In the News
Contactless payments the new norm
According to research1, the pandemic has accelerated the transition to contactless payments, with two thirds (66%) of card transactions in the UK now contactless. The contactless limit was increased from £30 to £45 on 1 April. Almost half (45%) of UK adults – surveyed between 10-12 April – admit their use of cash has decreased throughout the pandemic and 76% of respondents say they will continue using contactless payments after the crisis.
The £20 worth £7.5k
A new polymer £20 note, featuring artist JMW Turner, with the serial number AA01 000010 recently sold for £7,500 at auction, with proceeds going to charity. Listed with a guide price of between £3,000 and £4,000, the note sold for 375 times its face value. When a new note enters circulation, the Queen is gifted the first one, which contains the AA01 000001 serial number. The note ending 000010 is likely to be the lowest numbered note which enters circulation.
LISA withdrawal rules
The government have announced temporary changes to the Lifetime ISA (LISA) withdrawal rules if people want to access their funds earlier. The LISA allows holders to save up to £4,000 a year towards their first home or retirement and provides a 25% cash bonus of up to £1,000 a year on top.
Previously, holders were charged 25% of the amount withdrawn if they took cash out before turning 60 or if they were not buying a property. The withdrawal charge has been reduced to 20% between 6 March 2020 and 5 April 2021.