Browsing: BANKING

In the dynamism of personal finance, the search for the highest savings account rates is a continuous pursuit for those who want to get the best return on their hard-earned cash. Since January 20, 2024

The Financial Services Compensation Scheme (FSCS) protects eligible deposits at UK-authorised banks, building societies, and credit unions up to £120,000 per person per banking licence

Today’s best savings accounts beat current inflation comfortably. The problem isn’t the rate environment — it’s that most savers are not in the best accounts.

An emergency fund is 3-6 months of essential living expenses held in an easy-access savings account accessible within 24-48 hours. It protects you against income shocks (redundancy, illness)

Introduced in April 2016, the Personal Savings Allowance changed how savings interest is taxed for most UK adults. Before that, banks deducted 20% tax at source. Now, interest is paid gross and most savers owe nothing on it — but with rates at current levels, a growing number are exceeding their all

Easy-Access vs Fixed-Rate Savings account types are legitimate — the question is which is right for which portion of your savings, given your actual financial life.

Match the savings account type to when you’ll need the money: easy-access for emergency funds and goals within 12 months; notice accounts for 1-2 year horizons; fixed-rate bonds for money you won’t touch for a defined period.

The UK banking industry is experiencing significant change due to customer demands. Customers today expect banks to meet these higher customer expectations with products and services.

Open Banking was introduced by the UK government in 2018 to encourage innovation and competition within banking services by permitting customers to share their financial data with third-party providers securely.

Online banking entails accessing your bank account and doing financial transactions via the internet via your smartphone, tablet, or computer.