Uk money news stories - 11 September 2024

Can you trust small banks with your savings?

It’s UK Savings Week so what better time to make your money work harder for you? The best buy savings tables are often full of banks you’ve never heard of, paying some of the top rates. But who are they and should you trust them? 

State pension set to rise by £460 next year

The new full state pension is expected to rise to £11,962.60 a year next April, as per ‘triple lock’ rules. It’s an increase of £460 a year based on a 4% rise in average earnings. However, with winter fuel payments being axed for millions of pensioners, how much more state pension will people actually get?

Bank of Mum and Dad to call in lawyers to claw back gifts

Parents are behind almost half of first-time property purchases of buyers in their 20s, gifting £25,000 on average. However, the Bank of Mum and Dad is increasingly hiring lawyers to help them get the money back from their child’s former partner or spouse when they split up.

Labour to ban landlords from raising rents more than once a year

New rent reforms, set to come in by next summer, will put a stop to in-tenancy rent increases being written into contracts. Landlords will only be allowed to raise rents to the market rate once a year and new rules will prevent ‘bidding wars’, where renters are encouraged to offer more than the asking price. 

One in three keep most of their money in current accounts

Millions of savers are missing out on earning interest on their savings by keeping them stashed in current accounts, new data shows. Younger savers are more likely to keep their money in a current account while nine million people don’t have a savings account at all.

Vinted to alert users if they have reached threshold of selling 30 items a year under new tax reporting rules

If you sell more than 30 items a year, or make €2,000 (£1,700) you may be flagged as a trader and asked for extra information, such as your National Insurance number. But what are the rules when it comes to paying tax as a Vinted seller?