The latest consumer and personal finance updates are compiled in The Mirror’s new Money blog. For savers, there’s a decline in the average savings rate as per recent Moneyfacts data, dropping from 3.40% to 3.35% in January, the lowest figure since May 2023. Tesco has introduced a new Clubcard offer allowing customers to triple the value of their vouchers at selected restaurants like ASK Italian, Bella Italia, and others.
In other news, consumer group Which? has ranked energy suppliers in the UK, with Scottish Power at the bottom due to poor complaints handling. On the flip side, the less-known E supplier scored 79% overall. The ongoing tariff issues on US imports have caused concerns among UK businesses, adding to the challenges they already face.
Savers continue to feel the impact of falling rates, with the average savings rate decreasing to 3.35% in January, down from 3.40%. The decline follows the base rate cut by the Bank of England, benefiting borrowers. The savings market is expected to see further changes this year due to market volatility.
Additionally, data from retirement specialist Just Group reveals that a significant number of households rely mainly on the state pension for income in retirement. On the travel front, Regen Central Ltd, a travel agency offering flight and hotel packages, has gone into liquidation, affecting booked holidays.
President Trump’s recent tariff threats have caused market instability, affecting pension funds and savers. Tesco’s new Clubcard offer provides members the opportunity to triple their points at various restaurants. A construction company, Caldwell Construction Limited, has entered administration, risking over 400 jobs.
The housing market has started the year strongly, with a record increase in prices. The average home price has risen by nearly £9,900 to £368,031 since December, marking the largest January increase in 25 years. Stay updated on the latest financial news with the Mirror Money newsletter.