MONEY MORSELS
Contactless craze
ONE in four card payments is now contactless, a new report reveals. The figure will fuel concerns that the ease with which people can pay by contactless debit and credit cards is driving Britain’s debt boom. More than 100 million contactless cards were handed out to shoppers last year — a quarter more than in 2015, according to the British Bankers’ Association.
Football bonus
VIRGIN Money has launched a one-year fixed-rate bond paying 1 pc that rises to 3 pc if Manchester United win both the Premier League and FA Cup in the coming football season. The Double Champions Bond can be opened online at virginmoney.com, and in branch with just £1. Last season Manchester United finished sixth in the Premier League.
Shopping scam
THE number of online shoppers conned into buying jewellery, electrical equipment and flights that don’t exist is rocketing. Citizens Advice was contacted by 555 victims of ‘phantom goods’ scams in the first three months of the year — up 17 pc annually. They each lost an average of £1,100. Report suspected scams to Action Fraud on 0300 123 2040.
Savings boost
AJ BELL has launched a top investment Lifetime Isa with just a 0.25pc fee — earning £12.50 a year on £5,000. This type of account is designed to help savers buy their first home or build a nest egg for retirement. You can save up to £4,000 a year and receive a tax-free government top-up of up to £1,000 annually until the age of 50.
House prices soar
AVERAGE house prices in the UK have reached a record high of £211,301. Prices jumped by 1.1 pc in June, the strongest monthly growth since April 2015, when they rose 1.2pc. Nationwide said the shortage of properties on the market was pushing up prices.
Fraud failings
BANKS are sitting on an estimated £130million of cash that has been seized from fraudsters but not traced back and returned to victims. The figure emerged in a National Audit Office report, which warned that the police, Government and banking industry are not doing enough to prevent scams.
Pension top-up
THE self-employed should be encouraged to pay into a pension by adding automatic contributions to their tax bills, according to a report. A joint proposal by Aviva and Royal London suggests a 4pc net contribution is added to selfemployed people’s self-assessment tax bill, with a 1 pc top-up from the Government. This would encourage an extra two million entrepreneurs and freelancers to save towards retirement, they say.