MSE’s Money Tips Inheritance tax need-knows, Ibiza for £5?, free wills, energy fixes being pulled, Prime Day deals, £

From: MSE's Money Tips - Tuesday Oct 08, 2024 07:08 pm

MoneySavingExpert's Money Tips Email

Plus… shift debt to guaranteed 29mth 0%, £639 beauty for £150, swerve car insurance 'loans'

Plus... shift debt to guaranteed 29mth 0%, £639 beauty for £150, swerve car insurance 'loans'

THE TOP TIPS IN THIS EMAIL

Martin: 'Time for a difficult conversation'
- FREE wills
- 7 inheritance tax need-knows
- Power of Attorney (more important than a will for many)
- Who does the finances?
- Death planning & funeral plans

New. Shift debt to guaranteed 29mth 0%

Martin: Energy fixes getting costlier - ACT SOON

Ibiza for under £5?

Tue & Wed. Amazon Prime Day deals & duds

'I saved £286 on home insurance - thanks'

£135 Barbour specs or sunnies for £33

Sent money to a scammer? Banks now have to pay you back

Pay for car insurance monthly? Beware! It's a loan

20p Diet Coke, 25p Quavers

Martin's pod: Beat the 10% Energy Price Cap rise special

Update. Now THREE banks pay a free £175+ to switch

£639 Sol de Janeiro, Elemis, Augustinus Bader beauty for £150

Free mental health & debt booklet

Trick to beat up to £24/yr Disney+ hikes

This week's best buys: 100GB Sim '£5.84/mth', 5.1% savings, £200 bank switch

Should I ask my friend to pay for charging his EV at my home?

BEST BUYS & TOOLS

MSE Cheap Mobile Finder

Credit Club including free credit report

0% balance transfers

Compare broadband deals

MSE Compare+ Car Insurance

Best bank accounts

Top savings accounts

Credit cards for bad credit

Credit Card Eligibility Calculator

Loans Eligibility Calculator

Martin: It's time for a difficult conversation...
How to financially protect yourself & loved ones from the 3Ds - death, dementia & divorce

FREE wills | Inheritance tax | Power of Attorney | Funeral plans | Why 'I do all the finances' may hurt, not help

Deep breath everyone. Each year in this email, I try to encourage you to have an unpleasant but necessary chat. And it's that week, because the two big will schemes have opened up for bookings (though it's about far more than just wills). While it's understandable to want to avoid these topics, the knock-on financial & emotional costs of not engaging are worse, and...

...this isn't just for those with grey hair - anyone with dependants should be thinking about this.

Opening a conversation can be difficult, whether it's with aging parents, or the reverse - getting your adult children to acknowledge your situation is changing. Either way, with parents, a partner or children, planning matters - talk about wills, what you (or they) want to happen or have planned if you die, need care or get dementia.

Be candid, blunt & as unemotional as possible... though the odd tear in the eye is fine, it just means you love each other. To help, here's a mix of need-to-knows and a checklist of what to think about.

Sorting a will is crucial

if you've got a house, savings, a business, or people you'd like to look after when you're gone. It

means you get to decide who gets what. Without one, rigid intestacy rules

dictate it and you don't have a say.

Plus as solicitors tell us, die will-less and it may complicate dealing with the estate, as Bee's tweet last week backs up: "@MartinSLewis My uncle died intestate in 2022 & it took 13mths for letters of administration to be granted. My parents left wills last year & probate took 8 weeks each - much simpler. I set my will up this year. I don't want to leave a mess for my sons."

The wills gold standard is for a solicitor to draft it, which normally costs £100s. Yet currently two charity schemes provide them for cheap or free (as long as your circumstances are relatively simple). Each works slightly differently, there are far more options in our Cheap & free wills

guide.

It's FREE WILLS month (for age 55+). Free Wills Month happens in October and March, each cover different locations. This month it's on in Liverpool, Manchester, Belfast, Birmingham, Bristol, Cardiff, Newcastle, Swansea & far more (see full list). If it's not on in your area now, the likelihood is that it will be in March.

- A solicitor will draft the will for free.
- It covers a single will for anyone aged 55+, or a 'mirror will' for couples where the wills are near-identical, as long as one is 55+.
- You need to book your appointment by the end of October, though the appointment itself can take place after that.
- It's organised on behalf of Age UK, Alzheimer's Research, British Heart Foundation, Marie Curie, Mind, Samaritans and more, in the hope you'll leave a bequest (money in your will) of typically £300 to £500 - it's not compulsory, but it is a charity scheme, so do it if you can.

You can book now for November's Will Aid month

(age 18+). Will Aid is a bigger scheme. It runs across the UK and is open to all adults. Here you're asked to make a suggested donation to charity for the will...

- A single will has a suggested donation of £100.
- A mirror will has a suggested donation of £180.
- The donation's spread across 7 charities: Age UK, British Red Cross, Christian Aid, NSPCC, Save the Children, SCIAF & Trocaire.
- If you can't afford it, you can give less, but please don't game it.
- Will Aid is already open for bookings, which must be made by the end of Nov (but go sooner, as it books out), though the appointments can take place after that.

Solicitors will often store your will in a safe place for free - if you're using one of these schemes, check if that's an option (you can also store it at home in a safe place).

Already got a will? Check it's up to date, especially if you've married since.

An out-of-date will is almost as bad as no will. It's important to note that in Eng, Wal and NI (not Scot), wills are often revoked when you get married, so you'll need a new one.

Warning:

Don't leave your pension to your ex

You CAN'T put it in your will, so ensure you've an up-to-date expression of wishes

Die before taking your private or company pension, and the provider / trustees decide what to do with it. An expression of wishes (or nomination) form tells them your preference, it's not binding but usually does the job. Check you've done one and, if so, check it's up to date.

There are horror stories out there from people who haven't. Here are just a couple of the large number of responses I've had when I've warned about this on social media...

Dawn: "

@MartinSLewis

Pension expression of wish in ex-wife's name (divorced 14+ years ago). Pension provider found in my favour as his sole beneficiary. Ex-wife taking action via solicitor to retrieve money."

Ruth: "

@MartinSLewis

My ex-stepdad did this, left everything to my mum even though they'd been separated for years. She is beautiful and kind though and gave every penny to his son (her stepson). Unfortunately, not everyone is quite as good-natured."

Unmarried couple? That oft means diddly squat in law! Get a will, a contract, a civil partnership or tie the knot. So you've been together decades and have a dozen children - in inheritance law, so what? If you're not married or don't have a formal civil partnership, your relationship usually has no status. So if your partner dies, the other one may not get the house (see joint tenants vs tenants in common).

That makes a will even more important here. There are also tax advantages to marriage, especially with inheritance tax

and transferring assets from one to the other. It's also worth considering a cohabitation agreement, which spells out what happens if your relationship breaks down.

Who'd look after your children if you died? This is hard to write, and I'm sure hard to read. We all want to imagine we will watch our little ones grow up, but not everyone does. I'm one of those who lost a parent when still a child, thankfully not both though, but that happens too. So the grown-up thing is to think about it. There's a bigger briefing in

what happens to my children if I die?, but in short...

If a parent dies, responsibility for your under-18-year-old children normally passes to anybody else with 'parental responsibility'. Mothers automatically have this, and fathers very often do, though there are scenarios where this isn't the case (if not, dads can apply for it).

If nobody is left with 'parental responsibility', they'll check your will for who you've named as legal guardians, so it's very important to do that. If not, the courts decide who takes care of your children.

Your socials & photos are an asset too - protect your digital legacy. There's no specific UK law on this, but you can grant individuals access to 'digital assets' in your will. This can include far more than social media - photos, videos, emails and so on. Find details in MSE Kelvin's digital legacy blog. Some have had to take legal action when a lost loved one hadn't specified access, so it's worth doing the basics...

List the digital assets you want to pass on, on paper. Back up important files (on an external hard drive if possible). Make a record of your decisions using a digital legacy template. Add a 'legacy contact' on platforms that allow it (Apple, Facebook, Google) - you could append this to your will.

1. The vast majority SHOULDN'T worry about inheritance tax (IHT) as only one in 25 estates pay it. Only those at the higher end of the wealth scale are impacted by current IHT rules, as only about 4% of estates pay it (though many more fear it) - you'll understand why as you read down. For more, see our Inheritance tax guide.

An important inheritance tax & probate listen...

To really understand this, take a listen to my Not The Martin Lewis Podcast via BBC Sounds | Apple | Spotify or other pod platforms, where I discuss with top specialists key IHT issues, including...

IHT need-knows | What counts as your main residence? | How to pay IHT during probate | Gifting rules | Are trusts worth it?

2. Anything left to a spouse (married / civil partner) is EXEMPT. So you can leave whatever you want to them and there's no tax on it, but crucially this (and point 5) doesn't apply to those who are just cohabiting, no matter how long you've been together.

I've even been contacted by some people to say they got married after hearing me talk about this (let us know if you're one), while others have sadly found out through harder ways...

"@MartinSLewis My partner died suddenly two years ago - we were together 36 years, not married and no will. My children paid £97,000 inheritance tax. Luckily, several friends learned a lesson, and have now all either married or made wills. Don't get caught out like I did."

If you're anti-marriage, a civil partnership confers the same rights.

3. If your estate is under £325,000, no IHT is paid. You don't pay IHT on the first £325,000 of your estate (all your assets, including property, added up). So if that's you, IHT is not an issue.

4. This is boosted by £175,000 to £500,000 if you pass on your main residence to your direct descendants. That includes (biological / foster / step / adopted) children or grandchildren. So if your house and other assets are under £500,000, then IHT isn't an issue.

Though if your total estate is over £2m, you start to lose this extra £175,000 allowance (by 50p for every £1 over £2m - meaning if the estate's over £2.35m, you lose it entirely).

5. You can pass all your unused allowance to your spouse, so if you left them everything, they could leave £1m (including a house) with no IHT. As that's your £500,000 and their £500,000.

6. If it looks as if your estate will be over your total allowance, IHT is charged at 40% of everything above that. So if your estate is £1.3m including the house, and it is all passed to one spouse, then on to dependants, you'd pay 40% of the £300,000 above that, ie, £120,000.

7. If you look likely to pay IHT, giving assets/money away while alive can cut/cancel it. Anything you can comfortably afford to give out of your normal income is exempt from IHT (though proving it can be tricky). Plus there are a host of allowances, even if giving away from your capital (wealth). In general, the longer you live after giving it away, the better. For a full explanation, see gifting rules

and/or listen to my IHT podcast

If you die, you're gone, then it's about getting your assets to others, and while it's cumbersome, there's a process even if you're will-less.

Yet lose your faculties and financial issues are often more urgent, but less clear-cut. Who'll look after you? Who can access your funds to pay for YOUR living and care? Who'll ensure your money's still working for you if you're no longer capable? That's what a Power of Attorney (PoA) is there to fix, and why it's arguably more important than a will.

Losing faculties isn't just something that happens to the elderly. Accidents, strokes, early onset dementia and more may hit anyone. And younger people tend to have more separate finances - so it can be even tougher. I'm only 52 (I know, I know, I don't look it), have no reason to foresee losing mental capacity, but I've had a PoA set up since my 30s, just in case. Yet sadly I'm in the minority.

I did a poll on this on my X (Twitter)

, Insta

, Threads

& Facebook

pages. In total, 51,000 people voted - of those, while 51% had a will, only 26% had a PoA - yet there are very few reasons not to have a PoA if you're in need of a will - so I'd urge more of you to look at this.

Of course, 41% had neither, and while some may not do it as they've no dependants or assets, let's be honest, many have just 'not got round to it'. Again, time to change that!

- A Lasting Power of Attorney (LPA) makes it easier for someone to take over your finances & financial decisions if you can't. Like many, I've felt the pain and horror of seeing close loved ones suffer the ravages of dementia. While there's little that can be done to stop it, a

Lasting Power of Attorney (while not perfect) is one of the most important precautions.

If you were to lose your faculties, don't assume relatives can walk into the bank and access your money - not even to pay for your care, or the mortgage.

With an LPA, you nominate a trusted friend or relative to look after your affairs if needed. This DOESN'T mean giving up control now - you can opt for it only to be in effect if you're no longer capable.

In England & Wales: (See the PoA guide for Scot & N Ireland help.)

You can DIY if you've simple affairs. The PoA form is available from Gov.uk. If you're good at this type of thing, it's worth taking a look at it to see if you feel happy and confident to fill it in without help (there's good assistance on the Age UK

website).

Feel unsure? Pay for someone to review it.

Which? Wills*

has a decent halfway house, where you fill in a questionnaire that it populates for you, then it is checked by a specialist paralegal within two weeks. This normally costs £99, but via this link, we've blagged it for £69.30 for you.

The gold standard is to get it solicitor-drafted. If you've more complex financial affairs, I'd get a solicitor to set one up for you properly. It can cost from £300 to £700. See LPA help

. PS: Enduring vs Lasting Power of Attorney? In 2007, Lasting Power of Attorney replaced the older Enduring Power of Attorney (EPA) system, yet if you've an EPA from back then, it's still valid (though there are some differences).

- Without a Power of Attorney, it's the dreaded Court of Protection. To take care of someone's finances without a PoA, in Eng & Wales you'd need to apply via the Court of Protection (Scot: 'guardianship' at the sheriff court. N Ireland: 'controllers' by the Office of Care and Protection).

I've heard of far too many nightmare experiences - about both the time and cost, with people deeply regretting they didn't sort things sooner. It's hard to think of this route as anything other than hellish for many. As David tweeted:

"@MartinSLewis This is so important. My dad collapsed and suddenly was diagnosed with dementia. I had no LPA, so had to apply through the Court of Protection to access his bank accounts. It took nearly a year, and all the while his £2.5k care home fees had to be paid."

There's a health Power of Attorney too. There's also a Health & Welfare Power of Attorney for your medical and daily care routine decisions, should you be unable to make them. Another option to consider is a living will (officially 'an advance decision'), where you can refuse certain medical treatments if you lose capacity. They're important, though not my expertise, but I didn't want you to think I'm ignoring them.

Does looking after the finances hurt your partner?

I've told this a good few times before, but it bears repeating. Three women once came up to me after a talk, all in their 40s to 50s. They weren't together, but one after another, each told me they'd recently lost their husbands and were desperate: "I'm in dire straits, where do I start?"

Their partners had each hoped to ease their wife's burden by becoming the Chief Family Finance-doer. Yet that kindness was a curse. Doing it all for them loaded financial misery on to grief, leaving them inexperienced and ill-equipped for solo responsibility.

One, whose husband was will-less, was struggling even to access 'his' money to pay the mortgage. This isn't about gender, it can happen in any couple, and could be dementia- or divorced-caused.

So while I'm not against one partner being the Chief of Family Finance (no surprise, I am in my home), the real issue is doing it 'all', and the other partner saying: "I know nothing about the finances, they do everything". So I've three quick steps for the Chief Financier to do to help...

a) Beginner's briefing. Sit down to do a beginner's briefing on the family finances for a partner who's not already involved. They may resist, but be blunt that this is so they could take over if needed (blame me if you need).

b) Create a financial factsheet. List all product providers, from roadside recovery to investments, boiler cover to bank accounts. Keep it somewhere safe, easily accessible, but without too many security details in.

c) Kitchen table catch-ups. Every few months, have a kitchen table briefing to update & discuss. I'd love to know how you do it, via this couples' financial tips forum discussion (and read others there).

The aim here is to lessen the impact on those left behind, so that grief isn't closely followed by financial tragedy. While quite a lot of the ground is already covered here, our 22 death-planning checks is a good one-stop checklist of some of the things to look at.

There's also our What to do when someone dies guide, which helps you through the practicalities as well as details of where to find support as you go through the grieving process, and our Probate DIY

guide if you're the executor of someone's will.

Funeral planning. Funerals are expensive, from a direct cremation at c. £1,500, to a bells and whistles burial service at £3,500+. So prepaying for a funeral plan (which beats inflation by paying for a future funeral at today's prices) saves your loved ones the stress of organising your funeral, and are the prepaid funeral sector's big sells. And leaving them notes about your preferences helps too.

You will likely have heard many bad things about funeral planning, people being left in the lurch when firms collapsed and more. Well, they're probably true. Yet in July 2022, funeral planning became regulated, which helps protect your money and means you can take a complaint to the Financial Ombudsman. Our Prepaid funeral plans guide takes you through it, including plan providers.

Yet do be aware plans often exclude things such as burial plots, headstones, flowers, embalming and wake costs, so there can be £100s or £1,000s more to be paid by loved ones. So you need to know exactly what's included in the funeral plan you're paying for.

Think you / a loved one had a funeral plan but can't find it?

It's not uncommon for details of a funeral plan - the plan number, name of firm etc - to get lost or misplaced as the years go by. Thankfully, you can fill in a short form on the 'find my plan' tab of the National Association of Funeral Plan Providers (NAFPP) website. Almost all authorised firms are part of the NAFPP.

If that doesn't work, I'm afraid you'll have to individually contact the remaining authorised funeral plan providers listed on the Financial Conduct Authority register.

Important. Beware over-50s' life insurance plans. They work in a very different way and can be a waste of cash for many.

A PS about divorce: Having just finished writing this, I've realised I'm light on the divorce part of the 3Ds, though many of the sensible planning tips above will make that easier too. With that realisation, the team and I will be looking at putting some work into bolstering our help resources to cover divorce more in future.

DON'T believe the fake 'Martin Lewis' or 'MSE' ads
Lots of scam ads litter social media and even newspaper websites - some of these lie that we or Martin promote Bitcoin, binary trading etc. See Fake ads warning.

If you can't afford to clear your credit card debt, you can't afford not to check this out...
New. Longest balance-transfer card where EVERYONE accepted can shift debt to the full 29mths interest-free

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.

New. Virgin Money
Link goes via eligibility (1)

- 29mths 0%
- 3.45% fee
- 24.9% rep APR after

Longest 0% and all accepted get the full 29mths. Many are pre-approved via eligibility. If so, you'll definitely be accepted (subject to ID & fraud checks). If not, as all accepted get the full 29mths, it's a strong choice if you've good acceptance odds.

HSBC
Link goes via eligibility or apply direct*

- Up to 29mths 0%
- 3.49% fee
- 24.9% rep APR after

Same max 0% length, but an 'up to', so some get fewer months. If you're pre-approved in our eligibility calc, you'll definitely get 29mths 0%. If not, you could be accepted and get 26mths or 14mths.

Tesco Bank

Link goes via eligibility or apply direct*

- 27mths 0%
- 2.95% fee
- 24.9% rep APR after

Slightly lower fee, long 0%. Again, all who get accepted get the full length, but the one-off fee here is £5 per £1,000 cheaper.

NatWest

Link goes via eligibility (1) - 13mths 0%
- NO fee
- 24.9% rep APR after

Longest NO-FEE 0% - a winner if you can repay quickly. This is the winner for those who can pay off quickly as there's no fee, so no cost at all, but make sure you can clear within the time.

Top-pick newbies' 0% balance transfers (ordered by length) Most of the cards below give all accepted customers the full 0% length - only HSBC is an 'up-to' card
(1) Virgin and NatWest have asked us to send people via eligibility, not direct.

ALWAYS follow the Balance Transfer Golden Rules:
a) Never miss the minimum monthly repayment, or you could lose the 0% deal and it'll cost far more.
b) Aim to clear the card (or balance-transfer again) before the 0% ends, or the rate rockets to the higher APR.
c) Don't spend or withdraw cash. It usually isn't at the cheap rate & withdrawals may hit your ability to access credit.
d) If you don't transfer at application, you've usually only 60 to 90 days to get the 0%. Do check your card's terms.

Quick balance transfer FAQs (click links for Martin's answers)
Q. Is it worth applying if my eligibility odds are low? | Q. What if my credit limit isn't big enough? | Q. Can I shift debt to existing cards too? | Q. Should I try to pay off my biggest debt first? SPOILER: NO.
Full help and info, including options for poorer credit scorers, in Best balance transfers.

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.

BLAGGED FOR MSE

- Approved Food extra 10% off Ends Wed 16 Oct
- £33 Barbour specs Ends Sun 10 Nov

DID YOU MISS?

- Legal bid to reinstate Winter Fuel Payments for all pensioners
- Toy sales: Tesco, Asda, Morrisons 'up to 50% off'
- £230 Boots No7 beauty & skincare £60 via Advent calendar
- eBay has scrapped sellers' fees
- Ends Thu. Three months' FREE Amazon Music Unlimited

Martin's Energy Update: Fixes getting costlier. Act soon
Last week I said GET OFF THE PRICE CAP to beat the 10% energy rise. Yet a few were confused - eg, 'If I'm fixed, am I on the Cap?' - so we've improved our tool to clear it up

Last week, the Energy ~~Pants~~ Price Cap, which dictates the rate eight in 10 homes in Eng, Scot & Wales pay, rose by 10% - meaning most people will pay 10% more too. Yet, for now, the deals you can compare & switch to are far cheaper (see last week's detailed explanation for why). That's why last week I called the current Cap a Pants Cap, as, stay on it, and you'll miss out on savings.

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.

New. Easy way to check whether you're on a Price Capped tariff

After seeing the confusion last week, the team have beavered away to add new labels into our Cheap Energy Club comparison tool. Now, when you put in your current tariff name and it's capped, we've added a "(Price Capped tariff)" after its name - eg, now it'll say British Gas Standard Variable (Price Capped tariff) or Flexible Octopus (Price Capped tariff), to clear things up. But if you're in any doubt, ask your supplier.

2. Some cheap fixes have started to be pulled - so if you plan to fix soon, ASAP is safer. A fix gives you peace of mind that the rate won't change for a set time. Currently a host of 1yr fixes hugely undercut the Price Cap. Yet world turmoil has hit oil prices, and there's potential knock-on to energy prices, so we've already seen three of last week's cheapest fixes pulled and replaced with more expensive ones. So for the short term, the mood music seems to say fixing ASAP is the safest route. The MSE energy team have prepared this up-to-date table for you...

Ovo 1 Year Loyalty Fixed. Dual fuel or elec-only | Need have/apply for a smart meter | Monthly Direct Debit only | Online account

Save avg 9.9% compared with today's Price Cap including £20 MSE cashback. £50/fuel early exit fees

Outfox the Market Fix'd Dual Oct24 v2.0. No smart meter needed. Dual fuel | Monthly Direct Debit only | Online account

Save avg 9.6% compared with today's Price Cap. £50 dual-fuel early exit fee

Octopus 12M Fixed October 2024 v1

. No smart meter needed. Dual fuel, elec-only or gas-only | Monthly Direct Debit / cash / cheque

Save avg 8.8% compared with today's Price Cap. No early exit fees

Ovo 1 Year Fixed. Dual fuel or elec-only | Need have/apply for a smart meter | Monthly Direct Debit only | Online account

Save avg 7.5% compared with today's Price Cap. £50/fuel early exit fees

British Gas Fixed Tariff 12M v15

. No smart meter needed. Dual fuel, elec-only or gas-only | Monthly Direct Debit / cash / cheque

Save avg 5.2% compared with today's Price Cap. £50/fuel early exit fees

EDF Essentials 1yr Oct25v5. Dual fuel or elec-only | Need have/apply for a smart meter | Monthly Direct Debit / cash / cheque or smart prepay

Save avg 3.5% compared with today's Price Cap. £25/fuel early exit fees

The cheapest 1 year standalone fixes (Eng, Scot, Wales) Links go via Cheap Energy Club for a personal comparison & as it'll be updated as things are changing rapidly
Existing customers only...
New customers (ie, switchers) allowed as well as existing customers...
Also allows those on smart prepay to switch
Full details in our energy comparison, which also includes non-standalone tariffs - ie, those that require you to get other products, eg, broadband or boiler cover, to get the price.

Q. These savings are only compared with the current Price Cap... what about once it ends? Each Cap lasts three months. Analysts currently predict the Jan cap will be roughly the same as now, then it'll come down slightly in April and July. Overall, if those predictions are correct, on average the Cap over the next 12mths will be almost the same as it is now, so far more costly than a cheap fix. Though the further out you go, the more crystal-ball gazing it is.

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

Tell your friends about us They can get this email free every week

AT A GLANCE BEST BUYS

Longest 0%: Virgin Money (check eligibility, Virgin has asked us to link only to our eligibility calc) - 29mths 0%, 3.45% fee (24.9% rep APR)

No-fee 0%: NatWest (check eligibility, NatWest's asked us to link only to our eligibility calc) 13mths 0% (24.9% rep APR)

New.

Free £200 + perks: Lloyds

Free £175 + top service: First Direct

Fibre (55Mb+): Vodafone '£21.50/mth'
Fast fibre (100Mb+): Virgin '£22.06/mth'
Superfast fibre (500Mb+): Vodafone '£27.50/mth'

On Universal Credit or similar?

Check all discounted social tariffs

Try our Compare+ Car Insurance tool

Cheapest for £5,000 to £7,499: Santander (check eligibility / apply*), 7.2% rep APR

Cheapest for £7,500 to £15,000: Tesco Bank (check eligibility / apply*), 6.1% rep APR (for Clubcard holders)

Top cash ISA: Trading 212 5.1%, min £1

Top easy access:

Chip 5%, no min

Top one-year fix:

Atom Bank 4.8%, min £50

Try our relaunched Cheap Energy Club

Up to 3GB data: Lebara, '£2.93/mth' for 3GB
4GB to 9GB data: Lebara, '£3.20/mth' for 5GB
10GB to 30GB data: iD Mobile, '£3.63/mth' for 15GB
31GB+ data: iD Mobile, '£5.84/mth' for 100GB

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

MSE NEWS

- Top story: Chase cuts rates on linked savers - should you ditch and switch?
- Tesco shopper? Here's how to get early access to Christmas delivery slots
- Waitrose shopper? You can now book your Christmas delivery slot

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

MSE TEAM BLOG

- MSE Forum highlights: Loo seats, solar panels & sunrise photos
- MSE Kelvin: 'How I'm digging myself out of debt caused by depression'

MARTIN'S APPEARANCES (TUE 8 OCT ONWARDS)

Wed 9 Oct - Good Morning Britain, co-presenting, ITV1, 6am
Thu 10 Oct - Ask Martin Lewis, BBC Radio 5 Live, 1pm
Tue 15 Oct - This Morning, extended items, ITV1, from 10am

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What you need to know

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service.

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Please read the Full Terms & Conditions, Privacy Policy, How This Site is Financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis.

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Founded in February 2003, it is now the UK's biggest consumer help website, with more than 12 million users each month and about 8.5 million receiving this email. In September 2012 it became part of the MoneySupermarket Group PLC. Its focus is simple - saving cash and fighting for financial justice on anything and everything. The site has over 80 full-time staff, more than a third of whom are editorial - researching, analysing and writing to continually find ways to save money. More info: See About MSE.

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Martin Lewis CBE is the founder and executive chair of MSE, as well as the founder of the MMHPI charity. He's an ultra-focused MoneySaving journalist and consumer campaigner with his own prime-time ITV programme The Martin Lewis Money Show, Radio 5 Live Wednesday show Ask Martin Lewis and weekly slot on This Morning, among others. More info: See Martin Lewis' biography.

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