MONEY MORSELS

Fraud fix

BRITAIN’S biggest banks, including Lloyds, HSBC, Barclays, Santander and RBS have now implemented a new security check that could stamp out fraud. Confirmation of Payee will ensure the name of the person or business you wish to transfer money to matches the name on the account.

Missing money

MILLIONS of households could be reunited with £50billion in lost or forgotten bank accounts, pensions and investments by signing up to a new tracking service. You can register your email address on Gretel (gretel.

co.uk) ahead of its full launch.

Starting young

A RECORD number of young workers are now saving adequately for retirement, says Scottish Widows. The pension provider found 51pc of 22 to 29-year-olds now save at least 12 pc of their income, a rise from 40 pc last year.

Attorney fear

SOCIAL distancing measures may lead to a drop in Lasting Power of Attorney applications, experts warn. Rachael Griffin, a tax and financial planning expert at Quilter, says some people have been unwilling to sign legal documents while witnesses observe through windows.

Cover contents

SHOPPERS are being urged to insure new purchases after a spate of accidental damage claims on contents policies in lockdown. Admiral saw a 15 pc increase in claims between April and May, compared to the period last year.

Finance help

A NEW online tool has been launched to help those who are financially struggling as a result of Covid-19. The Money Navigator, provided by the Money and Pensions Service, asks a few questions about your finances before providing guidance. Visit moneyadviceservice.org.uk/en/tools/money-navigator-tool

Payday lender bust

SUNNY has become the latest payday lender to collapse following the likes of Wonga in 2018, Quickquid and PiggyBank. The 50,000 borrowers on its books will still need to repay their loans which are typically between £100 and £2,500.

Tax text scam

SELF-EMPLOYED workers are being targeted by a new text scam in which fraudsters pose as HMRC offering tax refunds. The scam tells recipients to apply online via ukservice.org and is designed to hack victim’s passport details, address and bank details, according to Griffin Law.

10-year deal

BARCLAYS has launched its cheapest ever 10-year mortgage — the lowest rate on the market at 1.99pc, based on a 40pc deposit. Halifax also has a 10-year deal with the same deposit at a 2.07 pc rate.