LLOYDS Bank is a trusted name for many, with the financial provider familiar on Britain s high streets. However, fraudsters are now circulating a new scam text message with an alert which targets unsuspecting victims.
| UPDATED: 11:37, Tue, Jan 19, 2021
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The Chancellor Rishi Sunak announced the temporary uplift, worth £1,040 per year, to Universal Credit and Working Tax Credit in March last year, in response to the coronavirus pandemic. As the covid crisis rages on, millions are no doubt left wondering whether the one-year boost will come to an end as planned this year.
After that period ends, the rate will drop to 0.25 percent AER (0.24 percent gross pa) variable.
Those who have had a FlexDirect account won t be able to receive this offer again, unless their new FlexDirect account in in a different name or names , the building society explains.
New customers who open an account in their own name can get the two percent rate on their first account.
Nationwide Building Society will only offer the 2% fixed rate for 12 months (Image: GETTY)
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Furthermore, if they want to share another account with someone else, the building society will pay the two percent rate on the first joint account opened with them.
In the 2021/22 tax year, Income Tax Personal Allowance, alongside Higher Rate Threshold, will increase in line with the September Consumer Price Index (CPI) figure.
CPI is otherwise known as inflation, which means people can expect an increase to Personal Allowance of 0.5 percent.
The new tax year is scheduled to start on April 6, 2021, meaning an increase to Personal Allowance is just months away.
The government also stated the inflation figure will be used to set National Insurance limits and thresholds, alongside Class Two and Three National Insurance contributions for the new tax year.
Personal Allowance: The sum will rise in accordance with inflation (Image: Getty)
| UPDATED: 14:46, Mon, Jan 18, 2021
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Universal Credit is designed to help people who are on a low income, or out of work, of whom there have been many throughout the ongoing COVID-19 crisis. Recognising the need for further assistance, the Department for Work and Pensions (DWP) has introduced a temporary uplift to the benefit. The increase is worth £20 a week, which works out at some £1,000 per year more for a significant number of families.