Latest news with #NatWest
Sky News
5 hours ago
- Business
- Sky News
Over-50s savings account launched - should you go there?
For this week's Savings Guide, Anna Bowes, personal finance expert from The Private Office, takes a look at a product specifically for over-50s... Insurance firm Saga recently announced that it is preparing to launch a range of over-50s savings products with NatWest. The company, which specialises in holidays, insurance and personal finance products for that specific age group, said it will be launching an "innovative suite of savings products". Saga itself is not a bank, so it works in partnership with UK banks to offer its products. At the moment, it offers its easy access savings accounts with Goldman Sachs. This will be taken over by NatWest in 2028. Is an over-50s account worth considering? Bowes says: "The savings accounts are exclusively marketed to those aged 50 and over, which might suggest they are specially tailored for this age group. "However, in reality, they are simply like most standard savings products, and don't necessarily offer better rates. "While over-50s branded savings products might suggest that they are providing a better option for a particular demographic, the reality is that you might be able to find better rates elsewhere - so shop around." Saga's easy access account and cash ISA are both paying 4.01% AER (3.94% gross). This rate includes a 12-month bonus of 0.49%, and the rate mirrors what you'd get if you went directly to Marcus by Goldman Sachs - the UK-branded version of Goldman Sachs. While the rate is competitive, better rates can be found elsewhere - here's a look at the top-paying easy access accounts around at the moment... Chase Bank offers a 5% AER (4.89% gross) easy access account with a 2.25% bonus, though you must be a new customer who opened a current account after 9 June 2025. Cahoot offers an easy access option at 4.55% AER, without app-only restrictions or the need to hold a current account with them. When it comes to fixed-rate bonds, Saga offers a one-year bond, provided by Chetwood Bank via the Flagstone platform, at 4.15% AER, but you could get up to 4.53% AER elsewhere. The pros and cons of this over-50s account "Once again, while Saga may be convenient, especially if you're already familiar with the brand, it doesn't guarantee the most competitive interest rates," Bowes says. "That said, cash platforms like Saga's (which runs on Flagstone's technology) can be appealing - especially for those with larger savings balances who value simplicity. "These platforms allow you to access a range of competitive savings accounts through a single application and login, without the hassle of opening new accounts for each bank. Plus, your money is protected under the Financial Services Compensation Scheme via each bank your funds are deposited with."
Scottish Sun
6 hours ago
- Business
- Scottish Sun
Supermarket bank sells off more major services in big update for 1,000s of customers – check how you're affected
Find out how the changes could affect you ALL CHANGE Supermarket bank sells off more major services in big update for 1,000s of customers – check how you're affected Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A SUPERMARKET bank has sold off more of its major services as part of a shake-up that will affect thousands of customers. Sainsbury's Bank has sold off both its travel money and car and home insurance businesses as it plans to focus on its food offering. Sign up for Scottish Sun newsletter Sign up 1 Sainsbury's will still have travel kiosks inside stores but they'll be under a different brand Credit: Getty This is separate to the sale of the supermarket's core banking business, including loans, mortgages, and savings, to NatWest last year. The move has seen 1.8million customers begin to be moved over to the high street giant, with mortgage holders transferring first. Sainsbury's has now sold its car and home insurance arm to Allianz, one of the largest general insurers in the UK. Customers who currently have insurance through Sainsbury's will be contacted later this year when their renewal is up. Read more on Sainsbury's CHOC JOY Sainsbury's shoppers spot new flavour of beloved Nestle chocolate on shelves Those who are auto-renewing their policies will start moving to Allianz from November 2025. Meanwhile the travel money business will be sold to financial services and foreign exchange company Fexco Group. Customers will continue to be able to access services at over 220 travel money bureaux in Sainsbury's stores and online – an estate which currently represents almost 10 per cent of the UK market. Sainsbury's currently has over 220 travel money kiosks across the country. It comes after the supermarket revealed in January last year that it is set to close its banking business. Sainsbury's Bank will be wound down as the supermarket says it wants to focus on "food first". It said there would be a "phased withdrawal" of the banking business. The Sun understands the Sainsbury's Bank brand may start to disappear from the end of the year, but nothing is confirmed yet. Sainsbury's scraps in-store changing rooms leaving shoppers furious Sainsbury's already outsources its insurance products, and its Argos credit cards and loans to about 2.1million customers. We revealed earlier this month that NatWest is taking on Sainsbury's Bank customers and will complete the transfer by December this year. The High Court granted approval in April to pave way for the switch. Legal ownership of credit cards, loans, and savings accounts officially moved to NatWest on May 1. But the transfer of these accounts to NatWest's systems will begin from October and be completed by December. Credit card holders will start receiving details about changes to their accounts this month. Between August and September, customers with loans or savings accounts will get updates about their accounts. From September to October, NatWest will provide instructions on next steps, including how to sign up for its digital banking, while Sainsbury's Bank will send a farewell message. Bláthnaid Bergin, Sainsbury's chief financial officer, said: "Travel money is a service our customers value and we're pleased to be entering a new long-term partnership with Fexco Group that ensures they can continue to access foreign exchange both in-store and online with the same ease and confidence." She said there will be no immediate changes for customers as a result of the move. Bergin continued: "We started the phased withdrawal from our core Banking business in January last year and are successfully on track towards a distributed model where the financial services products that we continue to offer will be provided by dedicated financial services providers. "Today's news means we will focus all more of our time and resources going forward on growing our core retail business."
Times
3 days ago
- Business
- Times
NatWest faces questions over links to collapsed 79th Group
NatWest is facing scrutiny over its relationship with a collapsed £200 million investment group which insolvency practitioners suspect was a Ponzi scheme. 79th Group attracted thousands of investors from the UK and overseas, before collapsing into administration in April, two months after the City of London police announced an investigation into a 'suspected widespread fraud'. The company has denied wrongdoing. Insolvency practitioners estimate 79th Group owes more than £200 million to about 3,700 people. Some investors have life savings at risk. The matter was raised in parliament this month. The 'main account' of the group was held at NatWest, according to administrators from Kroll and Quantuma. It is understood that the relationship originated at the bank's Southport branch, which is near 79th Group's Merseyside head office. The bank also holds an outstanding charge over a 79th Group entity which was first registered 20 years ago. That company went into insolvency in May. Investors' funds were paid into a 'treasury account [and then] transferred out to other entities', administrators said in a recent report to creditors. They are investigating the 'flow of funds'. Investors' money does not appear to have been 'ring-fenced' and was instead 'pooled' in group accounts. No formal loan accounts appear to have been recorded or board minutes yet identified relating to the management of investors' money, insolvency practitioners have claimed. The bank declined to answer a series of questions over its banking relationship with 79th Group, including how much money was received and processed by the bank; whether it had continued to receive investor funds after the arrests; whether it had failed to detect serious irregularities; and whether NatWest was investigating. A NatWest spokeswoman said: 'Combating fraud is a top priority and we are committed to preventing criminal activity. We will not make any further comment on this case.' Contractual agreements between the group and investors stated that funds would be used for specific projects, including a £250 million holiday park in north Wales and a mining venture. City of London police said in February that four people had been arrested and that 'a large amount of cash, luxury watches and jewellery were found during searches of properties, all of which were seized'. All people arrested have been released on bail and inquiries continue. There have been no charges. The Times reported this month that 79th Group's board included a former senior HM Revenue & Customs official who was in charge of combating fraud for the tax office. Andy Cole, former director of specialist investigations at HMRC, was a non-executive adviser. There is no suggestion of wrongdoing by Cole or that he is being investigated. He has not been arrested. Administrators from Grant Thornton have told 79th Group investors that 'we believe this is a Ponzi', the term for a fraudulent investment scheme in which early investors are paid with money from later investors rather than legitimate business activities. Banks have a regulatory duty to counter the risk that they might be used to further financial crime. Lenders face strict 'know your customer' and anti-money laundering rules; adherence requires due diligence, transaction monitoring and reporting of suspicious activity. Three sets of insolvency firms are engaged on the case. Administrators are liaising with NatWest over the outstanding charge owed to the bank, which has said it is not in a position to release it, according to its report. In 2021, NatWest was fined £264.8 million for anti-money laundering failures related to the gold trading business Fowler Oldfield. This month Barclays was fined £39.3 million for failing to tackle financial crime risks in its dealings with Stunt & Co, which received £46.8 million from Fowler Oldfield.
Finextra
3 days ago
- Business
- Finextra
NatWest adopts Pexa digital remortgage platform
NatWest has agreed a deal with vendor Pexa to start carrying out digital remortgage deals from next year. 0 Pexa says that its platform will help NatWest increase the speed and certainty of digital remortgage and sale and purchase transactions to homeowners, driving efficiency and transparency. Barry Connolly, MD, home buying and ownership, NatWest, says: "The Pexa platform will help to reduce the administrative burden and reduce the risk of fraud. This partnership will also accelerate processes through the automatic sharing of data between parties. We look forward to seeing the results." NatWest and Pexa initially inked an exploratory deal in 2024 and are now pushing ahead after the vendor secured FCA approval to act as a Third Party Managed Account provider. With the bank conducting 12.6% of all mortgages in the UK market in 2024, the agreement is a milestone for Pexa ahead of its launch of its broader sale and purchase solution in the autumn which will enable it to serve over 70% of property transaction types in England and Wales. Joe Pepper, UK CEO, Pexa, says: "It is a pivotal moment in our mission for a lender the size of NatWest to see the potential benefits Pexa brings its customers and commit to adopting our platform to support its remortgage transactions."
Scottish Sun
3 days ago
- Business
- Scottish Sun
All the bank branch closures including Lloyds and NatWest in August – is your local affected?
We reveal the full list of closures below BANK ON IT All the bank branch closures including Lloyds and NatWest in August – is your local affected? Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) BANK branches continue to close across the UK at pace, with 17 more planning to shut their doors this August alone. In fact, so far in 2025, 423 branches have closed already from January through July. Sign up for Scottish Sun newsletter Sign up 1 There are 17 bank branches shutting in August, according to the latest LINK data Credit: Alamy A further 127 are expected to close between September and December as banks cut costs and push customers toward online services. According to consumer champion Which?, banks and building societies have closed 6,443 branches since January 2015, at a rate of around 53 closures each month. This represents 64% of the branches that were open at the start of 2015. The figures cover branches from 20 major current account providers, showing how widespread the cuts are. NatWest Group, including NatWest, Royal Bank of Scotland and Ulster Bank, has closed the most, with 1,477 branches shut since 2015. Lloyds Banking Group, which includes Lloyds Bank, Halifax and Bank of Scotland, shut 1,391 in the same period. Barclays alone has reduced its network by 1,236 branches, the most for any individual bank. Branch closures peaked in 2017, when 867 sites closed across the UK, more than 70 each month, followed closely by 792 closures in 2018. How Link is helping with cash access Thanks to pressure from campaigners, including Link, some banks have agreed to open voluntary banking hubs that offer face-to-face banking services for customers in areas affected by branch closures. These hubs let you: Pay and withdraw cash Check your balance Pay utility bills Top up gas and electricity Link recommends hubs in areas with at least 10,000 people and 70 shops, also considering local demographics, digital skills and transport links. A full list of operating banking hubs is available on the Cash Access UK website. If you think your area is under-served you can request a hub. First, you need ask Link for a 'cash access review' to check if services in your area are good enough. Who can ask? Anyone can make a cash access request, individuals, groups or organisations. You just need to make your request in writing, and help is available if you need it. You can complete the request form online or print it and post it to: LINK Scheme Ltd (Cash Access Request) Central House, Otley Road, Harrogate, HG3 1UF. When might a review not happen? If there's already an ongoing or recent review covering your area and the same cash services If there isn't a good reason to review the cash access services where you live If you are made aware of existing services nearby and decide there's no problem If you cancel your request in writing or by email Before asking for a review, check if there's a bank branch, Post Office or ATM near you. Post Offices offer Everyday Banking services including cash deposits, withdrawals and balance checks for many banks and building societies. Using the Cash Locator tool can help you find the nearest place to get or pay in cash. Link wants to make sure everyone can easily access and manage their money, so don't hesitate to ask for help if you think cash access in your area isn't good enough. No branch nearby? Use the Post Office If you don't have access to a branch or hub, you can still do basic banking at the nearest Post Office. Services typically include: Cash withdrawals and deposits Cheque deposits Balance enquiries Bill payments Gas and electricity top-ups Which banks are closing? Here are all the closures planned for August 2025: Bank of Scotland – one closure North Berwick: August 20 Barclays - one closure Hull: August 22 Lloyds Bank – one closure Leeds Crossgates: August 20 Santander – 14 closures Blyth: August 5 Brixton: August 11 Canvey Island: August 5 Downpatrick: August 6 Edgware Road: August 12 Finchley: August 6 Formby: August 11 Holywell: August 13 Plympton: August 14 Rustington: August 5 Sidcup: August 11 Whitley Bay: August 6 Willerby: August 13 Wimborne: August 4 Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
