Saving

Autosaving app Chip has revealed that it will start charging for its core automatic saving service from 3 October 2020. 

More than £1.5 billion worth of Premium Bonds were bought in April as savings rates started to tumble, according to new analysis from MoneySavingExpert.com. But are they now top of the tree for savings, or can you beat the returns you'd get elsewhere?

Update Fri 15 May: Since this story was first published, savings rates have shifted again. For the current top rates, see our Top Savings Accounts guide. Savings providers Marcus and Saga have today cut interest rates on their easy-access accounts for the second time in a month – and some existing customers should now consider switching.

Lifetime ISA holders who withdraw money from their account will effectively face no penalty until next April, after the Government announced changes to its rules.

The two top-paying easy-access savings providers Marcus and Saga cut the interest they pay new customers to 1.2% last Friday, and existing customers will also see rates drop. But after rival bank Aldermore also cut its rates over the weekend, Marcus and Saga remain the best buys.

The Premium Bond prize rate is to remain at 1.4%, after NS&I announced today it is cancelling the rate cut it had planned in May, in order to "support savers during the coronavirus pandemic".

Premium Bond holders will now be able to sign up to get text notifications letting them know when they've won a prize. 

Sharia bank Al Rayan has announced it will "switch off" online banking next week, sparking outrage among customers who are unable or unwilling to use an app to access their account.

Savers have been dealt another blow after the interest rates of the two top-paying easy-access accounts were today cut to 1.3% – and existing customers will also be affected in the next few weeks. 

Premium Bond holders will have a lower chance of winning a prize from May, while those with NS&I savings products will see their interest rates cut.