Banking

The base rate has been cut to 4.5% from 4.75% by the Bank of England. This rate is used by the central bank to charge other banks and lenders when they borrow money, so the move can impact mortgage and savings rates.

The independent Financial Ombudsman Service (FOS) – which settles disputes between UK-regulated financial companies and consumers – has confirmed plans to start charging claims firms and other "professional representatives" to bring complaints from 1 April 2025. But you'll still be able to do this yourself for free.

If you have an overdraft with Lloyds, Halifax or Bank of Scotland, the interest rate you're charged for using it could be going up from Friday 31 January as part of a shake-up announced last year. Here's what's happening and what you can do about it.

NatWest and Royal Bank of Scotland (RBS), which are both part of the NatWest Group, will shut at least 56 of their bank branches in 2025 and beyond, after the Group announced a further 53 NatWest closures.

Nationwide has raised the fee on its popular FlexPlus packaged bank account from £13 to £18 a month – a £60 a year increase. So now's a good time to check if you're still getting value from the perks or whether you should ditch and switch.

Tesco Bank savings accounts, credit cards and loans are now being run by Barclays under a "partnership" between the pair. The Tesco Bank brand will remain though and you can still use its products and services as before.

If you're a club or society using Lloyds or Bank of Scotland's 'Treasurer's Account' you'll soon be moved to a new paid-for version costing up to £8.50 a month. The shake-up takes force on 14 January 2025 unless you move your money elsewhere beforehand. Here's what's happening – and your options.

If you're scammed into making a bank transfer to a fraudster, your bank MUST now refund you in most cases, under new industry-wide rules which came into force on Monday 7 October. But you still need to be cautious when making payments, as you may have up to £100 deducted from your refund – and banks will be able to reject claims entirely if they find you were really careless.

Chase has cut the rates on its linked savings accounts by 0.1 percentage points. As of Tuesday 8 October, its easy-access 'boosted saver' now pays 4.75%, while its standard saver pays just 3.75%. The changes mean you can earn more on your savings elsewhere – though Chase is still worth keeping for its debit card perks.

Nationwide has completed its takeover of Virgin Money, meaning the bank's savers and borrowers could become members of the building society in future. The Virgin Money brand will also be phased out eventually – though there's NO change for new or existing customers of either brand for now.