Microsoft Money, the software giant's financial management software, will no longer be available from the end of June.

Existing customers will be able to continue using the product and accessing online services per their user agreements, but Microsoft said it will stop selling new copies due to competition from banks.

"With banks, brokerage firms and websites now providing a range of options for managing personal finances, the consumer need for Microsoft Money Plus has changed," says a note on the Microsoft Money website.

Microsoft hasn't released a new version of Money in the UK since 2005.