| | MARTIN'S QUICK BRIEFING: For more tips, alerts & awful puns, follow Martin on Twitter Who's the M&S of banking?
It's a byword for quality. But is the new FREE £100 M&S account beatable? The giant retailer wants to disrupt banking with its first-ever fee-free bank account. M&S may be a byword for British quality, but can it really compete with established players in the current price war? Before I give you my 10 need-to-knows about grabbing the best bank account, here's my big message...
There's a bank account price war. They're desperate for switchers - paying cashback on bills, 5% savings or just cold hard cash. Yet just 2% of people have switched in the last year. Unless you're completely happy, check now if you can gain. | 1. |  7-day switching means it's now mostly no hassle. The 7-Day Switching system launched eight months ago. They now switch your direct debits & standing orders, close your old account and ensure payments made to it get forwarded to your new bank - all set up within seven working days.
I did a snap poll on my Facebook page. Of 172 people who'd tried it, 70% found it smooth. As Vikiy said: "From Smile to Santander, no issues, nothing went missing and everything got paid correctly on the right day from the new account. Very impressed." The rest were mostly (but not all) minor glitches.
NB. Most accounts require a 'min monthly pay-in'. In practice this just means paying in your monthly income - you can withdraw it immediately. | | | | 2. | Now FOUR fees-free banks bribe you with £100 to switch - incl M&S. There's nowt wrong with grabbing the cash, though you'll need to pass the credit check and genuinely switch to get it. Yet these accounts have other boons too. Full info in Best Bank Accounts, in summary....
- NEW: M&S £100 + rewards + no min pay-in. M&S's* new account gives £100 on an M&S gift card if you switch to it, one reward point for every £1 spent at the store and a £100 interest-free overdraft.
Any good? While decent for regular M&S shoppers, you'll need to spend £500/mth there for it to beat Halifax (below) for basic rate taxpayers, and its bank's service is untested compared to First Direct. One boon, though - most banks require you pay in a min amount each month, this doesn't.
- Free £100, top cust service & 6% linked savings. First Direct's* smashed every customer service poll we've done, 92% rate it 'great'. New switchers get paid £100 cash, a £250 0% overdraft and a linked 6% regular saver account. The min monthly pay-in is £1,000, equiv to a £13,400+ salary.
As Charlotte posted on my Facebook page: "I switched to First Direct. Quick, efficient, great customer service and £100. Happy."
- Free £100 + £5 every month you're in credit. Halifax Reward* gives £100 cash to switchers and pays a flat £5 (after basic rate tax) each month you're in credit. Avoid its costly overdraft though. The min pay-in's £750/mth.
As Mark says: "Transferred from Barclays (26 years with them). Very easy. Not a single problem & took 7 days. Loyalty doesn't pay... but Halifax do!"
The fourth account paying a £100 switch bonus is from Co-op Bank (see point 8 for full account analysis). | | | | 3. | Winner - most innovative. 3% savings interest, 3% cashback on bills. Santander's 123* has a £2/mth fee, but for many this is dwarfed by what it pays back. And while Santander was once known for poor service, the 123 account is our 2nd highest-rated, with 75% saying it's great.
- 3% AER on savings: £3,000-£20,000. This smashes the top normal savings at 1.5%. While a few banks (see below) pay more, it's on far smaller amounts.
- Up to 3% cashback on bills. Pay by direct debit and you get 3% cashback on mobile, phone & b'band; 2% on energy; and 1% on water, council tax and Santander mortgage payments.
The minimum pay-in is low too, at £500/mth (equiv £6k salary), and using it can really add up. Kelly tweeted: "I'm getting about £18 per month back after my fee - fantastic. £6 just for my mortgage." Full Santander 123 analysis. | | | | 4. | Switch bank and earn 5% savings. A range of top bank accounts now offer high savings rates as loss-leaders to get you to switch to them, a huge boon for savers. Do focus on which covers more of your savings at a high rate, rather than just the highest percentage.
THE TOP CURRENT ACCOUNT SAVINGS INTEREST
For comparison, the top easy-access savings deal pays just 1.5%. | | In-credit AER | Max
interest/yr (1) | Min monthly pay-in | | Santander 123*(2) | 3% on £3,000-£20,000 | £568 (after fee) | £500 | | Club Lloyds* | 4% on £4,000-£5,000 | £197 | £1,500 | | Nationwide FD* | 5% up to £2,500 for 1yr | £122 (yr 1) | £1,000 | | TSB Classic Plus* | 5% max £2,000 (3) | £98 | £500 | | Halifax* | £5/mth if in credit | £60 | £750 | | (1) Before tax, if you always held the max balance+. (2) £2/mth fee, but cashback for most more than covers it. (3) For online banking. Full info: Best Bank Accounts |
Q. Can you use them just to save? A. Yes. Opening multiple accounts can mean you have £1,000s moving around, especially as Nationwide & TSB don't require you to have any standing orders/direct debits set up. See our Earn 5% Savings Loophole for a step-by-step guide on how to do this. | | | | 5. | Slash overdraft costs (esp Barclays customers). An overdraft is a debt like any other, so the key is to cut the interest so you can clear it quicker. Recently it was announced Barclays will hike overdrafts in June and Santander's also upping some charges - their customers esp take note.
- Switch to a 0% overdraft. First Direct* offers £100 to new joiners and a £250 0% overdraft (min pay-in £1,000/mth). Nationwide FlexDirect* gives a one-year no-fee overdraft (amount depends on credit score) but it only lasts a year. So use that time to clear it. Full info: Cheapest Overdrafts
- Or shift it to a 0% credit card. Accepted new MBNA* card (check eligibility) customers can do a 'money transfer', where it pays cash to your bank to clear your overdraft, then you owe it instead. It's 30mths 0% with a one-off fee of 4% of the amount transferred (2.89% for normal balance transfers).
Clear it before the 0% ends or it jumps to 22.9% rep APR & never miss a repayment or you lose the 0%. Please read full Money Transfer instructions. | | | | 6. | "I got £3,000 back in mis-sold monthly bank account fees." If you've a monthly fee account after being upsold it by a call or meeting with the bank, it's very likely it's a waste of cash. Add up how much you pay each year. Many shell out up to £300 annually for trivial benefits they never use.
If that's you, cancel it or even switch bank. If it's totally unsuitable (eg, they said you'd get travel insurance but you're over the max age) you may be able to Reclaim Bank Account Fees For Free.
After following this guide, 'manglerm' tweeted us: "Thank you Martin, I just received £3,000 back for mis-sold packaged bank accounts from Barclays."
PS. This is separate to Bank Charges Reclaiming, which is still possible, but only for those in severe hardship. | | | | 7. | Pay £10/mth for up to £600/yr family travel, mobile & roadside insurance. Having just slammed package bank accounts for many, now the counter. Done right, treated as a cheap way to buy needed insurance, paying a monthly bank fee can be a huge MoneySaver.
Nationwide's FlexPlus* £10/mth account includes the following insurance...
- Family's mobiles (usually up to £70 each) for parents & kids in the home.
- Family world travel cover (max age 74). Do declare pre-existing conditions.
- UK and Europe roadside cover for the policy-holder.
Big earners (eg, £75k+) or those with large mortgages and investment portfolios may be able to get accounts such as HSBC Premier for free, which can often come with powerful discounts. If you fit the bill, ask.
Use our Packaged Account Analyser to see what you're looking for and which accounts best match up to it. | | | | 8. | Think banks are all b*****ds? Get an ethical account. Here, we factor in both finances and the rating given by Ethical Consumer evaluating behaviour on the environment, human & animal rights, politics and where they invest.
The Co-op Bank* is still one of its top picks on ethics. It pays £100 to switch to it and donates £25 to one of seven charities. Yet we have to highlight recent scandals, solvency worries and the fact it's now 70% privately-owned.
Two building societies also do well - Nationwide*, mentioned above, and Norwich & Peterborough, whose debit card allows cheap spending abroad. Or for a real change, find a credit union - a local savings and loan non-profit co-operative. 25 of the 500 offer current accounts. | | | | 9. | Couples do it better together... As each bank account needs a minimum pay-in to get it, if you're a couple living together in a trusting relationship, together you can max the gain by choosing your bank in concert.
For example, one of you can get a Santander 123* current account, using it to pay all the bills to get cashback, and put your savings in there. The other could get, say, First Direct* to get the free £100 and top service.
Or if one (hopefully for the right reasons) has a monthly fee packaged account, make it a joint account. Then you can usually both get the 'extras'. | | | | 10. | What to do if you can't get a bank account. You need to pass a credit check to get all the accounts above. If you can't get an account, provided you've got ID you should still be able to get a basic bank account, which just provides a no-frills, no-overdraft service. A couple of tips for applying...
a) Ask for the specific account by name, or you often get the wrong forms and are then rejected. Top options include Barclays Cash Card & Co-op Bank's Cashminder (not avail to bankrupts). See Basic Bank Accounts.
b) Even though they've no overdraft, if you try to spend more than you've got, they can still hit you with a penalty. Beware - manage them carefully. | |
Blagged for MoneySavers |
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| Wed 21 May 2014 |
"We'll beat your home insurance renewal by at least £50"
The hot home insurance deals you won't find on comparison sites, from price promises to a 'free' £80 Karcher vac There's no one cheapest home insurer, it's about scouring the market to find your winner. Comparison sites play a key role in that, but they can miss the real kick-butt promo deals. So always check our Cheap Home Insurance guide. A taster...  Step 1: NEVER auto-renew - speedily combine comparison sites. Always check the market. Many renewals are just automatic hikes, taking advantage of our apathy. For max quotes in min time, combine comparison sites (they don't cover the same insurers). Our current order is Confused*, Compare TM*, then Tesco Compare* (see full order.) - Step 2: Check the HOT deals comparison sites miss. Comparison sites miss some providers, and aren't set up to include some more creative promos...
- "We'll beat your building/contents/joint renewal by £50." The Post Office* promises to beat like-for-like renewals (ie, cover level & excess) by at least £50 (or you can claim cashback to make up the difference). So providing you qualify (some won't) and comparisons haven't come up trumps, your worst result is £50 up. Full Post Office help.
- Code for £80 Karcher Window Vac w/ buildings & contents. MSE Blagged. By 31 May, use KARCHER when getting a new Legal & General* Essentials or Extra policy. Within 75 days you'll get a Karcher Window Vac (RRP £80).
- Code for £50 Amazon vch w/ buildings & contents. MSE Blagged. By 31 May, use AVIVAMSE50 on a new Aviva* policy and be sent a £50 Amazon vch within 90 days. Also check Direct Line*, like Aviva it isn't on comparison sites.
- Dolce Gusto coffee machine. Buy a joint buildings & contents policy via this Churchill* link and get a Nescafe Dolce Gusto coffee machine (RRP £90) within three months. Only 500 available. Link'll update when all are gone. - Step 3: Don't over or under-cover. Buildings: This is generally for freeholders. Many overpay by wrongly covering their home's 'market value', which includes location rather than the rebuild value. See How To Find Your Rebuild Value. Contents: Here, many underinsure, thinking: "I've £40k of stuff, but'll only cover £20k as I'd never claim it all." Yet if that's discovered, half cover can mean half payouts. See How To Value Your Contents.
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| 3 TomTato plants £15 code (norm £35). Bonkers hybrid plant growing both tomatoes AND potatoes. MSE Blagged. You say tomato, we say potato. We've 3,000 codes for (non-GM) weird space saver. See: Gardening Deals £8 champagne trick - min 6 bottles (RRP £22). For Sainsburys.co.uk newbies (£9.75 exist custs). Cheap Champers BIG CODES: Rare Ted Baker 20% off, Gap 30%, Body Shop £20 off £40, etc...
Ted Baker 20% off rare code (ENDS THU) | Body Shop £20 off £40 code and in-store (ends 27 May)
Nails Inc 20% off code from Fri | Boden 20% off code (ENDS WED) | Whittard 20% off code (ends 25 May)
Gap 30% off in £1 mag (ends 26 May) | ALL Discount Vouchers Longest-EVER 32mths 0% balance transfer. A reminder that last week Barclaycard* (free eligibility check) broke the record. Accepted new cardholders can shift debt to it for 32mths 0% for a one-off 2.99% fee. If you've already got a Barclaycard, the next longest's Halifax's* 31mths 0% (3% fee) deal. After the 0%, both jump to 18.9% rep APR. Full info & lower fee options: Best Balance Transfers (APR Examples) |
Urgent. Earn £25 rebuilding your credit
Ends Fri: Credit cards designed to (re)build your credit history rarely give rewards. One's bucking the trend Bizarrely, if you've a poor credit score, getting a credit card and using it wisely can help. Yet there's a a vicious circle - how do you get a card if you've got a poor score? The way round this is to apply for a specialist credit rebuild card...  Ends Fri: Get £25 cashback on 3mths 0% spending credit rebuild card. Till "sometime" on Fri (so apply Thu to be safe), accepted new Barclaycard Initial* customers via this link get £25 cashback when spending £100+ on the card in first 3 mths. The card's open to those with defaults or no more than one settled CCJ (both at least a year old - check your eligibility).
It also gives 3mths 0% on spending, but after that it jumps to a huge 34.9% rep APR if you don't fully repay it. We'd generally caution those with poor credit scores against borrowing, but used carefully it can give respite from bank charges/payday loans - click the link for step-by-step help.
- How to use this to (re)build your credit history. Credit scoring is all about lenders predicting your future behaviour based on your past. So those with little history or a bad history generally aren't good bets for mortgages, contract mobile phones or non-prepay gas & electricity bills. See full How Credit Scoring Works info.
Get a card and do, say, £50/mth of normal daily spending on it (meaning you get the cashback too), repay IN FULL on time each month and after a year or so, a picture of you as a responsible borrower starts to build. Full help: Credit Rebuild Cards (APR Examples). PS. Never withdraw cash on this card, it's costly and hits your credit score. - Find out for free what the best card you can get is. The only way to know which cards you'll be accepted for is to apply, and that marks your credit file. So we've built an Eligibility Checker to show your odds of getting the top pick cards of all types, eg, credit rebuild, 0% spending, 0% balance transfers, so you can minimise applications.
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| 3,000 FREE dangly "England" air fresheners (RRP £4). MSE Blagged. Get 3 delivered, no cost. Air Fresheners £50 pearl necklace, bracelet & earrings set £12 with code. MSE Blagged. Only 700 available. John Greed Deals Bank Holiday deals: £10 Pimm's, Homebase 15% off, £1 disposable BBQs, Habitat 25% off...
Homebase 15% off in-store & online | £10 Pimm's 1L next cheapest £18 (be Drinkaware) | £1 disposable BBQs
Habitat 25% off one-day code on Thu | ALL Bank Holiday Deals £35 tablet, £17 OK! mag subscription - 20,000 Living Social 10% off codes. MSE Blagged. New and existing customers of the daily deals site can get 10% off anything on up to £200 spending. Full info: Living Social |
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| Ends Sun: 50% off Starbucks Frappuccino. Any flavour, any size, between 3pm-5pm. Full info: Starbucks Deals FLASH 24-hour Post Office euro & dollar sale. It's boosting online rates from 8am Wed for del & collection. To see if it's good, use our Travel Money Comparison. If you're not holidaying just yet, then better still the Halifax Clarity* credit card's no-load worldwide, so spending on it gives near-perfect exchange rates, smashing bureaux de change. Just pay off IN FULL to minimise interest or it's 12.9% rep APR. Full help & more tips: Cheap Overseas Cards (APR Examples) |
New cheapest £2,500 loan almost halves cost of borrowing
Finally, the cost of smaller loans is slashed. Until recently, only borrowing £5,000+ got the cheap rates Of course, just because borrowing's cheaper doesn't mean you should do it. Always borrow as little as possible & repay as quickly as possible. Only do it for planned NEEDED expenditure, with budgeted, affordable repayments. For those who do need it... - New. Cheap 8% loan for £2,500+. Newish player Hitachi* is now offering a huge market-leading 8% rep APR for £2,500-£2,999 loans. To put it in context, the next cheapest loan for £2,500 is the Post Office's 14.9% rep APR. Borrow that over 3 years at the rep APRs, and you'd pay Hitachi £310 in interest, the Post Office £575.
| The cheapest unsecured personal loans | | Amount borrowed | Cheapest (representative APR) | 2nd cheapest (representative APR) | | £2,500 - £2,999 | Hitachi* 8% | Post Office 14.9% | | £3,000 - £4,999 | Hitachi* 7.8% | The AA* 7.9% | | £5,000 - £7,499 | Hitachi* and Sainsbury's* (over 1-3yrs with Nectar card) 5.6% | | £7,500 - £9,999 | Hitachi* 4.3% (Cheapest loan rate ever) | Clydesdale* 4.4% | | £10,000 - £14,999 | Clydesdale* 4.4% | Sainsbury's* (over 1-3yrs with Nectar card) 4.4% | | Full help in Cheap Loan Best Buys (APR Examples). | - Only 51% of accepted applicants need to be given the advertised rate. These are all 'representative APRs'. The rest could pay many times that - it's all about credit scores.
- Cheapest flexible loans - where you can overpay/clear it any time without penalty. Peer-to-peer lenders Zopa* and Ratesetter* are totally flexible. The rate is personalised depending on your credit score, but can be very cheap for some, especially for smaller amounts, eg, 8.1% for £2,700. Full peer-to-peer help
- Use a credit card to get a 30mths 0% 'loan' for a 4% fee. For smaller amounts, accepted new MBNA* cardholders can get a 30-mth 0% 'money transfer' for a one-off fee of 4% of the amount shifted. This means it'll pay money into your bank account, effectively a loan, and you then owe the card instead. After the 0%, the rate jumps to 22.9% rep APR, so clear the card by then. See: Money Transfers. Will you get it?: Free Eligibility Checker.
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| 2 specs for £25, incl free tint | £10 replacement lenses. Use online codes to slash specs costs. Glasses Deals Brantano 30% off shoes code - incl Nike, Adidas & Clarks. MSE Blagged. Plus free delivery. See Brantano Deals. Show Best Buys
Student loan interest rate to be cut. The Govt hasn't confirmed it yet, but every Sept the rate changes based on March's inflation (RPI) rate. We now know 2014's is 2.5% so... Pre-1998 uni starters: The rate'll drop from 3.3% to 2.5%. 1998-2011 starters: The interest rate is the lower out of RPI or base rate (0.5%)+1%. Unless the base rate rises, interest remains 1.5%. Current students: You pay RPI + 3%, so it'll drop from 6.3% to 5.5%. Should I Overpay My Student Loan? Free loft/cavity wall insulation + £50 vch. MSE Blagged. Reminder: if your home's suitable, you can get free British Gas insulation & installation (even non-customers) + till 31 May this Free Insulation link gets you £50 J Lewis/Argos, etc. Sainsbury's Tu 25% off EVERYTHING. In-store sale on all clothing, including school uniforms. Sainsbury's Deals |
Top 10 summer 'staycation' savers
ACT NOW. If you're staying in the UK this summer, don't delay. To really save cash, you need to start ASAP Our sceptred isles can be beautiful in the sun (if we get some). So for those planning to holiday in the UK this summer - or just holidaying at home taking trips with the kids - we've compiled our top 10 'act nows' that'll save you cash...  1. Ends today. Get a FREE 2-mth Family & Friends Railcard, plus see more Cheap Train Tricks.
2. Bag a summer 2for1 theme park voucher for 27 attractions incl Alton Towers, via £3 cereal.
3. Stay in London & other big cities by renting rooms in uni halls - far cheaper than hotels.
4. Exchange Tesco vouchers for 5x value on 100s of days out, eg, Cadbury World, Ldn Zoo.
5. Check out 70 free festivals & carnivals across the country, many family-friendly.
6. Use special tricks to uncover secret 3-5 star hotels & pay far less than the usual lead price.
7. Free kids' activity tix if you book now, eg, tennis coaching, going up the Shard, DIY classes.
8. Check for cheap cross-country coach trips for £2.50 return, eg, Ldn-Leeds £1 singles (50p fee) with Megabus.
9. Don't think hostels are dirty dorms. They can be private double rooms with Game of Thrones views for £23/night.
10. Get free TV audience tickets. Book now for summer tickets to shows incl Britain's Got Talent and Friday Download. For far more: Days Out, UK Hotels, Train & Coach Tickets, Summer hols family fun and, if going abroad, 50 Travel Tips. back to top ↑ |
| Martin's Mental Health & Debt podcast. It was Mental Health Awareness Week last week. Listen to the special Radio 5 Live Consumer Panel podcast on it, and also get our Free Mental Health & Debt Help booklet. Free OU Managing My Money course. Puzzled by pensions and muddled by mortgages? You've got till 25 May to sign up for the Open University's Managing My Money course. Full help in Education Grants & Courses. Ideal Home Show Manch & Glasgow 2for1 code. If you missed our freebies, £12 for a pair of tix. Ideal Home
Show Best Buys |
| Show Vouchers and Top Deals |
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 CAMPAIGN OF THE WEEK
Could you be a Dementia Friend?
It's Dementia Awareness Week and the Alzheimer's Society is looking for a million Dementia Friends in England. You can learn how to spot the signs and how to care for friends and family. Anyone of any age can be a Dementia Friend - find out more via local information sessions or watch a short video on the Dementia Friends website. Alternatively, talk about it in the MSE Forum. MONEY MORAL DILEMMA
The restaurant owner invited us to her birthday meal - then charged us £150 for it. Should we pay up?
This week's MoneySaver who wants advice asks... An old schoolfriend of my wife has opened a restaurant. We went a couple of times, and then she invited us to her birthday there. We bought a £35 bottle of champagne as a thank-you for the meal, but were taken aback to be handed a £150 bill for all our food and drink, plus a full 15% service charge. We both thought the food and a little bit of wine would be included. We paid, but had we known, we wouldn't have gone – it seems she used her birthday to fill her restaurant. Should we say something? Enter the Money Moral Maze: Should we have paid for birthday meal? | Suggest an MMD | View past MMDs THE GREAT HUNT
What SHOULDN'T you get for your wedding?
We're looking for tips to help those planning their nuptials - when you got married, what did you regret shelling out for? Could you have done without monogrammed napkins, chair covers, the fifth bridesmaid or special clothes for hen and stag dos? Share yours/read others': Wastes of wedding cash Past topics: View all CHEAP FLIGHT SALES ALERT
Airline: Ryanair Price: Flights from £19.99 one-way Ends: Thu 22 May
Our pick this week is Ryanair's sale, ending at 11.59pm on Thu 22 May. It includes all non-optional taxes & charges. It's for flights between Jun-Aug 2014 on selected routes from the UK. We've found a flight from London Gatwick-Dublin for £19.99. 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
Your MoneySaving tips to spruce up the garden
Tips from our evergreen hunt for gardening tips include posting ads on Freecycle for keen gardeners' spare pots and shrubs, using an old divan bed for a raised bed, buying poppy seeds from supermarket food aisles and a leaky way men can help with compost heaps... back to top ↑ |
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Martin's blogs | Martin's appearances 22 May
Good Morning Britain, ITV, 7.30am-7.45am.
Deals of the week. | 22 May
Shelagh Fogarty, Radio 5 Live, 12pm-1pm.
Consumer Panel.
Subscribe to podcast. | |
MSE team corner - Team appearances:
- No team appearances this week.
| Discussion of the week Graduation - did you attend? It's summer - so for many students, that means graduation season. How important is it to actually attend the ceremony? Help studentuk1 make a decision in the Graduation - Did you attend? discussion. | Cheap travel money |
This week's poll: Would you vote for a £14.66 minimum wage? A Swiss referendum to introduce a 22-franc (c.£14.66) per hour minimum wage, proposed by unions to promote "fair salaries for workers in the lowest-paid professions", was voted down on the grounds that a state intervention may hurt the economy. If you were setting the UK's minimum wage, what would it be?
Which is closest to your view on the minimum wage FOR UK OVER-21s? | Poll results How much do you pay for a haircut?
The vast majority of men won't pay more than £10 for a haircut, if they pay for one at all. But a third of women are paying between £26 and £50 a time to care for their locks, with 16% forking out over £51. Men (10,613 voted):
- 28% pay nothing.
- 49% pay under £10. Women (16,014 voted):
- 7% pay nothing.
- 8% pay under £10.
- 29% pay between £10 and £25.
- 34% pay between £26 and £50.
Both men (31%) and women (38%) prefer to get their haircut four to eight times a year. See full results. |
| Q: I've noticed a deposit for £200 in my bank account that isn't mine. Should I contact my bank to say someone's paid it into the wrong account? Helen, by email. MSE Eesha's A: The first thing to do is to establish it really isn't yours. Who paid it in? It's worth a quick Google to check as some people's and firms' bank accounts aren't in the obvious names. If it definitely isn't yours - for example, someone has keyed in the wrong digit in a transfer - then legally you're under no obligation to report it.
However, that doesn't mean it's yours, and you're likely to be depriving someone else. So best practice is to tell your bank. If it's an error and your bank or the payer discovers it, your bank'll ask for permission to remove it from your account. Then, you’re obliged to pay it back (even if you've spent it). There's a new code of practice for banks to recover wrongly-taken money. If you spent money knowing it wasn't yours, you could face court action. See Wrong account MSE News. Please suggest a question of the week (we can't reply to individual emails). |
 Charlotte's free game of the week: Base Jumping |
What city should you be living in? That's it for this week, but before you go, have you ever wondered where in the world you should actually be living? Find out your dream city in this quick (and 100% non-scientific) quiz. 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 9 million people getting this email and nearly 13m 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, and still writes this email each week (unless it says so). He's an ultra-focused money-saving journalist and consumer campaigner with his own ITV prime-time The Martin Lewis Money Show, weekly slots on Radio 5 Live, This Morning and Daybreak, amongst others. He’s a columnist for publications including the Telegraph and Woman magazine. More info: See Martin Lewis' biography 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 marksandspencer.com, firstdirect.com, halifax.co.uk, santander-products.co.uk, lloydsbank.com, nationwide.co.uk, abouttsb.co.uk, firstdirect.com, co-operativebank.co.uk, confused.com, comparethemarket.com, tescocompare.com, postoffice.co.uk, legalandgeneral.com, churchilltreat.co.uk, barclaycard.co.uk, paybyfinance.co.uk, aapersonalloans.com, cbonline.co.uk, sainsburysbank.co.uk, zopa.com, mbna.co.uk, mneysupermarket.com, gocompare.com, admiral.com, aviva.co.uk, talktalk.co.uk.
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