UK Money App News: June 2026

Three stories worth a look if you keep your savings or your current account in an app. The Bank of England left rates where they are, so the easy access deals you see now should hold for a few more weeks. The cash ISA cut for under-65s is back in the headlines as the clock runs down on this tax year. And Monzo has closed the door on its American experiment for good.

Bank of England holds the base rate at 3.75%

On 18 June the Bank of England’s Monetary Policy Committee voted 7-2 to keep the base rate at 3.75%, citing inflation back up at 2.8% and unstable global energy prices. For savers this is the practical headline: with no cut, the variable easy access and cash ISA rates inside apps like Trading 212, Moneybox and Plum are not under immediate downward pressure, so there is no rush to lock in a fix this week. The next decision is due on 30 July, and most analysts still expect further cuts later in 2026, which is the case for moving idle cash out of a low-paying current account now rather than waiting. If you want to see what a rate move does to your own balance, our savings interest and tax calculator runs the numbers. Source: MoneySavingExpert.

Cash ISA cut for under-65s: this tax year is the last at the full £20,000

The cut to the cash ISA allowance is back in focus as the 2026/27 tax year runs on. From 6 April 2027 anyone under 65 will be able to put only £12,000 a year into a cash ISA, with the remaining £8,000 of the overall £20,000 allowance ringfenced for stocks and shares ISAs. Over-65s keep the full £20,000 in cash. The point for app savers is timing: this is the final tax year an under-65 can shelter up to £20,000 in a cash ISA, so the bonus-rate ISAs from the fintechs are a way to use the allowance before it shrinks, as long as you note the bonus drops off after 12 months. Our Plum review explains how those bonus rates behave once the introductory period ends. Source: Which?.

Monzo finishes winding down its US accounts

Monzo has completed the shutdown of its US business this month, closing remaining American accounts after announcing the exit in late March. The bank is redirecting effort to its 15-million-strong UK base and European expansion under new chief executive Diana Layfield, with a London listing reported to be the longer-term goal. For UK customers nothing changes day to day, but a sharper home-market focus and IPO ambitions are worth tracking when the app holds your main account. Source: Sifted.