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MARTIN'S QUICK BRIEFING
Do you know the difference between...?
Take 60 seconds to do the financial malapropism quiz
Remember Allo Allo's Officer Crabtree, "Good moaning, I represent the British Air Farce"? With him malapropisms (misused & confused words) were comedy; with financial terms it can be tragedy. Do you know your ISA from your elbow? Try my quick quiz...
- "Secured" and "Unsecured" loans
While secured sounds better, it's not! Your lender gets security not you, as it's secured on your home so if you can't repay it can take your house. Where possible always go for unsecured (see Cheapest Loans for more).
- "No Notice" and "Instant Access" Savings
Both are easy-access savings types, but with instant access you can get cash on demand, ie. withdraw from ATMs or branches there & then. With No-Notice you needn't warn of withdrawals but they're internet, phone or postal accounts so in practice it takes a few days to get the cash (see Top Savings).
- Credit Card "0% Deals" and "Interest Free Period"
The appallingly confusing phrase "interest-free period" used on credit card summary boxes doesn't refer to short term 0% spending or balance transfer deals. Instead a 55 day "interest free period" means you've that long after the purchase to clear the card to avoid interest. If it says no "interest-free period", you're charged even if you repay in full (see Balance Transfers).
- "Life Assurance" and "Life Insurance"
You insure against something that may happen, you assure something that will happen... and death is assured. Yet as some policies only pay out if you die within a set time limit, these may be called life insurance (see Cheap Life Insurance guide).
- "Megabytes (MB)" and "Megabits (Mbit or Mb)"
Both measure amounts of data. A MB is used for things like memory stick storage capacity (and means just over 1m bytes of information) while Mbits measure data transfer speeds e.g. for broadband. For nerds an Mb is 1/8th the size of a MB, so an 8 Mb per second (Mbps) connection, at top speed would download 1MB of data per sec (see Cheap Broadband).
Let us know any more terms you're confused with in the financial malapropisms discussion.
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| The Ones Not To Miss |
New! Get £50 free AND £5/month: Switch now. Top Bank Account
ALWAYS in credit? There's a new top account (if not there's still a FREE £100)
Finally a genuine challenger to Alliance & Leicester's (A&L's) best-buy bank account crown. Free £50 & £5/mth: Pay your salary (min. £14,700) into Halifax's* Reward account and you get £5/mth; yet now new switchers also get a £50 bonus via comparison site Moneysup. (the link takes youthere). Yet only do this if you're NEVER overdrawn or its charges are high. Free £100 & 0% overdraft: Alternatively newbies paying their salaries (min. £6,000) into A&L's* Premier account get a free £100, free travel insurance and a year's 0% overdraft. Easily best buy for those who are overdrawn, and for those prepared to switch regularly it beats Halifax. The free £100 for those in credit is also available from First Direct*, with its strong customer service rep (min. salary £23,300). How difficult is switching? Providing you pass the credit check it's much easier than it used to be, as they move all standing orders & direct debits for you. Yet don't close your oldaccount immediately, leave it open & funded for a few months just in case. FULL pros, cons & more best-buys in the Updated Guide: Best Bank Accounts Related: Free Credit Rating, Budgeting, Bank Charges Reclaiming
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Urgent! Free £40 Tesco Rewards on £50 online grocery spend
Code to get 1,000 Clubcard points free (worth up to £40 rewards) on first Tesco online shop
10,000 codes blagged for MoneySavers new to Tesco.com - go quick. See the Daily Deals List: Discount Vouchers
Ends Sat! 2 free bottles of Budweiser (worth c. £7) at Pitcher & Piano. Just register & print unique code before 11 June. See the Daily Deals List: Restaurant Deals (please be DrinkAware)
Last Chance 5% fixed savings? Top 5 year fixes disappearing
Two weeks ago there were three 5% fixes. Now only one's left & we're told it's likely to close imminently
Long term fixed savings deals are being pulled across the board, as the '5 year swap rates' that they're based on havedroppedby a tenth this year. So those wanting to fix soon should rush. The only 5% deal: If you're prepared to lock cash away for 5 years with ICICI* you get a big 5% fixed (if you save £1,000+). The bank (like all listed here) is fully UK regulated, so in savings safety terms you get the normal £50,000 per person UK guarantee. Is a 5 year fix worth it? Normally we shy away from long term fixes, as over that time your personal circumstances & the economy could change so much, it's a bit of a gamble. E.g. While 5% looks great now, if UK interest rates rise it mightn't look so hot, but your money's stuck there. Yet this market activity's so significant we thought it required a heads up for those who want long term rate guarantees. Shorter Fixes: ICICI* also pays 4.15% for three years, while Punjab National pays 4% for two years or 3.25% for one year. More info and all easy-access best-buys in the Updated Guide: Top Savings Accounts Related: Are Your Savings Safe?, Top Cash ISAs
Free new Twilight book online worth c. £6. New spin-off novella The Short Second Life of Bree Tanner is available legit to read free online for bloodthirsty fans. Forum Note: Twilight
Free £8 Cowshed shower gel, £14 Benefit pencils & £14 Jemma Kidd lip gloss
New beauty freebies! All in £3ish mags. Plus Benefit 15% off and free £10 Sanctuary gift with £10 spend
Join Lush 6 products for £10, 5 Bourjois glosses, free nail varnishes and many more in the Daily Deals List: Beauty Deals
20% off 1,000s World Cup takeaways plus cheap booze
Plus Pizza Exp 2for1 takeaways, 30 Guinness cans £18 & 36 Becks bottles £18
For those who've been on another planet, the World Cup starts this week, so if you're at home watching England on Saturday night here's a round up of the top deals. Takeaway/Delivery: Valid for the weekend, there's a 20% off code for HungryHouse.co.uk which is a multi-takeaway website covering 2,100 UK local outlets, plus there's a 2for1 for Pizza Express valid on takeaways. Full details on this plus weekday deals like GBK and Zizzi 2for1 and Toby Carvery 2 courses for £5.25 in the Restaurant Vouchers list. World Cup Supermarket Booze: If you're having the lads & wags round, the supermarkets are competing hard with booze promotions with offers such as Morrisons 3for2 including Guinness, Becks, Strongbow and Carlsberg Export or Sainsbury's £10 for 24 cans of Fosters or Asda 2 x 15 bottles of Stella for £15. All these as well as a host of world cup freebies, like t-shirts and pants or free kids footie lessons in the Deals Note: World Cup Deals and please drink responsibly (see Drinkaware).
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Urgent! Special o2 Sim pays £5 cash per England goal. Top up £15 and you get £5 cash per England goal (or opt for goals against). Last time they scored 6 so that's £30 (£15 profit). See the Deals Page: World Cup Deals
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15% off Urban Outfitters, 20% off New Look and Warehouse
New codes & vouchers! Join JJB Sports 20%, Burton £5 off £25, Kickers 20% off & Office 20% off
Plus £5 off £50 at Zavvi. These and many more in the Daily Deals List: Discount Vouchers
Home & Energy Grants: Up to £3,500 of free cash. New Guide
Apply now! Cash for boilers, DIY, insulation & more. Do it now to prepare for winter.
There's wads of free cash and help available for improving your home especially for energy efficiency. Yet many people leave it till winter; bizarre as the best time to have your boiler out-of-action while upgraded is mid-summer. What type of grants are available? Scores of different ones. The biggest's Warm Front which offers up to £3,500 for loft & cavity insulation, central-heating and draught-proofing, yet there's also help for the elderly to build flatpack furniture, free smoke detectors or help for those in utility arrears. Who can get them? While many are focused on the over 60s and those on certain benefits, look carefully and there are some everyone can qualify for. In the words of one MoneySaver, "I've qualified for a brand new boiler! I didn't think I'd meet the criteria but I did, so everyone should check" What's the impact? Installing better equipment can increase the value of your house and save up to £200 a year on energy bills. How to check: Full info and quick grant finding tool via the New Guide: Energy Grant Gabbing Related: Switch Gas & Elec + Cashback
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Find hidden 25%+ off TVs at Amazon
Special link displays all Amazon's discounted TVs in one click - created at your request
Just click 25%+ off TVs*. Built as the Amazon Discount Finder usually shows 50%+ cuts (& not enough TVs appear). Doesn't automatically make 'em cheapest though.
10% off code for "beyond best-buy" specialist Approved Food
Typical super cheap deals incl 24 Walkers 99p, 3 ltrs squash 99p, 80 Twinings tea for £2
P&P's £5.25 so it's primarily for bulk buys. See the Deals List: Shopping Vouchers Related: Cheap Supermarket Shopping
Halve airport parking costs. Act Now!
Cut comparison sites' cheapest 10%, use hotel loopholes & find hidden car parks
The best way to cut airport parking costs is to avoid it, as it's oft so hideously expensive you're better on public transport. Yet if there's no choice, early booking slashes the price. Step 1: Use Comparison Sites. Both Holiday Extras* and APH* search for the cheapest parking, both at airports and nearby (usually much cheaper; they mini-bus you in), plus we've blagged 10% off codes for both these sites (full details in the guide). Step 2: Check Hotel Deals. Many airport hotels offer a week's parking with a night's stay, which can often be cheaper than just paying for the car park. Step 3: Hidden Local Deals. Local knowledge is unbeatable, perhaps a street you can park in for free or a small local car park, so we've an airport-by-airport rundown of MoneySavers' top spots. Full info in the Updated Guide: Cheap Airport Parking Related: Cheap Flights, Cheap Travel Money, Cheap Travel Insurance
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Free Photo Personalised Father's Day Cards (worth up to £3.50). Two companies have offers which you can personalise your design or add photos. See the Forum Note: Free Father's Day Card
Cheapest Broadband back to £4.49/mth + connection
Code gets £2/mth off already cheapest deal - it's now £4.49/mth + £25 connection fee on year's contract.
June only. Use the code 'bbcvalue' via BroadbandChoices* (avail in 70% of UK homes). Full Info: Cheap Broadband Warning! Paying off your credit card DOESN'T mean it's clear
Be vigilant, you could get £100s of bills & credit problems due to forgotten charges & missed payments
This e-mail's typical of the many we've received, "we paid the card off, but months later they sent demands for two unpaid cash withdrawals from 10 months before." Never assume paying off your card means it's clear, you need to keep checking, as if there are charges to come and you don't repay you could be hit by fines and credit problems. Reason 1. Cash withdrawal interest. Even if you repay a card IN FULL you're still charged interest on ATM withdrawals, which often appears on the next statement. Reason 2. Old payments. Sadly companies don't have to request money from your credit cards provider straight away, it can be months after the transaction, so any outstanding payments may be very late. What to do: Check every statement for at least six months. Even if you think you've cancelled the card, don't assume that's the end of it – they often leave accounts open for months in case of late payments, so call again 6 months later to check it's finally closed. Discuss: Unclosed Cards. Related: Best Balance Transfers, Top 0% cards
£35 off flights if you've an Amex card
Code
gets £35 off £200+ on cheap flight site Opodo, so New York
flights currently £299 return
Combine this
discount with American Airlines sale and it's a serious bargain.
Forum Note: American Airlines Sale
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[[tip_box_in_tip]]
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| Big & Easy Ways To Save |
| Quick links or click the titles for full pros, cons, alternatives & more savings |
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| More MoneySaving |
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Q. Now Santander owns Abbey, A&L and Bradford and Bingley, if you've debts with one bank and a current account with another, can they take money to repay the debts from the current account without asking? Paula, by email
Martin's A: The right of setting off means all banks can have the automatic right to take money for unpaid debts (credit card, mortgage, overdraft or loan) from a current or savings account held with it without permission and without asking (see the setting off guide for full info).
In the case of Santander, it can already move money between old Abbey and B&B savings accounts, and A&L too will be allowed on most things (see guide) from 28 August 2010. Anyone struggling financially must be wary and prepare by separating savings and debts.
With other groups, if a bank wants to extend its standard rights it should tell you in the T&Cs.
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Discuss: Merging banks
Suggest: A question of the week
(big general issues not personal q's pls) |
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Explanation of * Links
FSA NOTE: Referring people to insurers or insurance intermediaries can in some circumstances require FSA authorisation. For this reason, Martin Lewis of Shepherd's Studios, Charecroft Way, Shepherd's Bush, London W14 0EH is authorised and regulated by the Financial Services Authority.
How this site is financed. Any links with a * by
them are affiliated. That means go via this link and a contribution may be made
to MoneySavingExpert.com, which helps it stay ad-free and 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) is NEVER impacted by it. If it isn't
possible to get an affiliate link for the best product, it's still included in
exactly the same way. As we believe transparency is important, we're including the
following 'un-affiliated' web-addresses for the same things: alliance-leicester.co.uk, firstdirect.com, halifax.co.uk, plus.net, amazon.co.uk, icicibank.co.uk, holidayextras.co.uk, aph.com, natwest.co.uk, rbs.co.uk, barclaycard.co.uk, energyhelpline.co.uk, virgin.co.uk, tescofinance.co.uk, moneysupermarket.com, gocompare.co.uk, homephonechoices.co.uk, confused.com.
Read more about this in how this site is financed.
MoneySavingExpert.com is the free to use Consumer Revenge website focused on how to save you cash. It's owned, and run by ultra-focused journalist and bestselling author Martin Lewis. On TV amongst other things Martin is GMTV's Money SavingExpert and presents money programmes for ITV1 Tonight. On Radio Martin has regular slots on Radio 2 Vine and Radio 1 Whiley. He's also a columnist for amongst others the News of The World, The Telegraph and the Sunday Post. Find out more: About the site and its funding.
Disclaimer: This e-mail is based on journalistic research. It does not constitute financial advice. Any information should be considered in regard to your
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