Banking

Martin Lewis has urged people to check their direct debits and other regular payments to make sure they're not paying over the odds for something they no longer need or use. His warning comes after a The Martin Lewis Money Show viewer wrote in to say the previous owner of their house was still paying £200 a year for home insurance - 16 years after they'd moved out.

Shoppers could see the contactless card payment limit rise from £45 to £100 under new rules being considered by the financial watchdog.

Thousands of TSB customers have complained about problems accessing the bank's app and online banking services today with many saying they've been locked out of accounts. 

Can't afford to clear your debt? You can't afford not to try to move it to 0%, MoneySavingExpert.com founder Martin Lewis writes. You could save £1,000s on credit cards, mortgages, overdrafts, loans, store cards, buy-no-pay-later (BNPL) and more - here's how. 

Santander is halving the maximum interest-free overdraft it offers those in their second year after graduating to £1,000 from 1 July, and grads who go over this buffer will be charged interest of almost 40%. But you can beat the changes by switching account – here's what you need to know.  

Barclays has been fined £26 million by the financial regulator over the poor treatment of 1.5 million borrowers who had fallen into arrears or financial difficulties over a period of four years - and affected customers have also been refunded. 

HSBC, First Direct, M&S Bank and John Lewis Finance borrowers who have fallen behind on repayments between 2010 and 2019 may get up to £100 in compensation after receiving a substandard level of service – and it's not a scam, despite some confusion caused by letters arriving out of the blue.    HSBC Group, which all four brands come under, says in an internal review it uncovered instances where customers in arrears hadn't received the quality of service it expected, and it's decided to put this right. HSBC wouldn't confirm exactly what it did wrong or who is impacted but said examples of bad practice included poorly worded letters that didn't engage customers who might have been struggling to make repayments.  Regulator the Financial Conduct Authority generally defines credit arrears as any shortfall in one or more payments due, while for home mortgages it's a shortfall equivalent to two or more regular payments. HSBC has confirmed this issue affects all types of consumer banking products where you could fall behind with repayments, from mortgages to personal loans to credit cards.  The banking group wouldn't tell us how many customers are in line for a payout but as it has 14 million active UK customers across the four brands, even if just 1% were affected that would amount to 140,000 people – plus, there are those who have already closed accounts on top. Read our Debt Help guide if you're struggling. 

Premium Bond holders can continue to get paper prize cheques until at least spring 2021, as NS&I has delayed phasing them out after some reported difficulties registering bank account details.

At least 10 banks, building societies and credit card firms have now decided to close accounts held by Brits living abroad in Europe as a result of Brexit, MoneySavingExpert.com has found – with Nationwide and Co-op Bank among the latest to announce closures. We've full info below on what banks are doing, plus help on what to do if you're affected.

Pension savers could see their pots fall from 2030 as a result of a shake-up to how inflation is calculated. But rail passengers and student loan borrowers are likely to be better off.