| | MARTIN'S QUICK BRIEFING: For more tips, alerts & awful puns, follow Martin on Twitter Bank a b*****d? Now switch in just 7 days
Don't whinge, change. Get a free £125 to shift bank under new system Millions are with their bank account because they got free piggybanks aged 8, and even with dire service, are there decades later. No wonder banks mis-sold willy-nilly. Unless we jump ship after poor rates & service, banks won't improve. Thankfully change is being forced, here are the key need-to-knows: | • |  Seven-day switching is now live. This new system started on Monday. See our full 7-Day Switching Q&A - but in a nutshell...
- Almost all banks now promise to switch your current account, including all direct debits & standing orders, in 7 working days. It used to take up to 30.
- Your old account will be closed, but for the first time any money paid into it for 13 months after the switch will be auto-forwarded to the new account. | | | | | • | Take a £125 BRIBE to switch to the top fee-free bank. To buy market share at this crucial time, many banks have recently pushed bigger offers. You need to pass a credit check and pay in the min monthly amount (usually just means your income). Full info: Best Bank Accounts
- Free £125, top cust service & 6% linked savings. First Direct's* smashed every service poll we've done, 93% rate it 'great'. New switchers get paid a boosted £125 (norm £100), a £250 0% overdraft and a linked 6% regular saver account. Min pay-in £1,000/mth - equiv to £13,600+ salary.
- Earn cashback on bills and 3% on savings. The most innovative account's Santander 123*. It pays 3% AER variable, nearly double the best buy savings on balances of £3,000 to £20,000, plus up to 3% cashback on bills incl phone, energy & council tax, which for most dwarfs its £2/mth fee.
Kelly tweeted us: "I have a 123 account and get about £18/month back after my fee - fantastic. £6 just for paying my mortgage." See Is Santander 123 Right For Me? analysis. Min pay-in £500/mth - equiv £6,000+ salary.
- Free £100 and £5/mth if in credit. Halifax Reward* offers switchers a £100 bribe and pays £5 each month the account stays in credit. It's also got a 6mths 0% overdraft, but charges after are huge, so always pay it off before then. Min pay-in £750/mth - equiv to £9,200+ salary. | | | | | • | How does your bank rate? A bank account is the one true day-to-day financial product, so even a rate tart like me accepts that here, service is crucial too. Luckily, these days many service winners offer top deals...
| Current account service rating, Aug 2013 (for past 6 mths) | | Rank | Provider | Great | Poor | Rank | Provider | Great | Poor | | The top | The bottom | | 1 | First Direct* | 93% | 1% | 8 | NatWest and RBS | 48% | 14% | | 2 | Co-op* (incl Smile) | 76% | 6% | 9 | Lloyds/TSB (1) | 47% | 13% | | 3 | Santander 123* | 75% | 5% | 10 | HSBC | 44% | 15% | | 4 | Nationwide* | 73% | 5% | 11 | Halifax (excl Reward) | 41% | 17% | | 5 | Halifax Reward* | 56% | 9% | 12 | Bank of Scotland | 36% | 21% | | 6 | Yorks/Clydesdale | 51% | 10% | 13 | Santander (excl 123) | 35% | 23% | | 7 | Barclays Bank | 48% | 13% | | | | | | 8,267 votes in total. We ignored banks with fewer than 100 votes. (1) Lloyds and TSB split in Sept 2013, after this poll was conducted. | | | | | | • | Top overdraft deals. Many think debit cards are better than credit, but if you're overdrawn they're still debt cards - often with higher interest and charges; so treat it like a debt and manage it down.
Free £125 & £250 0% overdraft: As well as the free £125, First Direct* offers an ongoing 0% overdraft, though only on the first £250. If that's enough, it wins. Min pay-in £1,000/mth - equiv to £13,600+ salary.
0% overdraft for a YEAR: Nationwide* FlexDirect gives 0% for 12mths. See that as respite to sort your finances to clear it, or there's a 50p/day overdraft fee after. No min pay-in (need £1,000/mth to get interest).
Shift it to a 0% card: The Virgin card* lets accepted new cardholders shift overdrafts to it for 26mths 0% for a 4% fee. Very few cards do this cheaply, so don't assume it's a universal function of all cards. See Shift Overdrafts To 0%. After the 0%, it's 20.9% rep APR though, so be careful.
If you are overdrawn, crucially, ensure you know how much by and never go over the limit, or bank charges are hideous. See Reclaim Bank Charges. | | | | | | • | Family worldwide travel, smartphone & breakdown cover £10/mth. Packaged bank accounts where you pay a monthly fee are like Marmite, they're a love or hate thing. Many who pay should cancel or even Reclaim Packaged Account Fees. But choose right, and they can be a bonanza.
Our top pick is the Nationwide FlexPlus*, where for £10/mth - £120 a year - you get up to £600-worth of cover. Yet only do it if you'd buy these policies separately anyway.
- Worldwide family travel insurance up to age 75 (usually up to £150).
- European breakdown cover for account holder(s) (usually £60).
- Good mobile cover for all family smartphones (usually £60 each).
- Free extra year's extended warranty on electricals bought on card.
Review all packaged account options in the Packaged Account Analyser. | | | | | • | Top ethical deal (and free travel insurance). If bank behaviour is a key decision-maker for you, our top ethical pick is Nationwide's FlexAccount* (min £750/mth pay-in) which is a fee-free account offering European travel insurance for all named account holders up to age 75 (start by age 73). We pick on a mix of the account's service and its rating from Ethical Consumer.
Alternatively, check if your local credit union offers a bank account too. | | | | • | Will switching hit my credit score? It can have an impact in the short term - for most, this shouldn't be an issue. But if you're about to make a serious credit application, eg, a mortgage, switch after that.
This is because applying for a new account requires a credit check for the overdraft, which leaves a footprint on your file, and the fact you've got a long relationship (providing it's good) is a positive. So switch, and this takes a little while to rebuild. See full Boost Your Credit Rating help for more. | | | | • | Don't worry - switching doesn't stop you reclaiming. Sadly, the list of bank mis-selling scandals is long and turgid. You could Reclaim PPI, Reclaim Bank Charges, Reclaim Packaged Account Fees, and more. Switching doesn't hit that - you've the same rights for an old closed account as from your current provider. | |
PS. THANK YOU. This week it was confirmed financial ed is on the National Curriculum - in no small part as 100,000+ of you signed m’e-petition and forced a parliamentary debate. Hurrah. |
Blagged for MoneySavers |
Did you miss? |
 Get permanently cheap energy Our new club ensures you're always on the cheapest tariff.
Join free: Cheap Energy Club |
Reclaim PPI for FREE Claims handlers aren't more successful.
Free help & templates: Reclaim PPI |
MSE News |
 | Get friends on board the MoneySaving bandwagon |  | | If this email's ever helped you, please forward it to friends and suggest they get it via moneysavingexpert.com/tips | |
 |  |  |
| Wed 18 Sep 2013 |
Direct Line car insurance £60 M&S freebie. MSE Blagged.
NEW. We're making it our job to bring you the big discounts COMPARISON SITES MISS. Must-read for drivers. Our aim is to negotiate you a path through the car insurance maze. Yet you must understand there's no perfect solution - so we're constantly refining our Cheap Car Insurance and Young Drivers' Insurance systems to rev up the savings...  Never auto-renew - get cheapest quote at speed. Comparison sites aren't all the same, they look at different insurers. Combine as many as you've time for. This month's order: a) Gocompare* b) Google* c) Compare TM* d) MoneySupermarket*
- Hot deals they miss. Two big competitive insurers aren't included by comparisons, so check them too. Use the special links below for extra new customer discounts...
- New Direct Line £60 M&S: Use this special Direct Line* link and get a free £60 M&S gift card if you get a policy.
- Aviva £70 M&S: Use this Aviva* link with code avivamse70 for a free £70 M&S gift card if you buy cover.
- Churchill free Karcher power washer: While Churchill* is included by comparison sites, use this link for a free Karcher (RRP £80) if you get a policy. There's limited stock, the link will update when they're gone.
See our regularly-updated hot Car Insurance Deals to ensure you're always maxing it out.
- Quick tips to slash the cost of cover. It isn't just about the policy, what you quote for counts too, including:
a) Try adding a responsible older driver as 2nd driver. Faevouritexox tweeted: "As a new driver, my insurance wanted £5,000. Adding mum & dad dropped it to £1,900." It doesn't always work, use trial and error.
b) Don't assume 3rd party's cheapest. Selecting comprehensive makes some insurers consider you a lower risk.
c) More than one car in the home? Comparison sites don't search this, so manually check Admiral MultiCar* too. |
| A bum deal: 24 Velvet rolls £4.50. Don't loo-se out, 19p per posh loo roll. Related: Use less loo roll tips 40% off shoes (incl Clarks, Nike, Reebok) via Brantano code. Use on 3,000+ styles & accessories. Brantano Last chance. Cheapest EVER personal loan - 4.8% APR. Until Mon, Sainsbury's* is offering 4.8% rep APR on £7.5k-£15k paid back over 1-3 years. Ensure you budget & can afford repayments. Full help: Cheap Loans (APR Examples) FREE £10 trains credit code. MSE Blagged. 10k avail + on next trip, spend £20 get £5 credit. RedSpottedHanky |
Revealed. Is Economy 7 right for you?
In a major new guide, we investigate whether Economy 7 (discounted electricity overnight) is a cash curse or boon There are millions of Economy 7 users, but their plight is often ignored by comparison sites. Our new Economy 7: Is It Right For You? guide sets out to crack whether those with it should stick, and those without it should switch. A taster...  What is Economy 7? It gives discounted electricity rates for seven hours at night, but higher rates in daytime. Our calculations show you need to use around 40%+ of your electricity at night for Economy 7 to win. That means storage heaters on at night, timers and more. Do that, and it can be a winner. See Should I Stick With Economy 7?- 10 tips to boost Economy 7. Our 10 Economy 7 Boosters include: a) Beware when the clocks move - Economy 7 often doesn't move with them, so timers can be wrongly set. b) Always check off-peak times, they often vary. c) If you've a mechanical clock, check its accuracy, they often go bad.
- Ensure you're on the CHEAPEST Economy 7 deal. Don't think you're locked in, you can still compare Economy 7 deals and switch. Your cheapest depends on your usage, postcode & tariff. Our free MSE Cheap Energy Club compares - just tick the Economy 7 box - plus it gives £15 cashback (£30 for standard dual fuel) on top.
- Should I switch to Economy 7? It's rarely worth it without a storage heater, and you need to get a special meter fitted (usually free but can cost around £50) so factor that into your calculations. Comparing isn't easy, use our Should I Switch? info.
back to top ↑ |
| 2x specs £25 code. MSE Blagged. Frames, prescription lenses £25 for 2 all-in. Glasses Deals Related: Cheap Contacts FREE £15 eye test. Click and print this Optical Express* voucher. This and more options in Free Eye Tests. New. Now shift debts to 28mths 0% with lower 2.99% fee. For the next 2wks, accepted new Barclaycard Plat* cardholders can balance transfer to it for 28mths 0%, with a 2.99% fee (norm 3.5%). If you can repay quicker, Lloyds 24mths 0%* has a 1.5% fee. Repay before 0% ends or they jump to 18.9% and 17.9% rep APR. FULL help: Balance Transfers (APR Examples) £29 of posh chocs £4. Newbies to Chocolate Tasting Club. A bit fiddly, but - nom-nom - worth it. Choc Deals |
|
| | | |
| Free day in 700 hidden London gems (St Paul's, the Gherkin, etc). This Sat & Sun, many London buildings that usually charge or don't let the public in open their doors. Incl Battersea Power Station. Open House London Ends Wed 11.59pm. TalkTalk line & b'band £7/mth. MSE Blagged. Half cost of BT line rental only. Here's how: 1) Eve/wknd calls & unlimited b'band. For newbies via this TalkTalk* link, it's 1/2 price at £3.75/mth on 12mth contract (b'band avail to 85% of UK). 2) Line rent. Usually £15.40/mth, later in sign-up process pay £114/year upfront, equiv £9.50/mth. 3) FREE £75 Love2Shop vouch. Factor as cash and it's £84 all-in for a year (equiv £7/mth). Full info: TalkTalk £24 Morphy Richards blender (was £80). 70% off blenders at Ocado. Tricky, but big savings. Mixing it up a bit Forum Hottie. Rumour: 50% Next sale this weekend. No confirmation yet, but looks likely. Updates: Next Sale |
Don't pay tuition fees upfront...
The academic year's about to start - but myths about student finance still abound, and some risk huge errors Headlines still screech about "£50,000 debts" for English uni leavers. But for most, that figure's a nonsense. Low earners will repay far less, higher earners many times that. Financially this is a no-win, no-fee system. Don't believe the hype...  Five student loan need-to-knows. 1) You don't need cash upfront for uni. Fees are paid for you and you get money for living costs. 2) You repay this loan once you've left, but only if you earn £21k+. 3) You repay 9% of everything above £21k. The more you earn, the more you repay monthly. 4) The loan's wiped after 30 yrs. 5) It doesn't go on your credit file. Intrigued? See 20 Student Fees & Loans Mythbusters.- Don't automatically pay fees upfront. Many risk unnecessarily chucking £10,000s away paying fees upfront that would never actually need repaying afterwards. So if you're saving, or worse, considering borrowing to cover fees, make sure you read Martin's Beware Paying Uni Fees Upfront guide first.
- The top student account. Our top pick for most this year is Santander, with its strong freebies - a free 4-year railcard (worth c.£100) and a decent interest-free overdraft. For full pros & cons, see Top Student Bank Accounts.
- Calculate how much you'll actually repay. Our unique Student Finance Calculator shows the real cost to you.
back to top ↑ |
Cheapest Grand Theft Auto V £33. That's with a code for Tesco Direct newbies, next cheapest £38. GTA Rundown Forum Hottie. 39p kids' Justin Bieber, JLS & Gaga T-shirts (were £10). Clearance stock - can you Beliebe it? Don't be a twerp, be an MSE tweep. If you're on Twitter, follow @MartinSLewis & @MoneySavingExp, plus NEW accounts @MSE_Deals (bargains), @MSE_Forum (debate) & senior MSEers @MSE_DanPlant & @MSE_GuyAnker. YHA hostels up to 40% off code | Days Inn 2 nights £60. Full rundown of the latest Hotel Sales. |
Are you booking your holiday naked?
Don't leave yourself uncovered for trips abroad by taking the huge risk of waiting to get travel insurance If you book, smile, and think it's no biggie to leave insurance on the 'things to do' list, you're taking an unnecessary risk. 1) If the holiday firm cancels, you're not covered. 2) If you're ill or have family issues so you can't go, even the day after booking, without insurance you're scuppered, as most tickets aren't flexible. So book, then sort insurance ASAP... - Single trip from £7. Don't think we're saying "just book it with your travel agent". Get the best deal possible. For a one-off trip, you can get cover for £7/wk (£13 USA) via this MoneySup* comparison. If time, add Confused.com*.
- Go away 2+ times, get £15/yr cover. If you trip away more often, including weekends, annual policies win.
- Older travellers or pre-existing conditions? See our Over-65s Travel Insurance picks and Pre-Existing Help.
- Declare medical problems. Always tell insurers (even if via a free bank policy) when you get cover, and if you've an annual policy and develop a problem before booking. If not, you might not be covered.
back to top ↑ |
| Free kids' DIY classes (usually £5). Build boats, hedgehog houses & more. For ages 7-11 at 59 locations. B&Q Codes... Body Shop 40%, Tesco Direct £20 off tablets & more...
Body Shop 40% off £5+ | Figleaves 20% off lingerie | White Stuff 20% off | La Redoute £15 off £30 code
Tesco Direct £10 or £20 off tablets | Gap Outlet 30% off in-store voucher, not code | Full list: Discount Vouchers Buy £8 Origins cleanser, get free £21 skincare set. Set of 3 skincare samples (4 sets to choose from). Origins Two MSE jobs available: Money & consumer product analysts. Editorial roles based in London. See MSE Jobs.
|
Restaurant vouchers | Discount vouchers | Top deals |
 MONEY MORAL DILEMMA
I've enough money not to work, so I give ALL my earnings to charity. Should I quit my job and give other workers a chance?
This week's MoneySaver who wants advice asks... I enjoy my well-paid job. However, as I live off a private family income, I don't actually need to work, so I donate my entire wage. Recently, the wages department let slip this to the entire firm. Now my co-workers say it's selfish of me to have a full-time job when I don't really need it, and that I'm depriving someone else of work. Should I give up my job to satisfy those who think it should go to someone who really needs it? Or do I carry on, knowing my wages are probably helping a great number of people in desperate need? Enter the Money Moral Maze: Should I give up my job? | Suggest an MMD | View Past MMDs BOOK GIVEAWAY
Eyes Wide Open. 25 blagged for MoneySavers. Want one? THE GREAT HUNT REVISITED
Shrinking food - what's getting smaller?
We featured this hunt back in 2010, but it seems manufacturers are up to their old tricks again by cutting products' sizes while keeping prices the same (one forumite's spotted loaves of bread dropping from 800g to 750g). We want to know which foods you've seen shrinking in size, but not in price. Share yours/read others': Shrinking food Past topics: View all CAMPAIGN OF THE WEEK
It's ITea & Biscuits Week (Age UK's way to get older peeps online)
This week is Age UK's ITea and Biscuits Week, an annual event to help older people see the benefits of using IT, which obviously includes stacks of ways to save money. Whether it's for you, your folks, grandfolks or neighbours, find free events in your area and maybe get a free biccie too. Suggest a campaign: This is for MSE to support work by other charities, groups and campaigners. Send your campaign of the week suggestion. CHEAP FLIGHT SALES ALERT
Airline: Jet2 Offer: 10% off code Ends: Ongoing
Our pick this week is Jet2's 10% off code. You get 10% off any return flight (incl taxes and charges) so long as the return leg's before 31 Mar 2015. Enter the promo code SALE10 at the checkout to get the discount. To find flights quickly, use the FlightChecker on a return search. Extra charges warning: Avoid payment and check-in charges - see the Budget Airline Fee Fighting guide. Related: Cheap Flights, Cheap Hotels, Spending Abroad, Cheap Currency, Travel Insurance THE GREAT HUNT... REVEALED
How far would you go for a deal?
MoneySavers will go to great lengths for a deal, including crossing the Atlantic for Marmite and going 110 miles for a hot dog. Forumite kingfisherblue makes a good point about the item's value and how much time/money it saves long-term. back to top ↑ |
| | |
Martin's blogs | Martin's appearances 19 September
Daybreak, ITV, 7.35am-7.45am.
Deals of the Week. | 19 September
Shelagh Fogarty, Radio 5 Live, 12pm-1pm.
Consumer Panel.
Listen to past shows | 20 September
This Morning, ITV, 10.30am-12.30pm.
New series: Money Talks with Martin Lewis, Tina Malone faces Martin in the vault. | 20 September
You and Yours , Radio 4, 8pm-8.50pm. | 23 September
This Morning, ITV, 11am-12pm.
Student finance. | |
MSE team corner - Team appearances:
- No team appearances this week.
| Discussion of the week First date - who pays? Should one party pick up the bill first time around, or is "going Dutch" more to your taste? Whatever your opinion, join the discussion over on the "First Date - who pays?" thread. | Cheap travel money |
This week's poll: Will new 7-day switching make you more likely to switch bank account? | Poll resultsWhat gadgets do your kids own?
Nearly one in three under-eights have a tablet - but only 5% own smartphones, compared to 78% of 13-16-year-olds.
- 30% of under-eights have a tablet.
- 28% of under-eights have a TV.
- 46% of 9-12-year-olds have a TV.
- 62% of 13-16 year-olds have a laptop.
6,058 voted. See the full results. |
| Q: Can my daughter's boyfriend get a bank account, even though he's in social care and so doesn't have a permanent address? Paula, by email. MSE Amy’s A: Banks usually ask for proof of a residential address before you're allowed to open an account. But where someone's in social care and that's not possible, they'll have other policies. One bank says it asks for a letter from the council care home as proof of residence. But there are many different reasons why someone could be in social care, so there are no hard and fast rules. Different banks will have different policies, so give two or three a call, explain your situation and see what ID you'll need to provide. For more tips on all things finance, see the 40 Young Persons' MoneySaving Tips guide. Please suggest a question of the week (we can't reply to individual emails). |
 Archna's free game of the week: How Smart Are You? |
What's your favourite curry song? It all started with Martin's innocuous tweet last Tuesday evening: "@MartinSLewis - Group Indian food in MSE Towers - so we're coming up with #CurrySongs, eg, Madonna's Poppadom Preach. Any more?" By 11pm, it was trending in the UK. Later on, so we're told, worldwide. See The Top 10 Curry Songs & add yours. We hope you save some money, Martin & the MSE team |
| Important. Please read how MoneySavingExpert.com works We think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.
What you need to know This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service. We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the section 75 guide for protection tips). We often link to other websites, but we can't be responsible for their content. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Please read the Full Terms & Conditions, Privacy Policy, how this site is financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis. More about MoneySaving Expert and Martin Lewis What is MoneySavingExpert.com?
Founded in February 2003, it's now the UK's biggest consumer help website with over 6 million people getting this email and nearly 10m using the site. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple: how to save cash and fight for financial justice on anything and everything. The site has over 30 full time staff about half of whom are editorial researching, analysing and writing to continually find ways to save money. More info: See About MSE Who is Martin Lewis? Martin set up and runs MSE, he's an ultra-focused money saving journalist and consumer campaigner. He has regular slots on Daybreak, Lorraine, Radio 2 Vine, BBC1 Watchdog, Radio 5 Consumer panel and presents ITV Tonight. He is a columnist for amongst others the Sunday Post as well as an author. More info: See Martin Lewis' biog What do the links with a * mean? Any links with a * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the product at all and the editorial line (the things we write) isn't changed due to it. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See how this site is financed. As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too:
Unaffiliated web-addresses for links in this email firstdirect.com, Santander.co.uk, halifax.co.uk, co-operativebank.co.uk, nationwide.co.uk, uk.virginmoney.com, gocompare.com, google.com, comparethemarket.com, moneysupermarket.com, aviva.co.uk, churchill.com, sainsburysbank.co.uk, opticalexpress.co.uk, barclaycard.co.uk, lloydstsb.com, holidaysafe.co.uk, coverwise.co.uk, uk.protectyourbubble.com, direct-travel.co.uk, energyhelpline.com, uswitch.com, postoffice.co.uk, productsandservices.bt.com.
Financial Conduct Authority (FCA) Note Referring people to insurers or insurance intermediaries can in some circumstances constitute an FCA regulated activity. For this reason, pages with links which take you to the sites of insurers or insurance intermediaries are hosted by MoneySavingExpert.com Limited on behalf of MoneySupermarket.com Group PLC. MoneySupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FRN: 303190). The registered office address of both MoneySupermarket.com Group PLC and MoneySupermarket.com Financial Group Limited is MoneySupermarket House, St. David’s Park, Ewloe, Chester, CH5 3UZ. To change your E-mail or stop receiving the weekly tips (unsubscribe): Go to: www.moneysavingexpert.com/tips |
No comments:
Post a Comment