July 2022 News Archive

The number of savings accounts that can beat the Bank of England base rate of 1.25% has fallen month-on-month, according to the latest Moneyfacts UK Savings Trends Treasury Report. This is despite an uplift in month-on-month savings rates, there are now only 887 savings deals which beat 1.25%. This equates to roughly 51% of the market, almost a 2% fall from the previous month when base rate stood at 1.00%.

The number of savings accounts that can beat the BoE base rate of 1.25% has fallen month-on-month, according to the Moneyfacts Savings Trends Treasury Report.

Four in 10 travel insurance policies do not offer protection for those whose holidays are disrupted due to strike action, according to research by Which?. If your flight is cancelled, even in the event of ongoing strikes, then you have a legal right to a full refund or a replacement flight to get you to your destination. This means if you are part-way through your journey, such as waiting at a connecting airport, then you have the right to request a flight back to your original airport of departure.

Four in 10 travel insurance policies do not offer protection for those whose holidays are disrupted due to strike action, according to research by Which?.

The average lifetime mortgage, otherwise known as an equity release product, now stands at 5.63%, the highest it has been since August 2016. Rising in tandem with these rates are the number of people looking to use some form of equity release. Figures from the Equity Release Council for this year’s first quarter saw customers unlock £1.53 billion of property wealth in total. This was up 14% from the fourth quarter of 2021 – previously the busiest quarter on record.

The average lifetime mortgage, otherwise known as an equity release product, now stands at 5.63%, the highest it has been since August 2016.