Banking

App-based bank Monzo has relaunched its premium 'Monzo Plus' account with a £5 monthly fee. The account offers new features including 1% interest on up to £2,000 and extra fee-free cash withdrawals abroad – but is it worth it?

Millions are now being told when making a bank transfer online or by phone if the name of the person they think they're paying doesn't match the actual name on the account. The new 'Confirmation of Payee' scheme is designed to combat scammers and guard against customer errors – and while not all banks have the system in place, if yours has, you'll likely see it next time you set up a new payee.

Tesco Bank customers will no longer earn interest on their current accounts from September.

Savers in the UK can longer open new Marcus easy-access accounts, in a fresh blow after months of cuts.

Some 36,000 RBS, NatWest and Ulster Bank customers will be refunded a total of £2.2 million after the banks failed to set up the correct alerts warning them about unarranged overdraft charges.

One in seven UK mortgages is now subject to a payment holiday, after 1.6 million mortgage breaks were offered to customers who have been impacted by Covid-19.

Vulnerable Post Office customers who need to shield during the coronavirus pandemic can now have cash payments delivered straight to their homes as part of a new scheme.

A total of 130,000 Metro Bank customers will receive average payments of about £86, after the bank failed to warn them properly about unarranged overdraft charges.

The financial regulator has confirmed that banks should offer a temporary payment freeze on credit cards and loans for three months and offer interest-free overdrafts of up to £500 on current accounts, in a set of new rules introduced to combat the effects of coronavirus on people's finances.

Nationwide is to cut the interest on its popular FlexDirect current account, in yet another blow to current account perks.