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Money blog: Bank offers new 7.1% savings rate; warning issued over Glastonbury tickets

Welcome to the Money blog, Sky News' personal finance and consumer hub. A digital bank has launched a savings account with a 7.1% interest rate, alongside a current account offering 2%. Meanwhile, a warning is issued over last-minute Glastonbury tickets.

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Co-op to stop stocking Russian, Israeli and Iranian food

Russian vodka and Israeli carrots soon won't be available on Co-op shelves, as the company announces plans to stop sourcing food from "countries of concern".

The supermarket has announced it would no longer be buying products from countries where there are "internationally recognised community-wide human rights abuses" and "violations of international law".

Using information from recognised bodies like the UN, the supermarket's list of banned countries will be regularly updated.

There are 17 countries on the list: Afghanistan, Belarus, Central African Republic, North Korea, Democratic Republic of Congo, Haiti, Iran, Israel, Libya, Mali, Myanmar, Russia, Somalia, South Sudan, Sudan, Syria and Yemen.

When a country is added to the list, the member-owned retailer will stop arranging new sourcing agreements from there. 

It will also phase out products in its supply chain from that country, and if a branded product is clearly from a country of concern, it will be removed.

Products will be removed from Co-op shelves on a phased approach, starting from this month, according to the business.

"We are committed, where we can, to removing products and ingredients from our shelves which are sourced from those countries where the international consensus demonstrates there is not alignment with what happens in those countries and our co-operative values and principles," said Debbie White, chair of the Co-op Group board.

The move comes after a "clear call" from Co-op members for the company to "do all it can to advocate and build peace", according to the business.

Amazon's new UK warehouses to hire thousands

Amazon will create thousands of jobs across new British warehouses in the next two years, the retail giant has announced.

Hull and Northampton will host two fulfilment centres employing 2,000 people each, opening in 2025 and 2026 respectively.

Another two warehouses will be built in the East Midlands, due to open in 2027 as part of a 拢40bn investment strategy, creating thousands more roles.

Keir Starmer hailed the expansion plans as a "major win" for the UK, while Amazon's boss stressed the investment will boost areas outside of London and the southeast.

"We're bringing innovation and job creation to communities throughout England, Wales, Scotland, and Northern Ireland," said chief executive Andy Jassy said

Fulfilment centres are large warehouses where customer orders can be picked, packed and shipped.

Amazon hires more than 75,000 people in the UK and is one of the country's biggest private sector employers.

Family disputes over wills hit record high

The number of family inheritances being disputed in the UK has hit the highest level in a decade. 

A total of 11,362 wills were challenged last year - nearly 1,000 more than the year before, according to .

The number of disputes has risen by 56% since before the pandemic, with experts blaming the rise on increasing property values and the cost of living.

"Rising property values mean there's simply more at stake when it comes to inheritance," said Scott Taylor, partner in private wealth disputes at law firm Moore Barlow, to the newspaper.

"The cost of living crisis has left many people viewing inheritance as essential rather than a bonus."

Unlike in France, where a portion of someone's estate must be left to direct descendants, people in the UK have the freedom to leave their money to whoever or whatever they like. 

However, financial dependents can lodge a complaint - called a caveat - if they've been left out of someone's will.

Around 60% of claimants are thought to succeed, with the majority of disputes settled out of court, while fewer than 5% of cases will be successful at trial.

How to get a festival tent for free this summer

Decathlon has pledged to offer a full gift card refund for the return of every tent it sells this summer - regardless of how much you have used it.

The sports retailer wants to encourage campers and festival-goers not to abandon tents, which contain as much plastic as 9,000 straws or 200 bottles.

Customers who buy any of its tents online or in store between 9 June and 14 September and return them with proof of purchase before 14 September will receive the full purchase value back.

It's important to note you need to be a Decathlon member at the time of returning the tent.

"Whether you're dancing at Glasto, on a hilltop, or roasting marshmallows with family, your tent deserves more than one weekend of glory," said broadcaster Vick Hope, who is supporting this year's campaign.

The company has expanded the No Tent Left Behind scheme from previous years to include every Decathlon brand tent across both its Quechua and Simond ranges.

Shoppers buying less as weight loss drug use doubles

By Sarah Taaffe-Maguire, business and economics reporter

People are shopping more and in smaller amounts as industry data shows grocery footfall hits a five-year high.

Not since the outbreak of the COVID-19 pandemic in March 2020 have people made as many trips to the shops, according to data from Kantar covering the four weeks to 15 June.

Shoppers made 490 million trips to the supermarket over the latest month, averaging nearly 17 per household in Britain. 

On average, people spent 拢23.89 on a basket of goods, a slight drop as price rises reached the highest pace since February last year. 

The weight loss injection effect 

At the same time, overall sales volumes dipped, which Kantar suggested could be due to the growing use of GLP-1 weight loss drugs, such as Ozempic.

There's a user of such drugs in every four in 100 households, twice as many as last year, Kantar research said. 

Sunny weather, however, meant sales of strawberries and other summer foods gave retailers a boost. 

Consumers bought 2,400 packs of strawberries every minute in the last four weeks.

Most popular shops

The figures released today are also the most authoritative on grocery market share.

Asda's sales woes continued despite its commitment to forgo profits in the service of bringing down prices.

It was one of only two big grocers, along with Ocado, to see sales fall. 

Tesco cemented its place in the top spot, gaining even more shoppers. 

Aldi recuiting 1,000 extra members of staff

Aldi is recruiting 1,000 extra members of staff by the end of the year, as it expands its network of supermarkets across the UK. 

The German retailer already has more than 1,050 shops and employs over 45,000 people in Britain.

It hopes to soon expand that to 1,500 stores spanning the country, with new supermarkets built everywhere from Ponteland, Northumberland to Uckfield, East Sussex.

Ten new stores are already set to open in the summer, in areas including Caterham in Surrey, Sheffield in South Yorkshire and Fulham Broadway in London.

Job adverts for store assistants, cleaners, apprentices and managers are all going live, with hundreds available at the new shops until the end of the year.

Aldi store assistants earn a starting hourly rate of 拢12.75, while in London, the starting rate is 拢14.05 an hour. 

"As we expand into new communities, we're excited to bring even more people into the Aldi family," said Aldi UK recruitment director Kelly Stokes in a statement to Money.

"We're proud to offer not only the best pay and benefits, but also a positive working environment and real opportunities for progression."

Digital bank offers 7.1% savings rate

Digital bank Zopa has entered the current account market, offering customers 2% interest on balances, cashback and 7.10% interest on a linked savings account.

Here are the key details:

  • The Biscuit current account offers 2% AER
  • A linked regular saver account offers 7.1% interest on deposits of up to 拢300 a month for one year
  • The saver account becomes a 3.5% easy access savings account after a year, but customers can then open another regular saver
  • There's also 2% cashback on bills on up to 拢1,500 of direct debits per year

Rachel Springall, finance expert at Moneyfacts, has taken a look at the offering.

"It is exciting to see another challenger bank launch a current account into the fray for consumers hoping to make their money work harder for them," she says.

"Digital banks are offering some lucrative benefits and are a refreshing alternative to the major higher street banks.

"The perks of traditional current accounts do tend to vary depending on how a customer uses it."

She says the Zopa account "may be suited to consumers who don't want the hassle of opening a variety of accounts to cover different needs".

A survey commissioned by Zopa found nearly a fifth (19%) of people have multiple bank accounts and financial products in a bid to find value, sidestep fees or to be rewarded for their loyalty.

Springall said it was vital that customers work out how much they will fully earn from any account.

M&S adds more brands back to online shop

M&S has reintroduced more brands to its online shopping service, as it continues to recover from a major cyber attack.

Adidas, Columbia, Lilybod, Girlfriend Collective, New Balance, Asics and Under Armour are now back in the company's online shop, along with flowers, hampers and letterbox gifts.

Standard delivery times have also been reduced from 10 days to five for customers in England, Scotland and Wales.

The company is thought to have lost more than 拢300m in an attack that began crippling its services on Easter weekend. 

Online orders were paused, shelves were left empty and distribution workers were sent home after cyber criminals left the company in chaos.

Slowly, its services are coming back online, with brands like Dune, Ghost and Monsoon expected to return in the coming weeks.

Music fans warned over last-minute Glastonbury tickets

The government has warned music fans to be cautious about last-minute tickets for sale on social media as eagerly anticipated events like Glastonbury and the Oasis reunion tour approach.

Some 拢1.6m was reported lost to ticket fraud last year, more than double the total in 2023, according to new figures from Action Fraud.

Around 3,700 gig ticket fraud reports were made in 2024, with nearly half referring to offers made on social media platforms.

"A lot of fake tickets we see on the gates over summer are bought on social media," Andrew Parsons, managing director of Ticketmaster UK, said.

Lord Hanson, the fraud minister, said: "While millions of Britons are getting ready to attend concerts this summer, the scammers are getting ready to exploit the desperate search for tickets, posting fake messages on social media sites offering to resell tickets they can't use or making last-minute offers from fake ticket companies."

He added: "We all need to take a moment to think: am I being ripped off?"

People aged in their 20s were most likely to become victims of ticket fraud last year, accounting for more than a quarter (27%) of victims, Action Fraud's figures indicate.

"Key signs of ticket fraud include unsolicited messages with ticket offers and deals, or requests for payment via bank transfer," said Tor Garnett, commander for cyber and economic crime at City of London Police.

Stocks rise after Trump announces Iran-Israel ceasefire

By Sarah Taaffe-Maguire, business and economics reporter

Many of us wonder what comes next between the US, Iran and Israel. 

Oil investors, however, seem to have put those worries behind them as the oil price has fallen to levels last seen before Israel struck Iran.

A barrel of Brent crude oil now costs $69.39, a low not seen since 10 June. 

The drop below $70 in April was seen as symbolic, as expectations of a US recession rose following Donald Trump's announcement of country-specific tariffs. 

The current rate is still well below the average $80 seen in 2024.

After Trump announced a ceasefire, US stocks rose in out-of-hours trading. 

In Asia, nearly all major stock market indexes have risen.