Latest news with #TotallyMoney
Daily Mirror
5 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?
Scottish Sun
7 days ago
- Business
- Scottish Sun
Millions with poor credit scores urged to make simple online check to save up to £13,541 on loans
Plus, we've explained how to boost your score for free TAKING CREDIT Millions with poor credit scores urged to make simple online check to save up to £13,541 on loans Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MILLIONS of Brits could be paying thousands more than they need to on loans – but a quick online check could save them a fortune. Borrowers with poor credit scores are shelling out eye-watering amounts in extra interest, according to financial experts TotallyMoney. Sign up for Scottish Sun newsletter Sign up A £5,000 personal loan over three years could cost £6,678 more in interest compared to someone with an excellent credit score. For a £10,000 loan, the difference soars to a staggering £13,541. Despite these alarming figures, just one in four Brits admit they haven't checked their credit report in years. Worse still, 32% of those who do check discover errors that, if fixed, could boost their credit score and save them money. Personal loans, which don't require assets like your home or car as collateral, are often a safer and cheaper borrowing option compared to credit cards, overdrafts, or payday loans – the latter sometimes charging up to 1,250% interest. However, nearly a third (31%) of loan applications are rejected, leaving many struggling to find alternatives. This has driven 2.6million households (22%) to turn to high-cost and risky lenders, such as payday loans, pawnshops, or even loan sharks. Your credit score matters when borrowing money, as lenders like banks and mobile providers use it to decide whether to approve your application for loans, mortgages, or credit cards – and what interest rates to offer. In the UK, three main agencies track your credit history: Experian, Equifax, and TransUnion. They gather data from banks, utility companies, and other sources to build a record of how you borrow and repay money. How to Qualify for Free or Discounted Council Tax! They use this data to calculate your credit score, which shows how well you manage borrowing and repayments. Each agency has slightly different score ranges. For example, a "Good" score is 881-960 with Experian, 420-465 with Equifax, and 604-627 with TransUnion. Higher scores, like "Excellent," mean you're seen as more reliable by lenders, making borrowing easier and cheaper. However, lenders only have to offer their advertised rates to 51% of successful applicants, meaning those with lower scores often face higher costs. If your score is poor, loans and credit become more expensive, so it's crucial to check your credit report regularly and fix any errors that could be affecting your score. Alastair Douglas, chief executive of TotallyMoney said: "Only one in four people have checked their credit report in the past four years, and 32% of those who did found errors. "These mistakes could be costing you thousands in higher interest rates. "Check your report at least every six months using a free service – never pay for access to your own data. Look for incorrect addresses, closed accounts still showing as open, or payments marked as late when they weren't." These small errors can knock hundreds of points off your score, even if you have a solid borrowing history. Taking the time to review your details and ensure they're accurate could save you a fortune. Check your credit score and file for free THERE are now plenty of ways to check your credit score for free. Here are the best options: Experian : Download the Experian app to see your credit score and full report for free. : Download the Experian app to see your credit score and full report for free. Equifax : Use ClearScore for free access to your Equifax file. : Use ClearScore for free access to your Equifax file. TransUnion: Check your score and report for free through Credit Karma or MoneySavingExpert's Credit Club. How can I boost my credit score? A robust credit score is a golden ticket to better deals. Andrew Hagger, founder of Moneycomms, said the most important move is to register to vote. This is because lenders need to check your identity and address to confirm you're not a fraudster. For Experian, being on the electoral register can yield you 50 points. Also, don't make too many credit applications as this can be a sign of financial distress. And if you already have a credit card or loan, never miss a payment. Kara Gammell, financial expert at MoneySupermarket, said: "A missed payment can negatively affect your rating." Renters who want to boost their credit score can also report their rent payments to three of the major credit reference agencies to prove they can pay their bills on time. CreditLadder introduced rent reporting to the UK for all tenants in 2017. Two out of five households rent, and CreditLadder can report those rent payments to all the main credit reference agencies, which can help you improve your credit history and score. It is free to report your rent payments to one credit agency. Other services, like Loqbox, can help boost your score by up to 200 points within 12 months. It works by lending you a minimum of £240. This money stays locked away in your Loqbox account. Over the year, you pay £20 a month into your Loqbox account to pay back the loan. Each month, Loqbox reports to the credit agencies that you've made your repayments, which increases your credit score. After 12 months, the loan is paid off and you can withdraw the £240 you saved back into your bank account. Avoid relying too much on overdrafts, withdrawing cash on credit cards, or taking out payday loans, as these can be costly and harm your financial health.
The Sun
7 days ago
- Business
- The Sun
Millions with poor credit scores urged to make simple online check to save up to £13,541 on loans
MILLIONS of Brits could be paying thousands more than they need to on loans – but a quick online check could save them a fortune. Borrowers with poor credit scores are shelling out eye-watering amounts in extra interest, according to financial experts TotallyMoney. A £5,000 personal loan over three years could cost £6,678 more in interest compared to someone with an excellent credit score. For a £10,000 loan, the difference soars to a staggering £13,541. Despite these alarming figures, just one in four Brits admit they haven't checked their credit report in years. Worse still, 32% of those who do check discover errors that, if fixed, could boost their credit score and save them money. Personal loans, which don't require assets like your home or car as collateral, are often a safer and cheaper borrowing option compared to credit cards, overdrafts, or payday loans – the latter sometimes charging up to 1,250% interest. However, nearly a third (31%) of loan applications are rejected, leaving many struggling to find alternatives. This has driven 2.6million households (22%) to turn to high-cost and risky lenders, such as payday loans, pawnshops, or even loan sharks. Your credit score matters when borrowing money, as lenders like banks and mobile providers use it to decide whether to approve your application for loans, mortgages, or credit cards – and what interest rates to offer. In the UK, three main agencies track your credit history: Experian, Equifax, and TransUnion. They gather data from banks, utility companies, and other sources to build a record of how you borrow and repay money. They use this data to calculate your credit score, which shows how well you manage borrowing and repayments. Each agency has slightly different score ranges. For example, a "Good" score is 881-960 with Experian, 420-465 with Equifax, and 604-627 with TransUnion. Higher scores, like "Excellent," mean you're seen as more reliable by lenders, making borrowing easier and cheaper. However, lenders only have to offer their advertised rates to 51% of successful applicants, meaning those with lower scores often face higher costs. If your score is poor, loans and credit become more expensive, so it's crucial to check your credit report regularly and fix any errors that could be affecting your score. Alastair Douglas, chief executive of TotallyMoney said: "Only one in four people have checked their credit report in the past four years, and 32% of those who did found errors. "These mistakes could be costing you thousands in higher interest rates. "Check your report at least every six months using a free service – never pay for access to your own data. Look for incorrect addresses, closed accounts still showing as open, or payments marked as late when they weren't." These small errors can knock hundreds of points off your score, even if you have a solid borrowing history. Taking the time to review your details and ensure they're accurate could save you a fortune. Check your credit score and file for free THERE are now plenty of ways to check your credit score for free. Here are the best options: Experian: Download the Experian app to see your credit score and full report for free. Equifax: Use ClearScore for free access to your Equifax file. TransUnion: Check your score and report for free through Credit Karma or MoneySavingExpert's Credit Club. How can I boost my credit score? A robust credit score is a golden ticket to better deals. Andrew Hagger, founder of Moneycomms, said the most important move is to register to vote. This is because lenders need to check your identity and address to confirm you're not a fraudster. For Experian, being on the electoral register can yield you 50 points. Also, don't make too many credit applications as this can be a sign of financial distress. And if you already have a credit card or loan, never miss a payment. Kara Gammell, financial expert at MoneySupermarket, said: "A missed payment can negatively affect your rating." Renters who want to boost their credit score can also report their rent payments to three of the major credit reference agencies to prove they can pay their bills on time. CreditLadder introduced rent reporting to the UK for all tenants in 2017. Two out of five households rent, and CreditLadder can report those rent payments to all the main credit reference agencies, which can help you improve your credit history and score. It is free to report your rent payments to one credit agency. Other services, like Loqbox, can help boost your score by up to 200 points within 12 months. It works by lending you a minimum of £240. This money stays locked away in your Loqbox account. Over the year, you pay £20 a month into your Loqbox account to pay back the loan. Each month, Loqbox reports to the credit agencies that you've made your repayments, which increases your credit score. After 12 months, the loan is paid off and you can withdraw the £240 you saved back into your bank account. Avoid relying too much on overdrafts, withdrawing cash on credit cards, or taking out payday loans, as these can be costly and harm your financial health.
Daily Record
10-07-2025
- Business
- Daily Record
Six ways to make your travel money go further on holiday this summer
If you're jetting off this summer make sure you know these tricks to get the most out of your converted currency. The great British getaway is in full swing as families across the country jet off to foreign shores on their annual summer holiday. Preparation for a memorable vacation are key and include the usual passport checks, travel insurance and the all-important hand luggage that meets the airline specific size requirements. However, finance experts at TotallyMoney are urging people to look more closely at their money, specifically how they plan to pay for food, gifts and other holiday treats or essentials. Alastair Douglas, CEO at TotallyMoney explains how one of the most important things to do is pay in local currency to get the most value from your cash. Another thing to consider is which credit card to take - if at all - to make sure you're not being hit by hefty currency conversion charges. Avoid the airport Alastair warned: 'The airport will almost always offer the worst exchange rates, so avoid it at all costs. If you have time, then shop around in advance for the best rates to boost your spending power this summer.' Pay local Alastair explained: 'Whether you're paying for a bill, buying something, or withdrawing cash, always remember to select the option to pay in the local currency when you're abroad, and never in pounds and pence. That's because it's likely you'll be charged additional fees for the currency conversion, meaning you'll be paying more money for the same thing.' Pack the right card Alastair warned: 'Don't get burnt by bank charges this summer and take a fee-free card with you. Otherwise, if you pack the wrong one, you could find yourself paying £8.15 for £5 of cash when abroad.' Set yourself up Alastair said: 'If you're using Apple or Google Pay, then it's worth checking the settings and selecting the right primary card for your holiday. Otherwise, when you get back, you might find out you've been paying extra, adding to your post-holiday blues.' Spend wisely Alastair advised: 'If your provider does charge flat fees when using your card, remember that making multiple, smaller purchases or withdrawals can really add up. In which case, you might be better off withdrawing a larger amount of money once, and setting a daily budget.' Dodge double conversions Alastair warned: 'If you're in the UK and switching one foreign currency to another foreign currency, then it's likely that you'll be charged two sets of fees or commissions. One will be to convert your cash into pounds, and another from pounds into the new currency. So, you might be better off waiting until you reach your destination and exchanging there.'
Daily Mirror
16-06-2025
- Business
- Daily Mirror
HMRC warning as 'huge' new tax change will take effect this month
A new tax change will come into effect this month which is set to impact "hundreds of thousands of people" who have still not submitted their Self Assessment tax return HM Revenue and Customs (HMRC) has introduced a new £10 daily late filing fine for people yet to submit their Self Assessment tax return, with experts flagging the enforcement could affect "hundreds of thousands of people". Alastair Douglas, CEO of TotallyMoney, warned: "While the initial £100 fine might not have been enough to encourage some to get going, from today, HMRC will start charging late filers an extra £10 per day. "This is on top of the eyewatering 8.5 per cent late payment interest rate on outstanding balances." He further warned that procrastinators faced severe penalties if they didn't act swiftly. Alastair said: "If in three months' time you still haven't filed your return, the taxman will hit you with a penalty of 5 per cent of the tax due or £300, whichever is greater. "Any penalties need to be paid within 30 days, and can be done in several ways, including Direct Debit, bank transfer, or by cheque." Mr Douglas also highlighted that there are options for those who cannot pay immediately: "If you have a 'reasonable excuse' you can challenge your penalty, and reasons include the death of a close relative, serious illness and issues with HMRC's online services. "If you're struggling to pay your bill in full, then head over to the HMRC website, where you might be able to set up a payment plan, under a 'Time to Pay' arrangement." Claire Trott, head of advice at St James's Place, echoed the sentiment, stating "pressure is rising" for tax dodgers dragging their feet, reports the Daily Record. Tax expert Ms Trott has issued a stark warning to those dragging their feet on their tax returns: "While completing a tax return is often a dreaded task, and one may choose to put it off, getting it sorted now could save you from significant financial penalties down the line." She added: "Up until now, late filers have faced a one-off fine of £100, but from today the consequences will become even greater. The £10 a day penalty will continue for 90 days, potentially adding up to £900 if the return is not submitted during this period. "Further penalties of 5% of the tax due or £300 (whichever is greater) will apply at both the six month and 12 month mark for those who still haven't filed." Ms Trott emphasised that anyone registered for Self Assessment must submit a return regardless of whether they owe tax, urging them not to ignore HMRC's reminders. She also pointed out that while filing your tax return today won't negate any fines already incurred, it will certainly halt additional charges. Ms Trott advised: "The quickest and simplest way to do this is to complete HMRC's online form. While the process may seem daunting, there are plenty of tips and guidance available on the HMRC website, and if your finances are particularly complex, speaking to a financial adviser is always a good option for those who are able. "With today's penalties likely to cause alarm for those who are unaware, the most important thing is not to rush the return process as this could cause you to leave out vital information that could result in paying more tax than necessary. "There are a number of details - such as gift aid payments, and necessary work expenses - that can be easy to forget about when filing a return but can amount to significant tax relief. It's important to take time to include all relevant information to ensure you receive the full tax relief you're entitled to."
