A major bank will axe a key bank account perk for thousands of customers in a matter of days.
Halifax, part ofLloyds Banking Group, is getting rid of “Extras” for Rewards current account holders.
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Halfiax is set to make a change to one of its customer accounts in daysCredit: PA:Press Association
The bank currently charges a £3 monthly fee to run this bank account and customers are given freebies in return for hitting certain targets.
For example, customers can get £5 paid into their bank account or a free cinema ticket if they either spend £500 on their debit card each month or hold a balance of over £5,000.
Halfiax has plans to close down this service come September, meaning customers who meet these targets will no longer get a reward.
To prepare for this, Halifax has told customers that from June 17 they will no longer be able to add Reward Extras to their account or renew an existing Reward Extras offer.
But it is not all bad news as the bank is axing the service to make way for a number of new features.
Currently, Halifax charges a £3 monthly fee to run this bank account and customers are given freebies in return for hitting certain targets.
For example, customers can get £5 paid into their bank account or a free cinema ticket if they either spend £500 on their debit card each month or hold a balance of over £5,000.
But the bank has plans to close down this service come September, meaning customers who meet these targets will no longer get a reward.
This includes fee-free debit card spending abroad and a £100 interest free arranged overdraft to existing and new eligible Reward account customers.
Rewards customers are currently charged a 2.99% fee for using their debit card abroad.
Fresh wave of bank branches set to close for good in June
That means customers are currently charged an extra £2.99 for using their debit card to pay £100 abroad.
This change will come into effect on August 1.
Customers who meet the requirements will also be allowed to enter into a £100 overdraft and not face any interest.
The packaged account provides extra benefits including a Disney plus subscription, cashback rewards, and access to linked savings accounts with preferential interest rates.
Skipton Building Society also recently lowered the interest on a total of 92 types of savings accounts.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
A study of 2,000 UK holidaymakers found health emergencies are the top worry when in a different country, with theft also being a big concern.
Travellers regularly use unsecure networks when abroad(Image: undefined via Getty Images)
Holidaymakers are more concerned about misplacing luggage and missing flights than they are about being pickpocketed or losing their passport. A survey of 2,000 travellers revealed that health emergencies top the list of worries when abroad, with theft also a significant concern. Meanwhile, a third are apprehensive about getting lost, and a quarter worry about their accommodation not being safe.
However, only 8% are anxious about falling victim to online threats while overseas – a risk that is particularly prevalent on unsecured networks in foreign countries. With the most frequent activities carried out by those who connect to Wi-Fi when abroad include online banking, shopping with a credit card, streaming TV or music, and checking work emails.
Some have even been scammed when booking their trip(Image: undefined via Getty Images)
Melissa Voeller, a cyber safety advocate for Norton, which conducted the study, stated: “When we travel, we often focus on physical safety, like guarding our belongings or catching our flight, but digital threats don’t take a holiday.
“From public Wi-Fi risks to phishing scams disguised as hotel confirmations, cybercriminals target travellers when their guard is down. That’s why it’s just as important to secure your digital life as it is to secure important documents like your passport.”
The research discovered that 86% of travellers believe they are cautious when arranging travel. However, 29% have been scammed or targeted, either during the trip or while planning it, with 23% confessing they’re not particularly knowledge about online safety.
It was revealed that 14% are uncertain about the risks associated with connecting to an unsecured Wi-Fi network, which commonly include malware distribution; where unsecured networks can be used to distribute malicious software to your device.
Holidaymakers regularly use their bank apps (Image: undefined via Getty Images)
To gain access to this Wi-Fi whilst travelling, 45% have provided their email address, 30% have entered their first and last name – and 28% even revealed their hotel room number. After connecting many encountered suspicious pop-ups, data breach alerts and even online scams.
Melissa commented: “Public Wi-Fi might be convenient for checking maps or posting on social media, but it can be a hotspot for cybercriminals, too. Logging into banking apps or entering personal information on an unsecured connection abroad can be just as risky as losing your wallet.”
She cautioned: “A few clicks in the wrong place could give hackers access to everything from your email to your banking details, making you more vulnerable to threats.” It was revealed that only 26% say they have used a VPN while travelling, yet Melissa says it’s a key way to safeguard privacy whilst away.
Travel expert Simon Calder said: “Staying connected while travelling is second nature these days, whether it’s checking flight details, finding directions or booking last-minute tickets. But public Wi-Fi, especially in places like airports or hotels, isn’t always as safe as it seems.
“That’s why using a VPN is a smart move. It gives you added peace of mind that your online activity stays private and for your eyes only, no matter where your travels take you.”
SANTANDER is slashing interest rates for two of its savings accounts from today – and customers should check if they’re affected.
The major bank is cutting savings rates from June 3 (today) on its Good for Life ISA and Rate for Life accounts.
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Santander is slashing interest rates for two of its savings accountsCredit: Getty
The interest rate on the Good for Life ISA account will drop from 4.5% to 4.25%, while the rate for the Rate for Life account will drop from 4.75% to 4.5%.
Those who have saved less than £1,000 in the Rate for Life account will still continue to earn the same rate (1%) on these balances.
It comes after the Bank of England (BoE) cut the base rate from 4.5% to 4.25% last month – the fourth cut since 2020.
The base rate is used by banks to determine the interest rates offered to customers on savings and borrowing costs.
Read more on bank accounts
While a rate cut is good news for borrowers, it’s usually bad news for savers, who will usually see savings rates fall when the base rate is cut.
This means they will earn less on their cash.
For example, the average easy access savings rate was 2.78% on May 8, when the base rate was cut.
Now it has dropped to 2.72%, according to comparison site Moneyfacts.
Santander is not the only bank cutting rates on savings accounts. HSBC has also cut rates on eight of its savings accounts today.
Nationwide Building Society cut savings rates on 63 of its accounts on Sunday, from easy-access ISAs to children’s accounts.
Santander’s £130 Million Recovery: What You Need to Know
NatWest cut savings rates on four of its accounts last Friday.
Meanwhile, rates on three of its savings accounts and a kids’ current account will be slashed from July 15.
How to get the best savings rate
As savings rates tumble, now is a good time to check what the interest rate is on your existing account.
Around £280billion is sitting in accounts paying zero interest, according to latest data from the BoE.
If you have an interest rate below the rate of inflation – which is currently 3.5% – then consider moving your money elsewhere, otherwise the spending power of your savings is eaten away.
The best easy access savings rate (based on a balance of £1,000) is offered by Atom Bank at 4.5 per cent.
Experts are predicting that more cuts to the base rate this year are likely, so it may be worth considering locking up your money in a fixed rate savings account if you can afford to do so.
The best one year fixed rate savings account is offered by Hampshire Trust Bank at 4.45%.
However, be aware that you usually can’t make withdrawals out of fixed term savings accounts, even in an emergency.
Anne Bowes from The Private Office said: “Review your savings accounts and switch if you are being paid an uncompetitive rate.
“Double check the terms and conditions of any account you are looking to open – or indeed close – as some accounts may have very short-term bonuses or restricted access.
“That means you might not earn as much interest as you hoped, or get hold of the money in as timely a manner as you were expecting.”
How to switch banks
For customers not happy with the latest shake-up, you may want to consider switching banks.
Switching bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Where to find the best savings rates
Many savings accounts offer miserly rates meaning that money is generating little or no return.
However, there are ways to get your cash working hard. Sun Savers Editor Lana Clements explains how to make sure you money is getting the best interest rate.
Easy access savings accounts offer flexibility for customers, meaning they can dip in and out of cash when needed. However, the caveat is that rates can change at any time.
If you’re keeping your money in an easy access account, you’ll need to keep checking whether it’s the best paying account for your circumstances and move if not.
Check in at least once a month to see what is happening in the market.
Check what is offered by your bank – sometimes the best rates are for customers only.
But do search the wider market as often top savings accounts are offered by lesser known providers.
Comparison sites are a good place to check for the top rates. Try Moneyfactscompare.co.uk or Moneysupermarket.
You can search by different account type. You’ll usually get a better interest rate if you can lock your money away for a fixed amount of time, but it’s always a good idea to keep some money in an easy access account in case of emergencies.
Don’t overlook regular savings accounts often pay some of the best rates, but you’ll need to commit to monthly payments. This can be a great way to get into a savings habit while earning top rates at the same time.
MILLIONS of bank customers face being left stranded after a damning report revealed 6,000 branch closures over the past decade.
A whopping 13million customers used bank branches last year, according to the Financial Conduct Authority (FCA).
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More than 6,000 bank branches have shut over the past decadeCredit: PA
The data shows that most users remain “reliant on bank branches for essential services,” despite the move toward online banking.
The FCA report revealed that an eye-watering 9.7million people visited a specific site at least once a month.
Experts fear that the trend of branch closures will leave customers stranded with around 3.3million account holders never banked online.
Around 63 per cent of those are over the age of 85, which raises further concern, according to the FCA.
The report also found that people from low-income households – as well as those with cancer, multiple sclerosis, or HIV — were less likely to engage with digital banking.
Caroline Abrahams, charity director at Age UK, said: “The disappearance of face-to-face banking risks cutting a significant minority of the older population out of an essential service, making it difficult if not impossible for them to maintain their independence.”
The main reasons people avoided online banking were concerns about security and a preference for speaking to someone face-to-face.
A staggering 21 per cent of account holders surveyed said their regular bank branch had closed.
Consumer group, Which?, showed that more than 6,000 branches have shut in the past decade.
Jenny Ross, money editor at Which? said: “As the UK’s bank branch network continues to be cut to the bone, more people are finding it difficult to access banking services.”
Major high street bank axing key service
Former pensions minister Ros Altmann added: ‘Millions of British citizens cannot and do not use online or mobile banking, and indeed don’t even have a smartphone.
Despite the rising bank closures, Nationwide has committed to keeping all of its branches open until 2028.
The major bank has seen the number of customers rise by 4 per cent, which appears to be partly driven by other bank closures.
Which bank branches are closing in June?
Halifax:
Bitterne: 400/402 Bitterne Road SO18 5RS – June 9
Bournemouth: 335/337 Wimborne Road BH9 2EA – June 4
Felixstowe: 85 Hamilton Road IP11 7BQ – June 2
Fleetwood: 4 Poulton Street FY7 6LR – June 22
Gainsborough: 32 Lord Street DN21 2DQ – June 2
Launceston: 1 Southgate Street PL15 9DP – June 3
Leek: 16 Derby Street ST13 5AB – June 4
Letchworth: 1 Commerce Way SG6 3DN – June 3
Littlehampton: 68 High Street BN17 5EA – June 23
London (North West): 469 Kingsbury Road NW9 9ES – June 2
Bank of Scotland:
Bathgate: 50 Hopetoun Street EH48 4EU – June 30
Cowdenbeath: 349/351 High Street KY4 9QJ – June 24
Linlithgow: Regent Centre Blackness Road EH49 7HU – June 23
Lloyds:
Alcester: Stratford Road B49 5AX – June 25
Ashbourne: Compton DE6 1DY – June 24
Dorchester: 1-2 High West Street DT1 1UG – June 19
Launceston: 13 Broad Street PL15 8AG – June 3
Liverpool: 188-190 Breck Road L5 6PX – June 4
Over the rest of the year, another 40 branches are closing.
Barrow-in-Furness: 133-135 Dalton Road LA14 1HZ – September 10 Bexleyheath: 131 Broadway DA6 7HF – October 23 Blackpool: 283/287 Lytham Road FY4 1DP – October 29 Bolton: 23/27 Knowsley Street BL1 2DG – November 20 Brentwood: 12 High Street CM14 4AE – September 10 Bristol: 15 Kings Chase Shopping Centre BS15 8LP – October 8 Carmarthen: 121/122 Lammas Street SA31 3AE – October 6 Castleford: 68 Carlton Street WF10 1DB – September 8 Cirencester: 10/12 Cricklade Street GL7 1JH – September 25 Crewe: The Market Centre CW1 2HU – October 14 Derby: 39 East Street DE1 2BL – October 23 Epsom: 51-52 The Ashley Centre KT18 5DB – September 15 Erdington: 221 High Street B23 6SS – September 24 Folkestone: 70-72 Sandgate Road CT20 2AA – October 9 Hayes: 45/47 Station Road UB3 4HH – October 6 Hexham: 20 Priestpopple NE46 1XH – November 5 Hove: 86/87 George Street BN3 3YE – October 20 London (South East): 165/169 Eltham High Street SE9 1TT – October 29 London (South East): 9-13 Powis Street SE18 6HZ – October 1 London (South West): 6 St Johns Hill SW11 1RU – September 23
Bank of Scotland:
Edinburgh: 206 St John’s Road EH12 8SH – October 29
Lloyds:
Biggleswade: 35 High Street SG18 0JD – November 5 Blandford: 6 Market Place DT11 7EE – November 10 Bristol: 16 Highridge Road BS13 8HA – November 6 Bury: 45 The Rock BL9 0JP – October 21 Chard: 27 Fore Street TA20 1PS – November 11 Coventry: 531 Foleshill Road CV6 5JN – November 4 Dunstable: 12 High Street North LU6 1JY – November 4 East Grinstead: 1/3 London Road RH19 1AH – November 12 Fakenham: 27 Norwich Street NR21 9AH – July 1 Falmouth: 11-12 Killigrew Street TR11 3RA – November 13 Feltham: 40 The Centre TW13 4AX – November 4 Ferndown: 84 Victoria Road BH22 9JB – November 17 Hexham: Priestpopple NE46 1PA – November 5 Kidderminster: 1 Vicar Street DY10 1DE – October 16 Leeds: 1 Cross Gates Centre LS15 8ET – August 20 Leeds: 52 Town Street LS12 3AE – September 8 Leominster: 9 Corn Square HR6 8LT – November 18 London (East): 180 – 182 High Street E17 7JH – October 22 London (South West): 12 Mitcham Road SW17 9ND – October 8 Loughton: 11 The Broadway IG10 3SW – November 12 Manchester: 64 Old Church Street M40 2JF – November 5
Since June 2022, Lloyds Banking Group has shut 537 bank branches across its three brands.
It has previously said all workers at the affected branches will be offered jobs elsewhere in the company.
UK banks and building societies have closed about 6,293 branches since January 2015, according to research by Which?.
This works out as almost two branches shutting every day for the past decade.
Barclays is the individual bank that has reduced its network the most, with 1,227 branch closures.
What to do if your local bank is set to close
If your nearest branch is closing, you should still be able to access banking services without going to another town.
For example you could check if there is a Post Office near you.
Here you’ll be able to do basic banking tasks, although you won’t be able to open a new bank account or take out personal loans or mortgages.
You can find your nearest Post Office branch by visiting postoffice.co.uk/branch-finder.
Many banks also offer a mobile banking service where they bring a bus to your area that offers services you can usually get at a physical branch.
Other banks use buildings such as village halls or libraries to offer mobile banking services.
You may want to contact your bank to see what mobile services they have available.
Another option is to check if there’s a super ATM near you.
These have been rolled out across the UK where branch closures have left residents unable to access essential banking services.
These ATMs will allow customers to withdraw funds, access their balance, change PIN numbers and deposit cash.
Banking hubs are also being opened across the country with 250 set to be available by the end of 2025.
What services do banking hubs offer?
BANKING hubs offer a range of services to bridge the gap left by the closure of local branches.
Operated by the Post Office, these hubs allow customers to perform routine transactions such as deposits, withdrawals, and balance enquiries.
Each hub features private booths where customers can discuss more complex banking matters with staff from their respective banks.
Staff from different banks are available on a rotational basis, ensuring that customers have access to a wide range of banking services throughout the week.
Additionally, customers can receive advice and support on various financial products and services, including loans, mortgages, and savings accounts.
HUGE changes to Buy Now Pay Later rules that will help protect customers have been confirmed by the government.
The new Labour government has published its response to a consultation on proposals to tighten up rules in the Buy Now, Pay Later (BNPL) sector.
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The government has confirmed huge changes to the Buy Now Pay Later rules,Credit: Getty
BNPL is a type of credit scheme that allows shoppers to purchase items and spread the payments over a set period and is used by 10million Brits.
While the schemes are popular, they have remained largely unregulated, which has raised concerns about people falling into debt.
The government has now said that from next year BNPL firms will need to follow “consistent standards,” so shoppers know exactly what they’re signing up for.
This means firms will have to be clear and transparent about any late fees or if they could affect customers’ credit ratings and how.
They should also signpost customers towards debt help in any correspondence.
For consumers, that could look like upfront credit checks to make sure people can repay what they borrow.
Also, customers will have quicker access to refunds and the right to complain to the Financial Ombudsman.
The plans will bring the products under FCA regulation while ensuring they also adhere to a large proportion of the Consumer Credit Act and Section 75, which give shoppers various rights.
Lisa Webb, Which? Consumer Law Expert, said that research shows that many users “do not realise they are taking on debt or consider the prospect of missing payments.”
She added: “It’s good to see the government taking action to regulate BNPL firms and introducing affordability checks.
Five key changes to PIP & Universal Credit as Labour’s benefits crackdown unveiled
“The government also needs to ensure this includes greater marketing transparency and information about the risks of missed payments and credit checks.”
Proposals to regulate BNPL products were first touted in 2021 but faced repeated delays.
Last year, The Sun revealedthe previous Conservative government had paused the plans over fears that it would drive BNPL firms out of the market during atough cost of livingcrisis.
Then in October, the Treasury Tulip Siddiqexclusively told The Sun that the government had finalised its “bespoke” plans and intended to pass the legislation “as soon as possible” in early 2025.
The legislation bringing BNPL into regulation is set to be laid in Parliament today, May 19.
A consultation on the findings is set to take place with the rules expected to come into force next year.
How can I use BNPL without losing out?
The hope is that this new regulation will prevent people from being able to take on more than they can realistically afford to pay back.
But when used correctly, BNPL plans can be a useful way of managing your finances.
The products work in a similar way to other types of credit. The main difference is that they don’t charge interest.
You usually have to make payments by set deadlines over a period of time.
If you meet these repayment deadlines, you shouldn’t be charged any extra fees.
How to cut the cost of your debt
IF you’re in large amounts of debt it can be really worrying. Here are some tips from Citizens Advice on how you can take action.
Check your bank balance on a regular basis – knowing your spending patterns is the first step to managing your money
Work out your budget – by writing down your income and taking away your essential bills such as food and transport If you have money left over, plan in advance what else you’ll spend or save. If you don’t, look at ways to cut your costs
Pay off more than the minimum – If you’ve got credit card debts aim to pay off more than the minimum amount on your credit card each month to bring down your bill quicker
Pay your most expensive credit card sooner – If you have more than one credit card and can’t pay them off in full each month, prioritise the most expensive card (the one with the highest interest rate)
Prioritise your debts – If you’ve got several debts and you can’t afford to pay them all it’s important to prioritise them
Your rent, mortgage, council tax and energy bills should be paid first because the consequences can be more serious if you don’t pay
Get advice – If you’re struggling to pay your debts month after month it’s important you get advice as soon as possible, before they build up even further
Groups like Citizens Advice and National Debtline can help you prioritise and negotiate with your creditors to offer you more affordable repayment plans.
A Which? travel expert has explained why you should always have your phone nearby when you’re booking a holiday
The travel expert shared advice for people booking holidays (stock photo)(Image: Getty)
Most people have a checklist of items they’ll gather before booking a holiday, such as a calendar, a credit card, and a laptop. However, holidaymakers should also make sure they have a phone to hand when searching for deals.
A travel expert has revealed people should never book a holiday without a phone nearby or risk paying more than they need to. The tip was shared on TikTok by a Which? travel expert in a video on the consumer champion’s TikTok page.
In the Which? video, the expert said: “I would never book a hotel on a computer without checking the price on my mobile phone first.” She explained: “We slashed £270 off the price of an apartment in Amsterdam on Booking.com, and we saved almost £100 on a weekend in Florence with Expedia, just by booking a mobile exclusive.”
As such, it could pay off to check for deals using a phone before hitting checkout on a laptop. It wasn’t the only tip the expert shared to benefit holidaymakers. She also said she would never book a flight with an online travel agent without checking the cost with the airline first.
“Although online travel agents appear to be cheaper, they tend to whack up the prices of extras, such as bags and seats,” she reasoned. “If you need those, it might be cheaper just to go with the airline directly.”
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Additionally, when making your booking, the expert said not to pay to sit with travel companions when flying with Jet2 or BA. She told viewers: “Jet2 and BA told us that they’ll always try to seat groups together where possible, but Wizz Air and Ryanair are more likely to split you up unless you pay to sit together.”
According to the pro, booking car hire excess insurance with the hire company is another common mistake. Instead, she recommended booking with a third party before you go, which should work out cheaper.
Similarly, she advises against changing money at the airport as the exchange rates are “notoriously terrible.” As such, it pays off to be prepared and change money before departure.
The expert explained how to avoid the common holiday mistake (stock photo)(Image: Getty)
When changing money, Which? recommends shopping around. Advice on the Which? website says: “Not all bureaux de change will use the same money exchange rates or charging structures. Some impose a fee when you buy foreign currency, while others don’t – so you must consider the total cost of changing your cash before handing it over.
“This is simpler than it sounds; just ask exactly how much foreign currency you will get from each outlet in return for the pounds sterling you are seeking to exchange.
“It’s worth comparing the deals on offer from several companies before changing your money, and you may also want to steer clear of high street banks. Which? research shows banks typically fail to offer the best exchange rates and may only offer currency exchange services to existing customers.”
