Can you really visit one of New York’s most upmarket borough’s on a budget? I visited this wallet-friendly hotel and felt like I was staying in a boutique haven.
When I arrived in upmarket New York City neighbourhood Chelsea to see the sprawling streets of flower markets, trendy art galleries and Madison Square Garden in eyeshot, I had a feeling this trip wasn’t going to be kind on my wallet.
But the hidden gem hotel I stayed in showed me that you don’t always have to choose between luxury and sticking to a budget. Nestled between the string of flower stalls gracing 28th St, the Moxy Chelsea hotel blends in almost too well—with greenery surrounding the entrance and a structure to match its neighbours. You would be forgiven for missing it despite its towering 35-floor height.
With rates from $189 (£141) per night, the four-star Moxy Chelsea – one of the brand’s five hotels across the city – sits right in the competitive price point for the city, which has an average of $300 per night for a hotel stay.
Moxy Chelsea is located on an unassuming street in the heart of Chelsea, nestled between countless flower markets
The hotel doesn’t pretend to have all the bells and whistles, with a modern check-in area replacing a typical hotel lobby and a grab-and-go style café, Café d’Avignon, serving breakfast rather than a kitchen serving up full American fry-ups. However, guests do get a $25 voucher to spend at the café, which will get you a cappuccino or one of their fresh baked goods. The almond croissant and banana bread were personal favourites.
With a contemporary design and gorgeous interiors across the building, it was easy to forget I wasn’t in a luxury hotel, with a boutique feel throughout.
Stepping into our King View room certainly felt luxurious, with floor-to-ceiling windows allowing me to have a full view of Manhattan’s skyscrapers from the bed. New York isn’t known for its large hotel rooms, and the Moxy doubles down on this with more compact rooms than you’d usually find on holiday.
But what it lacks in size, the room makes up for in detail without feeling cramped. The rooms have a deconstructed bathroom design, which means the sink—doubling as a vanity—is in the main room, while the shower and toilet are side by side and separated by sliding doors.
The hotel’s rooftop bar felt far from budget, with stunning interiors and an extensive list of cocktails, light bites and wines
Mitchell Hochberg, the architect who designed the hotel, told me that he refused to go budget on the small details. “The things we didn’t scrimp on were the shower, which we made sure was high pressure and good quality, and the beds. The bedding is the same quality used in the Ritz-Carlton,” he said.
With plenty of vibrant touches, such as a vintage telephone that tells bedtime stories and bottle openers attached to the doors, I doubt you’d find that at the Ritz.
While they offer comfort and hard-to-beat views, the hotel rooms aren’t somewhere you’d entertain and serve as more of a crash pad in the city. But the rest of the hotel has plenty going on to make sure you don’t need to leave.
I visited at the end of July, which meant the hotel was bustling with guests and summertime activities. With constant events such as drag bingo, paint and sip nights, pizza parties, and DJ performances, Moxy Chelsea has enough going on to keep you busy every night.
As well as hotel guests, the rooftop bar is popular amongst locals for post-work drinks, with a view of the Empire State Building and nightly DJ sets
One thing I noticed while walking around the hotel was its popularity with locals, who pop in and out to use the several on-site bars. I headed up to The Fleur Room, Moxy Chelsea’s 360-rooftop, to find plenty of New Yorkers enjoying after-work drinks and cocktails. All with the Empire State Building in eyeshot.
Despite the hotel’s low price point, you can experience a touch of luxury at The Fleur Room, which offers upmarket cocktails, champagne, and well-known wines such as Whispering Angel. The venue, which has a separate entrance to the main hotel for non-guests, has even served the NFL and A-list guests for events.
Then there’s the first-floor bar, which doubles as a work-from-home space for nearby residents to come and work from, with meeting rooms and plug sockets all around the relaxed bar area.
After arriving at the hotel, I decided to take in my surroundings with a walk around the block, and was surprised to stumble across Madison Square Garden and foodie haven Chelsea Market less than 10 minutes after leaving, with Times Square less than 20 minutes away.
My jet lag meant that I was heading to the nearby Starbucks at 5am every morning, which turned into a positive as I managed to catch the flower wholesalers unpacking for the day on my doorstep. They transformed the whole street into a carpet of gorgeous blooms.
My stay at Moxy Chelsea left me with a newfound love for the borough and the realisation that you don’t need to spend your life savings to have a taste of the high life in the city that never sleeps.
Book it
Moxy Chelsea room rates start at $189 (£141) per night. Book at moxychelsea.com
HOUSEHOLDS across the country are being warned to brace for a financial squeeze as the cost of government borrowing skyrockets to levels not seen since 1998.
This now directly threatens to push up mortgage rates and could usher in a new wave of tax hikes.
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The rise in government borrowing costs is putting serious pressure on household budgets in two key waysCredit: Getty
The pound has tumbled in response to the growing unease, highlighting investor concern over the UK’s economic stability.
At the heart of the issue are government bonds, known as “gilts,” which the government issues to borrow money.
These bonds offer investors a return, referred to as the “yield.”
In recent weeks, gilt yields have been rising rapidly, making it more expensive for the government to borrow.
This morning, yields soared further, with 30-year gilts reaching 5.72% – the highest level in nearly 30 years – while 10-year gilts climbed to 4.85%.
This spike signals that investors are nervous.
They are demanding a higher return to lend to the UK, worried about stubborn inflation and a gaping £51billion hole in the nation’s finances.
The rise in government borrowing costs is putting serious pressure on household budgets in two key ways
Firstly, it’s driving up mortgage rates.
The link between government gilt yields and mortgage rates is direct and unavoidable.
Lenders use “swap rates,” which closely track gilt yields, to set the prices of fixed-rate mortgage deals.
As these rates climb, fixed mortgages become more expensive.
Since August 1, two-year swaps have risen from 3.56% to 3.74%, while five-year swaps have gone from 3.63% to 3.83%.
Major lenders like Barclays have already started increasing rates, and even a small rise can add significantly to monthly payments on a typical £200,000 mortgage.
With swap rates continuing to rise in recent weeks, experts warn that mortgage rates are likely to increase further.
Separately, Chancellor Rachel Reeves faces a difficult challenge in her Autumn Budget, scheduled for November.
Higher borrowing costs are eating into public funds, and many economists believe tax increases will be necessary to fill the financial gap.
Although the government has promised not to raise income tax, national insurance, or VAT for “working people,” other tax measures are reportedly being considered.
One proposal is applying National Insurance to rental income, which critics fear could result in landlords passing on the cost to tenants through higher rents.
Another idea being debated is replacing stamp duty with an annual property tax, which could affect homeowners.
There are also rumours of reducing pension tax relief or cutting the tax-free lump sum, moves that could generate billions but might hurt savers.
Plus, there’s speculation about lowering the VAT threshold, which would bring more small businesses into the tax system.
This could increase their costs and potentially lead to higher prices for consumers.
Reeves is expected to make economic growth the centrepiece of her next Budget, warning that Britain’s economy is “stuck” and in need of bold solutions.
What can you do about it?
None of the proposed changes have been confirmed yet, and the government hasn’t ruled them out either.
However, any new measures won’t take effect until after the Budget in November.
It’s important not to make rash decisions based on speculation.
If changes are announced, you’ll have time to act and protect your finances before they come into effect.
For instance, if stamp duty is replaced by an annual property tax from a certain date, you could move house before the deadline to avoid the extra cost.
Similarly, if the government introduces capital gains tax on high-value properties, you might consider downsizing to a smaller home before the change is implemented.
Rob Morgan, chief analyst at Charles Stanley, said: “Taking pre-emptive action can outright backfire.
“Last year some people were concerned about restrictions around taking tax free cash from pension and took withdrawals they wouldn’t have otherwise made.
“This removed the money from a tax-efficient environment and potentially stored up tax issues that will come back to haunt them.
“Instead, it’s best to wait to see what happens, consider the consequences, and take advice as required before acting.”
Most of the proposed measures are likely to affect only the very wealthy, so you may not be impacted at all.
If you’re concerned, there are steps you can take to prepare and safeguard your finances.
Check your financial health
If you are worried about your finances then you should speak to a financial adviser.
They will be able to offer you advice about your situation and explain if any of the measures will affect you.
You can find one using unbiased.co.uk – but remember, you will pay a fee.
It’s good practice to sit down and take stock of your finances every six months and work out a plan.
Work out all your bills and outgoings and what income you have and factor in any changes, such as bills going up or new income streams.
Think about what you need to do to make the most of your money. For example, do you need to prioritise paying off debts or saving for a house deposit.
If your mortgage deal is coming to an end soon, act now.
Locking in a fixed rate could shield you from rising rates and market uncertainty.
Aaron Strutt, of mortgage broker Trinity Financial, said “For the moment there have not been significant price hikes but it’s probably worth locking in a mortgage rate if you are buying somewhere or due to remortgage, to try and keep away from any market turbulence.”
If you are coming to the end of a fixed deal, most lenders let you lock in a new rate up to six months beforehand, which can be worth doing.
If rates fall after you agree a new deal, some lenders will let you sign a new one at a lower rate.
How to get the best deal on your mortgage
IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
The average bank customer has around £10,000 in savings, according to Raisin.
If that £10,000 is kept in an easy access account earning 1.5% interest, it would generate just £150 in interest each year.
But switching to Cahoot’s 5% easy access account would boost that to £500, earning you an extra £350.
If your savings account pays less than the current inflation rate of 3.8%, it’s time to look for a better deal.
How can I find the best savings rates?
WITH your current savings rates in mind, don’t waste time looking at individual banking sites to compare rates – it’ll take you an eternity.
Research price comparison websites such as Compare the Market, Go.Compare and MoneySupermarket.
These will help you save you time and show you the best rates available.
They also let you tailor your searches to an account type that suits you.
As a benchmark, you’ll want to consider any account that currently pays more interest than the current level of inflation – 3.4%.
It’s always wise to have some money stashed inside an easy-access savings account to ensure you have quick access to cash to deal with any emergencies like a boiler repair, for example.
If you’re saving for a long-term goal, then consider locking some of your savings inside a fixed bond, as these usually come with the highest savings rates.
SHOPPERS who use Apple Pay or Google Pay may be at higher risk of fraud, consumer group Which? has warned.
It said the use of one-time passcodes by banks could be making people with digital wallets an easy target for scammers.
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Shoppers who use Apple Pay or Google Pay may be at higher risk of fraud, Which? has warnedCredit: Getty
A survey by the consumer champions found that the majority of banks are still using these security features, putting consumers at risk.
Unlike contactless cards, there is no £100 spending cap on cards added to Apple and Google Pay, so fraudsters can quickly drain victims’ accounts once they gain access to it.
Scammers normally trick people into divulging their card details by setting up a fake transaction, Which? said.
People will think they’re paying for a bargain product advertised online, or they might fall victim to a phishing message.
A common example is parcel delivery scams, where you’re asked to pay a nominal amount for re-delivery.
Scammers monitor the transaction in real time, inputting the victim’s card details into a digital wallet on their own phone.
Many banks will then ask for a one time passcode (OTP) to verify the cardholder, which the scammer then asks the victim for to complete the “transaction”.
The fraudsters are then able to drain the victim’s bank account.
Which? surveyed 15 banks and card providers about their digital wallet setup process between April and May this year, and found the majority still use OTPs sent through text message as one of the options for adding cards to a digital wallet.
Of the 14 providers that allow cards to be added to wallets (Capital One is the exception), just two banks confirmed they do not use OTPs, while a third appeared not to when Which? researchers tested the process.
New ‘property tax’ will PUNISH hard-working Brits and torpedo house market, blasts Kirstie Allsopp
Barclays, Co-op, HSBC (with its sister banks First Direct and M&S Bank), Santander and Virgin Money said they currently use SMS OTPs, though they are not the only verification option.
Starling said it still uses OTPs for setting up Apple Pay alongside other options, but it removed them from Google Pay in 2022.
TSB said it is working to set up in-app verification, but is using OTPs in the meantime.
American Express, Lloyds Banking Group and NewDay (which operates the John Lewis Partnership Credit Card) – did not outline which verification methods they use.
When Which? tested the set up processes for cards, Amex did use SMS and email OTPs, while Halifax did not and instead offered several “more robust methods” including in-app approval.
Chase and Monzo said they have never used OTPs for setting up digital wallets.
It comes after Cifas, UK Finance and the Cyber Defence Alliance previously warned about the link between OTP use and digital wallet fraud.
Providers can also limit how many wallets a card can be added to overall, or within a certain time period, but most banks do not implement these restrictions.
Virgin Money allows an individual card to be added to a maximum of five devices.
Starling with a total limit of 15 devices, while Monzo customers can only add their Monzo cards to a digital wallet twice in a 24-hour period and three times every 30 days.
However, Which? said that even with these limits in place, consumers can still fall victim to scammers as they only need to add one card to a digital wallet to start spending.
Which? Money deputy editor Sam Richardson said: “For millions of us, digital wallets are a quick, easy and secure way to make payments, but weaknesses in card providers’ security means they can also be a gift to scammers.
“Banks have known for years that using one time passcodes (OTPs) to verify account holders is leaving consumers vulnerable.
“It’s clear further investment is needed to make the digital wallet set-up process fit for the threats consumers face in 2025.
“In the meantime, we’d caution shoppers to always think twice before sharing their payment details – or OTPs – online.
“If you think you’ve been a victim of a scam, contact Action Fraud and your bank immediately.”
Apple told Which? it is not responsible for approving or rejecting the addition of a card to Apple Pay, or for approving or rejecting transactions.
It said that it takes users’ security seriously and Apple Pay has been designed in a way to protect users’ personal information.
A Google spokesperson said: “Security is core to the Google Wallet experience and we work closely with card issuers to prevent fraud.
“For example, banks notify customers when their card has been added to a new digital wallet, and we provide signals to help issuers detect fraudulent behaviour so they can decide whether to approve added cards.”
An American Express spokesperson said: “Privacy and security are a priority for American Express.
“We have controls designed to protect customer accounts and guard against unauthorised fraudulent activity, and if we identify activity that may be fraud, we will take protective actions.”
Barclays said that the verification method used for adding a card to a digital wallet will depend on the user journey. It said it does not currently have plans to phase out use of OTPs.
Co-Op Bank said it monitors for fraudulent registrations through its fraud detection systems and has multiple strategies in place to detect digital wallet fraud. It does not currently have plans to phase out use of OTPs.
HSBC said it has no immediate plans to phase out OTP delivery for adding cards to digital wallets, however, it keeps its digital wallet provisioning process under review.
Lloyds said it has invested millions of pounds in multi-layered fraud defences, and continues to regularly review its authentication methods.
Nationwide said that it has multiple layers of protection in place to keep its customers safe from fraud including warning messaging, AI models and sophisticated internal analytics. It is currently exploring alternatives to OTPs.
Natwest said it regularly reviews its customer experience and authentication to ensure security, and said it is reviewing how it uses OTPs.
NewDay declined to comment.
Santander said it is looking at other forms of authentication, and other security measures, which may be less visible to a user than the mechanism used for two-factor authentication.
Starling said it currently only uses OTPs for Apple Pay, and removed this option from Android phones in 2022.
TSB told Which? that it is working closely with card and wallet providers to implement approval via the TSB Mobile App. In the interim, OTP verification is accompanied by the necessary risk verification, alongside fraud controls to keep customer details safe.
Virgin Money said its fraud team has heightened monitoring and controls around digital wallet fraud. It also said that it is looking at in-app verification as an option but has no current plans to phase out use of OTPs.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
