Banks

Three of the country's best-paying current accounts will dramatically cut the interest and rewards they pay millions of customers early next year, MoneySavingExpert.com can reveal, as banks continue to slash headline rates on their top accounts.

Fraud procedures at Lloyds, Halifax and Bank of Scotland have been placed under review after a MoneySavingExpert.com investigation revealed lost and stolen contactless cards can be used by crooks months after they're cancelled – with some banks failing to spot dodgy payments.

The plastic fiver enters circulation today with the Bank of England promising the new note will be a stronger and more secure upgrade on its paper predecessor.

Mortgage lenders that have not yet passed on Bank of England (BoE) base rate savings to their customers could attract the attention of the regulator as it carries out a study into mortgage competition.

The chair of the House of Commons' influential Treasury Select Committee has called for banks to do more to protect customers after MoneySavingExpert.com revealed that crooks are able to use contactless credit and debit cards months after they've been cancelled.

Complaints about Lloyds Bank, HSBC, Bank of Scotland and Barclays made up almost half the total number of complaints lodged with the Financial Ombudsman Service (FOS) in the first half of 2016.

A report by the competition watchdog ordering monthly unarranged overdraft fees to be capped has been criticised by the Treasury Committee for not going far enough.

HSBC has fallen into last place in our latest banking poll with just 38% of its current account customers rating it 'great' for customer service, while First Direct has extended its six-year reign at the top of the table with 91% giving it the thumbs up.

Rewards and interest rates on Lloyds', Halifax's and Bank of Scotland's flagship current accounts could be under threat, after their parent company Lloyds Banking Group said it will conduct a review as a result of "changing market conditions".

Interest rates on two different Santander products have been cut this week as customers continue to wonder whether the bank is preparing to reduce the headline rate on its flagship 123 current account from 3% to 2%.