Saving

Adult savers have endured a blizzard of interest rate cuts this year, but under-16s' accounts have been more sheltered from the storm. MoneySavingExpert.com founder Martin Lewis reveals the key need-to-knows for those looking to save for children ahead of any cash Christmas gifts.

HSBC and First Direct have cut the interest paid on their regular savings accounts from 2.75% to 1% for new customers, just days after MoneySavingExpert.com warned a rate reduction was on the cards. 

M&S Bank is soon to close its 2.75% AER regular savings account to new customers – and it's possible its sister banks HSBC and First Direct could follow suit. Yet if you have a current account with one of these banks already, there's still time to open a regular saver and lock in the 2.75% rate for a year.

Some investors with peer-to-peer lender Ratesetter are still waiting for their cash over seven months after trying to withdraw their investments, with 1,000s in virtual queues to access their money. 

The Bank of England has written to banks asking them to provide details on how they would cope if interest rates were cut to zero or even turned negative.

Savers trying to make withdrawals from National Savings and Investments (NS&I) accounts ahead of next month's massive rate cuts have found they are unable to access their money due to an ongoing "technical issue".

Savings provider Marcus is to cut the interest rate on its easy-access account from Monday 12 October – but should you switch?

National Savings & Investments (NS&I) will dramatically cut the interest it pays on many of its savings accounts in November, slashing its top easy-access rate to just 0.01%. And Premium Bond holders will also have a much lower chance of winning a prize from December, with the prize rate to be cut to 1%.

More Premium Bond prizes will be paid directly to holders' accounts as NS&I is set to phase out its paper prize cheques by March next year – so make sure it has your details.

The Government's 'Eat Out to Help Out' scheme – which gave diners 50% discounts up to £10 per person on sit-down meals out from Monday to Wednesday – ended on 31 August. But scores of restaurants, pubs and cafés are continuing to offer a similar discount at their own expense.