Latest money news: Fury grows as nearly 10,000,000 pensioners will lose £300 winter fuel payment

Welcome to Metro.co.uk’s money blog, where the main topic of the day is Labour’s controversial decision to scrap the winter fuel payment.

Today is the final day of the party’s conference and a vote will be held on whether the government should reverse the cut – with strong support from unions expected.

If the ‘cruel’ cut goes ahead, 9.9million pensioners will no longer be eligible for the £300 top-up to help pay their heating bills, leaving only around 1.5million able to claim the benefit.

But health secretary Wes Streeting claims pensioners ‘will be better off this winter than they were last winter’ even if the winter fuel payment is cut.

We’ll be looking at who is eligible to receive the payment and further reaction to the plans and other money news in our live updates below.

New buffer for Nationwide customers who dip into their overdraft

Nationwide will be introducing a new interest-free buffer on overdrafts from November.

This means you won’t be charged overdraft fees if you only go overdrawn by £50 or less, saving you some money.

It will apply to FlexPlus, FlexDirect and FlexAccount holders, depending on eligibility.

The previous interest-free overdraft offer will be withdrawn for new FlexDirect account openings, but if an existing customer is benefiting from an interest-free overdraft offer, this will continue until the end of their 12-month period.

And then, from November, subject to eligibility, FlexDirect customers, plus those with a FlexPlus or FlexAccount, will get the new £50 interest-free buffer.

Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: ‘This safety net can make a difference for those who might overspend by a small amount.’

She suggested current account holders should weigh up the benefits they use as well as the charges for using their account ‘to see if it’s working hard enough’.

Nationwide announces new current account switching offer

Switching current accounts is a trick Martin Lewis has raved about to put more cash in our pockets.

Simply put, in order to attract new customers, banks will regularly offer a cash sign-up bonus if you move your current account to them.

While some banks will impose restrictions (such as needing to be a brand new customer, depositing a certain amount, or keeping the account for a certain amount of time), there aren’t any rules stopping you switching from bank to bank and claiming those sign-up bonuses as you go.

That’s of course if you can be bothered to deal with the admin of switching banks – but most of the work is now done for you thanks to the Current Account Switch Service, which you need to use to be eligible for the cash.

Currently there aren’t many options on the market, with only Nationwide and First Direct providing switch offers at the moment.

Both are offering customers £175 if you switch to them – with the Nationwide offer available from tomorrow (Thursday).

As well as the switching offer, Nationwide will also pay 1% cashback on debit card spending by customers with a FlexDirect account (if you haven’t benefited from a FlexDirect incentive before).

To qualify, new customers will have to transfer a minimum of two active direct debits to their new Nationwide FlexAccount, FlexPlus or FlexDirect accounts.

They must also deposit £1,000 and make one debit card payment within 31 days.

Around 1.1million people with disabilities are missing out on an extra £5,000 per year

A recent report by Policy in Practice found that 1.1million people in the UK could be missing out on Attendance Allowance.

The benefit is given to people above state pension age living with physical or mental illness or disability, or who need help looking after themselves.

The total you receive depends on the severity of your disability, with a maximum payment of £434.20 a month, or £5,210.40 per year.

You also need to have been experiencing this illness or disability for at least six months to claim.

To apply, you’ll need to fill out the form on the gov.uk website and send it by post to the DWP. You’ll then be assessed by a medical professional before potentially being approved for the payment.

You could also then be eligible to receive other payments, such as pension credit.

For more details on eligibility criteria and how to claim, click here.

62% of bank branches have closed since 2015 – which region has the worst access?

New figures from Which? show more than three in every five bank branches have closed permanently since 2015.

Some 6,161 branches have been shut across the UK since 2015, representing over three-fifths (62%) of the banking network.

Yorkshire and the Humber has just 4.4 branches left per 100,000 people, making it the region with the worst branch access, with the East Midlands the second-worst at 4.6 branches per 100,000 people.

Scotland has the best access to branches, at 6.9 per 100,000 people, but Which? said the uneven spread of its population means people living in more rural areas face long journeys to use a bank.

There are 30 parliamentary constituencies – representing just over 3million people in total – without a bank branch, while another 56 are left with only one branch remaining.

As an alternative, banks are setting up ‘hubs’ where customers from different banks can access shared facilities. Major banks have recently committed to opening 350 hubs in the next five years.

Sam Richardson, deputy editor of Which? Money, said: ‘Bank branch closures can have severe impacts on local communities, including on those who still want to use cash.

‘New rules to protect free access to cash have been hard won and should make banks think twice about shutting branches without adequate replacements.

‘While Yorkshire and the Humber may hold the dubious record for the worst branch access, this is a nationwide problem.

‘Banking hubs will play a key role in replacing shuttered branches, but their rollout remains far too slow for consumers to feel their benefits.

‘The government must hold banks’ feet to the fire to ensure the commitments they’ve made to set up 350 hubs by 2029 are met – and should be prepared to review the target upwards if necessary.’

Unions will push for winter fuel payment cut to be reversed today

A motion will be debated later this afternoon, during the final day of Labour’s annual conference.

Unite and the Communication Workers Union (CWU) are putting the motion forward – they’re calling for means testing for the payment to be reversed, and for an end to fiscal rules which prevent borrowing to invest, as well as the introduction of a wealth tax.

Unite general secretary Sharon Graham said: ‘The first thing Labour does is to take away the winter fuel allowance from the poorest in our society while they leave the wealthiest people pretty much untouched.’

Sign up to our guide to what’s on in London, trusted reviews, brilliant offers and competitions. London’s best bits in your inbox