While millions of Britons spend August switching off on holiday, many wealthy families are doing something very different: using the quieter weeks of summer to make some of their biggest financial decisions.

According to wealth manager Paul Denley, August has become an unofficial “financial MOT” month. Instead of reacting to market headlines or worrying about day-to-day volatility, affluent investors use the breathing space to review their investments, pensions, tax planning and long-term goals. He believes the biggest advantage isn’t having more money, but having more time to think clearly.

Paul Denley, CEO of London-based Oakham Wealth Management, said: “Affluent people certainly enjoy holidays, but many also use the quieter weeks of August to make some of their biggest financial decisions. While everyone else is trying to escape work, they’re creating the mental space to think about succession, investing, tax planning and what they actually want from the next decade. Wealth is often built not by working every minute, but by occasionally stepping back and making better decisions.”

Mr Denley said many people wrongly assumed wealth was built simply by working harder.

He said: “There is a paradox at the heart of this. The busiest, most successful people I meet do their clearest thinking when they are, on paper, doing the least. The inbox slows, the diary empties and, despite the occasional headline, the constant noise of day-to-day business begins to fade.

“What is left is space – and space is where good financial decisions are made. Most poor decisions, by contrast, are made in a hurry, in reaction to a headline, or under the low-grade pressure of a permanently full week.”

One of the first things many wealthy investors review is whether their portfolio still matches the level of risk they intended to take. After a strong run in markets, successful investments can quietly become a much larger part of a portfolio than originally planned. Rather than chasing the best-performing shares, Mr Denley said experienced investors often did the opposite.

He explained: “For many wealthy families, August is quietly the most productive financial month of the year. It’s when they carry out what I’d call a personal financial MOT.

“That review is less glamorous than it sounds and that is precisely the point. It starts with asset allocation – the single biggest driver of long-term investment outcomes and the thing most people never revisit. The disciplined response is not to chase whatever has done well, but to rebalance back towards the original plan.”

August is also when many families review whether they are making full use of tax allowances, whether cash is sitting idle and whether pensions and ISAs remain as tax-efficient as possible. With an Autumn Budget expected later this year, Mr Denley said wealthy families prepared rather than panicked.

He said: “Wealthy families rarely make knee-jerk decisions based on rumours. Preparation, not prediction, is the real edge.”

Perhaps surprisingly, he believes the most important conversations are rarely about money itself.

Mr Denley added: “They are the ones families put off all year: who inherits what and when, how much to help children and grandchildren now rather than later and what the next decade is genuinely for.

“The real lesson isn’t about wealth at all. Whether your portfolio is worth £50,000 or £50 million, taking one uninterrupted afternoon to review where you are, and where you’re trying to get to, may be one of the highest-return investments you make all year.”

An ‘outstanding’ deal from Santander giving customers £250 cashback has been marked out by a financial expert among her picks of the week.

The Moneyfactscompare.co.uk Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market. They include mortgages and savings this week. The first deal highlighted is the Atom Bank five-year fixed saver.

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “Climbing its way to the top Best Buy spot, this week Atom Bank has increased the rate on its five-year fixed saver to a market-leading 5%. The deal can be opened with as little as £50, however, further additions can be made for seven days from the account opening which may boost its appeal for some.

“As is the case with many fixed bonds, earlier access is not permitted meaning savers should be comfortable locking away their cash for the full term before committing. Savers looking to guarantee their returns will be pleased to see the return of 5% fixed bonds. On assessment, this account receives an Excellent Moneyfacts product rating.”

Also marked out was the Oxbury Bank Easy Access Summer Account.

Caitlyn said: “Oxbury Bank has launched a new Easy Access Summer Account this week, taking a competitive position as a Best Buy. The account pays an inflation-busting 4.22% AER, and as interest is paid monthly this may appeal to savers looking to give a boost to their income. While savers must deposit at least £1,000, they can benefit from unlimited penalty-free withdrawals as well as making further additions at any time, however, all transactions must be made via a nominated account.

“This account suits anyone searching for maximum flexibility. Overall, the deal earns an Excellent Moneyfacts product rating and is a Moneyfacts Best Buy.”

Turning to mortgages, the Santander 10-year fixed rate mortgage with a 90% loan-to-value scored highly.

Caitlyn said: “Among the many lenders to increase fixed rates this week, Santander has made rises of up to 0.19% across its range. One deal to see a slightly smaller rise is the 10-year fixed rate option at 90% loan-to-value, which is now priced at 5.74% until November 2, 2036.

“Despite the rise, this deal remains an Outstanding option for borrowers, particularly to those with smaller deposits. As part of the package, borrowers can benefit from an attractive incentive package, which includes a free valuation and £250 cashback, offsetting its £999 fee.

“The longer term may give borrowers much-needed peace of mind and may be an ideal option for those prioritising stability. On assessment this deal earns an Outstanding Moneyfacts product rating and a position as a Moneyfacts Best Buy.”

In the buy-to-let market, the HSBC two-year fixed rate mortgage with a 75% loan-to-value was mentioned.

Caitlyn said: “HSBC has increased a selection of its fixed deals by up to 0.14% this week. The two-year deal at 75% loan-to-value has seen a slightly lower rise of 0.11% to 4.70%. Despite the increase in rate, this deal continues to take a prominent position as a Best Buy and is an enticing option for landlords thanks to its free valuation incentive, which offsets the £1,999 fee. Overall, the deal earns an Excellent Moneyfacts Product Rating.”

HMRC has slashed contractor expenditure by £1m annually after ditching a decades-old outsourcing arrangement, as ministers face mounting pressure to identify £14bn worth of efficiency savings throughout Whitehall. Whitehall risks falling short of Labour’s £14bn efficiency savings objective unless departments cease repeatedly purchasing identical digital expertise from external suppliers, according to a British technology consultancy operating across government.

The caution emerges as City AM reported that HMRC has secured £1m yearly savings following an overhaul of a contractor framework that had underpinned vital Borders and Trade digital services for over three decades. Collaborating with British tech company Tecknuovo, the tax authority substituted more than 100 contractors with a service-based approach supporting eight digital platforms utilised in the movement of goods entering and leaving the UK.

The changeover was accomplished within three weeks, causing zero disruption to operational services and incurring no transition expense, as reported by City AM. The initiative delivered an 18 per cent decrease in running costs, yielding £1m in yearly savings. Onboarding times fell by 86 per cent, while all eight services attained green status for documentation, ensuring essential knowledge was retained within HMRC rather than remaining with individual contractors.

Meanwhile, Labour has established a target of £14bn in savings throughout this parliament, while pressure on the public finances has mounted after the Office for National Statistics (ONS) revealed the current budget deficit hit £34.5bn in the opening two months of the financial year – £7bn higher than the equivalent period last year and £6bn beyond the Office for Budget Responsibility (OBR)’s projection.

Simultaneously, the Public Accounts Committee has cautioned that government cannot precisely account for its consultancy expenditure, with estimates spanning from £1.36bn to £2.23bn annually.

“If ministers want lasting savings, transformation programmes need to leave departments genuinely stronger than they find them and not dependent on buying in contractors again for whatever the next project may be,” Katie Carruthers, managing director of Tecknuovo, told City AM.

“The issue isn’t external contractors or suppliers. There is of course a place for partnership. The issue is dependency.”

Carruthers stated government has spent years purchasing digital expertise instead of developing and maintaining capability within the Civil Service. This can render departments less capable of functioning as “an intelligent client” when acquiring technology, heightening the risk that services are not procured in the most efficient manner.

“When the knowledge leaves when the contractor ends, departments will find themselves paying to solve that same problem again,” she added.

Knowledge transfer Tecknuovo describes its methodology as “zero dependency”, embedding the transfer of skills and ownership into the contract itself rather than leaving it as a final-stage consideration.

“We think transformation should be measured by what’s left behind,” said Carruthers. “Knowledge transfer should be a requirement, not an end-of-contract activity.”

Previously, HMRC’s structure relied on more than 100 contractors supporting crucial Borders and Trade services, with many permitted to depart at short notice. Carruthers stated this generated “a significant and recognised risk” as vital knowledge resided with individuals rather than being institutionally held.

“What we built now with HMRC belongs to them,” she said. “Their internal teams are able to operate those services independently and use suppliers where it makes sense to bring in additional capacity.”

Government ministers have consistently positioned AI as a pathway to improved public services and reduced expenditure, yet Carruthers cautioned that implementing it without internal expertise risks establishing fresh dependencies.

“There is huge potential for AI to help government deliver better services at a lower cost,” she said. “But that’s only half the challenge. You need the skills, the capability and ultimately the foundational data to make that enablement a success.”

She noted the identical principle holds true regardless of whether departments are implementing AI, software-as-a-service solutions or other emerging technologies. Carruthers refrained from describing the £14bn savings objective as unachievable, but indicated it would necessitate departments transforming their approach to purchasing and maintaining digital capability.

“It’s a large number – many numbers add up to a large number. But project by project, programme by programme, lowering costs, increasing productivity and building longer-term capability starts to move towards that number.”

She added: “Knowledge transfer and bringing knowledge back into departments is part of what will enable government to succeed moving forward.”

A bank account offering customers £200 has been hailed as ‘excellent’ by a financial expert. Moneyfactscompare has unveiled its Pick of the Week, highlighting what it considers to be the finest financial products currently available.

This week’s selection includes savings accounts, mortgages and current accounts, each assessed and rated with detailed reasoning.

Moneyfactscompare Pick of the Week

Savings

Chip – Chip Easy Access Account

Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “The latest update from Chip sees it increase the rate on its Chip Easy Access Account. The boost to 5.01% AER sees it take the market-leading position when compared to its peers.

“However, while this is an attractive headline rate, savers should take note of the six month 1.51% AER bonus, so it’s crucial they review their deal once this expires. The account has no minimum deposit and savers can make further additions at any time.

“While access is permitted, savers are limited to the amount of penalty-free withdrawals they can make. If they make four or more the rate will drop significantly to just 2.91% AER so savers may need to plan carefully. Overall, this account receives an Excellent Moneyfacts product rating.”

Mortgages

TSB – Five-year fixed rate mortgage, 85% loan-to-value

Caitlyn said: “This week TSB has reduced a large selection of its fixed rates by up to 0.25%. One deal for remortgage customers to see a slightly smaller cut is the five-year deal at 85% loan-to-value which is now priced at a competitive 4.89% until August 31, 2031.

“Borrowers may note that while this deal includes a £995 fee, this is offset by its generous incentive package, which includes a free valuation and either £300 cashback or free legal fees. Adding to its appeal, borrowers are also offered some flexibility with their monthly payments as overpayments and payment holidays are permitted, subject to conditions. On assessment, this deal earns an Excellent Moneyfacts product rating.”

Buy-to-let – HSBC – Two-year fixed rate mortgage, 60% loan-to-value

Caitlyn said: “HSBC has reduced a selection of its fixed rate deals for landlords by up to 0.12%. The two-year option at 60% loan-to-value for second-time buyers has seen a slightly smaller cut and is now priced at an attractive 4.86%. The drop strengthens its position as a Moneyfacts Best Buy and, in addition to being fee-free, landlords can also enjoy a free valuation incentive, which may make this deal a great option for those looking to save on upfront costs. Overall, the deal earns an Outstanding Moneyfacts Product Rating.”

Credit cards

Virgin Money – 36 Month Balance Transfer Credit Card Mastercard

Caitlyn said: “The latest update from Virgin Money sees it reduce the introductory balance transfer fee to 3.10% on its 36 Month Balance Transfer card. The deal is already one of the longest balance transfer terms available and the cut may make this an even more enticing option for borrowers looking to transfer existing balances interest-free.

“However, it’s important borrowers note this is an introductory rate for the first two months, after which the fee rises to 5%. Further adding to its appeal, borrowers needing to make a big purchase may be pleased to note that this card also offers 0% on purchases for the first three months, but the standard rate rises to 24.9% thereafter so it’s important that they can afford to make the repayments. On assessment, this card sits towards the top of the Moneyfacts Best Buy tables and earns an Outstanding product rating.”

Banking

Barclays Bank – Bank Account

Caitlyn said: “This week Barclays Bank has launched a new £200 switching offer on its Bank Account. Consumers must switch using the Current Account Switch Service (CASS) and meet other criteria to be eligible.

“While the Bank Account doesn’t offer any credit interest or reward, adding to its appeal the card offers a £15 interest-free buffer on arranged overdrafts. Separate to the offer, this may be a good option for consumers wanting to maximise the overall value of their bank account because they can earn cashback on operating with Barclays Cashback partners through Blue Rewards, but this comes at an extra cost. Overall, the account earns an Excellent Moneyfacts product rating.”

Additionally, the account includes an Apple TV+ subscription valued at £9.99 per month.

A new Nationwide deal has been awarded an “outstanding” rating by financial experts this week. The Moneyfactscompare.co.uk Pick of the Week showcases the finest new products and rate changes to emerge in the consumer finance market.

Personal Finance Analyst Caitlyn Eastell has assessed the following deals, along with their associated benefits. In terms of mortgages, a Nationwide product was brought to the fore — specifically its two-year fixed rate mortgage at a 95% loan-to-value.

Caitlyn said: “Nationwide Building Society has reduced a selection of its fixed rate mortgages by up to 0.36%. While the two-year option at 95% loan-to-value has seen a slightly smaller cut, it’s enough to enter the ‘Best Buy’ tables and is now priced at a competitive 5.42%.

“First-time buyers may also be pleased to note the generous incentive package, which includes a free valuation and £500 cashback. On top of this those with qualifying green properties could receive up to an additional £500.

“Borrowers have the option to make overpayments, which can reduce their overall term and underpayments are also permitted subject to approval and provided overpayments have been made. Overall, this product becomes a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

Caitlyn also examined a range of other financial products, including savings accounts, drawing attention to Kent Reliance’s one-year fixed rate bond — issue 31.

She said: “This week, Kent Reliance increased the rate on its range of Fixed Rate Bonds. The one-year option fares best and now pays an attractive 4.71% AER, which takes the market-leading position.

“Savers will need to deposit at least £1,000, but further additions are permitted for 14 days from account opening via a nominated account, which may add to its appeal. As well as paying interest on its anniversary, there is also a monthly interest option.

“Like many fixed bonds, earlier access is not permitted so savers should plan carefully and be comfortable locking away their cash for the full term. On assessment, the account earns an Excellent Moneyfacts product rating.”

The expert also turned her attention to buy-to-let mortgages, singling out NatWest’s five-year fixed rate mortgage at 60% loan-to-value.

Caitlyn said: “The latest change from NatWest sees it reduce its fixed rate offerings. One deal to see a small cut is the five-year fixed rate at 60% loan-to-value for house purchase customers. The deal now charges 4.83% until July 31, 2031, this may appeal to landlords looking to minimise costs as the already reasonable £995 product fee is offset by its free valuation incentive.

“However, this deal is only available online, which some may want to consider. When assessed as a whole, this product takes a prominent position as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts product rating.”

The Virgin Money Dual Credit Card Mastercard was the final product to receive a mention.

Caitlyn said: “This week Virgin Money has increased the introductory 0% purchase and balance transfer terms to 20 months on its Dual credit card. This may appeal to borrowers looking to transfer existing balances and make purchases interest-free over a longer period, however, the credit card APR rises to 24.9% after this period which should be considered.

“The balance fee stands at just 2.95% and is one of the most competitive rates available. Customers can enjoy exclusive offers and rewards on the Virgin Red app, which enhances its overall appeal. In any case, borrowers should consider the terms of their credit card carefully to ensure it’s the best deal for them. Overall, the card earns an Excellent Moneyfacts product rating.”

A bank account switching deal offering customers £200 has been praised as ‘outstanding’ by leading financial product price comparison service Moneyfactscompare.co.uk, which highlighted the offer in its regular Pick of the Week rundown.

The NatWest Reward Current Account was singled out as one of the most attractive incentives currently on the market. Caitlyn Eastell, personal finance analyst at Moneyfactscompare.co.uk, said: “NatWest has added a new switching offer to its Reward and Select Accounts, offering customers an attractive £200 when they switch using the Current Account Switch Service (CASS). To be eligible, consumers must ensure they deposit at least £1,250 and log in to the mobile banking app within 60 days of switching.

“While the Reward Account charges a £2 monthly fee, this is offset by the opportunity to earn up to £5 in rewards per month. To avoid overpaying on their current account, consumers should ensure they make use of all the benefits. Overall, the account earns an Outstanding product rating.”

Moneyfactscompare also turned its attention to savers, recommending the Chip Smart Cash ISA as a top choice.

Caitlyn said: “This week, Chip has increased and added a boosted rate on its Chip Smart Cash ISA. The rise sees the account take the number one spot when compared to its peers and now pays an attractive 4.32% AER, however, this includes a 0.57% AER bonus for the first 12 months, so it’s important savers review once it expires.

“Adding to its appeal, Chip’s Smart Cash ISA has an underlying gross rate guaranteed to be equal to Bank Base Rate. While savers can invest as little as £1 and add to the account at any time, if they wish to close the account or transfer out before the first anniversary, they will not receive their interest payment, which should be considered.

“Investors have the choice between holding a fee-free subscription or paying a £4.99 fee per 28-days for a ChipX subscription which gives them wider or exclusive access to some features. The deal secures an Excellent Moneyfacts product rating.”

‘Outstanding’ mortgage deals this week

In the mortgage sector, the HSBC five-year fixed rate mortgage at 60% loan-to-value proved particularly noteworthy this week.

Caitlyn said: “The latest update from HSBC sees it reduce selected fixed rates by up to 0.13%. The five-year deal at 60% loan-to-value has seen a marginally smaller 0.12% cut, which solidifies its position as a ‘Best Buy’. Homemovers can now get the deal at a competitive 4.49% until 31 July 2031 and, further adding to its appeal, they can receive a free valuation incentive which offsets its £999 product fee. On assessment, this deal earns an Outstanding Moneyfacts product rating.”

Turning to the buy-to-let market, HSBC once again drew praise, on this occasion for its two-year fixed rate mortgage at 60% loan-to-value.

Caitlyn said: “Alongside reducing variable tracker rates, HSBC has also reduced selected fixed rates for landlords by up to 0.09%. The two-year option at 60% LTV for second-time buyers has seen a smaller cut and is now priced at 4.94%. Landlords looking to minimise upfront costs may be pleased to note the no payable fee and free valuation incentive.

“Overpayments are also permitted by up to a maximum 20%, which may be a bonus for some. The reduction strengthens its position as a Moneyfacts Best Buy and earns an Outstanding Moneyfacts Product Rating.”

All deals are subject to terms and conditions and should be fully examined for individual suitability before committing.