If you look at any savings rate tables, the chances are you won’t see the big five at the top.

Instead of HSBC, Barclays, Lloyds, RBS and Santander, you will see names such as Ikano, RCI and Hampshire Trust Bank, all offering excellent rates.

But is it safer to hand over your cash to a challenger bank?

House of Fraser certainly thinks so, announcing last week that it is to invest up to £35 million in challenger bank Tandem, in a joint collaboration to offer financial services to their shoppers.

Like all banks that are located in the UK, it is regulated by the Financial Conduct Authority, with deposits covered by the Financial Services Compensation Scheme.

So what does this mean? this means that if the bank were to go bust, savings up to £75,000 – and, soon, £85,000 – would be protected, and repaid by the scheme within a couple of weeks.

Masthaven: new bank launches new kind of savings. Is it a good deal?

Some challenger banks, including Ikano, Fidor and RCI, are based within the European Economic Area. These are covered by national regulations as well as a compensation scheme that means savers’ money is protected up to an EU standard of €100,000.

However, some of the best savings rates are offered by the likes of Punjab National Bank and the State Bank of India. They can offer particularly good rates, as in India interest rates are far higher.

It’s worth paying UK savers two per cent or so to access money that they can then lend out at home for six or seven per cent.

The new banks paying the best savings interest rates

Despite the names, the Bank of Baroda, the State Bank of India and Punjab National Bank are all covered by the Financial Services Compensation Scheme – meaning your money is safe.

“Savings rates are currently at rock bottom, therefore it’s extra important to make sure you’re getting the best deal possible,” says Kevin Mountford, banking expert at MoneySuperMarket.

“You shouldn’t shy away from lesser known brands, as they are still secure and trustworthy, especially as it seems the traditional banks aren’t interested in giving savers better rates at the moment.”

How to spread your savings across current accounts

It’s worth pointing out that it’s highly unlikely any of these banks actually will go under. But if you have savings of more than £75,000, you can still keep it safe by spreading your money around several banks.

Petrol prices have increased and hit an 18 month high with drivers paying 3p a litre more for both unleaded and diesel.

The latest figures from the RAC reveal soaring oil prices meant that UK drivers took a hit over Christmas as the cost of a barrel rocketed by almost 12% from $49 in November to $54.86 in December.

The company is urging motorists to brace themselves for another round of rises of up to 3p if oil hits $60 a barrel this month.

According to RAC Fuel Watch, in December unleaded was 117.23p a litre compared with 114.24p and diesel was 119.63p a litre compared with 116.56p in November.

It put the cost up by almost £2 more on the cost of filling up an average family hatchback.

Compared with this time last year when oil prices slumped to just $26 a barrel, millions are now paying £8 a tank more for unleaded and £10 more for diesel.

The South East is actually the most expensive area for both petrol and diesel at 117.84p a litre and 120.28p a litre respectively.

Northern Ireland is the cheapest for both, within England, Yorkshire and Humber has the cheapest unleaded at 116.81p a litre and the lowest priced diesel at 119.29p.

RAC fuel spokesman Simon Williams said: “The rising oil price is bad news for motorists as it caused a nasty jump in pump prices in the most expensive month of the year.

“The big question now is how much further are they likely to go up, particularly in the long January wait to the next payday.”

Mr Williams said a penny a litre increase was on the cards in the next two weeks.

He warned pump prices could soar by up to 3p a litre and added: “If in the months ahead the barrel price was to get nearer to $60 and the pound was to weaken further then that would be the worst possible combination for motorists.”

How you can save on fuel all year round

1. Fill up at busy petrol stations – These stations buy more fuel and can take advantage of falling prices. “The big petrol stations have deliveries every day so they can change the price,
2. Choose a big station – Stations buy their fuel on the wholesale market. Just as in any other negotiation, the big buyers are better placed placed to strike a deal.
3. Look for a cluster of stations – When several stations are close together, they are much more likely to cut prices to tempt drivers in. “If you are in the Highlands and Islands of Scotland, you have much less competition than in the centre of Manchester,” said Renshaw.
4. Do your research – The website PetrolPrices.com allows you to compare prices in your area. It also lists the latest average prices, so you know that you are not being ripped off.
5. Play the supermarket game – Supermarkets are competing on fuel prices along with everything else. When you’re shopping, keep an eye out for vouchers that offer petrol discounts. But be aware of the overall cost. “That is one way to get prices down below £1, but you do need to buy a lot of food to get that result,” PetrolPrices.com owner Peter Zaborszky said.
6. Stop by provincial towns – Airports, motorways, expensive cities and rural areas have the highest charges, according to PetrolPrices.com analysis. “The golden path is down the middle where rent is cheap,” Zaborszky explained.

Well, you are in a hurry, got your income tax documents in place, filled the returns, and as soon as that happened, you through your hands up in the air and legs on the chair, took a nap, forgot about everything.

Well you’re not done yet it’s only after a couple of months you tend to realize something is fishy as most of your colleagues and golf buddies have received their returns, why haven’t you until now got even a message.

The flaw here is follow up. You need to verify your income tax returns and failing to do so might deem it invalid and will be rejected. In case you haven’t filed it properly might cause additional penalties or worse you being exempted from any returns for the current financial year.

Follow these steps in order to avoid asking yourself; Has Income Tax Department processed your income tax return?

• You need to cross check

ITR or ITR-V is the name of the game. Do cross check the terms above without fail once you are done filing your taxes or in case your income tax returns not processed, (It will be too late for the later) but at least you would know where you went wrong and it will tell you the exact income tax refund status.

2) Basic methods of checking the electronic verification of ITR

There are two main ways of going about your verification, first things first visit incometaxindiae-filing.gov.in and choose the E-verify return option. The first method is by linking your Adhaar card or PAN card and opting for an OTP that will be sent to your registered mobile number. If you are successful with that all is well, and you can go on to live your life otherwise, the second option is generating an electronic verification code (EVC) which will be delivered to your registered email id or mobile number. The only drawback of the second method is for people fetching an income of above 5 Lakhs cannot utilize it.

3) If not electronically then how?

Go through some older views and articles that speak about the income tax refund status 2015-16 in order to get a better idea but the only way to go about it if not digitally is dispatching the ITR-V to CTC, Maharastra. Within 120 days of e-filing (that includes the post time). ITR-V received means that it is a confirmation from the governments end that they have received it. Also ITR-V status will tell you on the progress of whether or not they have received it,

All said and done if you follow the above steps, you will not have to worry about much your income tax refund inquiry will end if you receive the above-mentioned confirmation from the government’s end. As simple as it sounds a word of caution do take a lot of precautions while filing for returns. Make sure that you complete your duties as an honourable citizen. Do not forget that these returns will be very useful when you shall be applying for a loan of any kind or simply if the bank you are dealing with has to check your credit history. It is also a very important proof to get you a better salary package on a new job just in case you misplace any of your salary slip related documents.

So happy income tax filings and happier holidays.

How many times can you file for revisions?

There are absolutely no restrictions or limit to the number of times a taxpayer can file a revised return. Even if you comprehend that you accidentally made a mistake in filling your form for the prior fiscal year, you can file a revised form, provided the first revision form was filed for before the due date, i.e., the 31^st of July.

If you are filing for more than one tax return, then you will require the original acknowledgement number and date of filing related to the original for not only the first but also every subsequent filing.

You can file for a revision in income tax either online, or in physical form. You can file for the revision online, only if you have submitted the original income tax form for online.

Sections Concerned:

Taxpayers are required to file their income tax forms under section 139(1).

Yet, if there has been a mistake or omission in the form filled, the taxpayer can submit a Revised Return of Income Tax under the section 139(5).

How to File for a Revision?

With technological advancements in the society and consequent digitization of the economy, one can now file for income tax revisions, online or even offline. It is important to note that an online return can only be revised only and that an offline one, in turn, can only be revised offline.

To make an online revision, you first need to go to www.incometaxindiaefiling.gov.in and open the Excel file, where you have originally filed the return. You will require the acknowledgement date and number of your original filing for revision.

After this, enable the macros and then select the option of Revised Return. Next, you will need to select the option 139(5), instead of section 139(1). After this, you will be able to make any changes you seem fit and file for the revision of your income tax.

Once you are through with this task, do not forget to click on Compute Tax, to generate an XML file by validating each sheet. Upload this file, download the revised ITR-V or the acknowledgement and then sign it.

Last but not least, submit both the original, in addition to the ITR-V by the ordinary post itself or by speed post to the Central Centre for Processing in Bangalore.

Verifying Returns:

Your returns need to be checked and verified. A revised return filed online can be verified through several methods now provided by the IT department. Such methods include net banking as well as Adhaar O.T.P.

Of course, the most important thing here is to remember to fill your income tax form with the utmost care and full attention. Slips while making corrections do include some level of hassle and extra work. Make sure you fill all tax saving investments forms carefully in order to avoid such a situation. But of course, if you do find yourself facing such a problem, help will be available to you at any time of the day through internet banking and online portals. The banks you approach are also always ready to help you out.

With Christmas finally over, and the worst of the winter weather still to come, many of us are thinking about warmer climates.

According to tour operator Tui, which owns Thomsons and First Choice, winter sun bookings are running at 7% up on last year.

With the Brexit referendum having devastated the value of the pound, it’s much harder than ever to find a destination that won’t break the bank. Here we take look at a few of this year’s cheaper winter sun options.

Holidays in Europe cost £408 more this year thanks to Brexit

Cyprus
Late last month, a survey by Post Office Travel Money rated Cyprus the cheapest winter sun destination. A one-week package holiday with evening meals and drinks works out at just only £339 per person, it says – almost 19% cheaper than holidays in the Canary Islands including Lanzarote and Tenerife.

How can you stop Brexit hurting your holiday plans?

Cancun, Mexico
If it’s a tropical beach you’re fancy, then Cancun is your cheapest option; Mexico is actually one of the only countries in the world to have seen its currency fall against the pound over the last year. Prices are around two-thirds of those in nearby Caribbean countries, with many holidays available for under £900.

Orlando, US

Even though local prices for food and drink are much the same as a year, travel firms have slashed the cost of holidays to Orlando, Florida. Some packages are available for as little as £550, making it one of the cheapest US winter sun destinations.

Phuket, Thailand
Post Office Travel Money calculates the beach resort of Phuket to be the lowest-priced destination in the Far East currently. All in, it says, a week’s holiday costs under £1,000, which is around 10% less than in Malaysia or Mauritius.

The only four destinations where your cash will go further this year

Egypt
The cheapest winter sun bargains by far are in Egypt, however, you may well feel it’s not worth the risk. The Foreign Office has warned against travel to certain parts of Egypt where there’s a high risk of kidnapping. Meanwhile, it’s advised against air travel to or from Sharm el-Sheikh also, the once-popular Red Sea resort. Because of these risks this is why prices are so ludicrously cheap, with holidays starting at under £100; but if you research carefully and stay away from the biggest danger spots, the more adventurous could still have a great time in the tourist areas along the Nile.