UK money news stories - 10 September 2025

Contactless card payments could become unlimited

Proposals made by city watchdog, the Financial Conduct Authority, mean that you could soon spend more than £100 on your contactless card with just a tap. But concerns have been raised about theft and fraud and what this would mean for people if things go wrong.

‘Shock’ in store for 350,000 UK households on low-interest fixed-rate mortgages 

If you took advantage of a cheap five year fixed mortgage in 2020 you could be in for a shock this winter when your deal ends. The average five year rate back then was 1.88% and it’s around 5% now, increasing repayments to almost £4,000 a year based on a £200,000 mortgage. 

NS&I accused of ‘ripping off’ over a million savers

The Government-backed provider has been criticised for its account that offers just 1%, way below inflation at 3.8% and meaning those with money in the account are making a loss in real terms. Over a million people have the account including older savers who experts say are being short-changed. 

Co-operative Bank brings back switch offer: £100 + £75

As several banks pull their switching offers, Co-op bank has brought one back! Last seen in June, you can now get up to £100 for switching to a Co-op Bank current account and another £75 for sticking with it - if you meet the criteria. 

Up to 30 million drivers could be due car finance compensation as update issued

We’ve had an update from the FCA on the car finance scandal following the ruling from the Supreme Court. Some 30 million people affected could expect compensation next year - the amount was previously suggested to be less than £950 but we’re awaiting further details on how the scheme will work.