MONEY MORSELS
Tesco freeze
TESCO Bank has blocked customers from signing up for its current account after it was inundated with tens of thousands of applications last week. Customers flocked to the account after the bank guaranteed its 3 pc interest rate until April 2019. Applications made before 3am on February 11 will be processed and the account should be open to new customers again ‘in the coming weeks’.
Très cheap fuel
FRENCH power firm Engie has started offering gas and electricity tariffs to UK households through comparison websites. The firm, which is one third owned by the French state, currently has the cheapest two-year fix at £969 — a £198 saving compared to the average Big Six standard tariff, according to Energy saving help line.
Mobile bill hike
MOBILE phone customers with EE and O2 will see their monthly bills rise by 2.5 pc and 2.6 pc respectively. EE says the average monthly bill will rise by just under 80p from March 30, while O2 says most of its customers will see their bills rise by 46p from April.
Repossess less
THE number of houses being repossessed because owners failed to keep up with mortgage payments has fallen to its lowest level in 35 years. Last year 7,700 owners lost their homes, down 25 pc from 10,200 the year before, according to the Council of Mortgage Lenders.
Loan moans
COMPLAINTS about payday loan companies are rocketing. Figures from the Financial Ombudsman Service show it received 7,810 complaints about payday loans in the nine months between April and December last year — more than double the 3,168 it received during the previous year.
DIY investors
NATWEST is launching a do-ityourself investment service on February 20 for customers with at least £500 to invest. There are five funds of different risk levels to choose from. The annual charge ranges from 0.75 pc to 0.95 pc, depending on the size of your pot. Someone with a £10,000 nest egg will pay £95 a year.
Mortgage boost
SANTANDER has scrapped its minimum income requirement for interest-only loans. Previously, borrowers had to earn at least £50,000 to qualify or £75,000 if they applied with a partner.
Pru pulls plug
PRUDENTIAL is to stop offering annuities to customers when they retire. Customers who want a guaranteed income for life will be referred to other insurers instead. Just seven firms still sell annuities to new customers.
Pension rise
THE number of people making pension contributions in the UK has hit a nine- year high of 7.8 million — finally beating pre-recession levels — according to analysis of official data by financial adviser Salisbury House Wealth.