MSE’s Money Tips Savers alert, free Greggs, £300 off Vax, Meter Reading Week, free £210 bank switch, 2x specs £25

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From: MSE's Money Tips - Tuesday Sep 26, 2023 07:39 pm
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 26 September 2023 | View in browser
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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.
 
 
 

Martin's golden rules for savers after UK rate freeze
Rule 1. Check your rates! If UNDER 5%-ish you're being diddled
Rule 2. Thinking about a fix? Open one now even if you don't pay in


Martin Lewis, MoneySavingExpert.com founder, whose image links to his official MSE biography page.Banks are likely making billions, from millions of people earning diddly-squat on savings. Yet it only takes a few minutes to turn this around. As Barry & Irene emailed: "Thanks MSE for this savings advice. We were making a paltry £30/mth interest, but after switching to three banks, we are making nearly £200/mth now."

And this is a crucial time to do it. Last week, against predictions, the Bank of England froze rather than increased interest rates - lowering market expectations of future UK rates. And that matters, especially for fixed-rate savings, as they're often set based on expectations, so we could see rates fall. That's why I've two quick rules...  

1. As the top easy-access accounts pay 5%-ish, that's the MINIMUM you should be earning. Easy-access accounts are bog-standard flexible savings where you can put money in and withdraw when you want. So at the worst your money should be in the best of these. As easy-access rates are variable, they tend to move in line with the Bank of England base rate (so monitor what yours pay). Full info & options in top easy-access savings, but in brief...

- Top rate: Leeds BS 5.1% (min £1,000).
- Top big name: NatWest Group's Ulster Bank at 4.91%* (min £10,000), Post Office 4.7% (min £1).
- Bank with Santander Edge? If so, you can get 7% easy access but only on up to £4,000.
- Top cash ISA: Coventry BS 4.9% (min £1) - see our Cash ISAs guide for if it's right for you (as it is for many more now).

2. Lock away up to £1,000,000 in total safety in NS&I's 6.2% one-year fix. A fix means you lock your money away (though top fixed cash ISAs give some access) in return for a guaranteed, unvarying interest rate. NS&I, formerly National Savings, has two huge best-buy 6.2% one-year fixed savings, with complex names: Guaranteed Growth & Income Bond - the links explain which is better for you. These beat every other fix, of any length.

As NS&I's state-owned, rather than the £85,000 savings safety protection other institutions have, every penny up to the max £1,000,000 depositable in these fixes is Treasury-protected. However, the interest is taxable, so if you've larger savings, look at cash ISAs too. NS&I's fixes mightn't be around long, so sooner is safer. You may want a shorter fix, or consider that with rates possibly peaking, locking away longer may be a winner. Full info & updated options in top fixed savings, but briefly as I write...

- 6mth fix: Hampshire Trust Bank 5.6% (min £1), Secure Trust Bank 5.6% (min £1,000).
- 9mth fix: Ahli United via Raisin 5.79% (min £1,000), Secure Trust Bank 5.75% (min £1,000).
- 2yr fix: Ford Money pays the top 6.05% rate (min £500).

 Quick tip: Unsure? Open a top fix now, even if you don't fund it If you've got savings but aren't sure whether you want to fix them... remember when you open a fixed savings account, you get a set period of time to pay the money in - or to put money in and withdraw. For the accounts above it's between 14 and 60 days (it says in the summary boxes) and that buys you time to think.

With rates potentially going to drop, open a top rate now, then if top rates do fall you've got the facility open at the higher rate. If not, and you've other options you prefer, use those, and just leave the fixes unfunded.

CAN YOU BOOST INTEREST FURTHER? Some specialised options in our Savings section pay even more:
- 50% bonus for many on Universal Credit or Tax Credits. See Help to Save.
- 25% bonus for first-time buyers aged 18 to 39. See Top Lifetime ISAs.
- Earn up to 8% if you can save monthly. See Regular savings.
- Prefer to invest? Higher returns, but more risk. See Stocks & shares ISAs.
 
Now FOUR banks pay you up to a FREE £210 to switch...
Bank switch bribes have gone from famine to feast in the past fortnight. In order of total cash...
1) Free £210: TSB's free £150 plus £10/mth for 6mths* (the £10/mth is if you make 20+ monthly debit card payments).
2) Free £200: New. Nationwide's free £200, plus save max £200/mth in its 8% regular saver.
3) Free £175: First Direct's free £175 plus top for service*. A 0% £250 overdraft & save max £300/mth in 7% reg saver.
4) Free £175: Club Lloyds' free £175 plus rewards, eg, Disney+. Full info & eligibility criteria: Best bank accounts. PS: More may be coming, so we're holding off a full rundown for now.

Secret Sales code gets extra 20% off already-reduced Nike, Ted Baker, Converse and more. MSE Blagged. High street & designer stock at reduced prices. 4,000 codes available. Secret Sales

Ends Sun. Beat the 14% 1st class stamp price rises. See how to beat the hikes.

£35 four-litre Tower air fryer at Iceland (normally £50). If you're after the popular kitchen appliance, this is a cheaper version (some brands are £200+), and it has decent reviews. Tower air fryer

10,000 FREE pairs of £14 Ideal Home Show Christmas tickets via code. London, 22 to 26 Nov. Ideal Home

TEEN MONEY SPECIAL: Lessons for everyone.... The Martin Lewis Podcast. A key listen for everyone, but if you're a parent of a teen, why not listen together? A beginner's briefing for teenagers and students to savings, inflation, credit cards and more. All in The Martin Lewis Podcast - listen via BBC Sounds | Spotify | Apple Podcasts & more.

 
 
 
 

New. Get nearly a year and a half's 'FREE' family annual travel, mobile and breakdown insurance worth £100s

This is all about packaged bank accounts, where you pay a monthly fee for your banking but they throw in high-end insurance. Yet mirroring the fee-free accounts above, a couple of accounts will also PAY YOU UP TO £200 to get them if you're not banking with them currently. This then covers off the monthly fee for well over a year - meaning for that time the insurance is free (and you could always cancel after, though it's actually still pretty cheap if you'd use it).

So while these are bank accounts, think of them as all-in-one insurance packages - and evaluate whether you'd be paying for the insurance cover anyway. If you would, these are usually far cheaper than buying the cover separately. To help, we've included links to the standalone cover in the table.


Club Lloyds Silver* Nationwide FlexPlus Switch bonus (1) FREE £175 cash FREE £200 cash Account fee £10/mth (so £120/yr) You must meet its £2,000/mth pay-in (equiv to a £29,400 salary going in) or it's a £13/mth fee. See how to jemmy this if you earn less. £13/mth (so £156/yr) Bonus covers fee for  17mths 15mths Mobile cover (worth c. £70/yr per person). See Cheap mobile cover Account holder(s) smartphone. Covers BOTH if a couple with joint account All family smartphones. Covers account holder(s) plus partner and children up to 18 (or 22 in full-time education) living at home Travel insurance
(c. £100/yr per family). See Cheap travel cover
Family Europe & UK cover up to age 65, including winter sports & golf Family worldwide cover up to age 69, including winter sports & golf. Pay £65/yr to get it if age 70+ Breakdown cover (c. £60/yr). See Cheap breakdown cover
 AA (UK only) covers you and family members in any vehicle for roadside assistance AA (UK and Europe) covers account holder(s) in any vehicle, including roadside, home assistance & onward travel Other perks
A choice including one of:
- 1yr of Disney+ (worth £80)
- Six cinema tix (worth £36 to £65) A regular saver account that pays 8%, but you can only put £200/mth in. It also has a fee-free debit card (though that can be got at no cost with cashback from Chase instead) Customer service  43% 'great', 38% 'OK', 19% 'poor' 78% 'great', 15% 'OK', 7% 'poor'
 MSE VIEW: best for... Singles, couples & families with small kids As you get longer for free and it costs less after, though there's no mobile cover for kids. If you're a couple in a trusting relationship, to maximise the benefit, even if it's only one of your accounts, technically make it a joint account for more cover. Families with older children
The family smartphone cover is the killer feature here, so obviously the key question is whether all of your family have smartphones to benefit from this.
Two packaged accounts that PAY SWITCHERS to join
1) You must use their switching services. Nationwide requires you to switch 2+ direct debits. Full info in Packaged accounts.

Virgin is our usual top-pick packaged account. When these accounts don't have bonuses, it's worth noting the Virgin Money Club M account, which costs £12.50/mth and comes with family worldwide travel cover up to the age of 74, family mobile and gadget cover, and Green Flag roadside and home assistance. See Virgin Club M review.

Packaged accounts were hideously mis-sold - some people can RECLAIM £1,000s. Actively choosing a packaged account for the right reasons is great. Yet over the years many were hard-sold them, told you had no option, told you could only get a mortgage if you opted for the account, or were 'upgraded' without consent. If so, you could be owed all the fees back. See our free Reclaim packaged bank accounts tool.

As Kim emailed: "A big thank to Martin and the team, as I managed to reclaim bank charges on my packaged account going back to 2009. I received a payment of just under £3,000 including interest, and it was so simple, took four weeks. Anyone who has/used to have a packaged bank account should take a look at this, you've nothing to lose!"
 
Ends Sun. £10 off £60 at Toolstation. It's part of the same group as Wickes but can often be cheaper, and now it's offering a rare store-wide code that also works on already-reduced items. Full details in Toolstation.

Birthday FREEBIES, including Krispy Kreme/Greggs doughnut, Body Shop £5. Statistically (don't ask us why), 26 September is the most common birthday, and some firms give freebies just for getting older. 30+ birthday freebies

Ends 11.59pm Thu. BT fast fibre broadband just '£27/mth'. Not the cheapest, but cheap for BT, and you often tell us you like a big name. Newbies can get this BT 67Mb broadband-only deal via Broadband Genie for £29.99/mth. Factor in a £60 virtual prepaid Mastercard and it's equivalent to £27.49/mth over the 2yr contract. On Universal Credit or similar? Check if you can get BT's £20/mth social tariff. Do a full comparison: Cheapest broadband comparison.

TWO pairs of branded prescription specs from £25. MSE Blagged. Eg, Aspire, Scout. Glasses Direct

'I saved £160/yr haggling my mobile bill.' Our success of the week comes from Cara, who made a big saving haggling on her mobile. She said: "I'm very grateful for your help with a new Sim. I chatted online to O2 after the expiry of my last contract for £20.35/mth for 3GB data plus unlimited texts and calls. I saw in your Cheap Mobile Finder tool a 12mth contract at £6.99/mth for new customers for 6GB plus unlimited texts and calls, and asked them if they would reward over 10yrs' loyalty on the same terms. I was asked where I saw this deal and said 'MSE'. Job done - it's saved me £160/yr." If we've helped you save (on this, or owt else), please send us your successes.

Grind coffee 30% off code. MSE Blagged. Valid on ground coffee, beans and pods. Ends Tue 3 Oct. Grind
 
 
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AT A GLANCE BEST BUYS
 

THIS WEEK'S POLL

How much do you plan to spend this Christmas? A couple of weeks ago, we marked 100 days until the big C-day. As the calendar ticks down, we want to know how much you're planning to spend this year (if anything), and whether you've started saving up for the big day. Vote in this week's poll.

Hurrah! Most MoneySavers do have a will. Last week, we asked if you have a will, and if not, why not? Over 4,600 people voted, with 64% saying they have one - although of those, about 15% admitted theirs isn't up to date. There is a big age divide, with the majority of under-50s not having one, while most aged 50+ do. Of those without one, "not getting round to it" was the most common reason why. See the full poll results (and for help on getting one, see our Cheap wills guide).
 
 
 
 

MONEY MORAL DILEMMA

Should I challenge my daughter's school over requiring pricier uniform with logos? My daughter is starting at a secondary school that requires pupils to wear blazers, skirts and trousers with its logo on. Trousers with the logo on are up to £16 a pair. In contrast, you can get two pairs of school trousers for £12 from a well-known retailer. Government guidance says "schools should keep branded items to a minimum and limit their use to low cost or long-lasting items". I asked about this and got a fudged answer. I want a good relationship with the school and don't want my daughter disadvantaged by me kicking up a fuss, so should I grin and bear it and find the money to buy the required uniform, or take it further? Enter the Money Moral Maze: Should I pursue my daughter's school for requiring pricey uniform? | Suggest a Money Moral Dilemma
 
 
 
 

MARTIN'S APPEARANCES (WED 27 SEPT ONWARDS)

Wed 27 Sept - Ask Martin Lewis, BBC Radio 5 Live, 1pm
Tue 3 Oct - This Morning, phone-in, ITV, 10.30am
 

A 5FT GUY FAWKES & A 19TH CENTURY SWORD... WHAT ODD ITEMS HAVE YOU FOUND OR LEFT IN A PROPERTY?

That's all for this week, but before we go... MSE Forumites have been revealing the strange things they found when moving into a new property, or which they themselves left behind. One poster panicked when they'd left a sword - used in the 1854 Charge of the Light Brigade, no less - in their last rental flat. Luckily the estate agent retrieved it for them. Another recalls leaving a 5ft tall Guy Fawkes effigy in the loft as a 'surprise' for the next occupants. Examples of found items range from the icky (a 'massive' pair of Y-fronts and a pile of toe clippings) to the valuable (an acoustic guitar and a box of unopened, original Star Wars figures). Perhaps the most enigmatic item was a note found in a Canadian farmhouse, laying out the contract for a building extension back in the 19th century. Payment for the building work was "$5 and the big white horse". Add your own fantastical finds and curious cast-offs to the What's the strangest item you've found or left in a property? MSE Forum thread.

We hope you save some money,
The MSE team
 
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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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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.

Who is Martin Lewis?
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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