Archive: MoneySavingExpert's Money Tips Email

New calc. 'How much should you save for your child to go to university?'

Whether they're 2 or 17, be prepared. There's a HIDDEN parental contribution the Govt won't tell you - so we will

At 18 you're old enough to vote, marry and fight for our country. True grown-up independence. Unless you're off to uni. Then, for most, a big chunk of your maintenance (living costs) loan is dictated by, effectively, a means-test of parental income. The higher it is, the less you get. The reduction starts at just £25,000/yr total family income. The max total shortfall is over £15,000. Logic implies parents are expected to fill the gap, but they're never told. Students just get loans that aren't enough to live off.

For years I've met a parade of uni ministers to ask them to make this transparent. They've nodded but done nowt. So we've given up and are doing it ourselves. Today, we launch the new calc and my parental contribution guide. These both apply to ENG STUDENTS ONLY, but if they're a success we hope to do something similar for the rest of the UK.

• New. Parental contribution calculator for English students. Tell our free 'How much should you save for your child to go to uni?' calc your family's income and when your child may start uni (even if it's a decade away). It'll then show a ballpark figure for the parental contribution - the gap between what your child will get and the full loan, and roughly what you'd need to save monthly to reach that.
  
  
• New. How the hidden parental contribution works guide. To accompany the calc, I've written a detailed new parental contribution revealed guide for English students, including who it applies to, how it works, will it change and more. It's an especially important read for those whose children are likely to go to uni within the next few years.
  
  
• Student loans decoded & more financial ed. Myths and misunderstandings about the student loan system abound. Correcting them is our passion. So we've a suite of resources to help...
  
  - Watch my Student Loans Decoded 1hr prog designed for parents & future students (perfect to show to a class).
  - Read the Student Loans Mythbusting guide to take you through the system step by step.
  - Learn about why student loan statements are dangerous and our campaign to get them fixed.
  - Watch the 'Should I pay off my Plan 1 student loan?' video or read the 'Should I pay off my Plan 2 student loan?' guide.
  - And for those not yet ready for uni, download a copy of the free personal finance education textbook.

As banks pull rewards left, right, and centre, grab FREE CASH (up to £175) for switching bank while you still can

Last week Santander 123 announced it'll cut rewards in May, NatWest is doing it on 1 Feb, and across the board we're seeing banks withdraw their normal sweeties aimed at getting you to switch. Just take free cash as an example - in the big Jan switch period last year there were five accounts that paid you to switch to them, right now there are only two. We're not sure if the market will change, so sooner seems safer. Here are the current standout offers. Accounts below require a not-too-harsh credit check and you must use their switching services to get the perks...

• Free £175 for switchers. Switchers to HSBC's Advance account get £175, plus with it you can open a 2.75% fixed regular saver, where you can put up to £250/mth for a year. Its customer service is middling at 54% 'great', 29% 'OK'.
  
  All you need to do to qualify is have 2+ direct debits or standing orders moved over within 30 days and pay in £1,750/mth (equiv to a £25,700/yr salary going in each month). Plus you can't have had an HSBC account since Jan 2017.
  
  
• FREE £100 + top service + a £250 0% overdraft. First Direct* pays new custs £100 to switch. Many also get a 0% £250 overdraft (it's 15.9% EAR variable over that, rising to a huge 39.9% EAR in Mar), plus you can save up to £300/mth fixed for 1yr at 2.75% interest in its linked regular savings account.
  
  It's highly rated for service, coming top in our latest poll with 85% of its custs rating it 'great'. There's no min monthly pay-in, but you must pay in £1k within 3mths (you can withdraw it the next day if you want) to get the bonus.
  
  
• Nationwide pays 5% interest on savings for 1st year (plus £100 if you know a cust already). Nationwide's FlexDirect* pays newbies 5% interest on up to £2,500 in it for the 1st year, if you pay in £1,000+/mth. You can also get a 0% overdraft depending on your credit score. And if you know an existing cust and they refer you, both of you get £100.
  
  
• Barclays cust? Sign up for its Blue Rewards. If you bank with Barclays and are happy with it, sign up to its Blue Rewards via online or app banking and you'll get a net £3 each month you pay out 2+ direct debits and pay in £800+ (equiv to a £10,000/yr salary). Though don't switch to it just for this, as the rewards above are much higher.

For more information and other options, see our Best Bank Accounts guide.