| THE TOP TIPS IN THIS EMAIL | | Menu links don't work in some email readers. If a problem, view online | | Banking wars: Free £200 vs top savings vs £600 of insurance | | New. Cheapest borrowing, 29mths 0% | | Broadband & line '£13/mth' code | | Hot car ins deals, incl £80 J Lewis | | Posh bedding code, eg, £9 duvet | | Longest-ever NO-FEE 0% debt shift | | Boots up to 70% off sale? | | New. £40 Amzn vch with £8/mth Sim | | Stop the GPs' charge VICTORY | | Last chance. 'Free' 500 Clubcard pts | | £500 prize now or £1,000 in a year? Martin on what your answer means | | Carluccio's 2for1-ish, Ask 50% off | | Hi-Tec £14 trainers, £30 boots code | | BIG train sales, eg, £15.50 Ldn-Leeds | | Thorntons chocs Xmas clearance | | Free gym passes | | | | | | | | Urgent: the bank account wars are back - make 'em pay you to switch
Banks are desperate for your custom, and they're offering a host of cracking incentives. Many complain about their bank's service - but do nowt. So it's simple: If your bank's a b*****d, don't bitch, just switch.  And even if you're happy with the service, take advantage of the price war and make them pay YOU. Switching's easy - it takes just 7 working days, your bank does it for you and 76% of you said it was little hassle. Yet the market's in flux. While new deals have launched, others are being watered down for new and existing customers, so ACT NOW.
| 1. | Free £200 for switching. Some banks want you so much they'll pay you to switch. Here are the best bribes on offer (you'll need to use their official switching services)...
- Free £200 (£150 upfront, £50 if you stay). HSBC Advance* pays £150, as long as you switch 2+ direct debits/standing orders and pay in £1,750/mth. Register for online/mobile banking within 60 days and if you're still with HSBC after a year, you get another £50. Plus there's a 5% fixed regular saver.
- Free £125 & No.1 for service. Apply via this First Direct* link & switchers get £125 (£100 direct) once you've paid in £1,000 within 3 months. The bank's won every service poll we've done (91% rate it 'great'), has a £250 0% overdraft and gives access to its 5% fixed regular saver. Pay in £1,000/mth or you face a £10/mth fee.
- Free £110 + up to £5.50/mth. Co-op Bank gives £110 (you need to switch 4+ 'active' direct debits), plus sign up to its Everyday Rewards scheme and jump through a few hoops to get up to £5.50/mth. No min pay-in for the £110 but it's £800/mth for the extras.
- Free £100 + £3/mth. Halifax pays switchers a £100 sign-up bonus (no min pay-in). Plus get £3/mth if you pay in a min £750/mth, stay in credit & pay out two direct debits/mth.
- Free £50 M&S gift card + £5/mth. M&S Bank* gives switchers a £50 M&S gift card (no min pay-in), plus for the first 2yrs it adds £5/mth to the card if you pay in at least £1,000/mth. There's a £100 0% overdraft and 5% fixed regular saver. Switch 2+ 'active' direct debits to get the £50 gift card & keep them active for the £5/mth. M&S warns set-up may be delayed as it's been swamped with applications. | | | | 2. | Top for savings interest: 3% on £15k or 5% on £2.5k. Instead of cash bribes some banks pay loss-leading interest for those in credit. Unlike with the free cash accounts above, which you have to switch to, these don't make you close your old one, so you can have multiple accounts each offering savings perks. To do it this way, say no to using the 7-day switching service.
- Get 3% on up to £15,000. Open a Classic Account with Bank of Scotland and add the Vantage feature and you get 3% AER variable on £3,000 to £5,000. You can open 3 accounts so can boost returns to 3% on £15k. (Each needs a £1k/mth pay-in & two direct debits paid out/mth.)
- Get 1.5% on up to £20,000. Santander* pays 1.5% AER variable on up to £20k. Its £5/mth fee is covered for most by up to 3% cashback on bills paid by direct debit. In a couple? You can earn 1.5% on a huge £60k by opening 3 accounts. (Each needs a £500/mth pay-in & 2 'active' direct debits.)
- 5% FIXED for a year. Nationwide FlexDirect is 5% AER fixed for 1yr on up to £2,500 - 1% AER variable after (£1,000/mth min pay-in).
You can open multiple accounts to max the gains. Just ensure you meet all the criteria including min direct debits, and split your cash to boost returns. Also, be aware each application has a small impact on your credit file. | | | | 3. | Pay £10/month and get up to £600-worth of insurance. For a fee, some banks offer a host of 'freebies' including insurance and breakdown cover. If you're a family with smartphones, go abroad a lot or have large bills, these could win.
- £600+/yr of insurance for £120/yr. We think Nationwide's FlexPlus* is a cracker. It has a £10/mth fee, but gives world family travel insurance up to age 74, family smartphone insurance and European breakdown cover for you in any car. Plus you get 3% AER variable on balances up to £2,500, and extended warranty on new-ish electrical goods. A family needing all this would pay £600+/yr separately.
- Got large monthly bills? NatWest may beat it. NatWest's Reward Platinum costs £18/mth (£216/yr), but you get world family travel insurance, smartphone insurance, UK breakdown cover and 3% cashback on most bills paid by direct debit.
See more options and full details in Packaged Bank Accounts. Always ensure you'll use the perks and you can't get 'em cheaper elsewhere, otherwise cancel & go fee-free. If you only opened one because the bank said you must, try our free Reclaim Packaged Bank Fees tool. | | | | 4. | The top accounts you don't need to pay in to every month. Many of the top 'free cash' accounts require you to make a minimum pay-in. It's just the bank's way of ensuring your income/salary goes through the account. Yet some don't. So if you've a low or uncertain income, these are the ones where you can get the initial perk without a minimum pay-in.
Co-op Bank pays £110 within 45 days of your switch completing, although you do need to switch 4+ 'active' direct debits. Halifax pays switchers £100, plus you'll get it before the switch is completed. And M&S Bank* gives a £50 M&S gift card within a month of switching, as long as you switch 2+ 'active' direct debits.
Can I jemmy the pay-in? Usually. The rules say you need to pay in a set amount from external sources. So let's say you want a £1,000 pay-in but only have £500 coming in. Get the £500 paid in, withdraw it either as cash or to another bank, then pay it back in, and BINGO, you've qualified. | | | | 5. | Seven-day switching means it's no hassle. The service is now over 3 years old, and in our last poll 76% of you said it was hassle-free. Only 12% said it was a nightmare. Within seven days your new bank will:
- Switch your direct debits and standing orders for you.
- Close your old account & ensure all payments go to the new one.
As Sophie says: "I've switched 2 accounts in the last few years. Was so easy I persuaded my parents to do the same."
If switching, to get the perks you must switch using the bank's official service. Plus most new accounts need you to do the following...
a) Pass a credit check, though these aren't normally too harsh.
b) Pay a 'min monthly deposit'. In reality, it's just how they ensure you pay your income in. A £500/mth pay-in = £6,000/yr salary. If this may be tricky, see point 4 above.
c) Switch 2-4 direct debits/standing orders. | | | | 6. | Which pays more? Free cash or savings interest? To work it out we need to get a little nerdy...
a) It all depends on how often you're prepared to switch. You can get up to £280-ish from HSBC from free cash & maxing the regular saver. To match that you'll need c. £18,700 in Santander, or £9,400 in two Bank of Scotland accounts. Yet they keep on earning, so if you don't want to keep switching then savings accounts are likely better long term.
b) Where'd you save otherwise? The top easy-access savings account pays 1.01% AER, so it's possible to switch current account for a switching bribe and earn interest on other savings elsewhere. Make sure you factor that in too when deciding which accounts to open.
c) Tax. The free cash for switching is tax-free. Bank account interest falls under your personal savings allowance, so basic-rate taxpayers can earn £1,000/yr in interest before being taxed (higher rate £500). If you pay savings tax, switching bribes become more attractive. | | | | | 7. | Got an overdraft? Cut charges to 0%. If you often go into the red, then not all of the accounts above are right for you - instead, focus on cutting your overdraft costs to make it easier to clear. Below are two good options (you will be credit-scored).
- Under £375 overdraft? First Direct* has a £250 0% overdraft, but also currently gives £125 to switchers via this link (£100 direct) so that'd instantly clear some. You need to meet its min £1,000/mth pay-in or it has a £10/mth fee.
- Larger limit possible but not certain: Nationwide's FlexDirect may give a bigger 0% overdraft than First Direct, but only for a year (50p/day after, so aim to clear before). The limit is credit-score dependent.
Full info & more ways to save in Cut Overdraft Costs. | | | | | 8. | The accounts if you can't get an account. You need to pass a credit check for those above. But basic bank accounts don't do such stringent checks (though most do a credit check for ID purposes), as they just provide a no-frills, no-overdraft service.
Options include the Barclays Basic Account, Virgin Money's Essential Current Account and Co-op Bank's Cashminder. See Basic Bank Accounts for full info. | | | | 9. | Fed up with banks? Want something different? Try a credit union (local savings and loan non-profit organisations), though not all offer current accounts, so check yours. | | | | 10. | Barclays customer? Get £48/yr free. Its service is questionable and it's not great on perks, but if you want to stick, at least get a free £48/yr from Barclays. | |
The Martin Lewis Money Show, 8pm Mon 16 Jan, on ITV
Slash the cost of ALL debts - cards, loans & overdrafts. Plus a complaining masterclass Over to Martin... "If you're paying interest, let's cut it and get you debt-free quicker. I'll run through not just the best deals but how to ensure you're accepted. Plus, annoyed with a firm? I've a complaining masterclass. So do watch or set the Video Plus. And if you missed this week's, watch the slash mortgage and fight unfair energy direct debits show on the ITV Hub." | | | | | | | | | | | | | | | | | | Right now, there's a host of credit cards that let you borrow at 0% for 2yrs+ & some even PAY you
Done right, 0% credit cards are by far the cheapest way to borrow for a planned, budgeted-for purchase (eg, sofa, car insurance), though NEVER use them willy-nilly to just fill gaps in your income.
Check chances before applying. Our Quick 0% Eligibility Calc shows cards you've best odds of getting. Or join our Credit Club, which also gives free Credit & Affordability Scores. Both do a 'soft' search on your credit file which has no credit impact. For some cards they show if you're 'pre-approved', so you'll definitely get 'em, subject to an ID check.
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Tip 1: Some cards are 'up to' so you may get a shorter deal even if accepted. That's why we include the best non-'up to' options - where you'll get the full deal if accepted (our eligibility calc shows if you've good odds). -
Tip 2: Fix payments to clear within the 0% time. Divide the spending by the number of 0% months & repay by direct debit or standing order so it's cleared in that time. Spend £3k & over 29mths, it's £104/mth to clear. -
0% Spending Card Golden Rules. Full help, get more cashback & ALL best buys in 0% Spending Cards (APR Examples) - in brief:
a) Never miss or be late paying at least the monthly min, or you can lose the 0% (and always stay within the limit).
b) Plan to clear the card before the 0% ends (or do a balance transfer) or the rate jumps to the rep APR.
c) These cards are usually ONLY cheap for spending, not balance transfers or cash withdrawals - so avoid. | | | | | Posh bedding code, eg, £9 double duvet, £6 for 2 pillows. MSE Blagged. Dept store supplier sells excess stock at up to 75% off high street prices. Our code takes a further 25% off. £3 del, ends Sun. 'Posh' bedding
New. Longest-ever NO-FEE 0% balance transfer card. The price war continues. Now accepted cardholders can shift debt to Halifax (eligibility calc / apply*) for up to 26mths 0%, no fee. As it's 'up to' though, some won't get the full length even if accepted. Second-longest Sainsbury's Bank (eligibility calc / apply*) gives a certain 25mths 0%, no fee, if accepted. Need longer? MBNA (eligibility calc / apply*) is 'up to' 43mths 0% for a 3.29% fee, plus gives £20 cashback when transferring £1k+. Pay at least the monthly min & clear before the 0% ends or they jump to 18.9% rep APR (MBNA 20.9%). Full info: Balance Transfers (APR Examples).
Boots up to 70% off clearance sale? A biggie MoneySavers wait for each year. Not confirmed, but likely to rise from 50% any day - updates in Boots sale boost. Others have upped sales already, incl M&S up to 70%. High st sales.
New. £40 Amazon/iTunes vch with 500mins, unltd texts & 3GB (4G) £8/mth BT Sim. MSE Blagged. So over a year you pay £96, and get £40 back in vouchers on this 12mth BT Sim deal* IF you've BT broadband. If not, it's £13/mth* for the same. Annoyingly, you must claim the £40 vch within 3mths, so use this voucher link from 2wks after activation. It then comes within 45 days. Or, Three gives 4GB (4G) + unltd mins & texts for 1yr for £10/mth. Cheap Sims
Stop the charge VICTORY: PM to review NHS GPs' up-to-£150 charges to sign mental health debt form. A campaign we've supported from Martin's charity, the Money & Mental Health Policy Institute, has got the PM to review the charge. See Stop the charge victory. Related: Free Mental Health & Debt Help booklet.
Last chance. 'Free' 500 Tesco Clubcard points. Via new app to pay in-store in parts of the UK. Tesco | | | | | | | | | | | Many can save £250+ a year. Plus deals on fast fibre broadband from equiv £21/mth
The key to slashing broadband costs of up to £540/yr is pouncing on short-lived promos, and right now there's a cracking crop. Before you pick one, note that standard up-to-17Mb speed is fine for many - but if you're a gamer, streamer or have multiple users in your home, faster fibre may be better. Here are some top New Year deals for both... -
 Sky unlimited standard broadband & line, '£13/mth' (doesn't require Sky TV). We've blagged 29,000 codes via this Sky link* for line rent & up-to-17Mb speed unltd broadband for a year. It's available to anyone who hasn't had Sky phone, TV or broadband in the last year, and can receive it (94% of the UK can - you're told when applying). You must pay by direct debit. Available till 11.59pm on Fri 20 Jan unless all the codes have gone first. Here's how it works:
- Unlimited broadband and line rent £12/mth for 12 months (then £27.40/mth). There's a £5 'card verification fee', refunded on your first bill.
- You pay £9.95 p&p for a 'free' compulsory router. It's added to your first bill.
- Cost analysis: All in, it's a steal at £153.95 for 1yr before calls, equiv to £12.83/mth. For call charge info & whether you need to pay an extra £20 for a new line (if switching from cable, & a few others), see Sky analysis. -
Ends Thu. Hot BT fibre broadband & line, equiv '£21/mth'. Use this BT fibre link* (it's the second deal in the list) & anyone who doesn't currently have BT b'band can get up-to-52Mb speed unltd b'band, plus line rent for a year (83% of the UK can get it - you're told when applying). Avail until 11.59pm on Thu 12 Jan. If you have BT, Sky's doing an equiv £22/mth deal on up-to-38Mb speed broadband for 18mths. Here's how the BT deal works: - Choose to pay £205.08 line rent upfront for a year during the application - if you can afford to. At equiv £17.09/mth this is cheaper than the standard £18.99 charged if you pay monthly, & shields you from possible BT price hikes.
- Broadband's discounted to £11/mth for 1yr, however you pay for the line. After, it's the usual £26/mth.
- You pay £59.99 set-up. Includes activation and p&p for the 'free' router.
- CLAIM a £150 prepaid Mastercard AFTER installation. Annoyingly, BT won't remind you, so use this Mastercard claim link within 3mths of installation - it can then take 30 days to come.
- Cost analysis: All in, pay line rental upfront & over 1yr it's £397.07 before calls. Claim & use the Mastercard (anywhere that accepts it) & it's a net £247.07, equiv £20.59/mth. For cost breakdown if you pay line rent monthly, call costs, possible cashback and if it can raise prices, see BT analysis. | | | | | If you won a prize and could choose £500 now or £1,000 in 1yr, what'd you do? Your answer says a lot about you - find out what in Martin's £500 vs £1,000 blog.
Carluccio's 2for1-ish, Ask Italian, Frankie & Benny's 50% off, Pizza Hut 41% off and more. Restaurants are desperate to fill empty tables. 45+ restaurant vouchers
Hi-Tec £14 trainers, £30 waterproof boots. MSE Blagged. Via 60% off code for 18 styles. Plus £2.99 del. Hi-Tec
HUGE train sales, eg, Ldn-Leeds £15.50 rtn, Bath-Ldn £20 rtn. 400,000 discounted tix for 30 Jan-31 Mar on Virgin East Coast (book by Fri) & 400,000 on Great Western for 23 Jan-24 Mar travel. Some exclusions. All aboard
Thorntons Xmas clearance - £50 bundle £19. Gets extra 25% off sales. Go quick. Choco-late deals
FREE gym passes. Eg, 7-day British Military Fitness, 3-day Pure Gym. No need to cancel. See free gym passes. | | | | | They can get this email free every week | | | | | | Cheapest for £5,000-£7,499: Admiral 3.7% rep APR (£5,000 to £6,999) and 3.6% rep APR (£7,000 to £7,499)
Cheapest £7.5k-£15k: Sainsbury's Bank* 2.8% rep APR (Nectar custs, 1-3 years)
| | Broadband top picks | | Standard b'band & line rent: Sky £154 over 12mths
Fibre b'band & line rent: BT £397 over 12mths, get £150 card | | Top customer service + £125 bonus: First Direct*
1.5% interest + max 3% cashback (£5/mth fee): Santander 123* | | Top easy-access: NS&I 1%, min £1
Top three-year fixed ISA: Virgin Money 1.25%, min £1
| | | | | | | Prices are rocketing, so put the brakes on costs with our system. Eg, 'I saved £500 on my renewal'
Car insurance prices rose by 20% last year - and are expected to keep rising. We always holler it's vital to use comparison sites to corner top deals, but don't screech to a halt there. There's a huge selection of further offers on now that they don't show. James found: "Car insurance renewal was £945 - followed your tips, it's down to £447". Full info in Cheap Car Insurance & Young Drivers' Insurance, but to drive the points home... -
 Not at renewal? You can still cut costs NOW. There are two elements to this:
i) Renewal within two months? Some firms' quotes are valid for 60 days, so you can lock in a new quote now. These include Aviva*, Nationwide & LV* (see 20 long-quote insurers). Get quotes, then check against others at renewal using the steps below.
ii) Mid-policy? You don't have to stay. Use the steps below to find your cheapest, locking in today's price. If it's much less than now & you haven't claimed, for a £50ish fee you can usually cancel your policy and get the rest of the year refunded (though you won't earn that year's no-claims bonus). See full switching mid-policy info.
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Ready to renew? Find your cheapest deal in two steps and NEVER auto-renew.
i) Combine comparison sites. They don't cover the same insurers, so the more you check the better. Our current order's Confused.com*, Gocompare*, MoneySup* & CTM (for why, see comparison order). Then try biggies Aviva* and Direct Line* which are never listed on comparisons.
ii) Check MSE Blagged deals in case they beat your best quotes (vouchers should come within 120 days if you get a policy via links below. NOTE - the Admiral links may not mention the vouchers but it insists it's just a design problem & you'll get 'em)...
- £80 John Lewis voucher (on multi-car only). Via an Admiral MultiCar* policy.
- £60 House of Fraser, Debenhams, Amazon or Ticketmaster vch. From Direct Line*, use the code MSEDLCAR.
- £55 Amazon vch. From Age UK*.
- £50 John Lewis vch. From Admiral*. -
Also try counter-logical savings, eg, 3rd party isn't always cheapest. Bizarre, but adding extras can mean paying less. Sometimes comprehensive's cheaper than 3rd party, adding drivers can slash costs, & tweaking your job description often saves £££s. Plus paying monthly is an expensive loan - we've seen APRs over 100%, so it's better to use a 0% spending card, or pay upfront if you can. Finally, don't want to switch? Haggle. | | | | | Pay £1ish for four Assassin's Creed PC games (norm £34). Play the games that influenced the new film. Charitable firm lets you 'pay what you want' for games; min £1ish, but pay more to unlock more. Humble Bundle
SUCCESS OF THE WEEK: (Send us yours on this or any topic)
"Just completed a makeover of finances for an older neighbour - energy, home insurance, car insurance and changed broadband. Total savings just over £2,500. I always follow your tips, thank you."
Expedia launches new travel loyalty scheme - is it any good? Check out our Expedia loyalty analysis. | | | | | | | | | | Should the UK impose a salary cap? Jeremy Corbyn said he's in favour of a cap on salaries to address income inequality in the UK, though since we started this poll he's clarified that he's more concerned about the pay ratios between high and low earners. Are you in favour of a salary cap? Click here to vote whether you think there should be a cap Most of you use credit cards well. For last week's poll we wanted to know how you use one. Unsurprisingly for a site of MoneySavers, 76% of those who have plastic always pay it off in full each month, with just 9% never repaying it in full. Full breakdown in the credit card poll results. | | | | | | | | | | | | | | | | | | | | | | | | | | | Thu 12 Jan - Good Morning Britain, ITV, Deals of the Week, 7.40am. View previous
Fri 13 Jan - This Morning, ITV, Martin's Quick Deals, from 10.30am. View previous
Mon 16 Jan - This Morning, ITV, Martin's Quick Deals, from 10.30am
Mon 16 Jan - BBC Radio 5 Live, Lunch Money Martin, noon. Subscribe to podcast
Mon 16 Jan - The Martin Lewis Money Show, ITV, 8pm | | | | Wed 11 Jan - Share Radio, 11.20am
Wed 11 Jan - BBC Radio Cumbria, 'Money Talks', from 6pm
Thu 12 Jan - BBC Radio Tees, 10.35am
Fri 13 Jan - BBC South West stations, breakfast
Tue 17 Jan - BBC Radio Cambridgeshire, 2.20pm | | | | | | | Q: We paid into a life insurance policy for 10 years and had to cancel it because we couldn't afford it anymore. We were told that if we cancelled we would lose everything we put into the fund - is this correct? Jennifer, by email.  MSE Tony's A: Yes, it's correct. Think of life insurance like any other insurance, such as for your car or home. The moment you cancel the policy you're no longer covered, as it's not a fund where you build up money to use later like a savings account.
Anyone considering cancelling a life insurance policy should get advice first if they're not an expert on it. See our Life Insurance guide for more help. Please suggest a question of the week (we can't reply to individual emails). | | | | | | | That's it for this week, but before we go, our forumites are sharing the usual New Year's resolutions of losing weight, getting fit and saving money. Yet some have very inspiring intentions for 2017, from wanting to complete their GCSEs to spending nothing in a month, while others simply live by the question 'will it make me happy?' See what inspiration you can draw from our forumites: Resolutions: Return to this thread in December 2017. We hope you save some money,
The MSE team | | | | | | |
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