Money Box

Bank bosses are being asked to explain why interest rates on savings aren't keeping up with the rising cost of borrowing.

The heads of Lloyds, HSBC, NatWest and Barclays banks will meet the Financial Conduct Authority (FCA) on Thursday.

Chancellor Jeremy Hunt has already stepped in to tell banks to put up rates for savers.

At the moment the Bank of England base rate is 5 per cent, following last months 13th consecutive rise.

UK Finance who speak for banks say "savings rates are driven by a number of factors," not just the base rate.

Laura Suter, head of Personal Finance at AJ Bell and Kirsty Stone, Chartered Financial Planner at The Private Office, are here to help make sense of your savings.

Presenter: Adam Shaw

(First broadcast 3pm, Wednesday 5th July, 2023)

The Chancellor Jeremy Hunt has stepped in to tell banks to put up the rates paid to savers after the Bank of England raised the official Bank Rate to 5%. Many mortgage rates went up at once and more have been increased this week, but the rates paid on savings by the banks have not followed them. The gap between the two has almost doubled from December 2021. We hear from Gillian who runs a business in Bromsgrove and ask how banks make decisions on savings rates.

More than two million calls to a helpline for people wanting to boost their state pension have been blocked by the Department for Work and Pensions. The Minister in charge of what is called the Future Pension Centre, Laura Trott, has admitted that in the first five months of the year more than two million calls were cut off without even being allowed to join the call waiting queue.

A new energy price cap comes into effect today. This will see households pay an average of 2,074 pounds a year. This is lower than the level at which government subsidies kept bills but still 800 pounds more than two years ago. We'll also look at how smart meter data is being used to research fuel poverty.

Presenter: Paul Lewis

(First broadcast 12pm, Saturday 1st July, 2023)

Amidst a cost of living crisis, almost 9 in 10 young adults say that simply having enough money to cover their basic needs is classed as aspirational, according to a survey by the children's charity Barnardo's. We hear about some of the financial pressures burdening young people - from renting, to food costs and car expenses.

In this podcast, BBC Newsbeat's Cost of Living Reporter, Sam Gruet, joins Felicity Hannah and Alice Haine, Personal Finance Analyst at Bestinvest.

Presenter: Felicity Hannah

(First broadcast 3pm, Wednesday 28th June, 2023)

Rising interest rates are putting pressure on those homeowners with variable mortgages, or with fixed terms due to end this year. The Chancellor Jeremy Hunt has met with the big banks to discuss the forbearance options lenders can offer to customers in difficulty. We discuss the long term financial implications of options such as payment deferrals, extending the length of the mortgage or switching to interest only with Sarah Coles, Head of Personal Finance at Hargreaves Lansdown.

The children's charity Barnardos is concerned about the impact of rising living costs on young people aged 18-25. The charity worked with the Co-op to survey 2,500 people in that age bracket. Almost 9 in 10 responded that having enough money to cover basic needs was considered 'aspirational', and more than half had worried about whether they could afford things in the last six months. We speak to a 20 year old care leaver about their relationship with money.

And what should you do to protect large sums of money from fraud? We've been contacted by listeners in the process of buying and selling a house, wondering where to keep large sums safe until they're ready to make their purchase. Reporter Dan Whitworth has the answers.

Presenter: Felicity Hannah

The average interest rate charged by mortgage lenders is now much higher than many homeowners have been used to.

So what can those struggling to make repayments do - and what if any help should lenders provide?

The experts in this podcast are Charles Roe, Director of Mortgages at UK Finance, Andrew Wishart, Senior Economist at Capital Economist and Rita Kohli, Managing Director at The Mortgage Stop.

Presenter: Felicity Hannah

(First broadcast 3pm, Wednesday 21st June, 2023)

On June 12th, HMRC closed its self assessment tax helpline - a helpline that last summer people tried to call over a million times. Instead, it's directing people who want advice or who need help with their online self assessments to its digital services. HMRC says this is a pilot for a new seasonal model and that it will reopen in September. It says the plan will free up staff time to deal with urgent queries. The decision has prompted criticism from tax groups who say that the closure is extremely disappointing, that it's ill thought out and that its a clear indication that HMRC can't cope with demand. Angela McDonald the Deputy CEO and Second Permanent Secretary at HMRC speaks to Felicity Hannah live.

MPs have questioned insurances bosses over high premiums. The Treasury Committee called executives in to answer questions about potential profiteering during the cost of living crisis. Dan Whitworth reports on that hearing.

More on plans to make sure banks give innocent victims of push payment fraud the refunds that they are supposed to.

And what do you need to think about when it comes to money and travel abroad? From currency to travel and health insurance, not to mention mobile phone roaming charges, there are lots of ways to make sure you're not losing out or paying over the odds.

Presenter: Felicity Hannah

(First broadcast 12pm, Saturday 17th June, 2023)

A prolific cyber crime gang has stolen personal data belonging to more than 100,000 employees. It's a mass hack which has impacted organisations globally.

In the hands of criminals, your personal data can be used to make cloned credit cards, buy phone plans, falsely claim government benefits and even take out a mortgage, for which you can become liable. In this podcast, we discuss how you can try and prevent this from happening and what you can do if you are a victim.

The experts on the panel are Sarah Lyons, from the National Cyber Security Centre and Matt Cooke, Cyber Security Strategist at Proofpoint - which helps protect businesses and employees online.

Presenter: Adam Shaw

(First broadcast 3pm Wednesday 14th June, 2023)

Changes to how families of disabled children can access UK government-backed trust funds have been announced. Currently, parents and carers of 18-year-olds who lack mental capacity have to apply to the Court of Protection to access the money. The Ministry of Justice says claims will now be dealt with in eight weeks - rather than six months. We'll hear from Mike Freer the Minister for Courts and Legal Services and from a campaigner who says the changes don't go far enough.

Hundreds of thousands of people have had their personal information stolen by hackers. We'll ask what you can do now to stay safe.

We'll discuss a new report calling for banks and other financial institutions to do more to improve services for people with hearing difficulties. The report is from the Lending Standards Board which is calling for greater inclusion. UK Finance, which represents the banking and finance sectors, told us it's committed to supporting customers and do offer extra support including British Sign Language translations in branches, longer appointments and quiet rooms.

Help To Save, a savings scheme for people on low incomes, has been extended. We've got the details.

Presenter: Felicity Hannah

(First broadcast 12pm, Saturday 10th June, 2023)

House prices have fallen by 1% compared with a year ago – the first drop since 2012 (Halifax) and as inflation remains high, lenders are increasing the cost of mortgage borrowing.

But what do these changes in the housing market mean for anyone who dreams of owning their own home, for people trying to move up the ladder or those thinking about equity release?

The experts in this podcast are Tim Bannister, Director of Property Science at Rightmove and Clare Beardmore, Director of Mortgages at Legal & General.

Presenter: Dan Whitworth

(First broadcast 3pm, Wednesday 7th June, 2023)

Mortgages are back in the headlines this week, with the news that hundreds of deals are being pulled from the market. Since the start of last week, the total number of mortgage products on the market has fallen by 11.3% according to new figures from Money Facts. We'll discuss this with Sonya Matharu, Senior Mortgage Broker with The Mortgage Mum.

There are calls to simplify and reform the tax free childcare system. The charity Coram says many families don't even know they are eligible because the system is so difficult to manage. HMRC says Tax-Free Childcare is quick and easy to claim and that it can be a real boost to the household budget of working families. Adding that families can choose the financial support that best suits their needs. It recommends that parents use the Childcare Choices website (https://www.childcarechoices.gov.uk/) to find the right childcare offer for them.

We'll discuss what the latest updates are for funeral plan holders with companies which have gone out of business - following a major shake up of the industry. We'll speak to one of the providers which has taken on customers of failed firms and to James Daley from Fairer Finance.

And the listener who manages his mum's finances but was told he couldn't switch her to a more competitive savings account.

Presenter: Felicity Hannah

(First broadcast 12pm, Saturday 3rd June, 2023)