Banks

The chairman of the Treasury Select Committee has written to Barclays, HSBC, Lloyds, RBS and Santander asking for more information about fraud figures after the committee heard evidence the 'banks may be understating the level of fraud in the banking system' .

The limit for transferring money by Faster Payments with your bank is £100,000, yet many banks set the limit much lower – sometimes as low as £10,000.

HSBC has set aside an additional £353 million to pay for payment protection insurance (PPI) mis-selling claims, the bank announced today.

The RBS Group is putting aside a further £100 million to cover compensation payouts for customers mis-sold payment protection insurance (PPI), it was announced today.

Barclays has set aside an extra £170 million to cover payment protection insurance (PPI) mis-selling claims, the bank has revealed in its financial figures today.

Lloyds Banking Group has put aside a further £900 million provision to cover payment protection insurance (PPI) mis-selling claims.

More than one million current accounts have been switched during the first year of the seven-day current account switching regime, with Halifax so far proving the most popular. But this is still a small number of switches compared to the millions of current account holders out there.

Anyone who still has (N)ISA savings with Intelligent Finance should consider moving their cash elsewhere as its interest rates have today fallen to paltry levels.