MONEY MORSELS

Winning texts

PReMIUM BOND holders can now be told if they have won a prize by text. National savings already uses letters and emails to contact winners, while specially-trained ‘Agent Millions’ visit those who have won the top prize. savers who wish to be notified by text can switch via their accounts or call 08085 007 007.

Library branch

CUSTOMERS of Newcastle Building Society could soon access their cash from a library. If plans are approved, Tynemouth Library will be rebuilt to include a community branch. The council will consider the plans at its meeting in May.

Top service

FIRsT Direct has overtaken Metro Bank as most likely to be recommended by customers to friends and family, according to the Competitions and Market Authority. Royal Bank of scotland was voted bottom for overall service, with just 46 pc of customers willing to recommend it to others.

Overdraft charges

METRO Bank is more than doubling its overdraft rate from 15 pc to 34 pc from April. The bank says 90 pc of its customers will pay less or the same after the changes are introduced. Other banks have also increased overdraft fees to as much as 49.9 pc.

Family money

The Bank of Mum and Dad has more than doubled in size over the past year, according to MoneysuperMarket. Britons now borrow an average of almost £6,000 from family members, up from around £ 2,500. The number of people borrowing from family has also increased from 55 pc to 63 pc.

Prepayment win

BRITISH Gas customers will be able to top up prepayment meters with as little as £1 again from early March. Almost 100,000 people signed a petition protesting the energy giant’s decision to set a new minimum amount of £5 in January.

Rate cut

TsB is halving the interest on its Classic Plus Current Account to 1.5 pc from May 2. The account previously paid 5 pc on balances up to £2,500, but this was cut to 3 pc on balances up £1,500 in 2017. Nationwide customers can still earn 5 pc with its FlexDirect account for 12 months on sums of up to £2,500. You must pay in £1,000 a month.

Pricey premiums

STORMS and floods are being blamed for an increase in home insurance premiums. Analysis by Consumer Intelligence shows the average cost of a buildings and contents policy rose by 2.9 pc in the past six months. The data firm found policyholders are paying £149 a year on average.