. A similar option is Chip's Cash ISA deal, which has an interest rate of 4.82% but allows unlimited penalty-free withdrawals. If you have more than £20,000 to save, Atom Bank has an easy access account with a rate of 4.75%. However the interest rate drops in any month you withdraw so it's best if you just want to store money. If you're looking for a one-year fixed account, Cynergy Bank pays the top rate at 4.4% and can be opened with a minimum of £1,000. The top two-year fix is only slightly higher at 4.43% and it comes from Birmingham Bank. It can be opened online with a minimum of £5,000.
Yahoo
02-06-2025
- Business
- Yahoo
Best Junior cash Isas: Today's latest rates
The earlier you start saving for the future, the better, as the old adage goes. That is just as true for your children or grandchildren – and a Junior Isa can provide a good option. Of course, newborns and young children can't have a bank account of their own, but you can give them a head start financially by opening a savings account on their behalf. There are a few different ways to save for children, including savings accounts, bonds or Isas, and they all have different benefits and downsides. This guide will explain what a Junior Isa is – including how these accounts work, their main benefits are and which are currently some of the best: How we determine the best rates The best Junior cash Isas What is a Junior cash Isa? How many Junior Isas can I open? Junior cash Isa FAQs The Best Buy tables show the best savings rates widely available in the market. This means certain accounts are excluded, including those that are available only to local or existing customers. The data in the tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily. The savings accounts featured are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice. Use the table below to explore your options for a Junior cash Isa. For more options to set up a nest egg for your children, don't miss our guide to the best children's savings accounts. If you want to continue helping your child to save after they've reached 18, check our guide to the best cash Isas, and best Lifetime Isas. A Junior Isa is a type of savings account that allows you to put away money for the long-term for a child, and – depending on whether you opt for a cash or investment account – any savings interest or growth is free from tax. Similar to an adult Isa, the amount you can save each year is capped. The limit for an adult Isa is £20,000, but the limit for a Junior Isa is much lower, at £9,000. Be aware this limit applies per tax year and not calendar year, so you will need to calculate your savings from April 6 to April 5. You can open a Junior Isa if your child is under 18 and lives in the UK. There are two types of Junior Isa available: cash, which will earn interest like a normal savings account, and stocks and shares, which allows you to invest the money. Parents or guardians will be responsible for the money in the account but it will not belong to them – it belongs to the child. The child can take control of the account when they turn 16, but the money cannot be withdrawn until they turn 18. Rachel Springall, finance expert at said: 'Savers can choose a cash interest option or stocks and shares, where the latter over the longer term is likely to outperform interest rates. 'Anyone who still has their cash saved in a Child Trust Fund would be wise to transfer it to a Junior Isa, because you can not hold both at the same time for a child. However, you can have a Junior cash Isa and Junior stocks and shares Isa, so long as the overall pot keeps within the annual limit of £9,000 across both as a total. 'Stocks and shares Junior Isas may be a more attractive alternative for savers who are prepared for a little risk and could outperform cash returns. As with any fund, growth is never a guarantee. 'As an alternative to Junior Isas, there are a few children's savings accounts which could be useful for parents to consider, but some do have certain eligibility criteria to meet. Some accounts only have a 12-month fixed term, where others are more flexible. This means parents need to take some time to navigate all the accounts to ensure it suits their needs.' You cannot open more than two Junior Isas for your child; one Junior cash Isa and one Junior stocks and shares Isa can be open at the same time, but no more. You can switch between the two types or transfer from one provider to another, but it's important to do so carefully to ensure you don't lose the tax-free status on the money. As savings accounts go, Junior cash Isas are a pretty good way to put money away for your child. There are a few downsides, however. The money is locked away until they are 18, meaning if they have financial difficulties, or simply want to put the money towards something else before that time, they won't be able to access the cash. Parents can't access the money they've paid in either. They are also restricted from investing the money, meaning that inflation could eat away at the value of the pot if it doesn't pay enough interest. Our inflation calculator demonstrates the effect inflation could have on your savings. Some parents may also consider it a downside that the child will have full control of the money when they turn 18. You can give advice about what they should do with it, but ultimately the choice is theirs. No, a Junior Isa can only be opened by parents or guardians on behalf of their child (if a grandparent is the child's legal guardian, then they will be able to open the account). However, anyone can pay into a Junior Isa on behalf of the child, and so they are a simple way of allowing the whole family – including grandparents – to save on a child's behalf. While it is no longer possible to open a Child Trust Fund, some children born at a certain time may still have one. They operate in a broadly similar way to a Junior Isa, in that they both allow either cash or stocks and shares, mature at 18, and have the same £9,000 annual limit, although a Child Trust Fund limit resets on the child's birthday. While a Junior Isa automatically becomes an adult Isa when the child turns 18, the child will need to choose how to access their matured trust fund. If you want to open a Junior Isa for your child with a trust fund, it might be a good idea to transfer the fund into the Isa. This would make it easier to stay on top of your contribution limits. No, parents cannot withdraw the money from a Junior Isa. The money belongs to the child. The only exception is if the child who owns the account dies or is declared terminally ill. The other type of Junior Isa operates in much the same way as the cash version. The only difference is you are able to invest the money saved within the account and any returns are free from tax. What you can invest in will differ between providers. Also be aware that, as with all investments, the value of your money can go down as well as up and so you should be comfortable investing for the long term. Given that the money cannot be accessed until your child turns 18 a Junior Isa is well suited to investing. 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
Yahoo
02-06-2025
- Business
- Yahoo
Best Junior cash Isas: Today's latest rates
The earlier you start saving for the future, the better, as the old adage goes. That is just as true for your children or grandchildren – and a Junior Isa can provide a good option. Of course, newborns and young children can't have a bank account of their own, but you can give them a head start financially by opening a savings account on their behalf. There are a few different ways to save for children, including savings accounts, bonds or Isas, and they all have different benefits and downsides. This guide will explain what a Junior Isa is – including how these accounts work, their main benefits are and which are currently some of the best: How we determine the best rates The best Junior cash Isas What is a Junior cash Isa? How many Junior Isas can I open? Junior cash Isa FAQs The Best Buy tables show the best savings rates widely available in the market. This means certain accounts are excluded, including those that are available only to local or existing customers. The data in the tables is provided by Savings Data Limited and is compiled using automated tracker tools and updates from savings providers. Savings Data Limited then manually checks the information and enters it into a database that feeds the live tables, which update daily. The savings accounts featured are protected by the Financial Services Compensation Scheme. The information in this article is intended for information purposes and should not be taken as endorsement or advice. Use the table below to explore your options for a Junior cash Isa. For more options to set up a nest egg for your children, don't miss our guide to the best children's savings accounts. If you want to continue helping your child to save after they've reached 18, check our guide to the best cash Isas, and best Lifetime Isas. A Junior Isa is a type of savings account that allows you to put away money for the long-term for a child, and – depending on whether you opt for a cash or investment account – any savings interest or growth is free from tax. Similar to an adult Isa, the amount you can save each year is capped. The limit for an adult Isa is £20,000, but the limit for a Junior Isa is much lower, at £9,000. Be aware this limit applies per tax year and not calendar year, so you will need to calculate your savings from April 6 to April 5. You can open a Junior Isa if your child is under 18 and lives in the UK. There are two types of Junior Isa available: cash, which will earn interest like a normal savings account, and stocks and shares, which allows you to invest the money. Parents or guardians will be responsible for the money in the account but it will not belong to them – it belongs to the child. The child can take control of the account when they turn 16, but the money cannot be withdrawn until they turn 18. Rachel Springall, finance expert at said: 'Savers can choose a cash interest option or stocks and shares, where the latter over the longer term is likely to outperform interest rates. 'Anyone who still has their cash saved in a Child Trust Fund would be wise to transfer it to a Junior Isa, because you can not hold both at the same time for a child. However, you can have a Junior cash Isa and Junior stocks and shares Isa, so long as the overall pot keeps within the annual limit of £9,000 across both as a total. 'Stocks and shares Junior Isas may be a more attractive alternative for savers who are prepared for a little risk and could outperform cash returns. As with any fund, growth is never a guarantee. 'As an alternative to Junior Isas, there are a few children's savings accounts which could be useful for parents to consider, but some do have certain eligibility criteria to meet. Some accounts only have a 12-month fixed term, where others are more flexible. This means parents need to take some time to navigate all the accounts to ensure it suits their needs.' You cannot open more than two Junior Isas for your child; one Junior cash Isa and one Junior stocks and shares Isa can be open at the same time, but no more. You can switch between the two types or transfer from one provider to another, but it's important to do so carefully to ensure you don't lose the tax-free status on the money. As savings accounts go, Junior cash Isas are a pretty good way to put money away for your child. There are a few downsides, however. The money is locked away until they are 18, meaning if they have financial difficulties, or simply want to put the money towards something else before that time, they won't be able to access the cash. Parents can't access the money they've paid in either. They are also restricted from investing the money, meaning that inflation could eat away at the value of the pot if it doesn't pay enough interest. Our inflation calculator demonstrates the effect inflation could have on your savings. Some parents may also consider it a downside that the child will have full control of the money when they turn 18. You can give advice about what they should do with it, but ultimately the choice is theirs. No, a Junior Isa can only be opened by parents or guardians on behalf of their child (if a grandparent is the child's legal guardian, then they will be able to open the account). However, anyone can pay into a Junior Isa on behalf of the child, and so they are a simple way of allowing the whole family – including grandparents – to save on a child's behalf. While it is no longer possible to open a Child Trust Fund, some children born at a certain time may still have one. They operate in a broadly similar way to a Junior Isa, in that they both allow either cash or stocks and shares, mature at 18, and have the same £9,000 annual limit, although a Child Trust Fund limit resets on the child's birthday. While a Junior Isa automatically becomes an adult Isa when the child turns 18, the child will need to choose how to access their matured trust fund. If you want to open a Junior Isa for your child with a trust fund, it might be a good idea to transfer the fund into the Isa. This would make it easier to stay on top of your contribution limits. No, parents cannot withdraw the money from a Junior Isa. The money belongs to the child. The only exception is if the child who owns the account dies or is declared terminally ill. The other type of Junior Isa operates in much the same way as the cash version. The only difference is you are able to invest the money saved within the account and any returns are free from tax. What you can invest in will differ between providers. Also be aware that, as with all investments, the value of your money can go down as well as up and so you should be comfortable investing for the long term. Given that the money cannot be accessed until your child turns 18 a Junior Isa is well suited to investing. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Scottish Sun
02-06-2025
- Business
- Scottish Sun
New mortgage rules could add £19,000 to average house price and help first-time buyers with lower deposits
Scroll down to find out what is happening with mortgage rates HOME LOAN New mortgage rules could add £19,000 to average house price and help first-time buyers with lower deposits NEW mortgage rules could add £19,000 to average house prices and help first-time buyers get on the ladder with lower deposits. Changes to stress testing practices could cause property prices to increase by between 5% and 7.5% over the next five years, claims Savills. 1 House prices could surge by up to 7.5% over the next five years, Savills said Credit: Getty New research by the estate agent also predicts the average deposit needed by a first-time buyer could fall from £58,000 to as little as £45,000 over the same time frame, The Telegraph reports. Lucian Cook, of Savills, said: 'Change would not be immediate, with the impact on house prices and transactions likely to take place over a period of five years. 'But in the medium to long term, the market would feel the knock-on effect of a widening pool of buyers." In March, the FCA reminded lenders they are allowed to tweak their stress testing based on market expectations. It said the market approach to stress testing could be restricting borrowers' access to affordable mortgages. It comes as mortgage interest rates fall, following drops in the Bank of England (BoE) base rate. Stress tests are carried out by lenders to see if borrowers could cope with an uptick in their interest rate or if their income dropped. A host of lenders, including Halifax, Santander and Barclays, have tweaked their stress tests in recent months. Santander said it could allow home buyers to borrow up to £35,000 more. But relaxing stress testing rules, while making it easier for buyers to get a mortgage, could see house prices rise as demand increases. The Sun's James Flanders explains how to find the best deal on your mortgage What is happening with mortgage rates? Mortgage rates have been falling steadily across the UK following a number of Bank of England (BoE) base rate cuts. Trump's "Liberation Day" blitz of tariffs also led to a number of lenders slashing interest rates below 4%. The base rate is the rate the BoE charges to high street banks and lenders when they borrow money. If it goes up, it means mortgage rates tend to rise too, as well as savings rates. When it falls, it sees the opposite happen. The base rate currently sits at 4.25%, having been lowered from 4.5% earlier this month, and down from 5.25% in summer last year. According to the average two-year fixed-rate mortgage is 5.12% today, compared to 5.93% a year ago. The average five-year fixed residential mortgage rate today is 5.09%. This is down from 5.50% a year ago. More base rate cuts are expected this year. It's worth bearing in mind, when your mortgage rate falls is dependent on the type you have. Those on tracker and standard variable rate (SVR) mortgages tend to see their rates fall first. However, if you're on a fixed rate, you won't feel the impact of any rate changes until your deal ends. If you are coming to the end of a fixed deal, most lenders let you lock in a new rate up to six months beforehand, which can be worth doing. If rates fall after you agree a new deal, some lenders will let you sign a new one at a lower rate.
Yahoo
21-05-2025
- Business
- Yahoo
Lloyds account ‘will help empower affluent customers to reach financial goals'
Lloyds Bank is stepping up its drive to attract affluent customers, with the launch of a new account aimed at people with income or assets of more than £100,000. The bank's offer of an account combining financial perks with 'premium lifestyle services' is part of moves to grow its presence in this part of the market. The Lloyds Premier account offers GP and wellbeing services, lifestyle benefits, travel perks, cashback, discounted mortgage rates and appointments with financial coaches, among its benefits. The perks include a Bupa family GP and wellbeing subscription service, providing remote access to a range of services; a 0.2 percentage point discount on new homeowner mortgages and remortgage rates and 1% cashback on eligible debit card spending, up to £10 per month. Customers can also receive 1.50% AER (annual equivalent rate) variable credit interest on balances between £1 and £3,999.99 and 3.00% AER variable credit interest on any part of the balance between £4,000 and £5,000, subject to terms and conditions. The account will also offer customers 'ready-made investment portfolios with zero management fees for the first year'. The deal also offers a 'Premier planning hub' within the mobile app, offering tools such as a 'net worth calculator' and 'wealth forecasting'. People can also access other perks such as fee-free spending abroad on debit cards, and cinema tickets. Jo Harris, director of consumer relationships at Lloyds, said the account will 'help empower' customers to reach their financial goals. 'Lloyds Premier is a strategically important milestone in our growth ambitions for affluent customers – a part of the market where we have historically been under-represented. 'Our new Lloyds Premier account is the latest way we are delivering for our affluent customers, offering experience-led, tailored and personalised solutions in financial, health and lifestyle, while growing our presence in this part of the market.' Under the Lloyds Premier criteria, customers must pay in £5,000 each month or have £100,000 of savings or qualifying investments with Lloyds Bank to be eligible for the account. A monthly fee of £15 will be refunded each month a customer meets the eligibility criteria. Accounts are regularly reviewed, with customers contacted if they are not meeting the criteria, Lloyds said. The bank estimates that customers will typically receive more than £100-worth of benefits per month, based on an account holder's assumed average usage of benefits. Caitlyn Eastell, a spokesperson at financial information website said: 'It's great to see Lloyds Bank launching an innovative account which can help consumers achieve their savings goals and effectively manage their lifestyle. Combining these perks into one account can pose as a massive timesaver and may entice customers with a busy daily schedule. 'However, it is imperative that consumers consider if the account is suitable for their needs to ensure they can get the best value and are not losing out on any of the best perks.' Ms Eastell said that with many 'lucrative 'premier' accounts, the terms and conditions can be quite restrictive so they should be reviewed carefully to ensure they qualify'. She added that for current account customers more widely: 'There are still a wealth of current accounts to choose from which can offer interest on balances or overdrafts. In any case, if customers are unsure which account may be best for them, they should seek independent advice.'
