Archive: MoneySavingExpert's Money Tips Email
Over 50 ways to save, incl... Inheritance tax need-knows, Ibiza for £5?, free wills, energy fixes being pulled, Prime Day deals, £135 specs £33, 25p Quavers, shift debt to guaranteed 29mth 0%, £639 beauty for £150, swerve car insurance 'loans' ...
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If you can't afford to clear your credit card debt, you can't afford not to check this out... There's a new longest balance transfer card from Virgin Money and it's one where everyone accepted gets the full deal, meaning if the eligibility calc shows you've a good chance of success, you know you'll get the advertised 0% period rather than a shorter version. As we always say, a top 0% balance transfer is the core weapon for cutting credit card interest. It's where you get a new card that pays off debt on existing cards for you - so you now owe it but at 0%. That way, more of your repayments go towards cutting the debt rather than just paying interest. But before we show the best buys... 1. Apply via an eligibility calc to protect your ability to get credit. Apply for a new card, and even if you're rejected, your credit file gets a hard search mark. Instead, a 0% eligibility calc shows your acceptance odds for top cards, so you can home in on those most likely to accept you before applying, to minimise the credit file impact. 2. Go for the LOWEST FEE within a 0% long enough to clear your debt. Generally, the longer the balance transfer, the bigger the one-off debt-shift fee. So if you can clear quicker, aim to minimise fees. Unsure? Play safe & go long. 3. Usually rejected when you apply? MSE's free Credit Club (or via MSE app on Apple | Android) can analyse the problem, plus the eligibility calc (accessible via the Club without needing to enter any more details) lists poor credit scorer balance transfers you may be accepted for (up to 16mths 0%). Be aware that with these deals, the rate after the 0% ends is often higher than you currently pay - if so, only shift debt you're sure you can repay in that time.
Quick balance transfer FAQs (click links for Martin's answers) |
Can you fly for under £5 one way? A discount means we've found Mykonos and Ibiza for £5 or less. Booking site Trip.com's app* gives £10 off per passenger for each of your first three app bookings. We've found plenty of flights, including during the coming half-term, for under a fiver with this discount factored in. Of course it's trial & error, and there are the usual luggage etc costs. Full help in £10 off flights trick. Tue & Wed. Amazon 'Prime Big Deal Days' sort deals from duds. Incl £125 off Ninja air fryer & 30% off Amazon Resale (formerly Warehouse). Full 'Prime Big Deal Days' analysis. A rapid success: 'I saved £286 on home insurance.' In last week's email, we included our six steps to cut home insurance costs, and our success of the week comes from Karen, who emailed on the back of it: "Our buildings & contents auto-renewal reminder came in with a 52% price rise - even my husband commented: 'Wow, that's some hike'. I double-checked your action steps, and 30 minutes later I had saved £286 on an exact like-for-like policy. Happy days. Thanks to you all at MSE." If we've helped you save (on this, or owt else), send us your successes. £33 Barbour prescription specs or sunnies (normally £135). MSE Blagged. Via SpeckyFourEyes code. Sent money to a scammer? Banks now have to pay you back up to £85,000 (but they can charge you a £100 excess). See our new fraud refund rules Q&A. Do you pay car insurance by monthly Direct Debit? Beware! It's a loan. We're gobsmacked by Martin's poll on X (Twitter) today, showing c. 1/3 of people pay car insurance this way, as in reality, insurers are loaning you the money to pay annually and can add £100s interest on top, eg, Direct Line 23% APR, Aviva 16% APR, Esure 26% APR, Hedgehog 44% APR, Tesco 22% APR, Beam (AA) 26% APR. Many are far higher than a typical credit card (it's cheaper to pay on those and repay them monthly). More help in our Compare+ Car Insurance tool, and How to cut car insurance costs guide. 20p Diet Coke, 25p Quavers, 50p organic chopped tomatoes etc via 10% off code for already-reduced, past 'best befores'. MSE Blagged. Approved Food sells very cheap groceries near or past their 'best-before' dates (NOT past their 'use-by' dates, which are a safety rule). Min £22.50 spend, delivery's £3+. Approved Food Beat the 10% Energy Price Cap rise pod special - 'no one should stay on the Pants Cap'. Which tariff is right for you? How to lower standing charges. If you've done nothing about it yet it's worth a listen, in conjunction with the info below. All in the new The Martin Lewis Podcast - listen via BBC Sounds, Apple, Spotify or wherever you get your Martin fix. |
Martin's Energy Update: Fixes getting costlier. Act soon
Sharon emailed on the back of that to say: "Saw your email - I have now switched, saving £468/yr! Thanks so much," but we also got a few such as this: "Really confused... I've fixed with Octopus - does this mean I shouldn't have?" So with some top deals being pulled, let's answer some common questions and update you (and if you find it easier to listen than read, I've a 'beat the energy price rise' podcast special). 1. Are you on a Price Capped tariff? The Price Cap only applies to firms' standard variable domestic tariffs for Eng, Scot & Wales. It's the default tariff that those who haven't recently chosen to switch firm or tariff are on. The Cap is regional and sets a max daily charge and cost for each unit of gas & elec used, not a total cap on what's paid (see full Cap rates). - You ARE on a Price Capped tariff if: you've never switched energy deal, were on a fix that ended but didn't switch again, or haven't signed up to a new energy deal after moving home. If so, your bill WILL have risen about 10%. - You're NOT on a Price Capped tariff if: you're on a fixed or other specialist tariff. So these don't change when the Price Cap changes and WON'T have gone up about 10%. The one exception's specialist discount trackers, which, while not technically Price Capped, promise to move with it.
Q. Is fixing the only choice to save? No. Though for most it's the simplest and safest way to guarantee a saving. I ran through alternatives last week and they haven't changed, so see discounted Price Cap tariffs (good for lower users), specialist electric vehicle tariffs, & Octopus rapid price-change tariffs (potentially big savings for sophisticated users). Q. I'm on prepayment - can I fix? Unfortunately it's much more difficult, unless you're on a smart prepayment meter, where there's an option in the table. We need better competition for those on prepayment meters, but it's not there yet. Q. Even with cheaper tariffs I'm struggling to pay bills - what do I do? It's always worth talking to your energy firm. Be polite and straight with it, and make sure you explain if you're vulnerable. There can be hardship & debt grants from energy suppliers. For far more guidance, see our full What to do if you're struggling to pay energy bills guide and our Energy saving tips and Energy mythbusting guides. |
Update. Now THREE banks pay a free £175+ to switch. Lloyds has started offering switchers £200 plus perks (eg, 12mths of Disney+) & 6.25% linked savings, BUT you must pay in £2,000 every month or there's a £3/mth fee. It joins First Direct's* free £175 deal, which has a 91% 'great' service rating, 7% linked savings and a £250 0% overdraft, and Nationwide's free £175, which has 6.5% linked savings - both of those just require you to pay in £1,000 once (and you can then withdraw). Full help and eligibility info in Best bank accounts. £639 Sol de Janeiro, Elemis, Augustinus Bader beauty for £150 (before it goes on sale Thu). 14-item beauty box, including face cream, serum and mascara, from popular online beauty retailer. Lookfantastic Money problems and mental health issues are a marriage made in hell. It's World Mental Health Day this Thu, so we wanted to remind you of our 44-page FREE Mental Health & Debt PDF guide. Have you experienced money & mental health issues? Martin's charity the Money & Mental Health Policy Institute would love volunteers to join its lived-experience community to help feed into policy ideas to be able to break the link between the two. Disney+ to hike prices by up to £24/yr. Hot on the heels of its password-sharing crackdown, it's bumping up the price. The rises take force from next week, but some can save by taking action now. See Disney+ price hikes. |
AT A GLANCE BEST BUYS
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THIS WEEK'S POLL How often have you had to dip into your savings? As the cost of living crisis continues to heap pressure on to the finances of many people across the UK, we'd like to know whether you've had to dip into any savings you have. And if so, how often and why have you needed to dip into your savings pot? Vote in this week's poll. More than half of MoneySavers have turned their heating on already. Last week, we asked if you'd turned your heating on yet, and just under 19,000 of you responded. Overall, 56% of respondents said they'd already switched it on, with just 23% saying they were holding on without heating for as long as they could due to the cost. This is in stark contrast to when we ran this poll this time last year, when 64% of respondents hadn't switched their heating on yet for the same reason. See the full heating poll results. |
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MONEY MORAL DILEMMA Should I ask my friend to pay for charging his electric vehicle at our house? My house has an electric vehicle (EV) charger, but I don't have an EV. A friend came to visit and asked if he could charge his EV as it hadn't charged properly overnight, and I was glad to help. When he left he didn't offer to pay for the electricity he'd used, and I was too embarrassed to ask. Our meter showed he'd used more than we normally do in a week, and he is a lot wealthier than us, so should I ask him to reimburse me? Enter the Money Moral Maze: Should my friend pay for using our EV charger? | Suggest a Money Moral Dilemma (MMD) | View past MMDs |
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MARTIN'S APPEARANCES (TUE 8 OCT ONWARDS) Wed 9 Oct - Good Morning Britain, co-presenting, ITV1, 6am |
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