The latest updates in consumer and personal finance are highlighted in The Mirror’s new Money blog to keep you informed. According to Moneyfacts data, the average savings rate has dropped to 3.35% in January, the lowest since May 2023, affecting savers negatively. On the bright side, Tesco has introduced a Clubcard update allowing customers to triple their Clubcard vouchers’ value at select restaurants like ASK Italian, Bella Italia, and others.
In other news, consumer group Which? ranked energy suppliers, with Scottish Power at the bottom for complaints handling. Conversely, E emerged as a top-rated supplier with a 79% overall score based on a survey of nearly 12,000 energy customers. The recent wave of tariffs imposed on US imports by the President has caused global repercussions, impacting UK companies exporting to the US, leading to increased costs and uncertainties.
Additionally, Moneyfacts reports a decline in average savings rates, influenced by the Bank of England’s base rate cut, benefiting borrowers. The average easy access ISA rate is now 2.69%, and the average one-year fixed rate has dropped to 3.85%. Caitlyn Eastell from Moneyfacts predicts a shift in the savings market due to decreasing rates post the base rate reduction.
Moreover, data analysis from Just Group reveals that a significant number of households heavily rely on the state pension for retirement income, emphasizing financial vulnerability. Regen Central Ltd, a travel agency selling holiday packages, went into liquidation, affecting bookings. Caldwell Construction Limited, a construction company, has also entered administration, putting over 400 jobs at risk.
Meanwhile, the housing market has witnessed a record jump in prices, with the average home price rising to £368,031, marking the largest January increase reported by Rightmove in 25 years. This surge indicates a positive start to the year for the property market, with notable growth.