Martin Lewis: Act Now as Zero Banking App Closes All Accounts
MoneySavingExpert warns customers of the Zero Sustainable Money App to withdraw funds immediately as the fintech startup ceases trading and closes all accounts by March 31.
Category : Banking
Zero Banking App Stops Trading, Customers Must Move Money
Fintech app Zero has ceased trading, urging 21,500 customers to withdraw funds by March 31. The sustainable banking service failed to secure additional funding.
Nationwide Offers Up to £650 Free Cash for ISA Transfers
Nationwide Building Society is offering new and existing customers the chance to earn over £650 on average by transferring funds into fixed-rate cash ISAs with rates up to 4.25%.
FCA Investigates MFS Over £1.3bn Mortgage Scandal
The Financial Conduct Authority has opened an enforcement investigation into Market Financial Solutions following its collapse and a £1.3bn worldwide asset-freeze against founder Paresh Raja.
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Banks Pay $400m to Epstein Victims, Sparking Cover-Up Claims
JPMorgan Chase, Deutsche Bank, and Bank of America have settled lawsuits totalling $400m with Jeffrey Epstein's victims, raising questions about what the financial giants are concealing.
Savers Face £430 'Loyalty Penalty' in ISA Season
New analysis reveals savers could lose hundreds by not switching accounts, with top ISA rates now exceeding 4.6% while average closed accounts pay just 2.51%.
Nationwide Explains Online Account Card Renewal Process
Nationwide Building Society has addressed customer confusion over online account details showing new cards before physical arrival, explaining its renewal timeline and savings initiatives.
Nationwide Explains Payment Rules After Customer Query
Nationwide Building Society has detailed its Faster Payments Service timelines after a customer raised concerns about delayed funds. The society advises contacting their banking team if transfers exceed two hours.
Hargreaves Lansdown IT Outage Halts Customer Trades
Hargreaves Lansdown, a major UK investment platform, apologises for a significant IT outage locking customers out of accounts during critical financial market fluctuations.
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FCA Scrutinises Later Life Mortgages for Retirement Security
The Financial Conduct Authority launches a market study into later life mortgages, warning 43% undersave for pensions and housing wealth may be crucial for retirement comfort.
Nationwide Launches Access Guides for All 605 UK Branches
Nationwide Building Society introduces detailed accessibility guides across its entire branch network, partnering with AccessAble to support disabled customers with clear access information before visits.
Lloyds Bank Clarifies Payment Process After Duplicate Debit
Lloyds Bank has issued guidance on handling duplicate direct debit payments, following a customer report of a double charge. This comes after a recent IT glitch allowed users to view others' transactions.
Mortgage Deals Pulled Amid Middle East Conflict Inflation Fears
Over 500 UK mortgage deals withdrawn as Iran conflict sparks inflation concerns, pushing average two-year fixed rates above 5% for the first time since August.
US Moves to Soften Bank Capital Rules, Aiding Major Financial Institutions
Federal Reserve officials are expected to vote on lowering capital requirements for major US banks by up to 7.7%, marking a significant shift in post-2008 financial regulations and drawing criticism from Senator Elizabeth Warren.
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JP Morgan Uses AI to Track Junior Banker Hours for Wellbeing
JP Morgan Chase has launched a pilot scheme comparing computer-generated estimates of junior bankers' work hours with self-reported timesheets, aiming to enhance transparency and wellbeing without enforcement.
Hargreaves Lansdown IT Outage Halts Customer Transactions
Hargreaves Lansdown faces technical issues, preventing customers from accessing accounts and making trades during a period of high financial market volatility.
HSBC Weighs 20,000 AI Job Cuts, Wall Street Fears Spread
HSBC is considering cutting up to 20,000 jobs globally as part of an AI-driven workforce reduction, with fears that major US banks could follow suit in a sweeping industry transformation.
Zopa Bank Targets Major UK Digital Banking Success
Zopa Bank reports third consecutive year of profits and plans new AI features as it aims to challenge established players in the UK's competitive digital banking sector.
Bank of England Holds Rates, Warns No Cuts Amid Crisis
Governor Andrew Bailey says interest rate cuts are 'not on the horizon' as Middle East conflict threatens to push inflation higher through energy and food prices.
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Bank of England Holds Rates, Warns of Possible Hikes
The Bank of England has kept interest rates unchanged at 3.75% but signalled readiness to raise borrowing costs if Middle East conflict persists and pushes up energy prices, with inflation forecasts revised higher.
Tycoon Faces £1.3bn Asset Freeze in Mortgage Fraud Scandal
A worldwide freezing order has been granted against Paresh Raja, owner of collapsed UK mortgage lender MFS, amid allegations of fraud and double pledging in high-end London properties.
Banks Keep £100 Contactless Limit After FCA Scraps Cap
Major UK banks have decided to retain the £100 limit for contactless card payments, even though the Financial Conduct Authority has removed the official cap. This move comes amid concerns over fraud and consumer demand.
FCA Scraps Contactless Limits, Banks to Set Own Rules
The Financial Conduct Authority has abolished the £100 contactless card limit, allowing banks to set their own restrictions. While fraud risks are low, consumers can set personal limits for security.
BoE Holds Rates as Iran War Threatens UK Inflation Surge
The Bank of England has kept interest rates at 3.75%, warning that the Iran conflict could drive UK inflation above 3% this year, impacting household finances.
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BoE Holds Rates at 3.75% as Iran War Fuels Inflation Worries
The Bank of England maintains interest rates at 3.75%, warning that the US-Israel conflict with Iran could push inflation higher, impacting UK households and businesses.
Bank of England to Raise Interest Rates Twice This Year
City traders are betting on at least two interest rate increases by the Bank of England in 2024, driven by inflationary pressures from the Middle East crisis and rising wage demands.
HSBC Could Cut 20,000 Jobs in AI-Driven Cost Reduction Plan
HSBC is reportedly planning to eliminate up to 20,000 positions, targeting middle and back offices, as CEO Georges Elhedery bets on AI to reduce expenses. The cuts could affect 10% of its workforce within three to five years.
BoE Holds Rates at 3.75%: Mortgage and Savings Effects
The Bank of England has unanimously voted to maintain the base rate at 3.75%, the lowest in three years. This decision, influenced by geopolitical tensions, affects mortgages, savings, and bills across the UK.
Bank of England Holds Rates at 3.75% Over Iran War Concerns
The Bank of England has paused interest rate cuts, maintaining borrowing costs at 3.75% due to inflationary risks from the Iran conflict. City analysts still expect reductions later this year.
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Bank of England Holds Interest Rates at 3.75%: Money Impact
The Bank of England has maintained its base interest rate at 3.75%, affecting mortgages, debt, and savings amid economic uncertainty from the Iran conflict and inflation concerns.
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