Archive: MoneySavingExpert's Money Tips Email

Top 3.13% savings - but sometimes less pays more
New widgets show what each top account will pay YOU - to reveal if withdrawal restrictions are worth it
The phrase 'easy access' is being perverted. Some accounts let you withdraw cash without notice, but charge penalties if you do it too often. As the table shows Nationwide pays a tiny 50p a year more than Santander on £2,500, yet charges a month's interest (c £6) on all withdrawals after the first. Unless you'll definitely never do that, is it worth it? Tell our new best buy savings widget what you're saving, then scroll to see how much extra the higher rate actually gets you.

All these accounts have year-long intro bonuses, so diarise to ditch & switch after. More options inc ethical savings, in the Updated Guide: Top Savings. Related: Cash ISAs, ISA Transfers, Safe Savings (all have full £85,000 UK savings safety)

Car insurance UP 50% | The fightback starts here
Men aged 17-22 now pay an avg £3,200/yr. Drivers new and old: hunt down the cheapest

The latest AA stats show car insurance up 15% in 2011, a mammoth 50% hike over the last two years.with young drivers hit especially hard, many being charged £1,000s. To really gear up the savings, we've updated our system with tips, new detailed comparison site rank & more, see updated Cheap Car Insurance & Young Drivers' Insurance guides...

• Start by combining the comparison sites. Never use just one, as they all search different insurers. Our new system samples to find what's likely to be cheapest.
  
  Aged 17-24: Combine Confused.com* & MoneySup* for 72% chance of cheapest.
  Other drivers: Combine Gocompare* & Confused* for 70% chance of cheapest.
  With both, then add: Big players Direct Line* and Aviva* which comparison sites miss.
  
• 'I halved my 17-year-old's insurance' Take Forumite Alison B's example, "Most places were around £4,000 for my 17-year-old son... but he got it eventually for £1,860". The following quick tips should help, but it's always a case of trial and error...
  
  - Add older 2nd driver, even if they'll rarely drive. Putting a 40-yr-old on 18yr-old's £3,600 quote cut it by £1,000.
  - NEVER 'front', ie, falsely put someone as main driver (eg, parents on kid's car). It's fraud and invalidates cover.
  - Try multi-car policies eg, Admiral's*. Boredwithbeingignored saved £4,600 by shifting three cars, incl a teenager's.
  - Try pay-when-you-drive tracking devices like iKube* and Coverbox* which are good if you don't drive at night.
  - Try pay-how-you-drive versions like Co-op's*, useful for young drivers not from the Schumacher family.
  

These are just the tip of the iceberg. For more help, including how to get maximum cashback, see the Updated Guides: Young Drivers' Car Insurance and Cheap Car Insurance.

Here's an easy way to MAKE money. Retailers pay your card provider when you use it. By getting a cashback credit card you can effectively get this put in your own pocket. Great for when big one-off purchases are due. All require a credit check.

• A simple trick makes it a cashback debit card. Many are rightly scared of credit cards. The golden rule is avoid interest by setting up a direct debit to fully repay each month, and stick within the credit limit. Then it's just like debit card that pays cashback - so use for all normal daily spending, instead of cash, cheques or other plastic.
  
  As @laalpotts tweeted: "made the most of the 5% cashback card & earned £100. Paid 4 fuel 4 a weekend away & new clothes".
  
• 5% intro cashback, no annual fee. The widely-accepted Capital One* World Mastercard pays a huge 5% for 3 mths (max £100 earned) and after that the rate gradually rises with spending to 1.25%. It has no annual fee, and requires £20,000 income. Fail to fully repay and it's 19.9% representative APR.
  
• New. 5% for 3 mths, flat 1.25% after. If you've got Capital One or are a big spender, Amex Platinum* gives accepted new cardholders a 5% (was 2.5%) for 3 mths (max £100 earned) then an unbeatable long-term 1.25% on everything after. Yet it has a £25 annual fee. Fail to fully repay & it's 18.5% rep APR.
• Earn long-term 3% on petrol/diesel spending. With pump prices sky high, if you do some serious mileage Santander* 123 pays 3% on fuel (max £9/mth), 2% on dept store spend and 1% in supermarkets. It does have a £24/yr fee though, but that should soon be eaten up by cashback. Be sure to fully repay, else it's 22.8% rep APR.

Full info in the Updated Guide: Cashback Cards Related: 0% credit cards, Boost credit ratings, Official APR Examples

Solar Panels. Govt defeated - should you sign up?
Govt loses appeal over cutting solar subsidies | Higher payments for panels installed by 3 Mar

Friends Of The Earth and the once-rampantly growing solar industry have been locked in a fierce court battle with the Government, and we've been swamped with questions. Full info in the Free Solar? guide, and here's a quick Q&A.....

• How does the solar subsidy work? Solar panels save a typical home £90-£180/year in electricity. But the real boon's that the Govt guaranteed you'd get a high 'feed-in tariff' for 25 years - be PAID to generate energy - even if you use it yourself. So on £10,000 panels you could earn £1,000+/yr for 25 years. But in Oct it announced the rate would soon be more than halved for NEW sign-ups.
• What does its appeal loss mean? Due to bungled 'consultation timings', the court ruled it couldn't halve the rate when it did - and the govt's appeal against this just failed. So homeowners who get panels up and running before 3 Mar could lock in the higher payments for 25 years.
• My ordered panels aren't fully fitted yet. Urgently talk options with your installer. Not only must panels be fitted, but the energy supplier must have received the MCS in time.
• Can I sign up and get installation before the deadline? It's a gamble. You need to install & register your Microgeneration Certification Scheme (MCS) by then and that's a big ask, with heavy demand. Plus the Govt is still seeking permission to overturn the ruling. If they're not fitted in time, you'll go on the less-than-half rate.
• Is it worth buying at the half-rate? The cost-to-return ratio is much less attractive and it's far from a guaranteed win at this level, though there are of course environmental benefits.
• Can I still sign up for free solar? The lower tariff may eventually kill off most 'free solar' deals, where you get the panels and electricity savings, but the supplier keeps the big feed-in payments. HomeSun, Isis and A Shade Greener say they are still taking new sign-ups for the time being - but anything could happen.
  

Full info in the Updated Guide: Solar Panels. Related: Switch Gas & Elec Now, Free Energy Grants, Free Insulation