Money blog: Major banks confirm online banking issues this morning (2025)

Nationwide and First Direct have both confirmed issues with their online banking systems, leaving many customers unable to access their money.

Nationwide said in a message on its website that "some incoming and outgoing payments are delayed at the moment", but that "everything else is working normally".

It said direct debits and standing orders were operating as they should, but that payments were in a queue and would arrive soon.

Customers have been told they do not need to do anything.

First Direct has confirmed that both its mobile and online banking are "experiencing issues with payments".

According to service status website Downdetector, users were reporting issues with a number of other banks, but no others have so far confirmed any issues.

Workers in the UK did £31bn of unpaid overtime in the past year, according to new analysis from the Trade Union Congress.

In all 3.8 million people worked extra hours for nothing in return in 2024, putting in an average of 7.2 unpaid hours a week.

All that work was worth around £8,000 a year for each person, the TUC said on what is its 21st annualWork Your Proper Hours Day.

London had the highest proportion of workers doing unpaid overtime at 17%, compared to 13% nationally.

The TUC found teachers and health care managers worked the most extra hours for free.

Its data is pulled from the Office for National Statistics' Labour Force Survey (LFS) 2024Q2.

"Most workers don’t mind putting in extra hours from time to time, but they should be paid for it," Paul Nowak, TUC's general secretary, said.

"We are encouraging every worker to take their lunch break and finish on time today. And we know that good employers will support them doing that."

Aldi is reportedly considering proposals to restructure some of its head office divisions - a move that could see up to 350 jobs at risk of redundancy.

Changes could affect some buying department positions, including non-food, finance and back-office functions, according to theGrocery Gazette.

A spokesperson for the supermarket told the outlet: "To support our continued growth and to offer the best experience to our customers, we are consulting over proposals to restructure some head office teams."

Aston Martin is cutting 5% of its workforce after widening losses.

The carmaker says it is removing 170 roles as part of a cost-cutting plan after its debt pile surged by 43% to £1.16bn.

It said this week it would ensure the company is "appropriately resourced for its future plans", describing the job cuts as a "difficult but necessary action".

Thatchers has fought back against falling cider sales - with turnover growing 16.3% to £203.9m in the year to 31 August last year.

It has boosted the brand's market share to 17.2% - its largest ever.

"An ongoing trend towards premiumisation has seen budget brands decline, while quality, trusted brands like Thatchers are… outperforming the category every quarter," Thatchers said in a statement.

By Jess Sharp, Money live reporter

Children are given 52% more pocket money than they were five years ago, data from GoHenry has found.

Parents are now paying an average of £9.62 a week to each child - but kids in some parts of the country get more than others.

The bank of mum and dad pays out most in London, with children getting an average of £12.80 a week, followed by Scotland, where they are handed £10.54 a week, the prepaid debit card company found.

Parents in the West Midlands were found to pay the least at £8.24 a week.

Unsurprisingly, it also varies based on the child's age...

"It's been really interesting to see how the amount of pocket money kids are earning has grown over the years," Louise Hill, chief executive and co-founder of GoHenry, told Money.

"Our data shows a steady increase in weekly pocket money over the past five years, with a notable rise of £2.15 last year alone - that's a 28% jump from 2023 to 2024.

"Looking at the bigger picture, the total increase over the last five years is even more striking, with kids now getting an extra £3.38 a week - that's a 52% rise."

In total, all children with a GoHenry account earned more than £280m in the last year.

They earned the most by babysitting, followed by looking after their pet dogs and mowing the lawn.

And, while they are earning more, they are also saving more, with £51m deposited in savings pots through the past year.

Looking at the data, kids' weekly savings have steadily increased from £3.39 in 2020 to £4.08 in 2024.

"More and more parents are emphasising the importance of saving early, and kids seem to be becoming more aware of the value of putting money aside for future goals," Hill said.

"This growing trend highlights how parents are starting to give their children more financial independence, and it's great to see that many are focusing on teaching kids about money from a younger age."

But, with pocket money growing, Hill said it's important that parents teach their children how to manage it wisely.

Here are some of her top tips for making sure you are giving your children pocket money responsibly:

• Start early: Research from Cambridge University shows that children begin forming financial habits as young as age 7. Tailoring money lessons to their age - like explaining the four pillars of earning, saving, spending, and giving - can lay a strong foundation for their financial future.

• Make it routine: Whether it's 5p or £5, establish a consistent pocket money habit by tying it to simple chores such as making their bed or emptying the dishwasher. The amount doesn't need to be large; what's important is giving kids the opportunity to manage and make decisions with their money, fostering confidence and independence.

• Teach budgeting basics: Start by explaining the difference between needs and wants. Help your kids learn to split their money into categories for spending and saving, setting up good habits for the future.

• Simplify saving: Make saving enjoyable by setting creative goals.

• Learn through spending: Turn everyday activities into valuable financial lessons. The next time you're doing your weekly shop, involve your kids in making decisions and discussing purchases.

Last year, our live news reporter Bhvishya Patel explored where children were spending their money, and how families were factoring it in to their household budgets...

How much do you give your kids? Do you expect them to do chores before they get it? Let us know in the box at the top of the page.

Every Friday we take an overview of the mortgage market with industry experts and round up the best rates withMoneyfactscompare.co.uk.

Swap rates continued to fall this week, potentially signalling that cheaper mortgage rates are in the pipeline.

Swap rates, which determine how much banks and building societies have to pay to borrow money in order to lend, dictate the pricing of fixed-rate mortgages.

They are based on what markets think will happen to interest rates in the future, so when they go up, borrowers ultimately pay more and when they fall, they tend to pay less.

After the two-year swap rate fell back under 4%, we saw some lenders make cuts.

TSB cut some of its rates by up to 0.25%, while Nationwide launched a sub-4% deal, offering borrowers a 3.99% rate on a five year fixed rate at 60% LTV with a £999 fee.

"Rate cuts are always welcome news for borrowers and the broader property market. It's no surprise to see lenders taking swift action with swap rates heading south," Steve Humphrey, founder of broker firm The Mortgage Pod, said.

"TSB is one of many lenders to reduce rates this week, and this is positive news for borrowers looking to remortgage or purchase a property. Are we facing a mortgage lender rate war? Let's hope so."

More cuts could be coming

Other mortgage brokers think the cuts are a sign that more were coming, even if they are small.

"With lenders jostling for market share and the cost of funds falling, further reductions look likely, especially as the month-end approaches and banks push to meet lending targets," Jamie Elvin, director at Strive Mortgages, told Newspage.

"Competition is clearly ramping up, and borrowers could be in for even better deals in the weeks ahead. This isn't just a one-off adjustment, it’s a sign that rates may have further to fall."

Pete Mugleston, managing director at Online Mortgage Advisor, added: "With swap rates stabilising, we could see further reductions. However, while rates may edge down in the short term, significant cuts are unlikely.

"Instead, we'll likely see more lenders making incremental cuts to rates as the weeks go on. Borrowers should remain proactive. Waiting too long could mean missing the best deals, as lenders adjust pricing based on demand."

Away from fixed-term mortgage deals, the buy-to-let market saw new deals enter the market, from the likes of Saffron Building Society and Nottingham Building Society, available to limited companies.

The latest data from Moneyfacts reveals a rise in the choice of buy-to-let mortgages, which now stands at a record high of 3,560 deals.

But, views are mixed on how the buy-to-let market will fare this year.

Rachel Springall, finance expert at Moneyfacts, said those who locked in a cheap deal back in 2020 will be in for a shock when they refinance.

"Landlords will hope rates come down this year, but sticky inflation can delay further base rate cuts, and the swap rate market remains unpredictable," she said.

"Affordable housing remains in short supply, so demand for rental properties continues. However, rising costs are taking their toll on prospective landlords."

She explained that data from estate agents Hamptons suggested that the proportion of home purchases by landlords has fallen to a record low of 9.6%, and the margin of profit from rental income is getting tighter.

"Property is still regarded as a safe long-term investment, but both new and existing landlords would be wise to seek advice to assess the latest deals available to them and if it's still viable to retain their portfolio," she said.

Here are the lowest buy-to-let mortgage rates available...

Moneyfacts also rounds up what it calls "best buys", which look beyond the lowest rates and takes in incentives and fees...

Supermarket chain the Co-op has launched a rapid delivery grocery app accessible to independent local shops.

The chain has put an initial £1m into the Peckish app, in the hope of signing up more than 1,000 stores in the next year.

Co-op e-commerce director and MD for quick commerce Chris Conway told The Grocer that Peckish "overcomes barriers" faced byindependentswanting to sellonline, meaning they "can get on the ladder straight away".

"The idea was predominantly about how we enable independent convenience retailers to get online and do it quickly, easily, with minimum force and minimum effort- because the reason they’re not doing what we’re doing is because they haven’t got the size, the breadth, the investment that we have," Conway added.

A third of all children will be living in poverty by the end of this parliament, new research shows.

The Resolution Foundation, a thinktank that focuses on low-to middle-income families, found some 4.6 million children would be affected by 2028-29 - an increase of 130,000.

The thinktank put it down to planned welfare cuts by the government.

"A government that is serious about reducing child poverty will need to undo some of the policies announced by previous governments, such as scrapping the two-child limit," Adam Corlett, principal economist at the Resolution Foundation, said.

He also said the upcoming spending review should also look to extend free school meals to more families.

"An ambitious strategy could support around 900,000 children out of poverty by the end of the decade. And while the cost of this action may seem daunting, the cost of inaction is far greater and could leave the government with an embarrassing record of rising child poverty."

We love reading through your comments, and yesterday's story about how much money Britons think you need to earn to be wealthy attracted a lot of attention...

A study by HSBC found that people believe an annual income of £213,000 is needed to be considered wealthy.

Some of you were shocked to hear that people actually earn that much...

Did they survey 100 Premier League footballers?

Mark Slater

I used to earn £14 an hour three years ago and just ticked over. Now I'm a senior citizen... just tick over on less and £3 a week is too much to claim any help. UK has gone to the dogs I'm afraid... I don't know anyone that earns £213,000

Chris k

£100k to be wealthy? Where does that leave me then when I am on £25k a year?

Wayne B

The av salary is supposed to be £29,000 in the South West of England and many many people work full time and are paid less than this. We can only dream of a salary that it would take most people 7-10 years to earn but with salaries so low, it’s a choice of heat or eat.

Southwest lady

Others pointed out the huge difference in pay packets, particularly when it comes to how much pensioners earn...

To me anyone on £75,000 is extremely rich. When I live on £15,000 a year.

Graham

The majority of pensioners do not even get the £13,000 to live on let alone adding £200,000 - try living on that pittance

Elliebean116

£213k pa is enough to make you feel wealthy?? I'm an unpaid carer, unable to claim benefits, haven't been able to work at all for 10 years, been eating into my savings and £10k a year would be a God send.

Amy

Electric car drivers will be able to get free car tax for another year if they act before changes to road tax come into force in April.

From 1 April, drivers of electric cars in the UK will need to pay road tax for the first time.

However, drivers could still get one more year of free tax and make a saving of around£195 if they take action beforethe changes come into place. All they need to do is renew their road tax early, before 31 March.

Drivers can renew their road tax on the government's website by putting in their car's number plate and the 12-digit reference number on their V5C (log book).

Sam Sheehan, motoring editor at cinch, said £273m could be avoided in tax if the UK's 1.4 million electric car drivers act quickly.

There has been a lot of speculation around the prospect of a cash ISA limit cut - the potential first time buyers are concerned.

Chancellor Rachel Reeves reportedly met senior City executives last week who proposed the idea of slashing the tax-free limit from £20,000 to £4,000 a year.

One of the ideas behind the cut is that it might encourage people to invest their money, but research by Nottingham Building Society suggest that wouldn't be the case.

It found that more than a fifth of cash ISA holders think a reduction to their limit would affect their ability to put down a deposit for a house.

For those aged 25 to 34, more than 40% felt this way.

Only 38% say they would consider investing more in a stocks and shares ISA, while one in three cash ISA holders - an estimated 2.5 million people - say they'd simply save less.