Negligible interest rates, overwhelmed mortgage suppliers and pensions inequality - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend...
NS&I income account that won't pay you an income Savers holding less than £646 in NS&I's income bonds will get no income at all once the rate is cut from 1.16% to 0.01% next month, reports The Sunday Times. Savers will not receive any interest, the 'paper explains, because they will be owed less then half a penny a month and such a small amount would not be recognised by the government-owned bank's computer system - it will be rounded down to nought. "If the amount earned in a month is 0.5p or above our system will round it up to 1p and make the interest payment," NS&I explains. ...
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