MSE’s Money Tips Car Finance Mis-selling landmark ruling, 18mth energy fix, 264Mb broadband £17/mth, free crisps & en

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From: MSE's Money Tips - Tuesday Oct 29, 2024 06:58 pm
MoneySavingExpert's Money Tips Email
Plus... financial pros of marriage, cheap divorces, 5.15% savings, Martin Lewis Money Show is back
                                                           
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 29 October 2024 | 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.
 
 
 

Still on the Energy Price Pants Cap? (80% of you are)
New. Now you can lock in a fixed rate for 18mths and still save 6% compared to the rate you're currently paying!

Competition in the energy fixed deals market is slowly firing up, and crucially with the cheapest fixes, you get peace of mind knowing exactly what you'll pay. And this week we've seen the launch of a longer fix that still substantially undercuts the Price Cap (until now, all the cheaper prices were for 1ish-year deals). As exact prices depend on where you live and what you use, our free Cheap Energy Club comparison will work out what your bespoke cheapest is.

Still confused about energy? Watch tonight's (Tue) ITV1 Martin Lewis Money Show Live at 8pm, as it's Martin's focus.

Are you on an Energy Price Capped tariff? Not sure... you probably are. The Price Cap only applies to firms' standard variable home tariffs in Eng, Scot & Wales - the bog-standard default deals you're put on if you've never switched, or your fix ended and you did nowt. Those already on fixes or specialist tariffs AREN'T on the Price Cap. To help, when you put your tariff in our comparison, it'll show if it's capped or not.

The Cap itself is regional (see full Cap rates) and sets a maximum cost for each unit of gas & elec used, and a max standing charge you pay each day. It is not a total cap on what you pay. Most firms charge at or very close to the max.

 The easiest & safest route is to fix... A fix gives you peace of mind that the rate won't change for a set time - though what you pay still depends on how much you use. The rate you can fix at changes all the time - it was a little cheaper a few weeks ago, then prices went up, now they've dropped a smidge...

E.on Next Fixed 12m v32. No smart meter needed. Dual fuel or elec-only | Monthly Direct Debit  / cash / cheque (2) Switchers save avg 6.6% (5.4% for existing customers) compared with today's Price Cap, including £20 MSE cashback for new customers ONLY. £50/fuel early exit fees Longer fix. E.on Next Fixed 18m v2. No smart meter needed. Dual fuel or elec-only | Monthly Direct Debit / cash / cheque (2). See Is a longer fix a good idea? below. Switchers save avg 6.4% (5.6% for existing customers) compared with today's Price Cap, including £20 MSE cashback for new customers ONLY (3). £50/fuel early exit fees British Gas Fixed Tariff v5. No smart meter needed. Dual fuel, elec-only or gas-only | Monthly Direct Debit / cash / cheque Save avg 6.4% for new & existing British Gas customers compared with today's Price Cap, including £20 MSE cashback. £50/fuel early exit fees Outfox the Market Fix'd Dual Oct24 v7.0. No smart meter needed. Dual fuel | Monthly Direct Debit only | Online account Save avg 6.1% for new & existing customers compared with today's Price Cap. £50 dual-fuel early exit fee EDF Essentials 1yr Nov25. Dual fuel or elec-only | Need have / apply for a smart meter | Monthly Direct Debit / cash / cheque or smart prepay Save avg 5% compared with today's Price Cap. £25/fuel early exit fees
The cheapest standalone fixes (Eng, Scot, Wales) (1)
Links go via Cheap Energy Club for a personal comparison & as it'll be updated, with things changing rapidly
There are also 1yr fixed tariffs more than 5% cheaper than the Price Cap with Ovo Energy and Octopus Energy. 
Also allows those on smart prepay to switch
(1) 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. (2) You can switch to E.on Next's fixes via Cheap Energy Club if you pay by monthly Direct Debit. For other payment methods, you'll need to go direct to E.on. (3) The E.on 18mth fix raw price is on average slightly cheaper than its 12mth fix. Yet as we discount the MSE cashback over 18mths, its impact is less than on the 12mth fix, so overall makes it a fraction more expensive. The cashback impact will be less for higher users, more for lower users (it's factored into the comparison).

Q. The savings are compared to the current Price Cap... what about once it ends? Each Cap lasts three months. Most analysts' latest predictions are the January Cap will be a touch higher, it's then predicted to drop slightly in April and July - though the further out you go, the more crystal-ball gazing it is. Overall, that means over the next 12mths you'll pay on average roughly the same or slightly more than you do now.

Q. Is it worth fixing for 18mths, not 12? Until now longer fixes were relatively costly, so the new E.on 18mth tariff is an outlier. Yet analysts don't predict the Price Cap rate much more than a year out, as the market is too volatile. So there's an element of uncertainty in the decision.

Yet the deal's the same rate as a 1year fix, so if you want longer-term peace of mind that your rate can't go up and you won't need to switch as frequently, it looks a strong one. Plus for higher users, the £50/fuel exit penalties will only be a small percentage of your bill, so you could get it for safety, then if after a year or so things have got much cheaper (chance'd be a fine thing), ditch it and pay the penalty.

Fixing isn't your only choice to save - for some, other tariff types will win. For most, it's the simplest and safest way to guarantee a saving, but there are alternatives, including discounted Price Cap tariffs (one which lowers standing charges), specialist electric vehicle tariffs, and Octopus's rapid price-change tariffs Tracker and Agile (potentially big savings for sophisticated users, but not without risk).

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, Energy saving tips and Energy mythbusting guides.
 
It's back. The Martin Lewis Money Show LIVE's on ITV1 tonight (Tue) 8pm & also Thu 8pm! Martin: "Unbelievably, it's now series 14. We're off to a flyer tonight with how to beat energy bill hikes & winter fuel cuts, then on Thu, it's a 'how the Budget'll really affect you' special - I'm hoping (unconfirmed) the Chancellor will join to answer your Qs too. Do watch or set the VHS."

'Free' £2 Harry Kane crisps, 'free' £2 energy drink, £2 off Ristorante pizza & more. It's coupon-tastic, our latest update of virtual discounts to get you freebies and money off. See 60+ supermarket coupons.

New. Top 5.15% easy-access savings price war (on up to £20,000). A cash ISA's just a savings account you never pay tax on. And current top rates clearly beat the top normal easy-access savings, especially as today we've seen a price battle with rates upped twice by these two.... Top unlimited withdrawals (likely safer for most): Trading 212's 5.15% AER* variable (min £1), which allows unlimited withdrawals, has upped its rate twice today for all customers, to respond to... New, but withdrawal limits: Moneybox's 5.15% AER variable (min £500), though that only lets you withdraw penalty-free three times a year. Both let you put in up to £20,000, and allow you to transfer (without limit) existing cash ISAs in too. It's worth noting that Trading 212 has a slightly complex structure. More options in Top cash ISAs and Top savings.

What Black Friday deals can you expect this year? Amazon, Apple, John Lewis and more. Black Friday's four weeks away (29 Nov), but some sales are likely to launch this week. See our regularly updated Black Friday deals page.

New. Marriage & divorce: What are the financial benefits of marriage? | Are pre-nups worth it? | How to divorce cheaply | Splitting pensions, mortgages & more. A new Not The Martin Lewis Podcast - where Martin asks specialists key questions on subjects he doesn't cover - delves into marriage & divorce this week. Listen via BBC Sounds | Apple | Spotify or elsewhere podcasts are listed. And as it's such an important topic, we've put a transcript right here on MSE.

Watch the Budget with Martin and MSE (12.30pm Wed). Follow Martin's live analysis on X (Twitter) & translations (ie, plain English), and then hit MSE News as we explain in detail what it means for you.

Four banks now pay you a FREE £175+ to switch. Last week, NatWest* became the fourth bank to offer switchers cash - it pays £180, plus if you use mobile banking, a net £3/mth (it pays £5 and charges you £2) on top if you pay in £1,250/mth (so a salary of £16,000/yr) - combined, that's £216 over a year. Lloyds gives a free £200 + perks (eg, free Disney+). Top service bank First Direct* gives a free £175 and has 7% linked savings and a £250 0% overdraft, and Nationwide offers a free £175 plus 6.5% linked savings. Full help and eligibility info in Best bank accounts.

500,000 Travelodge rooms £35 or less - can you find 'em? The hotel chain has released more £35 rooms for stays from now until 23 Dec (excluding London), but it can be trial and error to find one. Travelodge

'Complete Savings' ads banned after MSE complaint. It's the 'cashback with a catch' site you see after checking out online at Argos, Trainline etc. Check your statements NOW to ensure you're not unknowingly paying out.
 
 
 
 

Can you double your broadband speed for half the price?
Ends Thu. Get zippy 264Mb broadband for £17/mth.
Or get blisteringly fast 500Mb for £25/mth
Check your speed and cost now & prepare to ditch, switch and save possibly £600/yr

Don't think of your broadband bill by the month, look at it by the year to see what you really pay. The typical out-of-contract cost with BT is £840/yr for 67Mb, Sky is £520/yr for 30Mb, Virgin is £650/yr for 132Mb. Yet if you're one of the seven million customers that are out of contract and are paying these often-hideous rates, grab short-lived promo deals from comparison sites available today and you could be paying the equivalent of just £204/yr for 264Mb.

Our broadband comparison amalgamates the top deals, and shows what's available for you, as many are postcode dependent. It covers 26 providers, all the biggies, and a growing number of small good-value local players too (we're working on adding more). Uniquely, it also includes special social tariffs for those on Universal Credit.

Ends 11.59pm Thu.
Virgin 264Mb broadband-only '£17.06/mth' (18mth contract)
MSE Blagged
National Cheapest Virgin deal we've ever seen. You pay £24/mth, but you get an AUTOMATIC £125 bill credit added to your first bill. So there's nothing to pay for the first five months. You pay £307 over the 18mth contract with that factored in, equivalent to £17.06/mth. Service rating: 4.9/10 (OK) (2) New. Vodafone 150Mb broadband & digital line '£21.25/mth' (2yr contract) National Cheapest 100Mb+ fibre with decent service. You pay £25/mth (rises by £3/mth every Apr) and can CLAIM a £90 Amazon, Tesco, Sainsbury's or M&S voucher within four months. You pay £510 over the 2yr contract with that factored in, equivalent to £21.25/mth. Service rating: 6.1/10 (OK) (2) New. Hyperoptic 158Mb broadband-only '£13.74/mth' (1yr contract) Local Mainly larger towns/cities, incl Lon, Birm, Manc. You pay £19.99/mth and can CLAIM a £75 shopping voucher within four months of your first bill. You pay £165 over the 1yr contract with that factored in, equivalent to £13.74/mth. Service rating: N/A New. Vodafone 500Mb broadband & digital line '£25.46/mth' (2yr contract) National Cheapest 500Mb+ fibre in 3mths. Just launched, but ends 11.59pm Thu, you pay £29/mth (rises by £3/mth every Apr) and can CLAIM an £85 Amazon voucher within four months. You pay £611 over the 2yr contract with that factored in, equivalent to £25.46/mth. Service rating: 6.1/10 (OK) (2)
New. Sky 500Mb broadband & digital line '£27.05/mth' (2yr contract) National Cheap 500Mb+ fibre. You pay £31/mth, but you can CLAIM a £95 shopping voucher within four months of your first bill. It's £649 over the 2yr contract with that factored in, equivalent to £27.05/mth. Service rating: 5.6/10 (OK) (2)
Community Fibre 550Mb broadband-only '£17.09/mth' (2yr contract) Local In London and south-east England. This Community Fibre deal is £20/mth, but you can CLAIM a £70 shopping voucher within four months of your first bill. Factored in, it's £410 over the 2yr contract, equivalent to £17.09/mth. Service rating: 8.4/10 (Good) (2) On Universal Credit or similar benefits? Try a social tariff. Many providers offer special discounted social broadband tariffs, which give long-term cheap prices of usually £13/mth to £20/mth for 30Mb+. Add your postcode via the link above and, within your search results, you'll see the social tariffs local to you.
Find the cheapest broadband deal for YOUR postcode...
All go via our revamped Broadband Comparison, so you can see what's available at your address
Cheapest deals between 100Mb and 499Mb (1)
Cheapest 500Mb+ deals (1)
(1) Our 'equivalent costs' - adding all costs, deducting promo credits and averaging over the contract so you can compare easily. Contractual annual price hikes aren't factored in, as not all providers specify exactly how much they'll increase in pounds and pence yet. (2) Broadband service ratings tend to be worse than other sectors, so all scores are lower. See our full broadband service poll results.

Slow broadband? Before switching, test your speed - is it the Wi-Fi or the connection? Do a speed check - first via Wi-Fi, then by plugging your device into the router (if you can). If Wi-Fi's a lot slower, try our speed-boosters.

New rules mean you no longer need to contact your current provider to switch. Until recently, switch broadband and with some providers (including Virgin), you've had to contact both your old and new provider to do it (sometimes leaving you paying for both during the overlap). Now, regulator Ofcom has changed the rules, rolling out a 'One Touch Switch' service that means the new firm should seamlessly sort it for you.

Don't want to switch? Haggle. In our December poll, the vast majority of those who'd haggled with the big broadband firms were successful. Use the deals above as a benchmark to help get costs down. Read full Broadband haggling tips.

Switching usually only means about two hours' downtime - whether an engineer comes depends on what you're getting. You're told the switch time, and most don't need an engineer to set it up. There are exceptions to this - if you're moving to or from Virgin you may need one (you're told before applying). Plus, if you're getting fibre to the premises (FTTP), which is where you have a fibre cable fitted to bring the connection into your home too, allowing speeds of up to 1,800Mbps, it may need someone to look at the externals of your home.

 At least 50% of customers must get the advertised speeds at peak times. Plus, all bigger providers must also indicate your estimated minimum speed pre-application.

Members of cashback sites can sometimes undercut deals. In some cases, the cashback can mean these sites undercut promos elsewhere, though sometimes the deal differs - so check carefully. More in Top cashback sites.
 
Free TV audience tickets, eg, Martin's show, Wheel of Fortune and The Graham Norton Show. If you fancy being part of the experience for these and more (though there's a clear highlight 😉), see free audience tickets.

Ends Sun. Cheapest iPhone 15 we've seen '£30/mth'. MSE Blagged. The iPhone 16 went on sale in Sept, and we're starting to see its predecessor's price fall. A new handset isn't MoneySaving, but if you need one, newbies to Three can get an iPhone 15 (128GB) on a 24mth contract with 300GB data via Affordable Mobiles. It's £29 upfront, then £29/mth, making it £725 in total, equivalent to £30.21/mth. Buying just the handset from Apple is £699, so this is a decent deal. The retailer is responsible for the handset, Three for the contract. Want more options? Use our Cheap Mobile Finder.

£50 Grüum home fragrance set £17 delivered. MSE Blagged. Includes a candle, a diffuser, two room sprays and six wax melts. 10,000 available. Grüum

'I'm saving on interest after using your Loans Eligibility Calc - thank you.' Our great success of the week comes from Jane: "During lockdown, my dog became very sick and I ran up credit card debt with my vet - I had no option. I've worked so hard to pay it back, but even paying £500 a month, I was charged almost £200 interest. I used your Loans Eligibility Calculator to see if I could swap to a much lower interest rate. I was accepted. I've already paid off that draining credit card, and chosen to pay it back over two years. Thank you." PS: With credit card debt, do check our 0% Balance Transfer Eligibility Calc first, as it can be cheaper than getting a loan. If we've helped you save (on this, or owt else), send us your successes.

60% off first Abel & Cole organic fruit and veg box, from £8.64 including delivery. MSE Blagged. Then 50% off your next two. Veg out

Ends Tue (5 Nov). Grab an extra £26 when spending £5+ online. 12,000 available. If you're new to cashback site Topcashback, we've blagged this special offer. Full info on how to get it in Topcashback boost.
 
 
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AT A GLANCE BEST BUYS
 

CAMPAIGN OF THE WEEK

Support people this winter by collecting food for FareShare. You can help charity FareShare by volunteering at the Tesco Winter Food Collection and encouraging Tesco shoppers to donate vital long-life food between Thursday 28 and Saturday 30 November. FareShare will then provide those crucial donations to over 8,000 charities supporting people across the UK this winter. If you can't volunteer, but want to (and can afford to), you can also donate food in store. Sign up here: Volunteer with FareShare.
 

THIS WEEK'S POLL

Do you have life insurance? Life insurance is designed to provide financial support for your loved ones when you die. This week we'd like to know if you it, and if not, what's your reason? Vote in this week's poll.

Most MoneySavers gave their children their first phone at 11 years old. Last week, we asked you at what age you think children should have a mobile phone - nearly 5,000 of you responded. The majority of MoneySavers who have given their children phones did so when they were 11 (23%) or 12 (20%). It was the same pattern with parents of younger children, with 11 being the age most were planning to give them their first mobile. When buying their child a phone, 48% of parents opted to buy it new on contract or outright, followed by 28% who went with a hand-me-down. See the full poll results.
 
 
 
 

MONEY MORAL DILEMMA

Should I give my single child money for a property as I contributed to my married children's weddings? I have three children in their 30s. Two are married, and I contributed towards the cost of both weddings. My other child, who is single, purchased a property on their own and I lent them money towards the deposit. The amount they borrowed is similar to what I gifted towards each wedding - is it fair to expect them to repay it, or should I say it's a gift in lieu of contributing towards a wedding? Enter the Money Moral Maze: Should I give my single child money towards a property as I contributed to my married children's weddings? | Suggest a Money Moral Dilemma (MMD) | View past MMDs
 
 
 
 
 

MARTIN'S APPEARANCES (TUE 29 OCT ONWARDS)

Tue 29 Oct - The Martin Lewis Money Show Live, ITV1, 8pm
Wed 30 Oct - Budget reaction and podcast, BBC Radio 5 Live, 3pm
Thu 31 Oct - The Martin Lewis Money Show Live, Budget special, ITV1, 8pm
Tue 5 Nov - This Morning, phone-in, ITV1, 10.20am
Tue 5 Nov - The Martin Lewis Money Show Live, ITV1, 8pm
 
 
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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.

We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips).

We often link to other websites, but can't be responsible for their content.

Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

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.

More about MoneySavingExpert and Martin Lewis What is MoneySavingExpert.com?
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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