Interest rates rise above 0.5% for the first time in a decade

The Bank of England (BoE) has increased interest rates above 0.5% for the first time since 2009. Today, the Monetary Policy Committee (MPC) voted unanimously to push up the base rate by 0.25% to 0.75%. That’s not a massive increase; savers aren’t going to suddenly start seeing real returns on most of their bank or building society accounts and it won’t cause significant pain to most mortgage holders. However, coupled with the 0.25% increase in November last year, it is another warning shot that interest rates aren’t going to stay at record ...

Married? Make sure you aren’t missing out on a £900 tax break

You could be missing out on a great wedding present from the government; £238 per year. This is due to Marriage Allowance, a tax benefit afforded to those who are married or in civil partnerships. Currently, there are three million couples in the UK who have boosted their finances by taking advantage of the allowance (Source: HMRC (HM Revenue & Customs). However, there are still more than one million couples who have not yet applied. They could be missing out on as much as £238 per year, and ...

Too much information: Could your children’s online behaviour leave them open to a scam?

Do you know if your child is at risk of a financial scam on social media? More importantly, do they? 83% of 16-to-24-year olds know someone who gives away too much information about themselves online, according to a report from Nationwide. And, while some of those may just be going into too much detail about their day-to-day lives, many are revealing details which could leave them open to fraud and scams. What’s the issue? 20% of 16-25-year olds have had an online account hacked by a third party, while 11% have ...

Six reasons why more over-60s are choosing to rent

According to a report from The Centre for Ageing Better, more than a third of over-60s could be choosing to rent, rather than owning their home, by 2040. In January 2018, over 414,000 people aged 60+ lived in privately rented properties. In 2007, that figure stood at 254,000, signalling an increase of almost two fifths (39%) over a decade. But, what are the reasons for renting, rather than owning, in later life, and could it be the right choice for you 1. You’ve never owned a home before For those ...