Banks

Lloyds Banking Group has today announced plans to buy MBNA in a deal that would see it control over a quarter of the UK credit card market - but the banking giant has vowed there will be "no immediate impact" for customers of either firm.

More than four million banking customers benefitted from fee-free basic accounts during the opening six months of 2016, according to Government figures. But if you've a basic account with Lloyds or Royal Bank of Scotland (RBS) that you opened before the start of the year, you may still be paying a fee and should consider upgrading or switching.

Savers will be given easy-to-understand information to help them compare cash savings accounts and easy access cash ISAs under new rules launched today, which will also ensure customers are informed of changes to interest rates.

The Financial Conduct Authority (FCA) has asked Lloyds Banking Group about the problem of fraud which affects cancelled contactless cards, MoneySavingExpert.com has learned - in the first sign of the regulator taking action since we revealed the contactless card security flaw.

Eligibility checks for travel insurance sold as part of packaged bank accounts have improved after the introduction of stricter regulations, according to the financial watchdog, but more must be done to improve checks for other forms of insurance.

Just over 1% of the 70 million active current accounts in the UK were switched in the first nine months of this year – although thousands more people switched banks than in the same period in 2015.

The last bastions of decent interest rates - high interest accounts - are disappearing fast. Lloyds, First Direct, HSBC, M&S and TSB have all followed Santander's lead and decided to cut their rates, either immediately or in the next few months. Plus Halifax has also slashed its monthly reward.

Three of the country's best-paying current accounts will dramatically cut the interest and rewards they pay millions of customers early next year, MoneySavingExpert.com can reveal, as banks continue to slash headline rates on their top accounts.

Fraud procedures at Lloyds, Halifax and Bank of Scotland have been placed under review after a MoneySavingExpert.com investigation revealed lost and stolen contactless cards can be used by crooks months after they're cancelled – with some banks failing to spot dodgy payments.

The plastic fiver enters circulation today with the Bank of England promising the new note will be a stronger and more secure upgrade on its paper predecessor.