HMRC’s new text service

HMRC is piloting a new text service which it hopes will improve customer service standards at its call centres following recent criticism from MPs. Enquiries regarding forgotten user IDs, or password resets, for example, will now be met with a link to the relevant information via text. A similar ‘text’ answer will be given to those looking to register for self-assessment. Taxpayers will still have the option to talk to an individual over the phone

NS&I Green Bonds rate increase

National Savings & Investments (NS&I) has made changes on some of its products, including its fixed-term Green Savings Bonds, which raise money for environmental projects. These three-year bonds now pay 4.2% – up from 3% – and its one-year savings bond is now at 4%. Savers won’t be able to access their money during the fixed term, but can invest up to £1m in these accounts.

Premium bond prizes rise

National Savings & Investments has added £15m in higher-value prizes to its monthly Premium Bond draw, replacing thousands of £25 prizes with £50 to £100,000 pay outs. This pushes up the prize fund rate to 3.3% – the fifth increase in the last 12 months. This rate reflects the return bondholders get with ‘average’ luck – in reality many will get less, and the chance of winning a prize remains at 24,000 to 1.