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UK money news stories - 25 September 2024
3 minute read
Updated 25th September 2024 | Published 25th September 2024
The biggest financial news stories of the week, picked by the money experts at our sister site Be Clever With Your Cash.
Bank of England’s Bailey says he expects interest rates to fall ‘gradually’
After the base rate was held at 5% last week we’re all wondering what’s going to happen next with interest rates. However, the governor of the Bank of England is warning us not to expect a return to near-zero levels.
Nationwide switch offer: 3 x £175
Just when we thought current account switching deals had all but dried up, Nationwide’s offering £175 to new customers. Plus, unlike other banking offers, both your personal and joint account are eligible for the offer, meaning you can get £575 as a couple.
Supermarket convenience stores charge up to twice the price for the same items
More than half of us shop in convenience stores, like Tesco Express, Sainsbury’s Local and Morrisons Daily, at least once a week. But, do you know how much extra you’re paying for this convenience?
671,000 young people urged to cash in their government savings pot
If you’ve got kids or grandkids between the age of 18 and 22 it’s worth letting them know they could have over £2,000 in a lost or forgotten Child Trust Fund. They can easily check using the Government’s online tool and their National Insurance number.
Mortgages at six times' income for first-time buyers
With competition intensifying between lenders in recent months, Nationwide’s now allowing first-time buyers to borrow up to six times their income with a 5% deposit. The typical level of borrowing is 4.5 times your income, so it’s a considerable difference. But what else should you know?
Last chance to cancel Barclays Blue rewards
There are some big changes about to be made to the Barclays Blue current account which could make you £60 a year worse off. Here’s why the account is no longer worth sticking around for.
Rise in chocolate prices could spook shoppers this Halloween
The cost of chocolate has shot up 11% in the past year (don’t even get us started on the price of a Toblerone), way above wider grocery inflation of 2.7%. In the worst examples, the price of a bar of Sainsbury’s chocolate almost doubled in three months. So what’s going on?
Chase begins testing UK credit cards for overseas push
Senior executives have reportedly been testing credit cards with their banking apps for over a year as part of plans to expand Chase’s offerings to UK customers. The credit cards could sit alongside the investment service, Nutmeg, which you can already access via the Chase app.
‘Affordable’ shared-ownership homes cost residents more than half their wages
People who bought shared-ownership properties marketed as ‘affordable homes’ are now feeling trapped because they’re spending more than half their net salaries on mortgage repayments, rent and service charges. Some face annual fees of more than £5,000 a year. Campaigners say these homeowners are victims of ‘financial abuse’.
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