Lucinda Reid

Cardiff

Senior Personal Finance Editor at money.co.uk

I mostly tweet about telly.

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Articles

Hundreds of savings accounts are now offering interest rates above inflation

Jun 3, 2024 | money.co.uk | Lucinda Reid

Interest rates on savings accounts have been competitive for the past few years, with peak rates hitting 6% last September. However, during this time the UK’s annual inflation rate had slowed to 6.7% in August so the top interest rates were not higher than inflation. It’s a different story today, as top savings rates remain high at just over 5%, and inflation has now slowed to 2.3%. This means savers can take advantage of interest rates that are more than double inflation.
How to save an extra £500 in one year by opening a savings account

May 29, 2024 | money.co.uk | Lucinda Reid

There’s never been a better time to get your savings in order. The Office of National Statistics released its latest inflation figures last week and the inflation rate has slowed to 2.3% in April from 3.2% in March. This is good news for savers as it means the interest rates on savings accounts are now even more competitive. This is because if the interest is higher than the inflation rate it gives your money more purchasing power.
Bank of England holds interest rates at 5.25% - but will this be the last time?

May 8, 2024 | money.co.uk | Lucinda Reid

The Bank of England’s monetary committee met again today to discuss the base rate and decided to hold rates at 5.25%. This meeting has always been an important date in the financial calendar, but even more so in recent years. Back in December 2021, the base rate was a mere 0.25% and from then we’ve seen a steady increase until it reached 5.25% in August, 2023. The increased base rate has been used to tackle inflation as the cost of living increased during 2021 and 2022.
9 ways to save money during the May bank holidays | money.co.uk

Apr 29, 2024 | money.co.uk | Lucinda Reid

May is the perfect month to spend quality time with friends and family as there are two bank holidays in the calendar. However, it’s not all fun and games, as the long weekends can come with a lot of added expense. This can then put pressure on our finances and force us to delve into our savings accounts. To avoid this financial stress, we’ve compiled a handy list of things you can do to try and reduce the cost of the bank holiday weekend.
11 ways to save money on purchases for your pet

Apr 14, 2024 | money.co.uk | Lucinda Reid

Pets are part of the family, so it’s natural that we want to give them the best possible care. However, pet expenses can quickly add up and this can put pressure on our finances, so it’s important to consider your budget and find ways to save money wherever possible. Plus, April marks National Pet Month, so to celebrate our furry friends here are some of the ways pet owners can save money - from secondhand toy shopping to setting up a savings account for emergencies.
Top rates on fixed-rate accounts fall by nearly 25% during base rate freeze

Apr 10, 2024 | money.co.uk | Lucinda Reid

The savings account market has kept us busy in recent months. The Bank of England’s base rate may have remained at 5.25% since August, but that doesn’t mean rates on savings accounts are stable. This assumption stems from the reasoning banks change their rates as a direct result of the base rate. And, although it certainly influences the decision, it’s not the only reason. Banks also take into account other providers’ rates and their own internal targets for new customers.
7 ways to reduce financial stress and take control of your money

Apr 7, 2024 | money.co.uk | Lucinda Reid

It’s Stress Awareness Month, and this year the theme is ‘little by little’. This theme hopes to highlight that small steps towards self-care and stress management can significantly help mental health over time. This is also fitting for managing financial stress, as tackling it one step at a time is a helpful strategy. Financial difficulties can feel overwhelming, so the key is to take a step back and make small changes first.
How savers can make the most of their money before the end of the tax year

Apr 1, 2024 | money.co.uk | Lucinda Reid

Spring has sprung and that also means we’re nearing the end of the tax year. The official end date is April 5 and the new tax year begins on April 6. So, with only a few days left of the 2023/24 tax year, there’s never been a better time to get your finances in order. This is especially true for savers, as the end of the tax year also signals the end of this year’s ISA allowance.
Easter activities to try at home that won’t break the bank

Mar 25, 2024 | money.co.uk | Lucinda Reid

Spring has officially arrived and with it comes longer days, lighter evenings and warmer weather. This season also brings plenty of opportunities to spend quality time with your family. For example, the Easter bank holiday weekend has nearly arrived, so it’s time to start planning some family-friendly activities. Luckily, these activities can be thrifty and you don’t have to put pressure on your savings account. There’s plenty to do at home that’ll keep the whole family entertained for hours.
Top rates still above 5% for savers as Bank of England makes no change

Mar 20, 2024 | money.co.uk | Lucinda Reid

>Savings>Top rates still above 5% for savers as Bank of England makes no changeThe Bank of England decided to hold the base rate despite inflation falling to 3.4%The Bank of England initially increased the rate to 5.25% in August 2024, after 14 consecutive risesThere was good news for savers today, as the Bank of England decided to keep the base rate at 5.25% for the fifth consecutive time.