Banking

The Bank of England has cut the base rate from 0.75% to 0.25% in an emergency response to the "economic shock" of the coronavirus outbreak.

Several major banks have announced support measures for customers affected by coronavirus, including mortgage payment holidays, increased credit limits and penalty-free access to fixed savings. 

Challenger bank Monzo has taken the crown in our latest banking customer service poll – knocking First Direct off the top spot for only the second time ever. 

Bank of Scotland's new polymer £20 note, featuring an image of the Forth Bridge with the Queensferry Crossing in the background, has entered circulation today.

A temporary funding arrangement for a scheme that reimburses people who are tricked into transferring money to fraudsters will be extended until the end of the year.

First Direct has pipped Metro Bank to the post to top the latest official banking service league table, while RBS took the wooden spoon for the fourth time. 

TSB is to cut the interest on its Classic Plus current account from 3% AER to 1.5% AER from May.

Metro Bank has announced it will be more than doubling the interest rate it charges on overdrafts from April, with customers set to pay 34%. But as the bank also scrapped its £10 flat fee for unarranged overdrafts back in December, many unarranged overdraft users will pay less than they did previously. 

App-based bank N26 has announced it will stop operating in the UK, with its accounts to close on 15 April 2020.

Nationwide customers are to be refunded £900,000 after a review ordered by the competition watchdog found the building society failed to properly warn them they were about to be charged for using an unarranged overdraft.