Interest

Banks will soon be forced to give savers clearer information about easy access savings account interest rates – something MoneySavingExpert.com has argued for for years – after the financial regulator approved a package of measures to be introduced in December 2016.

Over 10 million Barclaycard credit card customers will have their interest rates linked to the Bank of England base rate from February next year, while the same is also happening for some Lloyds Banking Group customers.

Almost 4,000 borrowers are due a share of £1.7 million after CashEuroNet UK LLC, trading as QuickQuid and Pounds to Pocket, lent some customers more than they could afford to repay.

Tens of thousands of Erudio customers will begin to have interest applied to their loans after it was initially frozen last year following an investigation into historic paperwork issues.

Interest rates could begin to rise from their historic lows at the turn of this year, the Bank of England Governor predicts.

500,000 TSB customers with its Enhance current account should consider switching now, as the bank is cutting the amount of interest they can earn.

Thousands of West Bromwich mortgage customers are due a share of £2 million after the building society admitted it had charged too much interest on some accounts nearly a decade ago.