MSE’s Money Tips 50% savings boost, 3.8% mortgages, call your bank with just 3 numbers, cheapest NO EXIT FEE energy f

Martin: In two days' time, it's widely expected the Bank of England will cut the UK base rate from 4.5% down to a likely 4.25%. And even if not, markets are already pricing in several UK base rate cuts this year - leaving some economists predicting the base rate at the start of 2026 will be around 3.5% (one even says below 3%).

It's therefore arguable that the silver lining of the world's economic clouds, which is driving these cuts, is the benefit for those looking to buy a new or bigger property, or remortgage (get a new mortgage for the same property), as lower interest rates are predicted.

And market sentiment has a material impact on today's mortgage rates. That's because, in simple terms, while variable rates tend to move with UK base rates... with fixes, lenders instead set intro rates based roughly on what the market expects the borrowing cost to be over the period fixed.

So an expectation of lower rates cuts the rate fixes are offered at today. The cheapest fixes are already well below the current base rate, with one 2yr fix at 3.79%, and a 5yr fix at 3.83% (both need under 60% loan-to-value). Cheap rates have dropped so much it's questionable, should a base rate cut be announced on Thu, whether they'll move much as it's already factored in.

While fixed mortgages have got cheaper, should you wait to see if they'll drop further?

It is absolutely possible fixed mortgage rates will fall further, and certainly tracker and variable rates will fall if the base rate drops. Yet we've spoken to brokers and they say further substantial fixed cuts are not guaranteed (see what 4 brokers say in full), and it is always possible sentiment could move the other way.

They all pointed out that this is a decent time to get a mortgage, as approvals are down and there's a negative economic outlook, so lenders are trying to offer better deals and generous loan sizes. With an uncertain future, rather than trying to perfectly time the markets, I'd agree with them that it's more important to look at your own circumstances...

- Nearing your fix's end? Try to secure a cheap rate, then keep it under review till it's active, it may be ditch-able if a cheaper deal comes along (more below).
- Paying a high rate right now? Like any firm's Standard Variable Rate (SVR), typically 7.5%. Sorting a new deal now saves you money straightaway.
- Found an affordable house you want? Buying now locks it in.
- Circumstances less clear-cut? There's a chance waiting may help.

So that's the big picture, below the team and I have worked on step-by-step cheap mortgage help... including for 1st-time buyers who are struggling. Martin.

These are quick notes. For full help, download our FREE...

- 1st-time buyers' 53-page PDF booklet
- Remortgage 58-page PDF booklet

PS: First-time buyer saving for a deposit? Check out Top LISAs, where you can get a 25% boost of up to £1,000/yr on what's saved.

1) FTB REMO The quick financial checks to boost mortgage acceptance chances. Ideally, several months before getting a mortgage, start making yourself as financially fanciable to lenders as possible (if you're past that, do what you can). We've 18 tips in our Boost your mortgage chances guide, but here's a taster:

- Ensure you're on the electoral roll (registered to vote). Lenders use this as an ID check, without which it can make things tougher. You can opt out of the open register to stop marketing - see electoral roll help (also includes what to do if you're a foreign national).
- Limit credit applications. In the run-up to getting a mortgage, don't switch bank, and minimise applications (including consistent new use of buy now, pay later).
- Stay out of your overdraft. Some lenders may not tolerate you being in your overdraft at all in the last three months. See avoid overdraft.
- Always pay your bills on time. It's obvious, so do it.
- If remortgaging, be mindful when your deal ends. You don't want to go on your lender's Standard Variable Rate, it's usually a hideous c. 7.5%.

2) REMO Check what 'product transfer' your current lender will offer you three to six months before your deal ends. A product transfer is when you switch deal with the same lender. Until fairly recently, many let you do this six months in advance, and while a few still do, most have reduced it to three or four months. This...

Sets a good benchmark, so you know what others need to beat.
May let you lock a deal in as an insurance policy against rates moving the wrong way, especially if, as some allow, you can ditch it penalty-free later if cheaper deals emerge that are better for you. Full info and pros and cons in lock in early help.

You can normally sort a product transfer directly with your lender. Or, if you'd prefer, use a mortgage broker to arrange it.

3) REMO Ensure you know your CURRENT mortgage's info. If you're switching deal, knowing the following information about your current deal will help when searching for a new one:

- What's the rate? Plus monthly repayments.
- How much do you still owe? What's your outstanding mortgage balance?
- What type is it? Fix, tracker or Standard Variable Rate?
- When's the intro deal over? Eg, when does your fix end?
- What's the term (when must it all be repaid)? In 10, 20 or 25 years?
- Will you be penalised to switch deals? Does your fix or tracker have an early repayment charge? If it does, it'll likely be tough to find a rate right now that makes it worth paying the charge.
- What's the loan-to-value (LTV)? This is the proportion of the home's current value that you borrow (more on that in point 5...)

4) FTB REMO Do a comparison to find out what's available. Some sample rates are below, but for a proper view of what's on offer, see our mortgage best-buy comparison tool:

Example cheap remortgage rates (1)
Type of mortgage	Rate	Saving against 7.5% SVR
2-yr fix (60% LTV)	3.89%	£390/mth
2-yr fix (80% LTV)	4.29%	£470/mth
2-yr tracker (60% LTV)	4.60%	£320/mth
2-yr fix (90% LTV)	4.60%	£480/mth
5-yr fix (60% LTV)	3.89%	£390/mth
5-yr fix (90% LTV)	4.43%	£505/mth
10-yr fix (75% LTV)	4.66%	£390/mth
(1) Excludes fees, assumes £300,000 property and 25-year term

5) FTB REMO Your loan-to-value (LTV) is often the single biggest factor impacting your mortgage rate. Lenders offer a rate based on how much you borrow as a proportion of the home's current value (known as loan-to-value - LTV for short). Put simply, a lower LTV is a better LTV. See Martin's single biggest mortgage factor video briefing.

For 1st-time buyers, your LTV is dictated by your deposit, eg, a 10% deposit is a 90% LTV, as that's the amount you'll borrow.

For those remortgaging, it's about your mortgage-to-house value, eg, a £200,000 mortgage on a house now worth £300,000 is a 67% LTV (so if your house's value's risen, your LTV's likely lower). Though if you've any savings, you could use them to reduce the LTV when remortgaging too.

Mortgages get cheaper as you drop down LTV thresholds. These can be every 5%, but there is often a bigger impact at 90%, 85%, 80%, 75% and 60% - after that, it tends not to change. Use our mortgage comparison to see the impact for yourself, but as an example...

Example cheapest 5-yr fixes (based on a £300,000 property, 25-yr term)
LTV	Rate	Monthly cost
95%	4.75%	£1,625
90%	4.39%	£1,490
80%	4.18%	£1,290
75%	4.04%	£1,190
60%	3.83%	£930

Crucially though, remember a 9% deposit, while equivalent to 91% LTV, only gets you a 95% LTV mortgage. In which case, if you could possibly push to get a little more deposit, it can make a big difference on the mortgage. See LTV help for more and our Compare Two Mortgages calculator to work out the exact differences for you.

There are more low deposit / high LTV mortgages available now than we've seen for over a decade

New data shows there are nearly 850 deals available for deposits of 5% or 10%. And this increased competition has pushed rates down, with the cheapest low-deposit mortgage deals being around 4.54% for a two-year fix with a 10% deposit, and 4.85% with a 5% deposit.

Crucially, as you'll see in the chart at the very top, the differential if you've a 10% deposit versus a 40% deposit has narrowed.

Though, as a protective thought, if you can, push to 10%. It's worth it as rates are typically half a percentage point lower and the risk of negative equity is less (that's where if your house price drops, your mortgage is bigger than your home's value, making switching mortgage or moving difficult).

While this will mainly help some FTBs, it may also help some remortgagers who originally got low deposit mortgages, and there's an outside chance even a few mortgage prisoners may benefit too (here's hoping).

6) FTB REMO Try to go £100 beyond any LTV threshold. If you've worked hard to get enough together to reach the next LTV band, for instance, 90% or 75%, try to push to £100 beyond that. This isn't to reduce the cost, but anecdotally it can ease acceptance, as to mortgage underwriters it might no longer look as if you're scraping to get to the limit (and lenders might not require quite as high a credit score).

7) FTB REMO How much can you borrow? Both income and the size of your deposit (or equity) impact how much money a mortgage lender might let you borrow. Lenders will also 'stress test' to see if you'd be able to keep up with repayments if interest rates went up. Our How much can I borrow? calculator gives a decent idea of how much a lender might let you borrow.

FTB Homebuying may now be cheaper than renting for some (if you can manage it)

Homebuying has generally been more expensive than renting since the 2022 mini-Budget, but according to estate agents Hamptons, the costs of average monthly payments on a 90% mortgage are £1,328, slightly cheaper than the £1,356 average monthly rental payment.

[An indictment in many ways of the hideous inflation in rents that have caused problems for many people. See renters' help - ML]

Though averages never tell the full tail... renting remains cheaper on average in London, the south-west of England, the east of England, and the East Midlands... so see it more as a sign of the direction of travel. Plus, some research (source: Yopa) also shows first-time buyer affordability (comparing average house prices to average earnings) is its best for 10 years.

In the negative column for those buying a property, Stamp Duty rates increased at the start of the month, potentially adding £1,000s to purchase costs (see our updated Stamp Duty Calculator) - and that's likely a factor in reports of slightly falling house prices since then.

8) FTB REMO Use the Ultimate Mortgage Calculator to ensure you know exactly what you'll pay. We've got a suite of powerful tools as part of our Ultimate Mortgage Calculator, including...

- Basic mortgage calculator
- Compare two mortgages
- Compare fixed-rate mortgages
- How much can I borrow?
- Saving for a deposit
- Overpayment calculator

9) FTB REMO Two KEY factors determine whether a lender will accept you. Finding the cheapest mortgage deal on a comparison is one thing, a far more difficult consideration is whether you will be accepted for it. This is especially important if you're a first-time buyer or remortgaging to a new lender (rather than a product transfer with your existing lender).

Affordability score. Lenders carry out strict checks to see if you can afford mortgage repayments on top of your other expenses.

Lenders also 'stress test' how you'd cope if interest rates went up (there's no firm rule about how high lenders must stress test by, but typically lenders stress test something above their current Standard Variable Rate, typically 7.5%), meaning you'll need extra leeway in your finances.

If you join, or are already a member, use the free MSE Credit Club Mortgage Affordability Score to get an assessment of it. If you're struggling with the affordability score, as many lenders' checks involve going through your bank statements in the run-up to your mortgage application, you can help by going frugal and reducing your outgoings in the 3 to 6 months before your mortgage application.

Though things are easier than they were, as the financial regulator, the Financial Conduct Authority, has reminded lenders they have some flexibility. Santander, Halifax, HSBC and NatWest have loosened their affordability testing since March, eg, reducing stress testing, meaning you may be able to borrow £10,000 to £40,000 more than before.
Credit score. A poor credit history can torpedo a mortgage or remortgage application. So check your credit file (for free) to ensure there are no errors, then minimise other credit applications, and pay down debts if you can. The MSE Credit Club will help you through this, including your credit file, a credit score assessment and bespoke tips on what you can do to improve the situation. Also see our 29 tips to boost your credit score guide.

Yet even if you've done everything right with your credit report and minimised outgoings, know that lenders' acceptance criteria differ from one to the next, meaning not everywhere will accept you. So...

10) FTB REMO Use a mortgage broker to help you through, and to ease acceptance. See our full find a good broker help. A mortgage broker is a regulated adviser who is able to guide and recommend individual mortgage products to you.

Plus, crucially, brokers have details of most lenders' acceptance criteria, which are not usually available to the public, so they can help match you to the best deal that will accept you (and can discuss your circumstances with the lender, if necessary).

Additionally, there are sometimes top deals, and even some product transfers, which are ONLY accessible through brokers.

Brokers will often also monitor interest rates even after you've applied for your mortgage deal in case better rates come along before the mortgage deal commences (apply directly and lenders may not do the same).

FTB First-time buyer struggling to get a mortgage?

There's no easy route, but there are options. The now-common phrase 'bank of mum and dad' giving you a deposit is an obvious route, yet if that isn't available (or they have the money but can't or don't want to give it you), here are some alternatives.

Many of these are complex, so speaking to a mortgage broker is a good idea. Though they may not cover all of them - if so, try a couple. Yet if you're doing this because you can't face waiting to build a deposit, patience may end up being the best route.

Shared ownership can help those with a smaller deposit. Here, you own part of a property, and pay rent on the share you don't own (that share is often owned by a housing association, though rents can be expensive). You can then buy a greater share as and when you can afford it.

Lots of lenders offer shared ownership mortgages, though they tend to be more expensive than standard mortgages. A full rundown of how the scheme works is in our Shared ownership guide.
Can your parents be guarantors? This is where they stand with you financially. Your guarantor doesn't own the property, so isn't on the title deeds, though they sign a legal contract and their name is on the mortgage, so they're on the hook if you can't pay. There are two types:

1. The guarantor promises to make your mortgage payments in the event you fail to do so.
2. The guarantor is a joint applicant and their income forms part of your affordability assessment.

The second type is most common. Many lenders offer these guarantor mortgages, though the rates tend to be more expensive. See how guarantor mortgages work.
Paid rent on time for 12mths+? Check Skipton's 'track record' mortgage. Skipton Building Society offers an effective 100% mortgage, ie, for no or a very small deposit to renters (not in N. Ireland) aged 21+, who've paid their rent on time for 12 consecutive months. Yet the borrowing is limited to repayments up to the equivalent of your current rental payments. See our analysis from when it launched.
30% to 50% discount off a new-build home. First-time buyers earning less than £80,000/yr (£90,000/yr if you live in London) buying a new-build property may be able to get a discount from builders via this newish state scheme, where the maximum you'd pay for a property is £250,000 (£420,000 in London). There aren't too many properties available yet, but it's worth a sniff test - see our First Homes scheme guide.
Got a family member willing to save with the lender? You may be able to get a 100% (no deposit) mortgage. If you've got a small or no deposit, a few lenders (eg, Barclays, Lloyds, Halifax) offer a 'Family' mortgage, provided someone will put the equivalent of 10% of the property price money into one of their savings accounts as security, and that money will be locked away for a set period (eg, five years).

If you don't repay, the helper's security can be kept for longer by the lender, even permanently if the property is repossessed. Mortgage rates are typically more expensive, but it's just you who own the property.
Will a family member or maybe a landlord sell you a property on the cheap? If there's somebody willing to sell you a property below genuine market value, such as a family member or landlord (maybe the landlord wants to cut out the estate agent), some lenders (eg, TSB, Halifax, Nationwide) are willing to treat the discount off the true property price as part of your mortgage deposit (some lenders will still want a small deposit as well). These types of mortgages typically cost the same as normal standard mortgages.

PS: Thanks to brokers David Hollingworth of L&C*, Nick Mendes of John Charcol*, Will Rhind of Habito* and Aaron Strutt of Trinity Financial* for doing a fact-check read of this for us.

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.

New. Top 0% balance transfer credit card. Save £100s or £1,000s interest
Shift card debts to new longest 33mth 0%. All accepted get the full length, so it's always interest-free until 2028

A 0% balance transfer is where you get a new card that pays off debts on existing cards for you, so you owe it instead, but interest-free for a set period. This means more of your repayments clear the actual debt, rather than servicing the interest. And there's a new top deal, so if you pay interest on credit or store card debt, check NOW to see whether you can cut costs.

As Bernadette emailed last month: "Thanks for the in-depth info. I applied for a 0% balance transfer, and got 23 months. Transferred £2,000 of high-interest card debt. Applied for another card and got 20 months 0% to clear the remaining £1,000. Am so delighted to finally make headway. Thank you all so much." [She's likely saving around £750/yr in interest]. Before we get to the best buys, three quick need-to-knows...

Find which top card you're most likely to be accepted for and apply via our eligibility calc. It shows your odds of getting each card BEFORE you apply, minimising applications & protecting your credit score.
Go for the lowest fee with a 0% period long enough to clear the debt. Longer balance transfers usually have a bigger one-off fee, so if you can go shorter, it's cheaper. Unsure? Play safe & go long.
Usually rejected when you apply? Our eligibility calc also includes balance transfers for poor credit scorers, while MSE's free Credit Club (available via the MSE App on Apple | Android) can analyse the problem.

Top-pick 0% balance transfers for NEW customers (all links via our eligibility calc)
New. Barclaycard DEFINITE 33mths 0% (3.45% fee) 24.9% rep APR after 0% ends	Longest 0% & it's a DEFINITE All accepted get the full 33mths at 0%. The 3.45% one-off fee (so £34.50 per £1,000 shifted) is beatable if you can repay quicker. Yet for safety, the length and fact it's a definite 0% make it a strong contender, especially if you're pre-approved via the eligibility calc.
Tesco DEFINITE 32mths 0% (3.19% fee) 24.9% rep APR after 0% ends	Long DEFINITE 0% with lower fee All accepted for this card get 32mths at 0%. While it's a month shorter than the 0% above, the lower fee means it's worth it for many.
HSBC UP TO 32mths 0% (3.49% fee) 24.9% rep APR after 0% ends	Long 0%, but it's an 'up to' Headline rate: 32mths 0% (3.49% fee) \| Backup rate: 26mths 0% (3.49% fee) Those pre-approved in our eligibility calc definitely get the full 32mths 0%, a decent option if you've poor acceptance odds for the cards above. Even if you're not pre-approved, its shorter 0% isn't too awful at 26mths.
Tesco DEFINITE 18mths 0% (0.99% fee) 24.9% rep APR after 0% ends	Can you repay quicker? Low-fee DEFINITE-length 0% This 18mth card is in a sweet spot, of decent length with a low fee of just £10ish per £1,000 shifted.
Barclaycard Up to 14mths 0% (NO FEE) 24.9% rep APR after 0% ends	Don't need too long? Longest NO-FEE 0%, but it's an 'up to' Headline rate: 14mths 0% NO FEE \| Backup rate: 7mths 0% NO FEE Used right, no-fee cards mean zero cost. If you're pre-approved in our eligibility calc, you'll definitely get 14mths. If not, it says 20% of customers may get the backup rate, which is somewhat annoying as it's not great.
New. Santander DEFINITE 12mths 0% (NO FEE) 24.9% rep APR after 0% ends	Longest DEFINITE length no-fee 0% card While two months shorter than Barclaycard's headline rate, the fact everyone accepted gets the full year's 0% is a boon. So if you can pay off quickly, aren't pre-approved for Barclaycard, and have a decent chance for this card, it may be a better bet.

ALWAYS follow the Balance Transfer Golden Rules:
a) Never miss the minimum monthly repayment, or you could lose the 0% deal & 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 do the transfer at application, you've oft only 60 to 90 days to get the 0%. 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.

Martin video: 'How to call your bank by dialling just three numbers.' Watch Martin's bank-call trick.

New. Cheapest NO-exit-penalty energy fix, lock in 16% under the current Price Cap. The new EDF 12mth Simply Fixed Direct May 26* is its cheapest fix in four years. It's for both switchers & existing EDF customers and is 16% cheaper than the current Price Cap. While the Cap is likely to drop around 8% in July, that still makes this fix far cheaper, and if current predictions are right, it'll continue to be so for the 12mths. Yet predictions change, so this fix's big boon is no early exit penalties, letting you leave whenever you want with no charge (it's by far the cheapest no-exit-fees fix we've seen, only a tad more than the very cheapest tariffs). How does it compare? As always, that depends on your location & usage. The tariff's in our Cheap Energy Club comparison but we can't switch you there (be aware there's another EDF fix at the same rate, we can switch you to, and with the added MSE cashback it's cheaper, but it has exit penalties).

Now, a TOTALLY FREE National Trust family day pass (normally £35ish). Last week we showed how to do it via buying a paper, now it's doable totally free online, but go quick as it's limited. Excludes Scottish sites. National Trust

TWO pairs of specs £14 delivered. MSE Blagged. Stack our code with existing offers. Glasses Direct

Getting or got married? Your will's INVALID. Last week, we told you about the couples who'd tied the knot after reading Martin's '9 financial benefits of marriage' blog (more have been in touch since). As many have been together decades, it's worth noting in most of the UK your will's invalid after you marry - so you need a new one (in Scotland it's not, but worth checking whether it's still relevant, eg, if one of you has children from a previous marriage). See Cheap & free wills.

New. Now there are two FREE £175 bank-switch deals. Overall top pick is still First Direct's 1st current account*. As well as giving newbies a free £175, it's top rated for service (92% 'great'), has a top debit card for using abroad, a linked 7% regular saver, and a £250 0% overdraft for many. And now there's also the Co-op Bank account, which pays £100 upfront and £25/mth for 3mths if you jump through a few hoops (eg, 10 payments a month on the debit card). It's also got a linked 7% regular saver. Full eligibility info & more options in Best bank accounts.

How kids can earn a Blue Peter badge to grab FREE entry to 200+ attractions. Find out how to earn one for the summer holidays, and how it compares with other deals.

New. 35GB monthly data Sim just '£3.30/mth'. MSE Blagged. With unlimited mins & texts, this 35GB Lebara Sim (uses Vodafone's network) is just £1/mth for the first 8mths, then £7.90/mth. Over 12mths, it's equivalent to £3.30/mth, but it's a one-month contract so you can cancel any time. Want different data? See Cheap Mobile Finder.

New Martin Pod. How credit-scoring works, best 0% deals, financial self-defence, top cards abroad & more. In his credit & debit card Q&A special, Martin answers key questions, including what they really look at when you apply for credit (debt ratio, credit utilisation & more), and how powerful the consumer jujitsu that is Section 75 and chargeback really are. Plus lots more, all in the new The Martin Lewis Podcast. Listen via BBC Sounds | Apple | Spotify or elsewhere.

BLAGGED FOR MSE

- TWO pairs of specs £14 delivered Ends Thu 15 May
- 35GB data Sim '£3.30/month' Ends Tue 13 May
- Rush hair salon 35% off code 1,000 available

DID YOU MISS?

- Martin: 'Is the £20,000 cash ISA limit about to be killed off?'
- Keep potatoes in the fridge?!
- £120 Shark SpeedStyle hairdryer/styler for £80 with code
- Martin: 'Is being married financially worth it? Nine big benefits'
- 3mths' FREE Spotify Premium for newbies

Help to Save scheme: 550,000 more people now eligible...
Martin: 'It's by far the best-paying form of savings. If you're on Universal Credit, work & earn £1+, get a 50% boost on what you save - even after you withdraw it!'

I've long, proudly, loudly, championed (1) the Help to Save scheme as it's cleverly designed to encourage savings among those in work who can't normally afford to. And saving is crucial where possible, as it gives people some financial resilience, so they can use their own cash in an emergency rather than being forced to access high-cost credit. No other form of saving comes close to Help to Save, so it's good news that now over half a million more people can open it, as the eligibility criteria have been broadened.

First, a quick bit of encouragement from Claire, who emailed: "Have saved for the last 4 years... am about to cash out my last £2,400 plus my second £600 bonus... so £3,600 in total. It's been tight some months, but I have always pulled the cash together to get the max back! Thanks for the tip all of those years ago!"

Put in up to £50/mth and, after two years, you get a 50% bonus on the max you had in. You open a Help to Save account on the Gov.uk website, then...

- You can save up to £50 a month in it. You needn't save every month, just put in what you can.
- It's easy-access, so you can withdraw these savings whenever you want, the money isn't locked away.
- After two years, you get a tax-free bonus of 50% on the most you had saved at any point. So if you'd saved £800 (even if you had to withdraw it before the two years), you'd still get a £400 bonus (see image below).
- The max two-year bonus is £600 (if you saved £50/mth every month, as you'd have £1,200 saved).
- Then you can do it for two more years. The second 50% bonus is calculated by subtracting the max balance in the first two years from the max balance in years 3 & 4 (so another £600 bonus is possible). See full how Help to Save works.
New. Who can get Help to Save? Eligibility has been expanded. Since 6 April, a further 550,000 people are eligible to open Help to Save, bringing the total to 2.7m people. It is an individual product, so if both you and your partner qualify, you can have one each. As Jo emailed: "My husband and I opened one 4yrs ago, saved £50/mth each and, after the 4 years, both got a bonus, so a total bonus of £2,400! It was used towards house-moving costs just when we needed it. Thank you so much for the advice. For people like us on lower incomes, it was a huge blessing!"

To get it, you need to be BOTH...

1. Claiming Universal Credit, which is the catch-all means-tested benefit for those on low income. If you don't get it and think maybe you should, use our 10-min benefit check-up calc to see. And you must also be...
2. Working & earning £1+, this is what's changed. Until April, you had to be working & earning a minimum £800ish a month to be eligible. Now it's open to anyone who had income from work of £1+ in the previous month.

Crucially, you only need to be eligible at the time of opening the account, so even if your circumstances change, eg, you're no longer eligible for Universal Credit, you can keep Help to Save and get the bonuses. See do I qualify?
Will Help to Save impact your benefit entitlement? If you've a total of over £6,000 in all savings, your Universal Credit entitlement and any Council Tax reduction can be reduced (they're stopped if you've over £16,000). The amount put in Help to Save counts towards this (though the bonus you get doesn't). If your only savings are in Help to Save, you'll be below the threshold (though if your live-in partner also maxes it out, you may be over, as they count that), though if you have other savings too, it may push you over it. Full detailed help in will Help to Save affect my benefits?
The only time this may not be worth doing is if you've expensive debt... The 50% bonus on Help to Save is unbeatable, yet it can be worth clearing expensive debt (payday loans, high-cost credit, poor-credit credit cards). See should I use Help to Save if I have debts?

(1) Nerdy footnote... official stats last done in 2021 show 30% of claimants knew about it due to my ITV show or MSE, more than the Govt's own communications on 20%.

English prescription costs frozen at £9.90 - but many can pay far less... Nearly 900,000 with regular prescriptions missed out on a share of £35m in savings in 2023/24. Find out how in cheap prescriptions.

'I got a refund on my 2yr-old faulty trainers after following your SAD FART guidance.' Our success of the week comes from Nicola, who listens to the Martin Lewis Podcast every week and reads the MSE weekly email. She spoke about great multicar insurance savings, Ryanair damaged baggage, plus her faulty trainer success... "Something was digging into my Achilles when I was driving to the gym. When I got there I found the back of my trainer had broken in half and there was something sharp sticking into me. Although I'd had the trainers a couple of years, they'd not been heavily used. I took them back to the retailer quoting my [SAD FART] consumer rights about goods lasting a reasonable length of time. It immediately refunded me without any quibble. Thanks to Martin for alerting me to my statutory rights." If we've helped you save (on this or owt else), send us your successes.

FREE tickets: The Baby Show (Birmingham) | Ideal Home Scotland | Homebuilding & Renovating. Whether you're building your family, your house - or both. See free upcoming show tickets.

Rush hair salon 35% off code. MSE Blagged. 1,000 available for a cut & finish. Hair we go

Tell your friends about us

They can get this email free every week

AT A GLANCE BEST BUYS

New. Longest 0%: Barclaycard (check eligibility) 33mths 0%, 3.45% fee, 24.9% rep APR interest
No-fee 0%: Barclaycard (check eligibility) up to 14mths 0%, 24.9% rep APR interest

Free £175 + TOP service: First Direct 1st Account
Free £150 + £36/yr cashback: NatWest Reward

Fibre (55Mb+): Sky '19.92/mth'
Fast fibre (100Mb+): Sky '£20.67/mth'
Superfast fibre (500Mb+): Sky '£29.09/mth'

On Universal Credit or similar? Check all discounted social tariffs

Car: Use our Compare+ Car Insurance tool

Home: Try our new Compare+ Home Insurance tool

£5,000 to £7,499: People's Choice (check eligibility), 7% rep APR interest (6.5% rep APR interest on £7,000 to £7,499)
£7,500 to £25,000: People's Choice (check eligibility), 5.8% rep APR interest

Top easy-access cash ISA: Trading 212 5.07%, min £1
Top easy-access savings: Sidekick 4.76%, min £5,000
Top one-year fix: Tandem 4.55%, min £1

Use our whole-of-market Cheap Energy Club

Up to 3GB data: Lebara, '£2.83/mth' for 3GB
4GB to 9GB data:Lebara, '£3.05/mth' for 5GB
10GB to 30GB data: Lebara, '£3.10/mth' for 10GB
31GB+ data:Lebara, '£3.30/mth' for 35GB

MSE NEWS

- Top story: Applied for South West Trains 'boundary fares' compensation? Act now to claim it

MONEY MORAL DILEMMA

How do I convince my fiancé to pay a greater share of our bills? My fiancé of 20 years and I constantly argue about money. We've a child aged 16 together and I have two grown-up children from a previous relationship. We split our bills half and half, yet his income is 10 times higher than mine, and I buy almost everything for our son. I've not much money left over to save, whereas my fiancé saves £100s a month. I understand a good way for couples to pay shared bills is pro rata to their income. How do I convince my fiancé that this is how we should do it? Enter the Money Moral Maze: Should my fiancé pay more towards our bills? | Suggest a Money Moral Dilemma (MMD) | View past MMDs

MSE TEAM BLOG

- MSE Forum highlights: Central heating, civil partnerships & cordless cleaners

MARTIN'S APPEARANCES (TUE 6 MAY ONWARDS)

Thu 8 May - Ask Martin Lewis, BBC Radio 5 Live, noon (listen to previous podcasts)
Tue 13 May - This Morning, phone-in, ITV1, from 10am

Important. Please read how MoneySavingExpert.com works

We think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

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.

What do the links with an * mean?

Any links with an * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the products at all and the editorial line (the things we write) isn't changed due to them. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See How This Site is Financed.

As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too:

Unaffiliated web-addresses for links in this email

landc.co.uk, charcol.co.uk, habito.com, trinityfinancialgroup.co.uk, edfenergy.com, firstdirect.com

Financial Conduct Authority (FCA) Note

MONY Group Financial Limited is authorised and regulated by the Financial Conduct Authority (FCA FRN: 303190). MoneySavingExpert.com Ltd is a company registered in England and Wales. Company Registration Number: 8021764. Registered office: One Dean Street, London, W1D 3RB. MoneySavingExpert.com Limited is an appointed representative of MONY Group Financial Limited.

To change your email or stop receiving the weekly tips (unsubscribe): Go to: www.moneysavingexpert.com/tips.

MSE’s Money Tips Newsletters

MSE’s Money Tips 50% savings boost, 3.8% mortgages, call your bank with just 3 numbers, cheapest NO EXIT FEE energy f

Tell your friends about us

Important. Please read how MoneySavingExpert.com works

More about MoneySavingExpert and Martin Lewis

What do the links with an * mean?