Levi Winchester

More than 5.3 million UK non-ISA savings accounts are forecast to earn over £1,000 in interest, up from 462,000 in 2018. Rising interest rates, inflation and frozen Personal Savings Allowance thresholds are increasing savers’ exposure to tax: basic-rate taxpayers can earn £1,000 in interest tax-free, higher-rate taxpayers £500, and additional-rate taxpayers nothing. Yorkshire Building Society and Moneyfacts say the allowance is outdated and needs reform, while ISAs are highlighted as a tax-free alternative with an annual contribution limit of £20,000.

Which? analysis found that 65% of drivers who contacted their car insurer about renewal pricing obtained a cheaper offer. Admiral had the highest reported success rate at 72%, followed by Hastings Direct at 68% and the AA at 65%. Annual policyholders saved an average of £60, while monthly payers received average discounts of £21 per month. Despite this, 37% of motorists accepted renewal quotes without challenging them. Older drivers were more likely to receive straightforward discounts, while younger and vulnerable customers were more likely to change their cover to reduce costs. Which? advises consumers to treat renewal quotes as opening offers and contact insurers to negotiate.

A £100 million compensation fund is being prepared for UK consumers affected by Mastercard fees charged on transactions between 1992 and 2008. Walter Merricks said legal challenges to the claims process have been withdrawn, allowing an online portal to launch by the end of 2026. Eligible consumers are expected to receive at least £45, potentially rising to £70, after a six-month registration period, with payments anticipated in the first half of 2027. Eligibility depends on residence and purchases from UK businesses accepting Mastercard cards, with different qualifying dates for Scotland.