Read our 10 most popular stories from August 2016
Make sure you're up to date with all the latest news, tips and guides by checking our 10 most popular stories on Moneywise.co.uk in August 2016.
1. Double blow to 123 account holders as Santander announces rate cut and overdraft fees hike
Santander customers have been hit with a double blow as the bank has announced it will cut the interest rate on its flagship 123 account from 1 November, while it will also hike its overdraft fees in early 2017.
2. Up to 11,000 gas customers hit by energy billing blunders
Up to 11,000 households have been wrongly billed for their gas, Energy UK has revealed.
3. Millions of Virgin Media customers to be hit with price hikes of 5.1%
Millions of Virgin Media customers will be hit with price hikes of 5.1% on average from 1 November - but you can cancel your contract penalty free as a result.
4. Peer-to-peer lending: the risks and rewards
P2P offers better rates for your cash than traditional savings accounts, but comes with higher risks. We look at the main lending firms and offer our top picks.
5. Will interest rates stay low forever?
It has been more than seven years since interest rates hit rock-bottom, and the consensus view following last week's cut to 0.25% is that the general direction of travel has now changed to "lower forever" as opposed to "lower for longer".
6. True money stories from smart people: How to haggle... if it's not second nature
"I have five tips (see below) for the novice haggler, which I’ll trot out with confidence any time you like. But... and come closer because I’ll have to whisper this softly... I’m not really a natural haggler."
7. The billionaire Duke of Westminster was a money saver at home
"I was very sad to hear that the Duke of Westminster has passed away, aged 64."
8. Why your living costs might be less than you expect
It’s easy to dutifully pay money into your pension each month without thinking about how much income you will need when you retire.
9. Asda launches 2% cashback credit card, but is it any good?
Asda has launched a new cashback credit card, paying up to 2% interest on certain spending, though people considering the card will need to decide if it’s worth the £3 monthly fee.
10. Moneywise unravels AJ Bell's new platform charges: winners and losers revealed
Investment platform AJ Bell YouInvest has overhauled its charging structure in a move that will cost wealthy fund-based investors more than £1,000 a year.
An overdraft is an agreement with your bank that authorises you to withdraw more funds from your account than you have deposited in it. Many banks charge for this privilege either as a fixed fee or charge interest on the money overdrawn at a special high rate. Some banks charge a fee and interest. And other banks offer a free overdraft but impose very high charges for exceeding the agreed limit of your overdraft.
Used by the holder to buy goods and services, credit cards also have a monthly or annual spending limit, which may be raised or lowered depending on the creditworthiness of the cardholder. But unlike charge cards, borrowers aren’t forced to pay the balance off in full every month and, as long as they make a stated minimum payment, can carry a balance from one month to the next, generating compound interest. As the issuing company is effectively giving you a short-term loan, most credit cards have variable and relatively high interest rates. Allowing the interest to compound for too long may result in dire financial straits.