For this week's Savings Guide, Anna Bowes, savings expert from The Private Office, breaks down changes made by NS&I and how its easy access account rate compares to the best on the market... 

NS&I, one of the UK's biggest savings institutions, has announced it will cut the interest rate on its easy access accounts from 12 February. 

With more than 24 million customers, many will be disappointed by the news, especially as it comes after earlier rate cuts on its Guaranteed Growth and Guaranteed Income Bonds. 

The cut will take the rate on the state-owned savings bank's Direct Saver account from 3.2% AER to 3.05%. 

The rate on its monthly paying Income Bonds account will also fall from 3.26% gross/3.30% AER, to 3.01% gross/3.05% AER. 

It has mirrored the Bank of England's last interest rate cut of 0.25%, though the base rate is still higher at 3.75%.

"NS&I is not alone. There have been many rate cuts recently, but interestingly, the easy access best buy table has been pretty stable over the last week or so, which reminds us of the value of shopping around," Bowes says. 

"Whilst some providers are reacting to the base rate cut, others are more driven by competition." 

How does NS&I compare?

Bowes says the lower rate is still far better than most of the high street providers. 

HSBC and Barclays are cutting rates on their main easy access accounts to 1.05% from March. 

Lloyds is already paying just 0.75% AER on balances of under £25k. 

But there are much higher rates out there if you are willing to take a well-informed leap of faith with a provider that you might be less familiar with, Bowes says. 

Cahoot's Sunny Day Saver pays 5% AER but only on balances of up to £3,000.

Santander pays 6% AER on its Edge Saver Account on balances of up to £4,000 - but you also have to hold a Santander Edge Current Account, which comes with a monthly fee. 

Chase is still paying one of the top rates available with its Chase Saver with a 12-month boosted rate of 4.5%. 

But as the name suggests, this rate includes a boost of 2.25% for 12 months. You also need to have opened a Chase current account since 29 December to be eligible. 

Here's a look at the top-paying easy access accounts on the market...

For months now, stories have been emerging about holidaymakers being turned away from their flights due to having invalid passports.

In this week's Money newsletter, we clear up the confusion around the 10-year rule and explain how to make sure your passport meets the correct requirements.

More than 138,000 people have now signed up to the free weekly newsletter, which brings the kind of content you enjoy in the award-winning Money blog directly to your inbox.

Also in Friday's newsletter:

• HMRC's new penalty points system explained;
• 'My machine machine ate £1,000 of my clothes': Early access to our weekly Money Problem feature;
• Listed: Best deals currently on the market for broadband, mortgages, savings, bank switching and energy.

So join our growing Money community - and thanks to the tens of thousands of you who already have.

Water bills will rise by an average of 5.4% or £33 a year in England and Wales from April, the water industry body has confirmed. 

The rise is two percentage points above December's official inflation figure.  

Prices vary across the country depending on a number of factors, however, so billpayers in some areas will see even bigger increases. 

The biggest percentage increase is for Affinity Water customers in the Midlands, with bills rising by more than double the average at 13% or £31. 

In cash terms, United Utilities customers will be worst off, with annual bills rising by £57 (9%) to an average of £660. 

At the other end of the scale, Thames Water customers will pay just £3 (0.4%) more.

See how much water company is hiking bills...

The increases will help to fund a £104bn investment programme by water companies to upgrade the country's water infrastructure. 

Eligible households will still receive support with their bills, with an extra 300,000 homes expected to get financial support this year, taking the total to around 2.5 million. 

David Henderson, Water UK chief executive, said: "We understand increasing bills is never welcome, but the money is needed to fund vital upgrades to secure our water supplies, support economic growth and end sewage entering our rivers and seas.

"While we urgently need investment in our water and sewage infrastructure, we know that for many this increase will be difficult. That is why we will help around 2.5 million households - more than ever before - with average discounts of around 40% off their water bill." 

Bills in Scotland will rise by an average of 8.7%, we learned last week.

We're signing off for the day, and we'll leave you with some reading for your commute which might help make your evening run that little bit smoother...

Vets may have to publish clearer price lists for common treatments under new government plans.

In the first major overhaul of the sector in 60 years - which hope to help pet owners avoid unexpected costs - vets will also have to make clear if they are independent or part of a chain.

They will need an official operating licence - similar to GP surgeries and care homes - and will have to provide an "easier and more effective route" for customers to raise concerns.

Animal welfare minister Baroness Hayman said pet owners "deserve clear information, fair treatment and confidence in the care their animals receive".

Competition and Market Authority inquiry chairman Martin Coleman said he welcomed the proposals, adding that the "current rules are not fit for purpose and need reforming to keep pace with commercial practice".

A consultation on the proposals will run for eight weeks.

We previously explained the changes suggested by the CMA in October... 

McDonald's is cutting its vegan menu to just one burger. 

The fast food chain is saying goodbye to veggie dippers, the veggie dipper happy meal, the vegetable deluxe and the spicy veggie wrap under the changes, leaving only the McPlant burger.

The items will start being removed from the menu on 3 February. 

McDonald's told Money it had reviewed feedback and sales data, and it was now focused on developing better options. 

"While McPlant remains a firm fan favourite and will continue to be the go-to choice for our vegetarian and vegan customers, we recognise these changes may be disappointing for some," a spokesperson said. 

"We are actively learning from other markets to understand which vegetarian and vegan options are proving most popular and exploring exciting new offerings that we know customers will love." 

Savers will not be able to use the new Lifetime ISAs to save for retirement and will not be paid their 25% bonus monthly under government plans. 

The new product, which was confirmed by the government in the autumn budget, will only be available to first-time buyers, and the 25% bonus will instead be paid when money is withdrawn to purchase a home, Money understands. 

It's understood that this will remove the need for a withdrawal charge and means a saver can withdraw funds, should their circumstances change, without penalty.

A consultation on the details of the new product will begin early this year, and it should be launched in April 2028. 

Until then, savers can still open LISAs under the present rules.

At the moment, LISAs offer a tax-free bonus of 25% on savings up to £4,000 a year. 

You are allowed to withdraw funds penalty-free to buy a home worth up to £450,000, for retirement from the age of 60 or if you are terminally ill and have less than 12 months to live.

Any other withdrawals face a 25% charge.

An HM Treasury spokesperson told Money: "We recognise that the Lifetime ISA is not working for everyone, particularly when people's circumstances change. 

"That is why we intend to consult on a new and improved product, specifically designed to support first-time buyers and without penalty for withdrawals."

For months now, stories have been emerging about holidaymakers being turned away from their flights due to having invalid passports.

In this week's Money newsletter, we clear up the confusion around the 10-year rule and explain how to make sure your passport meets the correct requirements.

More than 138,000 people have now signed up to the free weekly newsletter, which brings the kind of content you enjoy in the award-winning Money blog directly to your inbox.

Also in Friday's newsletter:

• HMRC's new penalty points system explained;
• 'My machine machine ate £1,000 of my clothes': Early access to our weekly Money Problem feature;
• Listed: Best deals currently on the market for broadband, mortgages, savings, bank switching and energy.

So join our growing Money community - and thanks to the tens of thousands of you who already have.

There was chatter in the Paste BN office this morning after some of us woke up to notifications from Facebook and Instagram asking if we wanted to pay £3.99 a month for their platforms - or continue to use them for free.

So what are you paying for? Essentially, it's to get rid of personalised ads. 

We knew the subscription was coming after Meta, the owner of Facebook and Instagram, announced it in September. 

But if you've also just received a notification, here's what you need to know when deciding whether to pay... 

How much is it? 

Subscribers who use the Facebook or Instagram app will pay £3.99 a month to remove ads, while those who use the web version will pay £2.99. 

Meta said the app was more expensive due to fees charged by Apple and Google through their purchasing policies.  

These charges apply per account. Additional accounts are charged a £2 per month for web and £3 a month for app. 

Who is getting the notifications?

Meta said it was notifying UK users over the age of 18 that they had the option to go ad-free. 

You get the notification when logging into your account or opening the app. 

It will be dismissible at first to give you time to think about your decision, but will then require you to select an option before continuing. 

What happens if you don't subscribe?

If you decide not to sign up, you will continue to see personalised ads. 

You will still have the option to set your ad preferences in the settings, which allows you to influence the adverts you see and the data that's used to choose the ads that appear. 

Meta has made it clear it does not sell your personal data to advertisers.

Why is it introducing the subscription? 

The changes come after the UK's data watchdog, the Information Commissioner's Office, published guidance for companies about ad-free subscriptions last year. 

Meta said it would give people a "clear choice about whether their data is used for personalised advertising, while preserving the free access and value that the ads-supported internet creates for people, businesses and platforms". 

The advertising model, known as "consent or pay", acts as a way for digital platforms to generate revenue from users who decline to be tracked across its services. 

Some news outlets have adopted the model, asking people to accept cookies to access their site or "reject and pay". 

By James Sillars, business and economics reporter 

Gold has hit a new record high after whizzing past the $5,000 per ounce mark on Monday.

The precious metal's value crossed $5,300 a short time ago. It's become a place for investors to park their cash as a hedge against trouble elsewhere while continued dollar weakness has made it more attractive to foreign investors.

The US dollar has recovered a bit of poise after falling to a four-year low earlier in the day.

Its value against a basket of international currencies has slumped when you look across the past year and all the global uncertainties created by Donald Trump.

Why it's happening, and the ramifications, are explained in the link below.

A pound is currently trading just below $1.37 - down a bit on the previous day when the president declared the dollar was doing "great".

A weaker dollar aids his trade war in that it should also help bring the US trade deficit down.

There are pros and cons for both the US and the rest of the world from the currency hit.

The FTSE 100 was trading down 0.4%, despite support from precious metal miners exposed to gold and energy stocks.

AJ Bell investment director Russ Mould said: "A weaker US currency is a headwind for the large contingent in the index which derive their revenue from across the Atlantic - although it continues to provide support to dollar-denominated gold."