Time to move on from Northern Rock

HM Treasury has announced that it is reducing the guarantee on Northern Rock savings accounts. From 24 May money held with the bank will no longer be covered by a 100% government guarantee. Instead, it will revert to being covered by the Financial Services Compensation Scheme (FSCS). This only guarantees the first £50,000 deposited with banks and building societies.

The exception to this will be money held in Northern Rock fixed-rate accounts. These deposits will continue to be 100% guaranteed until the fixed term ends, says Justin Modray, director of Candidmoney.com. If you are on a variable rate, then move your money in May. "Northern Rock's interest rates are uncompetitive against the best of the market and are, in some cases, downright awful,"says Modray. So move to a better rate, unless you are on a fixed rate.

Save money with your iPhone. A new iPhone app allows users to find nearby restaurants with discount deals. The free Vouchercloud app downloadable from Vouchercloud.com uses GPS to show the user the deals available at nearby restaurants. Simply choose a restaurant and show the waiter the voucher code on your iPhone screen to get the discount.

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If you don't have an iPhone, don't worry, as you can still enjoy restaurant discounts. Gordon Ramsay is offering two courses from £18 at his restaurants. The offer is available via Lastminute.com. The £18 deal is available at Maze Grill; The Devonshire; Foxtrot Oscar; The Narrow and The Warrington.

This year's Isa battle is preparing to enter its final month before the end of the tax year. And the good news is, the deals are steadily improving. Nationwide has launched a three-year fixed-rate cash Isa paying 4.4% AER. It's a good deal, but hang on a couple more weeks to see if any better ones surface before you commit your money.

Barclays has infuriated its customers by announcing that it is going to increase overdraft rates. The rates on some current accounts will increase by as much as 5%. Vote with your feet and switch to Alliance & Leicester. It offers an interest-free overdraft of up to £2,000 on its Premier Current Account. And you'll receive £100 if you switch using its switching service before 7 March.