Latest news with #Lloyds
Wales Online
2 days ago
- Business
- Wales Online
Lloyds, Halifax, and RBS customers with an overdraft given major warning
Lloyds, Halifax, and RBS customers with an overdraft given major warning The change will see some customers paying less while others will pay more Customers should look out for a letter, text or online banking message (Image: WalesOnline/Rob Browne ) Millions of bank customers have been warned about a major change coming to their overdrafts. Lloyds Banking Group, which includes Halifax and Bank of Scotland, is changing its overdraft charges and says millions of its customers will pay less, but some will pay more. Money Saving Expert (MSE), founded by Martin Lewis, explained that the rate you will get will be based on an "affordability assessment", including your credit history and how you use any accounts you have with the banks. However, the group shared that 29.9% will become its new standard rate, down from 39.9% previously. The £100 interest-free buffer on the Club Lloyds and Halifax Reward accounts will remain. To find your current rate on your bank account statement, MSE advises searching 'Manage my overdraft' in the iPhone app, or try calling or web chatting with the bank. Customers should look out for a letter, text or online banking message from the bank which will set out the changes. If you do not receive any correspondence it means nothing should change for you. For money-saving tips, sign up to our Money newsletter here Article continues below According to MSE the changes are being rolled out in stages. If your rate is going down you should get seven days' notice before the rate automatically reduces. If your rate is rising, you will get 60 days' notice. Earlier this year Martin Lewis issued a warning about overdrafts and offered tips to help people pay them off on The Martin Lewis Money Show. Overdrafts are a way of borrowing money from your bank to allow you to spend more money than you have in your account. During the ITV show Martin said many people hold the view that credit card debt is worse than being in an overdraft. Article continues below However, he said it is important to debunk that myth. He explained: "Many think credit cards 'bad', debit cards 'good'. "Yet, if you 're overdrawn it's credit cards bad, debit cards worse as most overdrafts are 40% E.A.R Most overdrafts with virtually all high street banks and many others are ar 40% E.A.R. Credit cards [are at] 25%. "Overdrafts are the most expensive form of high street debt. Treat it like a debt, you want to get out of it."
South Wales Guardian
3 days ago
- Business
- South Wales Guardian
Halifax to shut down Savers Prize draw
The Savers Prize draw gives eligible Halifax customers the chance to win either £100,000 (three winners), £1,000 (100) or £100 (1,500) every month. The perk was launched back in 2011, and since then there have been more than 160,000 winners claiming in a share of around £75 million. Every month we have 1,600 Savers Prize Draw winners and 3 main winners, each winning £100K! 😮 If you have £5,000 in savings with us, you can register here: Could it be you next? Savers Prize Draw Rules Apply. #ItsAPeopleThing Halifax has revealed, via its website, that the final Savers Prize draw will take place in September 2025. A Halifax spokesperson added: "Our customers' expectations continue to change, and we are taking the opportunity to look at how we can reward customers in different ways in the future. "Our Savers' prize draw has made a huge difference to thousands of customers, with over £100m awarded since our first draw in 2011." Halifax customers have already been alerted to the closure of the prize draw, according to The Sun, through the bank's messaging service. In the message, Halifax said: 'Our Savers Prize Draw is coming to an end. Before it closes, you'll automatically be entered into the remaining prize draws if you qualify. 'We'll let winners know within one month of the draw taking place, so it's a good idea to make sure your contact details are up to date.' RECOMMENDED READING: Lloyds, Halifax, Bank of Scotland make huge service change for all customers Urgent warning issued for millions of Barclays customers after 4.6% increase Nationwide says that some customers will receive a free £200 To enter the Savers Prize draw, you must meet the following criteria: The final Halifax Savers Prize draw will take place in September 2025.
Yahoo
3 days ago
- Climate
- Yahoo
Exact dates UK weather will reach highs of 34C as hot air sweeps in from the continent
Maps from WXCharts have revealed exactly when the UK will be plunged into a heatwave with temperatures racing past 30C. During five days at the end of this month and into July, their maps have turned dark as Britain goes through another heatwave and could even hit highs of 34C. While recent weather saw the UK get to highs of 29C, the incoming forecast could be a lot hotter. Read more: Nationwide, Lloyds, NatWest and Santander customers can claim £256 The south and Midlands in particular are expected to face the brunt of the hot air blast. Temperatures of at least 30C are currently expected between 29th June and 1st July. The 6th and 7th July are also expected to be this hot, with London, Birmingham, Leeds, Southampton, Manchester, Oxford, Stoke and Cambridge all expected to reach these temperatures. Further north, Manchester and Leeds are also expected to be hot, though Scotland will be a lot cooler during these days. The Met Office forecast for 29th June to 8th July explains that the reason for the rise in temperature is due to hot air blowing in from the continent. It says: "A low pressure system passes to the northwest of the UK early in the period bringing wetter windier conditions to the northwest. Drier in the southeast at first before the wetter conditions move through the early part of the week. "From there further low pressure systems are likely to the northwest of the UK at times, bringing wet and windy conditions to the northwest. "Whilst some rain or showers are possible across the south and east, longer drier spells are more likely, under the influence of higher pressure. "There is also the chance of some occasional very warm, perhaps locally hot weather, as brief bursts of hotter air encroach from the continent, but probably fairly short-lived and perhaps also accompanied by a few thunderstorms at times." The Met Office's outlook from Thursday to Saturday reads: "Changeable with spells of rain interspersed with sunny spells and scattered showers. "Temperatures around normal at first, but turning very warm in the south and east over the weekend. Breezy."
Metro
3 days ago
- Business
- Metro
Lloyds, Halifax and Bank of Scotland make major change to account fees
If you're one of the 28 million people with a Lloyds Banking Group account, the amount you pay for overdraft borrowing could be about to change. The company, which includes Lloyds, Halifax and Bank of Scotland, is overhauling its fees – and while it claims 'millions' will be better off as a result, that won't be the case for everyone. Overdraft customers were previously charged up to 49.9%, but this is being dropped to a maximum 29.9%. And for some, it could mean savings of as much as £299 annually. Instead of the current tiered system – where applicants with poor credit are given higher rates – they'll now be based on an 'affordability assessment', factoring in credit history and account activity with the banks. A spokesperson for Lloyds Bank said: 'We know many customers find it helpful to have an overdraft there for life's unexpected costs and, to make that as affordable for our customers as possible, we're lowering the interest rate most customers typically pay when they use an overdraft. 'This means the cost of using an overdraft will become cheaper for many, with Lloyds, Halifax and Bank of Scotland now offering one of the lowest representative overdraft rates on the market.' Customers on the previous 49.9% rate who move to the new 29.9% rate can expect to save £299 per year. Meanwhile, those who go from 39.9% to 29.9% are looking at a saving of £100 annually. You can find your current rate on your Lloyds, Halifax or Bank of Scotland account statement, under 'manage my overdraft' in the app, or by calling or web chatting with bank customer services. More Trending While fee changes will be rolled out in stages, customers set to benefit from reductions are already being notified. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Money Saving Expert (MSE) explains: 'You'll get seven days' notice, after which your rate will go down automatically. The banks started writing to customers last week, so you may have seen the change already.' However, some people will see their rates rise. If you're one of the 'few' who this is the case for, you'll get 60 days' notice before the staggered increase, with one bump from August 2025 and another from February 2026. View More » New customers will no longer see the tiered fees either, and will instead be shown the 29.9% representative rate as standard. Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: One in seven people lost money to fraud last year, survey finds MORE: Full list of Santander bank branches closing this week MORE: Martin Lewis' MSE shares major update on £100,000,000 Mastercard compensation payouts Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Business News Wales
4 days ago
- Business
- Business News Wales
Welsh Businesses Say Greater AI Adoption Will Drive Local Growth
The majority of Welsh firms believe AI adoption will be a key growth driver in the country's economy, according to Lloyds' Business Barometer, as many report AI-related increases in productivity and profitability. More than three in five (63%) Welsh businesses believe greater AI adoption will be a major driver of local economic growth. Of the 61% of the country's businesses already using AI, 81% say it has increased their productivity, while 80% say it has improved their profitability. Firms are most commonly using AI platforms to improve efficiency (71%) or to analyse data and make better-informed decisions (36%). Looking ahead, 24% of Welsh businesses plan to invest more in AI over the next year and more than a fifth (22%) plan to create new AI-specific roles. Firms said the desire to use the technology to help grow their client base (39%) and to drive new or further increases in productivity (36%) were the biggest drivers behind their future investment plans. Companies also said that having a better understanding of the technology and its benefits (41%) and instances of their competitors using AI (18%) would help facilitate even more investment. The Business Barometer, which surveys 1,200 businesses monthly and which has been running since 2002, provides early signals about UK economic trends both regionally and nationwide. Samantha Noble, area director for Wales at Lloyds, said: 'Welsh businesses identify AI as an avenue for local growth, which perhaps reflects their own success with it – the overwhelming majority of firms already using the technology have seen higher productivity and profitability. 'Sharing knowledge and experience will be critical to helping more firms start applying it, and ultimately realising the full potential of the technology is realised.'
