MSE’s Money Tips 14 couples' MoneySavers, NS&I savings boost, free £2 teabags, Martin's energy help, free £25 + 0% sp

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From: MSE's Money Tips - Tuesday Feb 15, 2022 09:00 pm
MoneySavingExpert's Money Tips Email
Plus... cheapest-ever Samsung S21, 31mth 0% debt shift, £10-£50 London theatre tix
                                                           
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 16 February 2022 | 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.
 
 
 
TWO top credit cards, each with TWO powerful perks...

1. Choose free £25 cash OR free £25 at Sainsbury's
2. Then if needed, they're both TOP 0% spending cards too: up to 24 months 0%


After a dearth of decent credit card deals during the pandemic, lenders are once again thirsting for your custom. And this week, it's the supermarket banks battling it out, with two top 0% spending cards getting better. In both cases the card providers are trying to get you to spend, but both can be worked to grab a freebie AND cut the cost of any essential borrowing...

Step 1. Nab a freebie. There are now two cards available that offer freebies to accepted new customers, and have a market-leading 0% deal (or close to it). Choose from...

MSE's guide to the best 0% credit cardsa) New. M&S Bank's* credit card (always best to check your acceptance odds first) now gives £25 cashback to newbies who spend £100 on it within the first 90 days (it's then credited to your account within two months). You also get one reward point (worth 1p in M&S vouchers) per £1 of spending in M&S or per £5 of spending elsewhere.

b) Sainsbury's Bank's* credit card (again, it's best to check acceptance odds first) also offers a bonus worth £25 - though you'll need to be a Sainsbury's shopper to get it. New cardholders get 500 Nectar points (worth £2.50) for each £35+ spent at the store in the first two months, up to a max 5,000 points (£25). You also get the normal two points (worth 1p) per £1 spent at Sainsbury's and one (worth 0.5p) per £5 elsewhere.

With both of these cards, only use them for normal spending - it's not an excuse to spend more. Make sure to pay the balance off IN FULL, and you've grabbed the freebie. Or...
 
 Step 2. Both cards are TOP 0% spending deals, so if you need to borrow, you can't do so cheaper than this. Used right, there's no cost at all to borrow here, as these cards offer up to 24 months interest-free.

Yet even though it's free, only borrow if you NEED to. That means for a planned, affordable purchase (for example, replacing a faulty fridge) - not to fill in gaps in your income. If in doubt, don't borrow.

The Sainsbury's Bank* card now gives 'up to' 24 months at 0% (was 23 months) - the joint-longest time at 0% - though the 'up to' means some poorer credit scores may be offered just 16 months 0%. However, if you check acceptance odds first and our eligibility calculator shows you're 'pre-approved', you'll definitely get the full 24 months. The M&S Bank* card gives 23 months at 0% (check acceptance odds), and is the longest 0% card that gives all accepted customers a DEFINITE 0% period. See full options in 0% Spending. If you do borrow on these cards, make sure you follow the golden rules...

a) Pay at least the monthly min and stick within your credit limit, or you can lose the 0% and get hit with fees.
b) Plan to clear the card (or balance-transfer) before the 0% ends, or these cards charge 21.9% rep APR (APR Examples).
c) Don't use these cards to withdraw cash - it's not at 0%.

Will applying for these cards affect my creditworthiness? Any full application leaves a mark on your credit file, even if you're rejected (hence why we say use our eligibility calculator first to see if you'll likely be accepted). Lots of applications in a short space of time can have a small, negative impact for a few months. Yet for most with decent credit histories, you could apply to one card - or even both - and it shouldn't be a problem. However, it's best avoided if you have an important credit application (for example, a mortgage) coming up imminently.
 
40+ coupons, including free £2 Twinings teabags, free £1 flapjacks, £15 off £60 for Sainsbury's online newbies & more. See February's supermarket coupons round-up.

NS&I doubles Green Savings Bond rate to 1.3% - so how does it now compare? Read our full analysis. Related: NS&I increases easy-access rates to 0.5% 

New. Got credit card debt? Pay no interest for 31 months (1.99% fee) + get £25 cashback. A balance transfer shifts expensive card debt to a new card which charges 0% interest for a set time. M&S Bank's 31 month 0% deal* is one of the longest 0% deals, plus it gives £25 cashback if shifting £100+ within 90 days. So if you're transferring less than £1,250, the cashback covers the 1.99% fee (min £5), so it's effectively fee-free. Yet it's always best to use our 0% eligibility calculator first to check your acceptance odds. Golden rules: Always repay at least the monthly minimum, and clear the card before the 0% ends or it's 21.9% rep APR interest. Full help's in Top balance transfers (APR examples).

Energy in crisis - Martin's 10 energy bill changes NEED-to-knows. A crucial update if you missed it last week - Martin clears up mass confusion about the dire 54% price cap hike, the £200 'loan-not-loan', whether you should fix now, the £150 council tax rebate and more. See Martin's energy update.

£70 off Ninja food processor or multi-cooker via code. MSE Blagged. They normally cost £200, but our code gets 'em for £130 each. Ninja code

Ends Sun. Cheapest Samsung Galaxy S21 5G contract we've seen - 100GB data for '£28/month'. MSE Blagged. Newish smartphones aren't MoneySaving, but if you'll buy a Samsung S21 anyway, at least do it the cheapest way - and now's a good time, as prices have dropped following last week's S22 launch. Until 11.59pm Sun, Three newbies can get a 128GB Galaxy S21 5G* with 100GB/month of data for £195 upfront, then £20/month via Fonehouse. That's £675 in total over the two-year contract - equivalent to £28/month, and £650 less than a similar deal from Three itself. Want a different handset? Use our Cheap Mobile Finder. Note: Three is responsible for the contract, Fonehouse for the handset.

Martin questions Chancellor on hidden student loan repayment hike. Many uni leavers will pay £113/year more from April. Watch Martin's explainer & his challenge to the Chancellor.

We want your insider MoneySaving tricks. What do you know because of your job that others don't? For example, do you work in a factory and make own-brand food next to branded? Or are you a car salesperson with top negotiating tips? Share your insider knowledge via email or the MSE Forum, and we'll round up the best.

Pensions, pensions, pensions... Thu 8.30pm, ITV - The Martin Lewis Money Show. Over to Martin: "It's a pension special, so I'm joined by two pension pros to answer your private and company pension questions - including how it works, should you take your work pension, how and where to start a pension, how to find old pensions, pension transfers, the most efficient way to take cash out of a pension and more. It's a pre-record this week, so I can tell you in advance we get through a lot of must-know info. Don't miss it. Do watch or at least set the Betamax."
 
 
 
 
Base rate savings boost

New. NS&I raises easy-access rates to 0.5% (but most should seek higher rates - up to 0.73%)


A couple of weeks ago, the Bank of England announced it had increased the base rate for the second time in as many months - a jump to 0.5%. Rising base rates are usually heralded as helping savers, yet most banks DON'T pass on rises. NS&I - the Treasury-backed savings provider - bucked this trend last week, raising its easy-access rates to 0.5%. We know many like saving with NS&I, so here's how it compares...

MSE's top savings accounts guideNS&I increases easy-access rates to 0.5% - but should you save with it? NS&I now pays 0.5% AER variable on its easy-access Direct Saver (min £1, max £2m) and Income Bonds (min £500, max £1m) accounts, up from 0.35%. The rise means these accounts now aren't terrible for those with large amounts of savings who want to keep it all in one place and have it as near to 100% protected as you can get. We say it's protected as money in NS&I is backed by the Treasury (so it's safe unless the UK itself goes bust, in which case we've all got bigger problems).

But other UK-regulated banks have a savings safety guarantee, which means up to £85,000 per person's protected. So most should actually just chase the best rates...

The top easy-access accounts beat NS&I - get up to 0.73%. With these accounts, you can pay in and withdraw cash whenever you want - but rates are variable, so you need to monitor them in case they drop. Till 8am today (Wed), Ford Money pays 0.73% AER. Or, Cynergy Bank pays 0.71% AER, though the rate includes a 0.41% fixed one-year bonus. Both let you save from £1. Or see full options in top easy-access savings.

Able to lock cash away? Boost rates up to 1.66%. Put money in fixed-rate savings, and the rate you get is locked in, as is your money - you can't withdraw it within that time. Full options, incl longer fixes paying up to 2.2%, in top fixed savings, but in brief...

- 1year fix: App-only Tandem is the top payer at 1.45% AER (min £1), or Habib Bank Zurich pays 1.41% AER and can be opened online (min £5,000).
- 2year fix: SmartSave is the top payer at 1.66% AER (min £10,000). If you've less, Tandem pays 1.65% AER from £1.

Is now a good time to fix? It's a tough call. City analysts predict further base rate rises in 2022, so it's likely newbies' fixed savings rates will rise too. Yet if you wait, your money's not earning as much (or any) interest. Hedging towards shorter fixes may be the best of both worlds, as you get rate certainty, but you're not locked in for too long if rates do rise.

Can you boost interest further? With inflation running at 5%+, most savings accounts are actually 'losings' accounts. The specialist accounts below can help you max returns - but can you get 'em?

- 50% bonus for many on universal credit or tax credits. Find out if you're eligible for Help to Save.
- 25% bonus for first-time buyers aged 18-39. Open one ASAP - full info in Top Lifetime ISAs.
- If you have expensive debts, paying them off often beats saving. See Repay debts or save?
- Earn up to 5% if you save each month. Big interest on smaller amounts - full info in Regular savings accounts.
- Earn up to 2.02% on smaller savings. Some current accounts give higher rates, but with strict criteria.
- Prefer to invest? Possibly much higher returns, but losses possible too - see Stocks & shares ISAs.
 
£10-£50 London theatre tickets sale, including Frozen, Only Fools & Horses and Wicked. This popular sale's been extended, so you can now book for shows till the end of March. London theatre

Over half would opt out of Govt's £200 energy 'loan-not-loan', reveals MSE YouGov survey. The findings prompted Martin to call on the Chancellor to find another solution. See the full survey results and Martin's view.

Posh 'zero-plastic' shampoo bar for £4 (normally £12). Lasts up to 60 washes. 20,000 available. Gruum

90% off one month's 'tailored' dog food (so £25 worth for just £2.50). MSE Blagged. Plus 30% off the second month. Add info about your dog and it creates a recipe especially for your furry friend. Tails dog food

Get Healthy Start vouchers for free fruit, veg, milk and more? Change to a prepaid card NOW. Paper vouchers will be scrapped from March, so apply now for a prepaid card or payments will stop. Healthy Start shake-up

'I reclaimed £2,450 in packaged bank account fees on my late husband's account.' Our success of the week comes from Miriam, who complained about a mis-sold packaged bank account: "I claimed back packaged bank account fees (via MSE and Resolver) on my late husband's account - 10 years of fees plus interest amounting to £2,449.06. It only took just over a week. Thank you so much." Please send us your MoneySaving successes on this or anything else.

Last chance to complain about mis-sold Provident Financial loans. If you were mis-sold a short-term loan by its Glo, Greenwood, Provident or Satsuma brands, you've only got until 28 February to get your complaint in. Provident help
 
 
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AT A GLANCE BEST BUYS
 

THIS WEEK'S POLL

Is it OK to use a 2for1 voucher on a first date? With Valentine's Day having just passed, it's the perfect time for our traditional poll - we want to know your opinion on whether it's OK to use a 2for1 voucher on a first date?

Cuckoo and Zen tie for the broadband customer service crown. Over 20,000 people responded to last week's broadband customer service poll, voting small firms Cuckoo and Zen joint-top - with both scoring a 94% 'great' rating. Plusnet was best of the biggies at 51% 'great', while Virgin Media took the wooden spoon with 46% rating it 'poor'. See full broadband poll results.
 
 
 
 

MONEY MORAL DILEMMA

Should I charge my boyfriend rent, even though I don't have a mortgage? My boyfriend lives with me in a house I own outright. While we split household bills equally between us, he doesn't pay anything to live there. I've been wondering whether to ask him for money for rent - or would that just be greedy? Enter the Money Moral Maze: Should I charge my boyfriend rent, even though I don't have a mortgage? | Suggest a Money Moral Dilemma
 
 

MARTIN'S APPEARANCES (WED 16 FEB ONWARDS)

Thu 17 Feb - The Martin Lewis Money Show, ITV, 8.30pm

MSE TEAM APPEARANCES (SOME SUBJECTS TBC)

Sun 20 Feb - Meridian FM, The Sunday Review with Tim Graham, Helen Saxon on savings, from 10am
Tue 22 Feb - BBC Radio Cambridgeshire, Mid-morning with Jeremy Sallis, from 12.40pm
 

A COFFEE AT SAINSBURY'S & DIY BEACH BBQS... WHAT'S THE BEST CHEAP DATE YOU'VE BEEN ON?

That's all for this week, but before we go... as it's Valentine's week, MSE Forumites have been sharing their best cheap date stories. One romantic recalls DIY barbecues on the beach, while others told us of coffees in the Sainsbury's cafe or sharing ham and cheese sandwiches after a long walk. And we loved reading about the Forumite who saw a fellow diner get down on one knee and propose... right after paying for the meal with a voucher. Read more and share yours in the best cheap date you ever went on MSE Forum discussion.

We hope you save some money, stay safe,
The MSE team
 
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