MSE leaders' debate, NEW check your Credit Eligibility Rating, just two free £175s left, 132Mb fibre £22/mth

Plus... Top savings ending, it's Meter Reading Week, £200 Shark £100, Amazon delivery hike

                                                           

25 June 2024 | View in browser

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THE TOP TIPS IN THIS EMAIL Martin: We've a major new MSE tool... - Check your Credit Eligibility Rating - It combines three crucial factors - How to improve your rating Just two FREE £175 bank switches left... It's Energy Meter Reading Week MSE Election Leaders' Debate Beat Amazon delivery hike £50 off energy STANDING CHARGES Ends Thu. 132Mb Virgin fibre '£22/mth' 'Free' £27 Grüum summer set Ends Sun. £100 bonus if saving £10k+ £200 Shark steam mop £100 New. How does tax work? Must listen Martin's pod: Crucial summer hols must-dos, worst financial confusions & more Barclays Blue Rewards - time to ditch? Ends Thu. Free 3mths' Disney+ 60% off Abel & Cole fruit & veg box Child Benefit delayed a few weeks ago? HMRC's paying redress 'Holiday car hire insurance £400 success' This week's best buys, including 29mth 0% debt shift, 5.1% savings, 6.1% loan Should my husband's friends help pay the parking fine he got giving them a lift? BEST BUYS & TOOLS MSE Cheap Mobile Finder Credit Club including free credit report 0% balance transfers Compare broadband deals MSE Car Insurance Compare+ Best bank accounts Top savings accounts Credit cards for bad credit Credit Card Eligibility Calculator Loans Eligibility Calculator Mortgage comparison Compare travel money Cheap Energy Club Best Sim-only deals

Martin: We're launching a major new MSE tool... Check your Credit Eligibility Rating! Credit scores only tell half the story. This is a unique, new, real-world check of your credit power I'm excited we're finally launching the new & improved free MSE Credit Club to newcomers (existing members have already got it) and, within it, the unique Credit Eligibility Rating, which I think's a big step up in showing how things really work (though I would say that, it's my concept - brilliantly executed by the team). The Eligibility Rating is a new data tool for anyone who wants to know their real-world credit power - which translates to acceptance for credit cards, loans, overdrafts, mortgages, contract mobile phones, and even energy bills. And crucially, you can then see how to improve things. It's easiest to jump straight to our totally new Credit Club, where it's all explained. Once logged in to the Club, or the MSE App (iOS | Android), as well as the Eligibility Rating, you can also check for FREE your... - Credit Report (shows the data that credit reference agencies hold on you). - TransUnion Credit Score (the usual measure of creditworthiness). - Affordability Scores (mimicking lenders' tests for cards & loans). - Mortgage Affordability Calculator (how much mortgage you could get). - Cards Eligibility Calculator & Loans Eligibility Calculator (which specific top products you're most likely to get). Why your Credit Eligibility Rating is what counts... Now let's get to details. I've long had a bee in my bonnet about credit scores, as many of you may know, as they give the impression they're an official measure. Yet in the UK we don't have a universal credit score or rating. Each lender scores you differently based on its own wish list of a profitable customer. Your credit score is just an illustration from a credit reference agency. The MSE Eligibility Rating is also an illustration, but one that combines the THREE crucial factors that dictate whether a lender will accept you, to show a far bigger picture. These three are... Your credit score. The traditional credit score is one credit reference agency's view of how a typical lender would see you based solely on what's in your credit file (so don't sweat small moves) - all agencies are slightly different. These are a decent, loose, but useful indication of one element of the credit decision, so worth looking at. For the Credit Club, we use data from TransUnion, one of the big three UK consumer credit reference agencies. With it, you can get your free credit score. This is based on your TransUnion Credit Report/File (which you can also access free). We also show you how to check the other two agencies' files, which is good financial housekeeping. Real-time credit report info. Currently, we update your file every four weeks. By the end of July, we'll move to real-time info. Though even then, most lenders only send data to the credit reference agencies on a four- to six-week cycle, so it can still take time to change. Your affordability score (as credit scores don't include the most important info - income). Your income isn't in your credit files used for credit scoring, yet it is a key question on lenders' application forms. And so, when you apply to borrow, lenders affordability-score you too, based on income & outgoings (or their statistical estimates of what someone like you is likely to spend). After all, you can have a great credit history, but if they think you've no money to repay, they won't lend to you. Within the Credit Club, you can view your Affordability Score, where we aim to mimic how a typical lender assesses you based on your: - Credit utilisation: How much of your available credit is used. - Debt ratio: How much debt you have compared to income. - Disposable income: How much room you have to spend. And you can see how you rank on each of these too. Plus, if you answer a few more questions, we can assess how big a mortgage you can get. Current market conditions. I wanted the Eligibility Rating to be grounded in the real world. So part of the data that contributes to it looks at how easy it is currently to be accepted. So your rating can change over time, even if your situation doesn't, simply as the market has changed and acceptance has got easier or harder. Once you've tried the Eligibility Rating and all the tools, we'd love feedback on how it helps and/or any confusion. Many existing members have said nice things about the upgrade, such as: "The MSE score [Eligibility Rating] helps put in practice the credit score: what I am likely to be eligible for if I were to apply. The TransUnion credit score is helpful, but is abstract: here one can see what one is likely to be accepted for, which is obviously essential." How to boost your Credit Eligibility Rating... Within the Credit Club, the Credit Report insights explain how to make yourself more financially fanciable. It's not just about paying your debts on time (though that certainly helps). There's lots more in there, including how long on average you've held your accounts, whether you're on the electoral roll, and much more. Plus, do drill down further into your Affordability Scores to find out what's going on there, and see what's improvable (some things aren't). Quick Credit Club FAQs. For the full set, including how secure it is and what to do if it won't accept your details, see our Credit Club FAQs page. And if you've any problems, please feed back to us.

 

 

DON'T believe the fake 'Martin Lewis' or 'MSE' ads Lots of scam ads litter social media and even newspaper websites - some of these lie that we or Martin promote Bitcoin, binary trading etc. See Fake ads warning.

 

 

 

News. Two free-cash bank switch deals pulled in the last week Grab £175 FREE CASH while you can, only two deals left... It's not you, it's them. The on-off relationship with bank switching seems to be moving into an off stage. Since last week's email, both Santander and TSB have pulled their free-cash bank switch offers. Now only two biggies remain - they're not saying they're due to end imminently, but closing dates can and do change quickly... Switching's usually quick and easy. You need to go via the bank's 7-working-day switch service, which closes your old account and auto-moves your balance, standing orders & Direct Debits. Once done, any payments to your old account are auto-forwarded. You'll need to pass a not-too-harsh credit check. Full info in Best bank accounts, but in brief... Top all-round pick First Direct FREE £175 cash: TOP service, 0% overdraft & 7% regular saver. First Direct's 1st Account* pays switchers £175. It's been top or near-top in every service poll we've ever done and is currently rated 91% 'great', 4% 'poor'. You can also put £300/mth into a linked 1yr 7% regular saver (maxed out, it's £136 interest). Most also get a £250 0% overdraft, useful for those who occasionally dip into the red - in fact, say you're overdrawn by £425, the free switch cash pays some off, the rest's then interest-free. How to qualify for the free £175. It's all about the first 30 days here. Within that time, you must pay in a total of £1,000+ (can be in dribs and drabs, but you need to have the full amount in for at least 24 hours before it can be withdrawn). You must also log into its online site or app, and use your debit card 5+ times, as well as be switching 2+ Direct Debits or standing orders (basically it wants you to prove you'll be using it as a real account, not just doing it only for the cash). Who can get it? First Direct newbies who've not opened an HSBC account since 2017, nor are switching from HSBC. Good for perks Lloyds FREE £175 cash: Plus Disney+ & 6.25% regular savings. Club Lloyds switchers get £175 and can pick ONE of 12mths' Disney+ with ads, 6 cinema tix, Gourmet Society & Coffee Club membership or a magazine subscription. Its customer service is rated 59% 'great', 15% 'poor'. You can also put £400/mth into a linked 1yr fixed 6.25% regular saver (maxed out, it's £161 interest). The free-cash switchers' deal is currently scheduled to end on 30 July, but these things can change. - How to qualify for free cash & perks: Here you need to commit to having £2,000/mth being paid in (equivalent to a ~£29,000+/yr salary) or there's a £3/mth fee. The account you switch must have 3+ Direct Debits moved across. Who can get it? You can't have had switch cash from Lloyds, Halifax or Bank of Scotland since April 2020. They're the two big payers, but there are other deals. The Co-op Bank pays £75 upfront plus five months of £15/mth. Many existing Nationwide customers can get a free £200, but you must be switching in a non-Nationwide account. Can switching bank impact your ability to access credit? Switching bank can impact your short-term ability to get credit, both as it's a credit application and, more importantly, as lenders like evidence of stability. It usually isn't a big deal for most people, but if you've an imminent, important credit application due (eg, a mortgage within the next six months), it's probably best holding off until after. More in how switching banks impacts your credit. PS: Can you switch multiple times? Yes indeedy! See our make £1,000s by repeatedly switching banks guidance.

 

Amazon's stopped free delivery on orders of £25 and over, now it's £35 and over - beat the hike. If you're not a Prime customer, delivery can cost £3.95 to £4.99. See our tricks to beat Amazon delivery charges. £50 off energy STANDING CHARGES via new discounted Price Cap tariff. The new EDF Ensure tracker tariff* was hugely popular last week, so if you missed it, it promises to remain £50 cheaper on dual-fuel standing charges for a year, with unit rates matching the Price Cap. It's a decent option for lower users of all payment types, though you'll need to get a smart meter if you don't have one. Full pros, cons & alternatives in our EDF Ensure review. PS: It's Meter Reading Week. Ends Thu 11.59pm. 132Mb Virgin broadband & line '£21.50/mth'. Switchers in 60% of UK homes can get this Virgin 132Mb broadband for £26.50/mth plus an automatic £90 bill credit. Factored in, that's equivalent to £21.50/mth over the 18mth contract. Full comparison: See MSE Broadband Unbundled. The MSE General Election 2024 Leaders' Debate We put YOUR consumer questions to the seven main party leaders. You can view it in one of two ways... 1. Topic-by-topic. Energy bills (incl standing charges & social tariffs) | Renters' rights (incl rent rises & evictions) | Unpaid carers (incl Carer's Allowance) | WASPI women | Children & childcare (incl Child Benefit) | Mortgages & mortgage prisoners | First-time buyers & LISAs | Student finance (incl living loans) | Car & home insurance hikes | Council tax (incl will they reband) | Food & home costs | Scams & social media | Buy now, pay later | Money & mental health 2. Leader-by-leader, including VIDEO FROM EACH. Sunak (Conservatives) | Starmer (Labour) | Swinney (SNP) | Davey (Lib Dem) | ap Iorwerth (Plaid) | Ramsay (Green) | Farage (Reform) (Mr Farage did not provide a video) 'Free' £27 Grüum summer set (you just pay £4 delivery). MSE Blagged. 16,000 available. A set that has a 50ml SPF 30 sunscreen, bodywash bar and fragrance stick. Grüum Ends Sun. £100 bonus if you're saving £10,000+ in top rates. MSE Blagged. Hargreaves Lansdown's* savings marketplace lets you save & move money via different banks after filling in just one form. Via this link, newbies who put in £10,000+ for at least six months get £100 cashback. On £10,000, that's like 1% extra interest for a year - include that and its current top easy-access savings at 4.72% and one-year fix at over 5% smash the best buys. See Martin's 7 savings accounts all savers need know about. £200 Shark steam mop £100 with code. MSE Blagged. 1,900 available. Shark New. How does tax work? Must listen if you do a tax return, have crypto or savings... The new Not The Martin Lewis Podcast, where Martin asks specialists key questions on subjects he doesn't cover, delves this week into tax need-to-knows: Who needs do a tax return? | Crypto tax | How tax codes work | Tax breaks | Hidden savings allowance | Capital gains & more. Do listen... and it's now embedded in our Tax rates guide.

 

 

BLAGGED FOR MSE - £27 Grüum summer set £4 16,000 available - £200 Shark steam mop £100 with code 1,900 available - £100 bonus if you're saving £10,000+ Ends Sunday - 60% off first Abel & Cole organic fruit & veg box Ends 21 July	DID YOU MISS? - Will you pay inheritance tax? New inheritance tax & probate help - Heads up. £127 of No7 beauty & skincare £35 - Sit together for FREE on BA, Easyjet, Virgin and more - Coupons: Sainsbury's £15 off £80 for newbies online & more

 

 

It's Meter Reading Week... Energy bills FALL an average 7% on Monday. Here are our 6 need-to-knows to prepare and protect your pocket This Monday (1 July), the new, lower Jul to Sept Energy Price Cap kicks in. It dictates the rates 85% of homes (in Eng, Scot & Wal) pay - that's pretty much everyone who isn't on a fix. So this is an important time to take a meter reading, check your Direct Debit amount and see if you can switch and save. Pay by monthly Direct Debit? It's METER READING WEEK. With monthly Direct Debit, firms estimate your usage so the cost can be evened out over the year. With prices dropping right now, unless you've a WORKING smart meter, firms will estimate how much of your current usage is during the higher rate time, and how much is afterwards. So submitting a meter reading within a few days either side of the change (most let you backdate) means they've less wriggle room, and your bill will be more accurate. For belt 'n' braces, you can take a picture of the meter. See our firm-by-firm when & how to do a reading. Do you have a non-smart electricity prepay meter? With most of these, it's topping up after the price change that tells the meter to change the rate. So run down your credit before 1 July, then top up ASAP on or after 1 July (even with a small amount). There's no need to do this with gas meters as they're different tech. The % drop depends on where you live and what & how much you use. The Price Cap isn't a limit on the total paid, it limits the standing charge and unit rates. It varies by region and payment method (eg, Direct Debit, pay in receipt of bills and prepay), so use our CALCULATOR: What'll I pay from July? to find out yours. Yet to show the scale, here's the GB-wide Direct Debit averages for July (also see full region-by-region rates): - ELEC. Standing charge: 60.1p/day (now 60.1p). Unit rate: 22.4p/kWh (now 24.5p). - GAS. Standing charge: 31.4p/day (now 31.4p). Unit rate: 5.5p/kWh (now 6.0p). As the key mover is unit rates, higher users will have a proportionately bigger reduction than lower users. We've been campaigning for standing charge reductions - see which party leaders pledge to reduce standing charges. Fixes are looking good value at the moment. Today's cheapest standalone FIX is 7% LOWER than the current Price Cap, so roughly the same as the July Price Cap. Yet current predictions are the Cap will rise again in October, possibly substantially (and stay roughly the same until April next year). So if the predictions play out, fixing at this rate will be a winner, particularly if you value price certainty. Use our Cheap Energy Club comparison to find the cheapest fixes for your use and area. There are other options too. There's the EDF Ensure tracker tariff, which is effectively the Price Cap with lower standing charges, or E.on Next, which is the Price Cap with lower unit rates. Plus there are Octopus' Agile and Tracker tariffs, which can be substantially cheaper but prices move frequently, and electric vehicle user tariffs too. Are you too much in energy credit? It's the start of summer, so this is the point of the year when you should've used most of your energy credit. If you're over a month in credit right now, that's too much - see Martin's energy credit blog, which explains how it works and how to get it back. Eve emailed us her energy credit success: "I got in touch with my supplier Utility Warehouse, as I was £600 in credit. Asked for it to be refunded - no issues at all. Money was in my bank account within four days." Also as prices are moving, energy Direct Debits can move too, so use our tool to check your Direct Debit is about right. If it's too high, you can ask for it to be lowered. Struggling to pay your bill? Help may be available. Energy hardship grants are available for some - speak to your supplier if you're struggling. See our full What to do if you're struggling to pay energy bills guide.

 

Martin's new podcast: Crucial summer hols must-dos | Get £50 OFF energy standing charges | Worst financial confusions & more. The new The Martin Lewis Podcast covers everything you need to know to prepare for your holiday with less stress, more in your pocket, and lots more thrown in. And just to confuse you, it's totally separate from the Not The Martin Lewis Podcast on tax above. All this and more via BBC Sounds | Spotify | Apple or wherever you like to get your Martin fix. Barclays Blue Rewards customer? It's axing monthly cashback - most should ditch. See Blue shake-up. Ends Thu. FREE three months' Disney+ for some Tesco Clubcard members. Can you get free Disney+? 60% off first Abel & Cole organic fruit and veg box. MSE Blagged. Then 50% off your next two. Veg out Was your Child Benefit delayed a few weeks ago? HMRC has now started paying redress. If you were left out of pocket, it's not too late to claim. See Child Benefit delays update. 'Holiday car hire insurance £400 SUCCESS.' Our success of the week comes from Chris, who emailed after reading our key holiday tips in last week's email: "The email prompted me to let you know about a car hire excess cover success. Last year, we went to a wedding in France and bought excess cover for £6 for a long weekend. Unfortunately, I kerbed the car and was charged £400 repairs. I claimed excess cover and had it all paid back to me, including a cheeky bonus from the exchange rates changing. Will always do it in future. Thanks." If we've helped you save (on this, or owt else), send us your successes.

 

 

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AT A GLANCE BEST BUYS 0% balance transfers Longest 0%: Tesco Bank (check eligibility / apply*) - 29mths 0%, 3.49% fee (24.9% rep APR interest) No-fee 0%: NatWest (check eligibility, NatWest has asked us to link only to our calculator) - 13mths 0% (24.9% rep APR interest) Broadband top picks Fast fibre (100Mb+): Virgin Media '£21.50/mth' Superfast fibre (500Mb+): Vodafone '£28.05/mth' On Universal Credit or similar? Check all discounted social tariffs Top savings accounts Top easy-access: Chase 5.1%, no min Top fix: Nationwide 5.5% for 18mths, min £1 Car insurance Try our Compare+ Car Insurance tool Cheap loans Cheapest for £5,000 to £7,499: Tesco Bank (check eligibility / apply*), 7.2% rep APR (for Clubcard holders) Cheapest for £7,500 to £15,000: Tesco Bank (check eligibility / apply*), 6.1% rep APR (for Clubcard holders) Top energy deals Try our relaunched Cheap Energy Club Best bank accounts £175 to switch + top service: First Direct £175 to switch + perks (eg, Disney+): Club Lloyds Cheap Sims Up to 3GB data: Lebara, '£3.15/mth' for 3GB 4GB to 9GB data: Lebara, '£3.25/mth' for 5GB 10GB to 30GB data: iD Mobile, '£4.50/mth' for 30GB 31GB+ data: iD Mobile, '£5.34/mth' for 50GB

 

THIS WEEK'S POLL Do you risk going on holiday without travel insurance? For years we've emphasised the importance of getting travel insurance ASAB - As Soon As you've Booked - so you're covered if you need to cancel before you go. That's still crucial (see our Cheap travel insurance guide for more tips). With the summer holidays approaching, whether you're going abroad or staying in the UK, we want to know if you risk going without travel insurance? Vote in this week's poll. Over half of MoneySavers use an app-only bank or savings account. In last week's poll, we asked if you'd ever go for a bank or savings account you could only open and manage through an app on your smartphone, and over 6,500 people responded. More than half (51%) already have one, saying they did so because of better rates or perks, two in five (42%) said they wouldn't, with concerns over security and privacy the main reason. See full app-only banking poll results.

 

 

MSE NEWS - Top story: Base rate held at 5.25% again - Sainsbury's Bank customer? You're set to be moved to NatWest next year - Santander to cut rate on popular easy-access savings account again

 

 

MONEY MORAL DILEMMA Should my husband's friends help pay the parking 'fine' he got while giving them a lift? My husband recently went away with two friends on a walking holiday. During one trip, my husband drove them in his car and parked up at a supermarket. After shopping there, the three of them left the car and went on their planned walk - totally oblivious to the car park's time restrictions. My husband just received a £60 private parking 'fine'. If he's unable to fight it successfully, should he ask his two friends to chip in and split the fine three ways? Enter the Money Moral Maze: Should my husband's friends help pay the parking 'fine' he got while giving them a lift? | Suggest a Money Moral Dilemma (MMD) | View past MMDs

 

 

MSE TEAM BLOG - MSE Forum highlights: Passports, patios & prom dresses

 

 

MARTIN'S APPEARANCES (TUE 25 JUN ONWARDS) Wed 26 Jun - Co-presenting Good Morning Britain, ITV1, 6am Wed 26 Jun - Ask Martin Lewis, BBC Radio 5 Live, 1pm (listen to previous podcasts) Tue 2 Jul - This Morning, phone-in, ITV1, 10.30am

 

Goodbye, farewell and RIP to our friend Ant Tragically, we lost the lovely Anthony Hill last week. He worked on the MSE Deals team for six years and made a huge number of friends here, before he changed career and moved to Norwich to become fun Mr Hill at his primary school. Ant contributed many things to this weekly email, brilliant one liners (as we call the short notes) that saved people money. So we wanted to pay tribute to him here, a note to the wonderful man that's been lost. Our sympathy and arms are stretched out to his grieving wife Kayleigh and his little girls. Thirty seven is far too young. We will miss you, Ant, 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 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 MoneySavingExpert and Martin Lewis What is MoneySavingExpert.com? Founded in February 2003, it is now the UK's biggest consumer help website, with more than 12 million users each month and about 8.5 million receiving this email. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple - saving cash and fighting for financial justice on anything and everything. The site has over 80 full-time staff, more than a third 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 Lewis CBE is the founder and executive chair of MSE, as well as the founder of the MMHPI charity. He's an ultra-focused MoneySaving journalist and consumer campaigner with his own prime-time ITV programme The Martin Lewis Money Show, Radio 5 Live Wednesday show Ask Martin Lewis and weekly slot on This Morning, among others. More info: See Martin Lewis' biography. What do the links with an * mean? Any links with an * 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 products at all and the editorial line (the things we write) isn't changed due to them. 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 Financial Conduct Authority (FCA) Note MONY Group Financial Limited is authorised and regulated by the Financial Conduct Authority (FCA FRN: 303190). MoneySavingExpert.com Ltd is a company registered in England and Wales. Company Registration Number: 8021764. Registered office: One Dean Street, London, W1D 3RB. MoneySavingExpert.com Limited is an appointed representative of MONY Group Financial Limited. To change your email or stop receiving the weekly tips (unsubscribe): Go to: www.moneysavingexpert.com/tips.