Business

Leaving your savings to dwindle in popular high street banks could be costing you hundreds of pounds a year, a savings expert has warned. He is urging savers to look beyond high street banks like Barclays, Natwest, Nationwide and Santander if they want their money to really work for them in 2026.Matthew Jenkin from the consumer group Which? says people often fall into "traps" which can cost them hundreds of pounds. Mr Jenkin said: "One of the biggest mistakes you can make when looking for the best home for your savings is limiting your search to the high street. The familiarity of a household name may feel safe, but breaking out of your comfort zone and choosing a smaller lesser-known provider could leave you better off." He said investors with £10,000 savings would be better off lookin...

Rep. Mike Lawler, R-N.Y., joins 'Varney & Co.' to weigh in on whether NYC mayor-elect Zohran Mamdani will follow through on his agenda, the Trump administration’s rollout of rural health funds as Obamacare subsidies expire, and the 2026 midterms. Trump's Crypto Czar David Sacks is predicting that Miami will dethrone New York City as the nation's financial capital following the swearing-in of socialist Zohran Mamdani as the city’s 111th mayor. Sacks, a venture capitalist that was appointed as Trump's influential advisor on artificial intelligence and cryptocurrency, said in a post on X that if progressive policies continue, it will drive New York's capital and talent to migrate to the "Sunshine State."Miami Mayor Francis X. Suarez replied to Sacks on X, saying companies collecti...

National Savings and Investments (NS&I) has revealed the first Premium Bonds winners for the New Year, publishing the winning bond numbers for January 2026. National Savings and Investments, formerly called the Post Office Savings Bank and National Savings, is the UK's state-owned savings bank. Premium Bonds are a UK savings product from NS&I where customers' money is entered into a monthly prize draw for tax-free cash prizes ranging from £25 to £1 million instead of earning interest. According to some analysts, Britons have the chance to "win big" with Premium Bond - if they are patient enough. Tom Francis, the head of Digital Advice at Octopus Money, said Premium Bond holders wait an average of 3.5 years before they "win a penny". Those with the biggest holdings are likely to ...

The Agency founder and CEO Mauricio Umansky joins Varney & Co. to warn that California’s rent control and wealth taxes are driving out builders, investors and middle-class families. Billionaire hedge fund manager Bill Ackman has blasted California’s proposed wealth tax as a potential government seizure of private property, arguing such taxes have failed everywhere they have been tried. Ackman, who is not a California resident, took to X earlier this week to criticize the proposal which, if approved by voters, would impose a one-time 5% tax on the assets of California residents worth more than $1 billion."I am opposed to wealth taxes because they effectively represent an expropriation of private property and have many unintended and negative consequences that have occurred in ev...

Brits have the opportunity to gain up to £200 for free by switching banks this January. Money Saving Expert (MSE) has highlighted how Santander, First Direct and Nationwide are offering up to £200 in addition to overdrafts, attractive savings rates and cashback reward incentives.The New Year is an opportune moment to reassess your financial circumstances and contemplate whether a change in your regular banking services could be beneficial.As noted by the Daily Record, three banks are presently offering cash rewards for switching to their services.Detailed information on the most recent bank switch offers, top savings rates and leading ISA accounts can be accessed on the MSE website.Below are three of these offers to consider.Santander - £200 free cashSwitching to the Santander Edge acco...

The FCA has proposed a compensation scheme that could see Brits who were mis-sold car finance compensated by an average of £700. The scheme would cover mis-sold motor finance agreements taken out between 6 April 2007 and 1 November 2024. Over the 19-year period, car dealerships pushed contracts with higher interest rates onto customers so they could earn secret commissions from the lenders, meaning that customers paid far more than necessary.Dealerships also granted exclusive rights to some lenders, so customers purchasing a leased car were not offered a range of the best available deals. Once the proposed compensation scheme goes live, people who have already complained are likely to receive their compensation faster, according to the FCA.The FCA estimates that drivers will be compensa...

Fox News host Brian Kilmeade discusses the impact of President Trump’s economic policies ahead of the new year on ‘One Nation.’ Michael Faulkender, the former deputy secretary of the U.S. Department of Treasury, believes it’s too early to doubt President Donald Trump’s record on the economy. "I think we should recognize how well it set the foundation next year," Faulkender said of the administration’s record in an appearance on Fox Business' "Kudlow" on New Year's Eve.With 2025 in the rearview mirror, Faulkender believes the changes the administration made in its first year will disprove criticisms from Democrats that a Republican governing trifecta has done little to bring prices down. STEPHEN MOORE: ECONOMISTS KEEP MISSING THE TRUMP BOOM — AND THEY WON'T ADMIT IT Michael Fau...

Members of the Women Against State Pension Inequality (WASPI) campaign have issued a stark warning to ministers, cautioning them of potential 'national outrage' in their latest message. This comes as campaigners persistently urge individuals to pen letters to their MPs, demanding compensation for women impacted by alterations to the State Pension.The campaign's goal is to dispatch one million letters to the government, imploring them to provide the compensation they believe they are due. This follows closely on the heels of the Department for Work and Pensions (DWP) confirming its intention to reconsider a compensation decision for WASPI women.Previously, the DWP chose not to adhere to earlier parliamentary ombudsman recommendations of awarding payouts ranging from £1,000 to £2,950 for ...

Brits are being urged to remain vigilant against a scam circulating just days into 2026 that could potentially cost victims thousands of pounds. Thrifting expert Caroline Butler used TikTok to highlight what people should watch out for to avoid becoming victims of fraudulent activity. "This is a scam that explodes every single January and people have lost thousands of pounds in the past because of it," she warned in a video.Caroline explained that fraudsters "play on the fact" that the New Year brings "new money worries" for some people. "These people may becoming aware of tax rebates and tax refunds around now - and scammers know about this," she said.So what should you be aware of? "They [scammers] are sending text messages," Caroline cautioned, displaying a screenshot of a message en...

This April, millions of Brits are set to see a change in their income. The Department for Work and Pensions (DWP) has announced the proposed new weekly payment rates for those on benefits or State Pension.As highlighted by the Daily Record, nearly 13 million pensioners on the State Pension can expect a 4.8% increase in payments from 6th April, while those on working age or disability benefits will see a 3.8% rise. The Secretary of State for Work and Pensions, Pat McFadden, recently revealed these new payment rates.He also pointed out that the new Universal Credit Act 2025 means the Standard Allowance will increase by roughly £295 annually for a single person aged 25 or over, and approximately £465 for couples where one is aged 25 or over.Additional State Pension payment components will ...