Month: August 2023

August 30, 2023   |   Articles

September 2023’s savings round-up & news

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The latest news to help you get the most from your savings account.

Here’s my monthly update sharing changes at leading UK savings accounts, as well as some of the articles you might have missed on the blog.

September’s savings update video

September’s savings news

Inflation falls & base rate expected to jump to 5.5%

Inflation has fallen, and now sits at 6.8%. It’s still well above the 2% target, but it does mean prices are rising at a slower rate.

The base rate currently stands at 5.25%, and we’ll find out on 21 September whether it increases again. The expectation is it’ll go up to 5.5% at this meeting, and perhaps as high as 5.75% or 6% by the end of the year.

Best rates improve across most account types

This table shows the increases on the best paying accounts at the time of writing, compared to my update last month.

Account typeBest rate 30 August 2023Best rate 8 August 2023Change in percentage points
Easy/Notice
Current account linked7%5.12%+1.88%
Easy access4.94%5%-0.06%
Limited access5%4.6%+0.4%
90-day notice5.45%5.35%+0.1%
120-day notice5.53%5.45+0.08%
Regular
Linked7%7%+0%
Open to all5.5%6%-0.5%
Fixes
6 month fix5.56%5.55%+0.01%
9 month fix5.79%5.64%+0.15%
12 month fix6.2%6.06%+0.14%
2 year fix6.05%6.1%-0.05%
3 year fix6%6.09%-0.09%
4 year fix5.85%5.85%+0%
5 year fix5.85%5.81%+0.04%
ISAs
Easy access ISA4.43%4.4%+0.03%
1 year fix ISA5.78%5.75%+0.03%
2 year fix ISA5.73%5.9%-0.17%
Lifetime ISA4%4%+0%

The best savings accounts

Check out our list of the highest paying regular, easy-access, fixed and ethical savings accounts

Current account linked savings hits 7%

Santander pulled a suprise out of the bag by increasing the rate on it’s Edge Saver account to 7%. I’ve written a detailed analysis of it but the headlines are:

  • It’s only on balances of up to £4,000
  • After a year the rate drops to 4.5%
  • You must have an Edge current account which has a £3 monthly fee

I’m still waiting to hear back from Santander’s press office about whether the fee can be avoided on the Edge current account by not meeting the terms required to get cashback from the account – which would be handy for those earning cashback elsewhere or with multiple accounts. I’ll let you know when I know.

Despite these drawbacks, the rate is head an shoulders above what you can get elsewhere, and along with the 7% regular saver from First Direct the only accounts that beat inflation.

A quick note on Kroo. Rather than hike rates each time there’s a base rate change, they will be tracking at 0.9% below it from 15 October 2023.

That’s good news in a way – you’ll know you will be getting a hike when they happen, but it also means any drop will also mean your savings rate falls (though that’s not predicted to happen for a good while yet).

Current account linked saver picks as of 30/8/23

  • Santander Edge Saver (7% AER variable, includes 2.5% bonus for 12 months): min £0 / max £4,000
  • Barclays Blue Rewards Rainy Day Saver (5.12% AER variable): min £0 / max £5,000
  • Nationwide FlexDirect (5% AER variable for 12 months): min £0 / max £1,500
  • Kroo: (4.35% AER variable): min £0 / max £85,000

5% limited access, easy access not far behind

Tandem’s 5% easy access rate didn’t last long. The 0.35% top up required to get the full amount was axed for new users – though people who just missed out did get the chance to add it on, so do check if you can do this if you didn’t do it in time.

But you can still get 5% – though in a limited access account. Furness Building Society will let you take money out three times in the year.

But other full easy access accounts have improved to be just below this. Oxbury offers 4.94%, Shawbrook 4.93% and Cahoot (part of Santander) 4.9%. Ulster also offers 4.9% but only on balances above £50,000.

Chip also increased rates but not to the top of the table, and this time it did it quite slowly. Which is possibly how future increases will work. In a message shared with some customers, they wrote

“Yes, in the past we have reacted faster – but as the market becomes more saturated, we’re going to take more time going forwards to fully analyse and make sure we’re making the best decision for you all.“

And when it comes to notice accounts, the top paying rates are all via Oxbury Bank. Worth considering if you know you don’t need your cash for at least three to six months.

One quick note on limited access accounts. The base rate tracker fro Hanley Economic Building Society that I told you about a few months ago is changing it’s terms and conditions. From 8 October 2023 you won’t be able to add any more money to this – so you’ve until this date to add any cash up to the £50,000 maximum. It’s no longer available to new customers.

Limited access picks as of 30/8/23

Easy access picks as of 30/8/23

  • Oxbury Bank (4.94% AER variable): min £1,000 / max £500,000
  • Shawbrook Bank (4.93% AER variable): min £1,000 / max £85,000
  • Cahoot (4.9% Variable): min £1/ max £2m
  • Ulster Bank (4.9% variable on balances over £50,000, otherwise 2.9% variable): min £0/ max £0
  • Chip (4.84% AER variable): min £1 / max £250,000
  • Monument Bank (4.81% AER variable): min £25,000 / max £400,000

Notice accounts picks as of 30/8/23

  • 3 months notice Oxbury Bank (5.45% AER variable): 90-day notice: min £1,000 / max £500,000
  • 4 months notice Oxbury Bank (5.53% AER variable): 120-day notice: min £1,000 / max £500,000
  • 6 months notice Oxbury Bank (5.59% AER variable): 180-day notice: min £1,000 / max £500,000

As ever, these could well change again in the coming days, so check out my best buys guide for more options and updates.

Regular savers remain steady

The only difference this month is the withdrawal of the 6% regular saver from Beehive Money. Otherwise there’s no changes to regular saver since last time.

We’ve got a dedicated Regular Saver best buy article, so you can see further details and more rates there.

Regular Saver accounts picks as of 30/8/23

  • Skipton Building Society Member Regular Saver (7.5% AER fixed) – min £0 / max £250 a month (requires BS membership on or before 31 May 2023)
  • First Direct (7% AER variable) – min £25 / max £300 (requires current account)
  • Club Lloyds (6.25% AER fixed) – min £50 / max £400 (requires current account)
  • Natwest or RBS (6.17% AER variable) – min £1 / max £150 (requires current account)
  • Halifax Regular Saver (5.5% AER fixed) – min £25 / max £250 a month

In case you missed previous savings account updates:

Check out my savings updates from previous months for details on the following and more

  • First Direct’s 7% regular saver
  • Chip instant access changes

NS&I buck fixed rate downward trend

Last month I warned that we could have seen the top of the fixed rate bond market, and in the subsequent four weeks the top rates have gradually disappeared. That was until today, when National Savings & Investments (NS&I) launched a 6.2% paying one year bond!

I think it’s likely other banks will respond and hike one year fixed rates from the 6% and below level where most are sitting – but only if they need to generate savings deposits from customers.

Below this, the top two year account has fallen to 6.05% from Ford Money, while the best three year rate has dropped to 6% (via BLME). There’s a slight improvement on five years with a 5.85% rate from Tandem.

Another account to point out, though at a slightly lower rate is the Green Savings Bond from NS&I. This three year fixed account pays 5.7% – but your money will go towards green government spending initiatives. Here’s our full analysis.

Remember, most fixed rate accounts will pay all the interest at the end of the term, so the longer fixes will very likely take you over your personal savings allowance, meaning you’ll be subject to tax on the excess.

Here are the leading options right now. Make sure you keep an eye on my best buy list for all the options.

Fixed savings accounts picks as of 30/8/23

  • 6 months Monument Bank (5.56% AER fixed): min £25,000 / max £400,000
  • 9 months Ahli United via Raisin (5.79% AER fixed): min £1,000 / max £85,000
  • 12 months NS&I (6.2% AER): min £500 / max £1m
  • 15 months Oak North Bank (6% AER fixed): min £1 / max £500,000
  • 18 months Ford Money (6.05% AER variable): min £500 / max £2m
  • 2-year Ford Money (6.05% AER variable): min £500 / max £2m
  • 3-year BLME (6% expected profit rate fixed): min £1,000 / £1m
  • 4-year Hampshire Trust Bank (5.85% AER fixed): min £1 / max £250,000
  • 5-year Tandem (5.85% AER fixed): min £1 / max £2.5m

Flexible fixed ISA offers 5.35%

For those of you who need the tax-free earnings offered by ISAs, there have once again been improvement on rates again this month- though the top paying 2 year fix from Natwest is no longer available.

One worth sharing is a Flexible ISA from Barclays. These two and three year fixed accounts will pay a little less than the top alternatives, but they work a little differently. You can make three withdrawals a year (up to 10% of the balance each time), and you can add new money as the years goes on.

So it’s a good option for those who want to keep saving to an ISA throughout the year and don’t expect to take much out. The two year pays 5.3% and the three year is at 5.35%

ISA picks as of 30/8/23

  • Easy access Shawbrook Bank (4.43% AER variable): min £1 Transfers in
  • Limited access Newcastle Building Society Double Access ISA (4.5% AER variable): min £1 Transfers in / Flexible
  • Flexible fixed Barclays Bank 2-Year Flexible Cash ISA (5.35% AER variable): min £1 Transfers in / Flexible
  • 1 year Shawbrook Bank (5.78% AER variable): min £500 Transfers in
  • 2 years Charter Savings Bank (5.73% AER fixed): min £1,000 Transfers in
  • 3 years Zopa  (5.56% AER fixed): min £1,000 Transfers in
  • 4 years Zopa (5.26% AER fixed) min: £1
  • 5 years Zopa (5.26% AER fixed) min: £1
  • Lifetime Moneybox (4% AER, drops to 3.25% after one year): min £1

The best Easy Access Cash ISA savings accounts

Check out our list of the highest paying easy access Cash ISAs

Read more from Andy on savings

Read more from Andy on savings

Where to put your savings in September 2023

Below are my “simple” tips – the accounts that’ll give you the highest rates, though make sure you check for updates in my regularly updated savings best buy article,

Of course you might be able to fix your money for better rates. The same goes if you’re happy to have your money in lots of different places. And you might have existing accounts closed to new customers with better rates. But if you just want one or two accounts, these are the ones I’d go for right now.

Best places to save

The best rate is via Santander’s Edge Saver so it’s worth a look. But if you want to keep things simple, I’d look at using Oxbury for your savings (assuming you need access). Yes you can get a little more from Barclays, but it’s a faff (and unethical). If you can lock some away for a bit then you might consider a higher paying notice account.

Amount savedAccountRateNotes
Between £2,000 and £4,000Santander Edge Saver7%£3 monthly fee
Up to £85,000Oxbury Bank4.94%3 withdrawals

Best places to save extra each month

If you’re looking to save every month then it’s worth looking at a regular or monthly saver. The top paying ones all require a current account, but I’d go for the Club Lloyds Monthly Saver over the higher paying First Direct account one as you can pay in more each month, plus you get free cinema tickets or Disney+ on top.

Amount savedAccountRateNotes
Up to £400 a monthClub Lloyds Monthly Saver6.25%Requires a current account, fixed for 12 months

Best places to avoid tax on interest

If you’re going above your Personal Savings Allowance (or don’t have one), then you can obviously save up to £20,000 in an ISA and £50,000 in Premium Bonds. I’m assuming you don’t need access to this money.

Amount savedAccountRateNotes
Up to £20,000 (more if transferred)Charter Savings 2 year ISA5.73%

Best ethical savings option

The easy shorthand is to go for a building society account, though Tandem also claims to be building a green bank and has decent rates. Here are the best paying ISA and non-ISA.

Amount savedAccountRateNotes
Up to £20,000Leeds Building Society easy access ISA4.3%
Up to £100,000Green Savings Bonds (three year fix)5.7%

The best savings accounts

Check out my list of the highest paying regular, easy-access, fix and ethical savings accounts

best savings accounts

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August 30, 2023   |   Articles

ULEZ Expansion: Facts and fiction about the new London driving charge

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The ultra-low emissions zone, or ULEZ, is a bid to clean the air in London – but it means drivers whose cars aren’t compliant will have to pay to enter pretty much all of London and Greater London.

We’ve looked at some of the things being said right now about the charge, to help you understand if they’re fact or fiction.

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

What is the ULEZ and LEZ?

The low emissions zone (LEZ) and ultra-low emissions zone (ULEZ) are areas where you can’t drive through in London without a compliant vehicle (we’ll get to this in a mo) unless you pay a fee of £12.50 per day. It applies to cars, vans, motorbikes and more.

The plan is to create cleaner air in London by reducing the dangerous emissions from older cars, particularly diesel ones.

How much does ULEZ cost?

It costs £12.50 per day that you drive in the zone. This means you can drive in to visit a friend, stay a few days with the car parked up and drive home and you’ll pay for 2 days. If you drive in the zone every day for a week, you’ll pay £87.50 for the week. 

For those doing the school run every day and another trip at the weekend in a non-compliant car, you’d pay £3,087.50 each year.

It’s a little more if you work within the zone as you could face charges of up to £3,150 per year**. 

At those prices, you may as well buy a cheap second car, even if you just keep your non-compliant one in the garage.

If you don’t pay by the end of the third day after travelling you’ll get a penalty notice, meaning you’ll pay £90. After 14 days that increases to a huge £180.

*Based on 195 school days and 52 weekend trips (total of 247)

** Based on 252 working days in the year, with 25 days assumed for annual leave.

Where is the ULEZ? 

The zone was just central London until October 2021, when it was expanded. 

On Tuesday 29 August 2023, the ULEZ was expanded again. ULEZ now pretty much covers everywhere within the M25, while the LEZ covers most of Greater London. You can see it in detail on TFL’s interactive map.

It means it now comprises all London Boroughs and some popular visitor attractions. 

ULEZ Facts and Fiction

Fiction: all cars pay the ULEZ charge

Not all vehicles have to pay the charge to enter the ULEZ. If you’re lucky enough to drive an electric car, you’re exempt from the ULEZ charge, the LEZ charge and even the Congestion Charge (until 2025). 

If you have a petrol car that was made since 2006, you’re probably okay, but give it a check on the website anyway. Diesel cars made since 2015 are likely to be okay, but again, give it a check. 

Some older cars are exempt too, including classic cars. 

Is my car ULEZ-compliant?

You can check if your car is compliant on the Transport for London website. You’ll just need your registration number. 

Because of the expansion, the website is currently overrun with visitors, meaning you have to wait in a waiting room before you can access the site.

Fiction: you don’t have to pay both the congestion charge and ULEZ

Some people think that ULEZ is the same as the Congestion Zone, but they’re two very separate entities, although they broadly try to achieve the same thing.

The Congestion Zone is an area in central London where most vehicles need to pay £15 per day to drive through. It’s designed to reduce the traffic in the area, which in turn helps with noise and pollution.

The ULEZ and LEZ are charged based on your vehicle emissions, which means that some people don’t have to pay it. You can check on the TFL website to find out if it applies to your car. 

And yes, if your car isn’t ULEZ compliant and you want to enter the Congestion Zone as well, you’re looking at paying both, at £27.50 – £30 for a day of driving. 

There are exemptions to both charges, so double-check the list if you plan to drive in London. 

Fact: you can get money from the government if your car isn’t compliant

In 2009, the government announced a scrappage scheme, which provides grants when you scrap or retrofit a vehicle that doesn’t meet the emissions standards and/or switch to greener modes of transport. 

The scheme is open to residents of any of the 32 London boroughs or the City of London with a car that doesn’t meet the ULEZ standards. This can be a car or a motorcycle. But it’s bad luck if you’re a commuter living just outside the zone as you’ll miss out.

You can apply online for the scrappage scheme and can get up to £2,000 for scrapping a car or £1,000 for scrapping a motorcycle. You used to need to have a disability or be in receipt of benefits, but this changed a few months ago.

Just make sure you can’t make more by selling your car – though it’ll need to be someone who lives outside of London!

Vehicle/actionWhat you can get
Scrap your car£2,000 cash
Scrap your car£1,600 cash and one annual bus and tram pass worth £988
Scrap your car£1,200 cash and two annual bus and tram passes worth £988 each 
Scrap your wheelchair-accessible vehicle£10,000
Retrofit a new engine for your wheelchair-accessible vehicle£6,000

Fact: the scrappage scheme pays you via cheque

Yep, if you opt to get cash for your car or motorbike you’ll get the money as a cheque, proper old school. If you have a bank with a branch nearby that’s an inconvenience, but nothing too major. 

But what if your local branch has closed down, or if you have a digital bank without any branches? Fortunately, the majority of banking apps now let you pay in a cheque via your phone. Here’s our guide to the ones that will let you do this.

Fiction: you don’t pay if you live in London

Sadly, living in London doesn’t get you an exemption from the ULEZ charges, so you’ll have to have a compliant car to avoid paying.

As a London resident, you are able to take advantage of the scrappage scheme, which pays you cash to scrap your car. 

Fiction: you have to pay for all diesel cars

While most petrol cars registered since 2006 are ULEZ compliant, this isn’t the same for diesel cars. 

This doesn’t mean that all diesel cars aren’t compliant, but to be compliant, diesel cars need to be much younger. You’re looking at cars that were registered since September 2015, typically. This means that buying a second or third-hand car could put you in hot water if you don’t do your research. 

This is just a broad look, there are older cars that aren’t compliant and there are certainly newer petrol cars that aren’t compliant either, so it’s worth checking the website for any cars you own or plan to purchase. 

Fact: if you have a classic car you don’t pay ULEZ

Cars and vehicles built before 1 January 1973 or cars over 40 years old and successfully registered with the DVLA for a historic vehicle tax class don’t have to pay to go into the ULEZ. Some people are calling this a loophole and buying themselves classic cars to beat the ULEZ expansion. 

In addition, specialist agricultural vehicles and military vehicles are exempt. 

Fiction: it’s impossible to know where the ULEZ cameras are

The ULEZ website has published a map of all the ULEZ cameras. You could theoretically create routes that don’t wind up with a charge, and this could be a fairly fun thing to try out, but who has time for that?

Check out the map of cameras if you’re worried about any upcoming journeys.

Fact: NHS patients could be reimbursed

Some NHS patients can get ULEZ charge reimbursements. This is if you’re too ill, weak or disabled to travel by public transport and you have a compromised immune system, require regular therapy or assessment, or require recurrent surgical intervention. 

Your treating hospital can give you more details of this, but it’s certainly worth keeping in mind if you live very close to the ULEZ boundary or have to travel into London for specialist treatment. 

Fact: you’ll pay twice if you’re driving at midnight

The charge is based on a 24 hour period that begins at midnight, so if you’re driving late at night and pass from one calendar day to the next, you’ll pay for both those days – even if you park up at 12.01 and don’t move the car again that day.

Christmas Day is free, though! So you can drive back from a day full of festivities (alcohol-free, of course) and you won’t pay for driving on the 25 December.

Fact: your map might tell you if you have to pay

Google Maps will apparently tell you if you’re heading into the ULEZ and will notify you if your journey destination is within the ULEZ by letting you know that there’s a toll involved. I tried this on my Google Pixel and didn’t get any notification. 

I tried setting a route from my house in Surrey to Heathrow and Chessington World of Adventures (both now in the ULEZ), and Kings Cross Station, which is within the Congestion Zone. 

I gave Waze a go, an app I only downloaded so the Jonas Brothers could direct me. Waze lets you know when choosing a route that the route will require ULEZ, so you can choose a route that doesn’t charge you if your final destination isn’t within the charging zone. 

Apple Maps says that it will let you know if your journey includes the ULEZ when you’re choosing a route, but it didn’t mention it when we tried. You can also turn off toll routes in the app to avoid them altogether, but it won’t let you know if your destination is in the zone.

Frequently asked questions about ULEZ

What attractions are now in the ULEZ?

If you’re heading away on holiday or even for a day out, you might find yourself hit with a ULEZ charge if your car isn’t compliant:

  • Heathrow. Heathrow Airport is one of the most controversial additions to the ULEZ. You’ll have to pay £12.50 on the day you park up and another £12.50 on the day you leave. 
  • Wembley. Football fans travelling to Wembley could be hit with the ULEZ charge for driving there.
  • Hampton Court Palace. Whether it’s for the beautiful gardens in the summer or ice skating come winter, the house of Henry VIII and his six wives is a popular attraction that’s now within the zone. 
  • Twickenham. Rugby fans just missed the ULEZ expansion over the weekend. Anyone visiting Twickenham in the future will need to check their vehicles. 
  • Chessington World of Adventures. This well-loved theme park for youngsters was previously outside of the ULEZ boundary, but visitors will now face a potential charge when visiting. This massively increases the cost of the day out, so check before you book. 
  • Wimbledon. Tennis fans will be disappointed to know that they’ll have to have ULEZ-compliant cars to avoid a charge when driving to Wimbledon.

What do I have to do if my car isn’t compliant?

If your car isn’t compliant and you need to drive into the ULEZ or live within the ULEZ, you essentially have four options:

  1. Pay the charge – this is £12.50 per day that you drive. You don’t have to pay if it’s parked up for a whole day (or if you never pass a camera).
  2. Get the car retrofitted – this is where you can have work done on your car to make it compliant. The government is offering grants for this in the scrappage scheme. 
  3. Scrap the car – if you don’t want to have it retrofitted, you can scrap it for a government grant.
  4. Sell the car and get a new one – you could opt to sell the car, maybe to someone who doesn’t live in or near the zone, and get one that’s compliant.

How to pay the ULEZ charge

There are a few different ways to pay the ULEZ charge — if you’re regularly travelling through the zone then you can opt to AutoPay, which will stop you from forgetting to pay and getting yourself a penalty notice. Anyone can do this, so you can set it up if you’re nervous about forgetting.

If you make a journey and need to make a one-off payment, you can pay online, you just need your registration number and the date you travelled.

The website will not allow you to tick the “ULEZ charge” box if you’ve got a vehicle that’s compliant.  

Read next

August 24, 2023   |   Articles

What happens if you can’t pay your energy bill

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How to get support to pay your energy bills

As inflation continues to fall, you’d be forgiven for thinking that we’re over the worst when it comes to living costs. But even though energy bills are set to fall again, they’re still very high compared to historic levels.

It can feel extremely daunting if you think you’re not going to be able to pay your energy bills. But try not to panic as you’re most certainly not alone and there is help available. 

Here, we break down your options if you think you can’t afford to pay your energy bills.

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

energy price cap

What to do if you can’t afford to pay your energy bills

Record numbers of people are seeking energy debt help before winter kicks in, according to Citizens Advice. 

Around 7.8 million people borrowed money to pay their energy bills in the first six months of 2023. And one in four say that their energy bill is the essential living cost that they’re most worried about. 

If you’re worried about paying for gas and electricity, the most important thing you can do is to act quickly and get support to help you find affordable ways to power your home. Some of the steps you can take if you don’t think you can afford your energy bills include: 

Use less energy

This may sound very obvious but if you haven’t done so already, try to find ways to use less energy around your home. 

Here are a few quick and easy ways to cut your energy usage and estimates of how much they could save you per year according to the Energy Saving Trust:

  • Switching devices off at the plug – saves £60 
  • Don’t overfill the kettle – saves £37
  • Using your washing machine less – saves £30 
  • Turning off lights you aren’t using – saves £25 

Again, these may sound really simple but small changes can make a huge difference to your bill. 

There may also be grants available for you to improve the insulation around your home to save energy and lower your bills. However, it’s important to be aware that these grants may not cover the entire cost of the insulation work so you may have to foot some of the bill yourself.  

Homeowners in England and Wales can get tips on how to make their homes cheaper to heat and keep warm through GOV.UK.  If you own a home in Scotland, visit Home Energy Scotland for your personalised energy-saving recommendations. And property owners in Northern Ireland can get advice from NI Direct. 

It’s worth pointing out that even though the recommendations can save you money in the long term, there may be some upfront costs to invest in the work that needs to be done. 

Talk to your energy provider

Get in touch with your energy supplier as soon as possible if you think you can’t afford to pay your energy bills. Even if you’re trying out some of the energy-saving tips mentioned above, letting them know about your financial situation sooner rather than later can help get the ball rolling to find an affordable solution for you. 

Ofgem (the energy watchdog) set out some rules to make sure that your energy supplier supports you in any way that they can. 

So if you don’t think you’ll be able to pay your bills you can ask your provider for:

  • a review of your payments and debt repayments
  • payment breaks or reductions 
  • more time to pay
  • access to hardship funds
  • advice on how to use less energy
  • Priority Service registration (this is a free support service if you are in a vulnerable situation.)

Now, this support won’t wipe away your bills – you’ll still have to pay them in full. However, your supplier can help you find the best way to make a plan to pay them back affordably.

 Challenging your energy bills

It’s worth remembering that you’re entitled to challenge your energy bills if you think they’re too high (even if you can afford to pay them). 

You’ll just need to contact your provider and explain why you think you’re being overcharged. And they’ll reassess your payments. This could help you cut the cost of your bills if you’re being overcharged.

But, you may have to continue paying your existing rate or more if the new estimate suggests otherwise.

Apply for energy bills support

Local authorities, energy suppliers and some charities offer grants to help vulnerable households that can’t afford their energy bills. 

Although you’ll need to qualify to get these grants, it is always worth checking to see if you’re eligible. As it could make a massive difference if you are able to get financial support.

Reprioritise other debts

If you’re struggling to pay more than just your energy bills it may be worth reprioritising your bills and debts. Of course, keeping up with each of your bills is important, however, some have more serious consequences than others if you don’t repay them. 

Things like your rent or mortgage payments, Council Tax and energy bills are a high priority because not paying them back could land you in hot water. For example, you could end up losing your home, having a visit from bailiffs or getting the power and heating shut off from your property. 

Non-priority debts include things like water bills, credit cards and parking tickets because not keeping up with them doesn’t affect your access to your home, belongings and power supply. Again, do remember that all bills are important and you will need to get around to clearing them at some point. 

Working out which bills are a priority can seem tricky but there is help available, especially if you need more detailed advice. 

Charities such as Citizens’ Advice, Step Change and National Debtline offer free debt support. You’ll be assigned a debt specialist who reviews your financial circumstances and works with you to get your finances on the right track.

What happens if you stop paying your energy bills?

The consequences of not paying your energy bills (whether you can’t or choose not to) are pretty dire. It can seriously damage your chances of getting a cheaper energy deal in the future, borrowing money or even getting something like a mobile phone contract. 

You’ll lose your Direct Debit discount

Most energy suppliers offer a discounted rate if you opt to pay your bills via direct debit. So if you already pay using direct debit and cancel, you’ll likely be charged a higher rate. 

Late payment charges

Some suppliers may charge a fee for missed or late payments. Which could make your energy debt more expensive the longer you don’t pay. 

You can find out whether your supplier charges a late payment fee in your energy contract. And if anything is unclear or you can’t locate the fee, get in touch with customer service to find out. 

Debt enforcement

Any arrears you build up from not paying your energy bills will still exist until you clear them. 

This applies even if you have agreed a repayment plan with your supplier. Because essentially the plan is in place to help you pay off everything you owe. It’s just that the timeline or rate at which you make the repayments might be slightly different. 

And if you continue to not pay (or don’t keep up with your repayment plan) your provider can take more serious debt enforcement action.

For example, they could pass your debt onto a debt collection agency, send bailiffs to your home or even apply to the court to have money taken out of your wages or benefits.

It negatively affects your credit score

Missed or late energy repayments are recorded on your credit file for six years, which can damage your credit rating and hurt your chances of borrowing in the future. 

That’s because it signals to anyone looking at your credit file that you don’t have a good history with managing money and paying off what you owe.

This could make it a lot harder to get things like a cheap energy deal, mortgage, credit card or even a mobile phone contract in the future. 

You might be forced onto a prepayment meter

Your energy supplier may switch you onto a prepayment meter if you continue not to pay your bills. That’s where you have to top up the electricity in your home using a key fob fob or card. 

It’s a last-resort measure before disconnecting your power though. And you can only be switched if you aren’t classified as a vulnerable person and the meter is safe and practical for you to use.

Now, although some people prefer prepayment meters for budgeting purposes, overall they are more expensive to run than a standard meter. So switching to one will drive up the cost of your energy even more.

Your power could be cut off

Failing to pay your energy bills for long enough could get the electricity and gas to your home cut off altogether.  This is usually reserved for extreme cases, though. 

And, your supplier will try to work with you to find other solutions before considering disconnecting your electricity and gas supply. 

Should you refuse to pay your energy bills?

Despite the energy price cap falling in July this year bills are still very high. Leaving households under a lot of financial pressure and the impact has been truly devastating for some. 

The idea of making real change by taking direct action is appealing and certainly brings an air of hope that collectively we can make a difference. There’s even a campaign group called Don’t Pay UK which encourages people to join a collective protest against bills.

But looking at the bigger picture, simply refusing to pay your energy bill is likely to do you more harm than good. Choosing not to pay will seriously affect your finances for years to come. 

The biggest influence on what energy companies are charging right now is the government and the energy price cap. 

So as things stand, we need continued legislative action to bring energy companies to task and ensure that energy is priced fairly and everyone can afford to power and heat their homes.

Read next

August 9, 2023   |   Articles

Our social media handles are changing

Written by
We’re moving from @andyclevercash to @becleverwithyourcash

A quick post for you, but an important one. As of today we’re no longer using the @AndyCleverCash handle on our social media accounts.

Instead you’ll find us via @BeCleverWithYourCash on all platforms, except for Twitter (or X as Musk insists it’s now called) where it’ll be @BeCleverCash.

Here’s everything you need to know – and why it’s important to pay close attention.

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

What is changing

This change is only affecting a handful of our channels:

  • Instagram, YouTube, Threads and TikTok are now @BeCleverWithYourCash
  • Twitter (or X) is now @BeCleverCash

The other places you can find us (such as Facebook) are already under the Be Clever With Your Cash name.

What you need to do

In the most part there’s nothing you need to actively do. We’re keeping the same accounts, just changing the handle. So if you already follow @AndyCleverCash on those platforms, you’ll still be following the same accounts, they’ll just have the new username.

If you don’t already follow us and want to then you can click these links:

  • Instagram – https://www.instagram.com/becleverwithyourcash/
  • YouTube – https://youtube.com/@BeCleverWithYourCash
  • Twitter / X – https://twitter.com/BeCleverCash
  • Threads – https://www.threads.net/@becleverwithyourcash
  • Facebook page – https://www.facebook.com/BeCleverWithYourCash
  • Facebook group
  • TikTok (there’s nothing on there right now!) – https://www.tiktok.com/@becleverwithyourcash
  • LinkedIn

Of course if you want to mention us in a post, you’ll need to use the new handle, otherwise we won’t see it. And you’re manually searching for us, the same applies.

Why we’re changing to @BeCleverWithYourCash

You’re probably aware that back in March this year I joined forces with independent financial reviews website Smart Money People.

A big part of this was to allow me to expand the editorial team here at Be Clever With Your Cash, not only so we can produce more content, but so I don’t have to do everything myself!

(You’ve hopefully already spotted some content from my writers Zoe and Brean here on the site, and perhaps noticed there’s more content on Instagram too thanks to social media executive Errolyn.)

It’s all very exciting, and there’s plenty still to come from the team. And it’s that last word – team – that is key to the change. It’s not just me on my own any more. There are four of us right now, and another person is starting in the autumn too. Plus later this year I’ll begin to introduce the team on the podcast and YouTube too.

So it doesn’t make sense to have those social channels labelled @AndyCleverCash. Our handle needs reflect that there are others working with me to bring you this content.

This doesn’t mean I’m going anywhere. I’m still running the site everyday as Editor-in-Chief, which means I’m commissioning and editing the content to make sure it fits with what I’ve established over the years. And I’m still writing articles and recording podcasts and videos!

What to watch out for

I haven’t written this article just as an FYI – there’s a more important motivation behind it. From time to time scammers have created cloned accounts, especially on Instagram.

In most ways they look exactly the same as the real account. The photo is the same, as are the grid posts and even some of the stories. But where they are different is the handle. Often it’s a minor typo such as a missing or extra letter. Or perhaps there’s an added fullstop or underscore. They’re so tiny that you wouldn’t necessary notice with a quick glance.

By moving away from @AndyCleverCash, I’m concerned people may accidentally think an copycat account called something like @AndyyCleverCash is the real one (look closely and there’s an extra “y”) – and then fall for whatever scams that are pushed to unsuspecting followers.

We’ve secured all the @AndyCleverCash handles so no one else can claim them, even if we’re not actively using them, but it doesn’t mean people won’t try to take advantage with similar ones.

They could also seek to create cloned versions of the official @BeCleverWithYourCash handle – so you need to be on your guard.

So I’ll leave you with some key things to remember to help you avoid the scammers

  • If you’re not sure of any social media handle you can always find the correct ones by following links here on becleverwithyourcash.com
  • Neither me or any of my team will ever DM you on social media (or email for that matter), especially with the promise of some amazing investment or crypto deal (the common though not exclusive aim of copycat scammers)
  • Ultimately we hope to have all the official accounts verified too, though that will vary by platform.
August 8, 2023   |   Articles

August 2023’s savings round-up & news

Written by
The latest news to help you get the most from your savings account.

Here’s my monthly update sharing changes at leading UK savings accounts, as well as some of the articles you might have missed on the blog.

August’s savings update video

August’s savings news

Inflation falls & base rate up to 5.25%

Inflation still remains high – much higher than almost all savings accounts out there. It was expected to fall, but it has stayed at 8.7%. And the “core inflation” figure (when you remove food and energy prices) actually went up.

As a result the base rate increased from 4.5% to 5% (a larger jump than predicted), and the markets are now expecting rates to increase to around 6% by the end of this year. A lot of the increase below are pricing in this change.

Best rates improve across most account types

This table shows the increases on the best paying accounts at the time of writing, compared to my update last month.

Account typeBest rate 8 August 2023Best rate 4 July 2023Change in percentage points
Easy/Notice
Easy access5%4.35%+0.65%
Limited access4.6%4.35%+0.25%
90-day notice5.35%5.09%+0.26%
120-day notice5.454.85%+0.6%
Regular
Loyalty7.5%9.5%-2%
Linked7%7%0%
Open to all6%6%+0.5%
Fixes
6 month fix5.55%5.34%+0.21%
9 month fix5.645.29%+0.45%
12 month fix6.06%6.05%+0.01%
18 month fix6.07%6%+0.07%
2 year fix6.1%6.05%+0.05%
3 year fix6.09%5.98%+0.11%
4 year fix5.85%5.75%+0.1%
5 year fix5.81%5.7%+0.11%
ISAs
Easy access ISA4.4%4%+0.4%
1 year fix ISA5.75%5.21%+0.54%
2 year fix ISA5.9%5.25%+0.65%
Lifetime ISA4%4%+0%

The best savings accounts

Check out our list of the highest paying regular, easy-access, fixed and ethical savings accounts

Easy Access rates up to a huge 5% – though watch out for the bonus

This week Tandem increased the easy access rate to 5% – up by a huge 0.65% on their previous rate, and towering (for now at least), 0.35% above the next best rate.

The app only savings account is pretty easy to set up and use – I’ve certainly no complaints. However there’s one catch with this eye catching rate.

The full 5% includes a 0.35% bonus. Now, it’s easy to add this within the app, and it’ll last for 12 months. So it’s only those with older smartphones (or aren’t keen on digital banking) who will miss out.

But if you’re an existing customer you’ve probably already activated that bonus. I added it to mine in February and you may have triggered your’s earlier. If that is the case you won’t actually get the full 5% as at some point it’ll drop down to the udnerlying rate (currently 4.65%).

That’s not really anything to worry about – just make a note in your diary when this ends so you can move your cash elsewhere if there are better options out there. Of course that could even happen before your bonus finishes.

I wouldn’t be surprised if others react to this, especially the likes of Chip and Kroo who have made a big show of being near the top of the table. However this is a big move from Tandem, far more than the 0.25% base rate increase – and that might be too much for some of the challenger banks to follow.

These rates can all still be beaten by the slightly complicated Barclays Blue Rewards Rainy Day Saver which pays 5.12% on the first £5,000. Though with Tandem now just a fraction behind this it could soon be time to ditch Barclays.

Easy access picks as of 8/8/23

A longer list of accounts is available here. The leading options are below:

  • Barclays Blue Rewards (5.12% AER variable): min £1 / max £5,000 (requires current account with Blue Rewards add-on)
  • Tandem (5% AER variable, includes 0.35% bonus for 12 months): min £0 / max £250,000
  • Monument Bank (4.65% AER variable): min £25,000 / max £400,000
  • Secure Trust Bank (4.65% AER variable): min £1,000 / max £85,000
  • Shawbrook Bank (4.63% AER variable): min £1,000 / max £85,000
  • Beehive Money (4.6% AER variable, includes 2.1% bonus until 31/8/2024): min £1,000/ max £250,000
  • Cahoot (4.6% Variable): min £1/ max £2m
  • Saffron Building Society (4.6% AER variable): min £10 / max £500,000

As ever, these could well change again in the coming days, so check out my best buys guide for updates.

Limited access picks as of 8/8/23

You can now beat all the top limited access rates with easy access accounts, so I personally wouldn’t bother – unless you want to save with a particular bank.

And on that there’s been more movement from the big banks on their limited access rates. This is largely in response to the FCA cracking down on poor rates via the new Consumer Duty rules.

One to possibly check out are 4.2% from Halifax for Reward current account customers, though this drops to 1.05% if you make more than four withdrawals a year. Club Lloyds can get a similar account but with a lower rate. Both are available with the same rates as ISAs.

The top accounts this month include:

  • Halifax Reward Bonus Saver (4.2% AER variable): min £1 / max £9m
    • rate reduces to 1.05% if you make four or more withdrawals
    • requires a Reward or Ultimate Reward current account – review here
  • First Direct Bonus Saver(4% AER variable): min £1 / max £50,000
    • rate reduces to 1.75% in months you make a withdrawal
    • requires a current account with First Direct
  • HSBC Online bonus (4% AER variable): min £1 / max £50,000
    • rate reduces to 1.75% in months you make a withdrawal
    • requires a current or other savings account with HSBC
  • Lloyds Club Lloyds Advantage Saver (4.% AER variable): min £1 / max £9m
    • rate reduced to 1% if you make four or more withdrawals
    • requires a Club Lloyds current account – review here

Current account linked saver picks as of 8/8/23

On the same point, you might not want to bother with opening up new accounts, and rather keep your cash with your current bank instead. Though you’ll get a lower rate, there might be something said for keeping things simple. I’ve listed the ones here which don’t have restrictions on balances or withdrawals.

  • Kroo: (4.35% AER variable): min £0 / max £85,000
    • Interest is earned in the main current account
  • Chase Bank (4.1% AER variable from 14 August 2023, 3.8% until then): min £1 / max £500,000
    • Must set up a separate savings account to get the interest – review here
  • Monzo (4% AER variable): min £0 / max £100,000
    • Must set up an Instant Access savings pot to get the interest

Notice accounts picks as of 8/8/23

There are improvements on three, four and six month notice accounts again this month, all of which beat the current top easy access rate.

There’s also a 6 month tracker from Secure Trust Bank that follows the base rate which is worth a look if you know you won’t need the cash for a while.

  • 90 days notice BLME (5.35% expected profit rate variable): 90-day notice: min £20,000 / max £1m
  • 120 days notice Dudley Building Society (5.45% AER variable) 120-day notice: min £1,000 / max £500,000
  • 195 days notice Buckinghamshire Building Society (5.3% AER variable) 195-day notice: min £20,000 / max £500,000

9.5% loyalty regular savers goes

Last month I told you about a 9.5% loyalty regular saver from Saffron – and it didn’t last long. It’s now been removed, but that’s no huge thing as not many of you were eligible anyway.

Otherwise there’s no changes to regular saver since last time – except the gap between them and easy access is getting smaller.

I’ve got a dedicated Regular Saver best buy article, so you can see further details and more rates there.

Regular Saver accounts picks as of 8/8/23

  • Skipton Building Society Member Regular Saver (7.5% AER fixed) – min £0 / max £250 a month (requires BS membership on or before 31 May 2023)
  • First Direct (7% AER variable) – min £25 / max £300 (requires current account)
  • Club Lloyds (6.25% AER fixed) – min £50 / max £400 (requires current account)
  • Natwest or RBS (6.17% AER variable) – min £1 / max £150 (requires current account)
  • Beehive Money Regular Saver (6% AER fixed) – min £10 / max £250 a month

In case you missed previous savings account updates:

Check out my savings updates from previous months for details on the following and more

  • First Direct’s 7% regular saver
  • Chip instant access changes

Have fixed rates peaked around 6%

You can still get above 6% on one, two and three year fixes – but it’s looking like they won’t go up any more. In fact some providers have already reduced their rates a little here.

With the Bank of England and markets now expecting the base rate to peak around 5.75% rather than 6% or higher it’s likely any future base rate hikes are already priced in. So if you can fix, it might be wise to do it now in case they do fall further.

Remember, most fixed rate accounts will pay all the interest at the end of the term, so the longer fixes will very likely take you over your personal savings allowance, meaning you’ll be subject to tax on the excess.

Here are the leading options right now. Make sure you keep an eye on my best buy list for all the options.

Fixed savings accounts picks as of 8/8/23

Premium Bonds hike again to 4.65%

There’s been another Premium Bond increases since my last update. From September the prize rate will be 4.65%

The latest change improves the odds from 22,000:1 to 21,000:1, which means you’ve a better chance of winning, along with the likelihood you’ll win a bigger prize if you do get something. I’ve written in more detail about the change here.

ISAs rocket to 5.9%

For those of you who need the tax-free earnings offered by ISAs, there have once again been improvement on rates again this month.

Though they’re still well below the non-ISA accounts, rates are worth looking at. The top easy access ISA is now 4.4%.

The bigger movement has been in one and two year fixes, with the FCA pressure on the big banks pushing Natwest to offer a 5.9% two year fixed ISA – though this ends for new customers on 9 August and existing Natwest customers on 14 August. The best one year fix is a decent 5.75%.

ISA picks as of 8/8/23

  • Easy access Cynergy Bank (4.4% AER variable): min £1 Transfers in
  • 1 year Paragon Bank (5.75% AER variable): min £500 Transfers in
  • 2 years Natwest (5.9% AER fixed): min £1,000 Transfers in
  • 3 years Secure Trust Bank (5.6% AER fixed): min £1,000 Transfers in
  • 4 years Zopa (5.26% AER fixed) min: £1
  • 5 years Zopa (5.26% AER fixed) min: £1
  • Lifetime Moneybox (4% AER, drops to 3.25% after one year): min £1

Read more from Andy on savings

Read more from Andy on savings

Where to put your savings in August 2023

Below are my “simple” tips – the accounts that’ll give you the highest rates, though make sure you check for updates in my regularly updated savings best buy article,

Of course you might be able to fix your money for better rates. The same goes if you’re happy to have your money in lots of different places. And you might have existing accounts closed to new customers with better rates. But if you just want one or two accounts, these are the ones I’d go for right now.

Best places to save

Going on the idea of keeping things simple, I’d look at using Tandem for your savings. Yes you can get a little more from Barclays, but it’s a faff (and unethical). If you can lock some away for a bit then you might consider a higher paying notice account.

Amount savedAccountRateNotes
Up to £85,000Tandem5%

Best places to save extra each month

If you’re looking to save every month then it’s worth looking at a regular or monthly saver. The top paying ones all require a current account, but I’d go for the Club Lloyds Monthly Saver over the higher paying First Direct account one as you can pay in more each month, plus you get free cinema tickets or Disney+ on top.

Amount savedAccountRateNotes
Up to £400 a monthClub Lloyds Monthly Saver6.25%Requires a current account, fixed for 12 months

Best places to avoid tax on interest

If you’re going above your Personal Savings Allowance (or don’t have one), then you can obviously save up to £20,000 in an ISA and £50,000 in Premium Bonds. I’m assuming you don’t need access to this money.

Amount savedAccountRateNotes
Up to £20,000 (more if transferred)Natwest 2 year ISA5.9%

Best ethical savings option

The easy shorthand is to go for a building society account, though Tandem also claims to be building a green bank and has decent rates. Here are the best paying ISA and non-ISA.

Amount savedAccountRateNotes
Up to £20,000Principality Building Society easy access ISA3.9%
Up to £1mFamily Building Society easy access4.35%

The best savings accounts

Check out my list of the highest paying regular, easy-access, fix and ethical savings accounts

best savings accounts

Our podcast

Listen to Cash Chats, our award-winning podcast, presented by Editor-in-chief Andy Webb and Deputy Editor Amelia Murray.

Episodes every Tuesday.

Listen now
Andy and Amelia with the text "Cash Chats Personal finance podcast"
August 3, 2023   |   Articles

School Holidays: 10 activities to help kids learn about money

Written by
Smart Money People launch Kids Cash Challenge

As the use of card and contactless payments rise, those growing up today are more accustomed to the idea of digital money rather than physical notes and coins. 

However, physical cash is still an important part of money management. Especially as more households opt to use cash to track their spending in the cost of living crisis. 

From setting up your own tuck shop to creating a coin caterpillar, find out how each activity in the Kids Cash Challenge works. 

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

What is the Kids Cash Challenge?

Financial review site Smart Money People has launched a Kids Cash Challenge to help teach children about money over the school holidays. 

The challenge includes 10 fun activities to keep your little ones entertained while helping them become money masters. 

The Kids Cash Challenge is aimed at those aged 3-7 years old. And you can tailor the activities to their interests to help them better understand. 

Here’s our take on the suggested tasks.

1. Set up a tuck shop at home

Creating your own tuck shop over the school holidays is a great way to teach your little ones about cash. 

Whether it’s fruit, juice boxes, crisps or chocolate, give each item in your snack stash a price. (You can set the rates according to your child’s understanding of money.) 

You’ll then need to give your children a budget so that they can make a purchase when they want a snack.  

For kids totally new to cash, start off with simple small coin amounts e.g. 1p, 2p, 5p,10p. And once they’ve mastered this, you can move on to larger amounts that need change. 

Make your own money

If using physical cash isn’t possible, you can try getting crafty and make your own money. You can keep the currency as pounds or try making your own house currency.

If you opt for a new currency try and keep the values the same for example 1p would have an equivalent coin in your currency (just a different name!)

2. Play spare change snap

Spare change tends to mount up over time in purses, sofas or even a designated coin pot. 

If you have any spare coins lying around, gather them together for a game of spare coin snap with the kid. 

You can play by asking your child to sort the coins into matching shapes, sizes or colours. It’s a fun way to introduce them to different coins and their values.

3. Create a coin caterpillar

This one is for art fans! To create a coin caterpillar you’ll need to line up 5-10 coins in a row (they don’t have to be even or in order).  Next place a sheet of paper over the top and use a crayon to rub over the coins.

This will create an imprint on the page and eventually reveal your own cool coin caterpillar. 

Afterward, you can add features like a face, some legs and antennae to bring your coin caterpillar to life. 

You could also ramp up the challenge by asking your child to add up the value of their caterpillar. 

4. Be a checkout cash champion

What happens at the checkout in shops tends to go over children’s heads – as they’re usually not tall enough to see what’s going on. 

The next time you hit the shops, try to get your young one involved in making a cash payment. 

Whether it’s simply talking through the payment process and counting out your change. Or, for older children, getting them to pay for the items and interact with cash firsthand can be a great way to learn and build their confidence managing money too. 

Our podcast

Listen to Cash Chats, our award-winning podcast, presented by Editor-in-chief Andy Webb and Deputy Editor Amelia Murray.

Episodes every Tuesday.

Listen now
Andy and Amelia with the text "Cash Chats Personal finance podcast"

5. Try a school holidays pocket money savings challenge

Giving your child the chance to manage their own money can help them better understand key financial skills like budgeting and saving. 

The school holidays could be a good chance to trial giving them pocket money to help boost their money skills. 

You could also help them learn about setting money goals (like saving for a new toy) and making a plan to put their pocket money away so they can buy it. 

Adding on incentives like, paying a bonus if they reach their target helps encourage their savings habits too. 

Find out more

6. Play supermarket sweep

Heading to a supermarket (especially over the school holidays) can feel daunting. But this cash challenge is a sure fire way to make the experience more fun. 

Getting your little ones involved in the shop – whether that’s making a list and helping to budget or being on price watch duty around the store – can help them learn on the go. 

If doing a full shop isn’t possible you could try shopping around one specific recipe. For example if you wanted to make cupcakes, getting your little ones to come up with a list in a certain budget and then hitting the store together to buy everything and pay in cash. 

You could even take this a step further and get them to sell any treats they make for their mini tuck shop (see activity no.1 for more details!)

7. Give your cash a home

Having a designated place to keep your physical cash safe, like a purse or wallet, is really important for teaching children how to be responsible with money. 

You can buy them a small wallet or purse. Or, even try getting them to make their own to add a personal touch. 

8. Head to the arcade

Arcades may seem like all fun and games, but they’re also the perfect environment to help kids learn about money. 

For example, using coins in a slot machine can help them learn about the value of different coins. Playing on different machines can also help them understand the concept of budgeting and making sure they have enough money to use the ones they want.  

Allowing them to help you get change from a note, where possible, can also help them understand that the same value of money can be held in different forms. 

Find out more

9. Open a children’s bank account

Opening a child bank account or children’s savings account can help them understand managing money over the school holidays. 

It’s a great way to introduce them to the concept of banking, how it works and why having an account is important for managing money. 

You could tie this into some of the other cash challenges, for example, showing them how to deposit their summer holiday pocket money (see challenge no. 5). 

The best bank switch bonuses

Check out our list of all the bank switch offers you can get when opening a new current account

the best bank switch offers on a blue background

10. Make summer holiday chores fun

You can help your kids learn more about the idea of earning money by offering to pay them for chores they do over the summer break. 

They can put their money towards their savings or to help them budget for things they’d like to buy during the school holidays. 

Generally, this activity helps them become more independent with money and helps them take responsibility for keeping it safe and reaching their financial goals. 

For more information about the Summer Kids Cash Challenge, head over to the Smart Money People website.  

Read next

August 2, 2023   |   Deals

Sports streaming services – deals and offers

Written by

Watch Sky, TNT Sports, Eurosport and Premier Sports for less.

There are a number of ways to watch sport online – and to save money by doing it.

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

Wording that says 'sports streaming deals' with the Be clever with your cash logo on a blue background

Flash offers

Virgin Media Stream: add Sky & TNT Sports for £28.75 a month

If you have Virgin Media broadband you can sign up for a Virgin Media stream box for an extra £35 set up fee, and then add on different streaming packages on 30 day rolling contracts.

The pick of the option are cut price TNT Sports for £10 a month and Sky Sports for £18.75. Considering you’ll pay £29.99 via Discovery+ Premium and £34.99 via NOW (combined) for access to the same channels you’ll save a packet.

You can cancel at any time but the prices are protected for 18 months (as long as you don’t cancel). This is a huge saving – if you actually want access to all the sports channels.

My review of Virgin Media Stream

Sky Sports/NOW TV streaming deals

You can get day and month passes to Sky Sports channels via NOW TV. As with the other NOW TV deals I’ve got a dedicated page to all the latest offers and deals.

Watch Sky Sports without a subscription

All the latest Sky Sports on NOW deals

Now TV and Sky Sports pass deals

TNT Sports deals

BT Sport is now TNT Sports — not much has changed, except for its branding and it’s now accessible through Discovery+. You don’t have to sign up via BT, Sky or Virgin as you can get a monthly rolling contract, however there are some good deals to add TNT to your existing broadband or TV package, as well as deals for EE mobile customers. Again, I’ve got a dedicated page for all TNT Sports offers.

Save money on TNT Sports passes

All the latest BT Sports deals

TNT Sports deals

Eurosport (via Discovery+) streaming deals

It’s possible to watch Eurosport online without an annual subscription to services like Sky or Virgin. The Discovery+ app is available on a number of devices, or you can watch Eurosport Player via Amazon if you are a Prime member – though with both you do have to pay extra. Here are the best offers.

Save money on Discovery+

All my ways to save in this Discovery+ deals article

Discovery plus deals

Amazon Prime deals

There are limited sports on Amazon, mainly the odd Premier League fixture and tennis. You need to sign up to Amazon prime which is £95 a year or £8.99 a month (£5.99 if you don’t have the extra Prime services). There is also a 30-day free trial.

Here’s more about Amazon Prime membership and whether I think it’s worth it.

Save money on Amazon Prime Video

All the latest Amazon Prime Video deals

ViaPlay Sports deals

ViaPlay (previously called Premier Sports) costs £14.99 a month or £11.99 a month if you pay upfront for the year.

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August 2, 2023   |   Articles

Are you paying £850 too much to watch your Premier League team on TV?

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Mixing and matching services could save you hundreds of pounds a year

The 2023/24 Premier League season is about to kick off, and any armchair football fan will be making sure they’ve got access to Sky, TNT Sports (the new name for BT Sports) and Amazon Prime Video so they don’t miss any of the action.

This isn’t cheap, but if you watch a lot of games across the season, along with other sports, it helps to justify the cost.

But watching every game isn’t likely for most casual fans. And what if you’re only interested in the matches that feature your team? Well our analysis shows that you could be overpaying for the privilege – especially if you support a club that doesn’t command the same size following as the big boys.

Fortunately, there are ways you can pick and mix at a far lower price without missing out.

For this article we’ve focused on Premier League matches, looking at the games on TV last season as a guide of what to expect in 2023/24, and the prices you’d pay right now for the forthcoming matches.

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

How often was your team on TV last season?

As you’d expect, the biggest teams were most shown on the box, while those that struggled featured less, though every club got a look in.

Fans of eventual winners Manchester City and the rest of the usual “Big Six” boys (Arsenal, Man Utd, Liverpool, Spurs and even the underperforming Chelsea) all appeared between 25 and 29 times across the different platforms, with top four new boys, Newcastle, joining them as the most selected teams.

Though success (and pundit plaudits) doesn’t mean you’ll feature more. Though they qualified for European football, Brighton only made our screens 15 times. Only four teams were broadcast less.

In fact the seven most selected teams accounted for 49% of appearances in our own league table. The other teams averaged 16 appearances over the season.

If you’re a fan of newly promoted teams Luton, Burnley or Sheffield United then expect between 11 and 17 games to be shown across all the options, if we take the stats for Bournemouth, Fulham and Notts Forest as a guide.

Obviously Leeds, Leicester and Southampton were relegated at the end of last season but I’ve included them in the charts and tables.

Sky vs BT Sports vs Amazon Prime

Our chart also breaks down appearances by broadcaster, and the pattern is similar on each.

Since Sky Sports hold the bigger slice of rights (128 games), there are more matches here for most teams. Though there’s still a big difference with how often each team was shown – between five and 20 times. In fact every team had at least three more games on Sky than BT other than Wolves (who had five games on each).

With only 52 games in total on TNT/BT Sports there’s a smaller difference at between three and eight selections. Bizarrely the well supported but almost relegated Everton were joint highest with eight matches chosen, along with the two Manchester teams and Liverpool.

All teams had the same amount of fixtures on Amazon Prime with two each since the streaming giant shows two full sets of fixtures (20 matches total).

How much does it cost per team?

Now we know how often they played, we need to work out the cost per team. Yes, I know many of you will watch other matches and other sports, but we all know what matters most is your own club.

We’re using 2022/23 Premier League fixtures but the prices as of 25 July 2023 for the forthcoming season, and we’ve made some assumptions for this top level calculation (we’ll come back to other options later):

  • You’re a Sky Q customer paying the current new customer prices – a requirement to add other channels (£31 a month)
  • You’re adding Sky Sports at a discounted price (£20 extra month)
  • You’re adding TNT Sports via Sky (£25 extra a month)
  • You’re paying for Amazon Prime for a year upfront (£95)
  • We’re ignoring extra charges for things like HD
  • Broadband prices are not included
  • Champions League games are not included

As you can see, this isn’t cheap – In fact it’ll total £1,007 a year. And you could well be paying much more. If you haven’t haggled for a discount then the published full price for those services from Sky (plus Prime) is a staggering £1,271 a year. But, we’ll go with the lower figure on the basis that (hopefully) most of you have got some kind of discount.

So what does that mean? Well, Bournemouth and Wolves fans might want to look away as it works out as a staggering £91 and £84 per match respectively. And if relegated Southampton fans didn’t think their season could be any worse, they paid £77 per match.

But those top teams? I still think that’s pretty pricey for a single game. The cheapest per match price is £34.72 for Man City. The average across the league is a hefty £55 per game.

Here’s the full breakdown per team.

How to save up to £846 a year

I imagine most people would question paying between £35 and £91 to watch a game on TV. The good news is you don’t have to.

It’s possible to bring down the price to watch every match shown by your Premier League club to between £10.72 and £15.49. This table shows the potential difference in what you’d pay per game, and the overall savings that would represent. We’ll explain how further down.

Again, it’s important to reiterate that we don’t know how often each team will feature in 2023/24, so this is just a guide.

TeamsSky Avg per gameOther Avg per gamePotential annual savings
Brighton£67.13£10.72£846.14
Southampton*£77.46£12.45£845.19
Bournemouth£91.55£15.26£839.16
Wolverhampton£83.92£15.49£821.15
Brentford£71.93£13.63£816.15
Crystal Palace£67.13£13.52£804.17
Fulham£59.24£11.93£804.17
Aston Villa£55.94£12.60£780.21
Leicester City*£59.24£13.34£780.21
Leeds United*£50.35£11.84£770.13
Nottingham Forest£59.24£14.05£768.23
Everton£47.95£13.61£721.18
West Ham United£47.95£13.80£717.13
Tottenham Hotspur£38.73£12.49£682.14
Chelsea£40.28£13.03£681.19
Liverpool£35.96£11.89£674.21
Newcastle United£38.73£13.42£658.18
Arsenal£35.96£13.53£651.20
Manchester United£37.30£13.44£644.22
Manchester City£34.72£12.27£628.19
*relegated at the end of the 22/23 season

Ditch traditional pay TV contracts

One of the big problems with getting your sport via Sky is the requirement to also have the basic Sky package. Though this does include Netflix and access to channels like Sky Atlantic, you’re shelling out £31 each month before you even get to the football. That’s not even in HD which is an extra package on top, as is Sky Cinema.

Even if you want the other TV and streaming options, I think this is too much money. Plus you’re locked into an 18 month contract in most cases. You can get the same non-sport Sky TV entertainment channels via Sky’s own streaming service NOW (formally NOW TV) for £9.99 a month and Netflix for £10.99, saving you £10 each month.

And that’s if you don’t take advantage of deals and the rolling 30-day contract to ditch it when you’re watching other services, something I strongly recommend.

We could be generous and assume you’re paying £120 a year for one or two additional streaming services, and it’d still be far cheaper than getting them via Sky. So let’s take these non-sports options off the table for our comparisons, and treat them as a separate pot (with the likes of Disney+ and Apple TV+).

Then we can focus on getting the sports channels on their own. And to do that there are currently three really strong options.

Pay for one month of Amazon Prime only

We’ll start with Amazon Prime Video as this same saving will apply to the Sky and TNT approaches below. Though you can buy a year of Prime at £95 you don’t need to.

Though last year’s fixtures on Amazon were split either side of the winter World Cup, this year both rounds of fixtures are in December. Which means you need just a single month of Amazon Prime to watch your team. That costs just £8.99, And there’s a chance you can get a 30-day free trial, even if you’ve had one before.

Or, if you’re only after the streaming side of Amazon and don’t want the extra services, you can buy a Prime Video only plan at £5.99 a month. This is the figure we’ve included in the chart above.

Change your provider

We’re looking now for options where we can access the sports channels without paying for other TV options. There are different deals out there for Sky Sports and TNT Sports, but this offer below is the best option we’ve found for the coming season – if you can get it as it’s only for people who have broadband via Virgin Media

Customers can get a Virgin Media Stream box for £35 (or just ask for one when signing up or haggling like I did). This is a streaming box you plug into your TV and connect to your internet.

With this you can get 18 months of the Sky Sports channels for £18.75 a month and the same length TNT Sports for £10 a month. That’s a total of £390 for the year when you factor in the £35 sign up fee. Add on the £5.99 for one month of Prime and you’re paying £621 less than our Sky example above. A significant discount.

What’s more you’re not locked in. You can cancel at any time as you’re on a 30-day rolling contract. However if you do opt out for a month you might be moved to full price when you reactivate it, so for the purposes here we’re assuming you keep it for a whole year.

Pay as you go with NOW & TNT Sports

But you can go a step further, and this works best for those who, like me, really only want to watch their own team in action. This is the pick and mix approach where you only pay for the channels when there is a game on TV – avoiding a year long subscription where there are months with no action for your club.

To start we’ll go back to Sky’s NOW streaming service. The Sky Sports month pass costs £34.99 a month, which is much more than the headline price seen from Sky, Virgin and other options. But since doesn’t require any other non-sport passes to access and you can cancel in months you don’t need it can work out much cheaper.

It can get better as there are frequent deals bringing it down to between £20 and £25 a month. These are the prices I normally pay when I buy one. But since you can’t guarantee those offers will be available when you want to buy one, our calculations are based on the full price of £34.99.

And that’s if you need a month pass. For the less featured teams you might be better off with a day pass, costing £11.99 for 24 hours. So we’ve worked out whether you’d be better off with a month pass or multiple day passes to catch your team’s games.

And you can pay as you go for TNT Sports too. Last season there was a BT Sports month pass costing £29.99, and it’s the same price to get it’s replacement – a month of TNT Sports via Discovery+ Premium.

Again it’s quite a bit more per month than other deals, but you’re not locked into long contracts or other packages, so you can ditch it the months when your team isn’t selected. Sadly there’s no day pass.

With all these different passes, we’ve worked out based on the fixture schedule last year which would have been the best value for money for you. Again, that could change in 2023/24, so take this as a guide to what you might pay rather than gospel.

Satellite and cable vs streaming

Though what you watch is the same, how you watch isn’t like for like. One important difference with streaming your games is you can’t record them – so you’ll have to watch live or later on catch up (there can be a delay for those appearing on the platforms). But you’ve got to decide if it’s worth paying extra for the privilege.

Total possible spend over the season

We’ve established the price per game, so what about the total cost if you were to watch all of your clubs matches on that are televised?

Well we set our Sky benchmark at £1,007 a year (it could be higher or lower depending on your deal), so the Virgin Media Stream option at £386 saves every viewer £621 a year. Even if you account for the basic Sky channels included in the higher price, you’re still saving well over £500.

The mix and match option where you pay only when there’s a game with your team on TV has an average annual price of £260.37 a year. The biggest savers are Brighton and Southampton fans who’d pay around £161 a year.

Even Arsenal supporters, the most expensive team to watch via this method, would still save over other options, paying £379 a year. Though to play it safe, supporters of the biggest clubs might find it easier to go for the Virgin Media Stream deal to hedge their bets ahead of the coming season. Plus they’d get access to Champions League matches on TNT Sports without having to pay extra.

For the club I support, Crystal Palace, the mix and match method would require six NOW day passes, one NOW month pass (to cover nine Sky games) and three TNT month passes (to watch four BT Sport games). At this season’s prices, plus a month of Prime Video, that would add up to just £202. A huge £805 less than the new / discounted Sky Q option.

Other ways to save

We’ve shared some simple and effective ways to pay less to support your team, but there will be others. We’ve got regularly updated deal pages which will show flash offers for Sky Sports on NOW and for TNT Sports. So keep an eye on those.

A few that might work for you

  • If you don’t have Virgin Media, look out for offers at the start of the season that may allow you to lock into the Sky Sports channels via NOW for around £21 a month.
  • If you have BT broadband you might actually get TNT Sports for free. If not you can get TNT Sports for £18 a month by adding BT TV (watch out for a new contract though)

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Data appendix

August 2, 2023   |   Articles

Consumer Duty: Will we see an uplift in savings rates?

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The new Consumer Duty rules could be great news for savers

There’s a new set of rules for financial service providers. “Consumer Duty” will mean providers like banks, insurance providers and investment services have to give you support when you need it, communicate in a way you understand and offer products and services that you need and will offer you fair value.  

Here’s how it might impact you, including how savings rates may change. 

Some articles on the site contain affiliate links, which provide a small commission to help fund our work. However, they won’t affect the price you pay or our editorial independence. Read more here.

What is Consumer Duty?

Consumer Duty is a new standard for financial services providers to adhere to. The gist is that they have to be helpful, timely, offer good products, give good value and help you if you need it.  

One part of Consumer Duty is a new 14-point plan to ensure that banks and building societies are passing on the recent interest rate rises to their customers – this could be a great step forward for savers.

Why are there new Consumer Duty rules?

With the cost of living crisis, more and more people are missing payments on their debts or household bills. 

The Financial Conduct Authority (FCA) ran a survey in 2023 and found that 54% of UK adults said that they feel more stressed as a result of the rising cost of living. It also found that only 36% of the UK adult population feel that most financial firms are honest and transparent in the way they treat them. 

The FCA opted to act on the feedback to give the financial services industry an overhaul and created Consumer Duty. 

What is the FCA?

The FCA is a regulator for financial services firms and markets in the UK. It supervises a number of financial services to ensure that they’re meeting good standards and following all of the rules. 

This applies to savings, ISAs, pensions, direct debits, credit cards, loans and investments. 

Our podcast

Listen to Cash Chats, our award-winning podcast, presented by Editor-in-chief Andy Webb and Deputy Editor Amelia Murray.

Episodes every Tuesday.

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Andy and Amelia with the text "Cash Chats Personal finance podcast"

Why the FCA is worried about savings

In a bid to tackle inflation, the Bank of England base rate has risen 13 times since December 2021 and now stands at 5% (and another hike is expected at the next meeting on 3 August 2023). While we’ve certainly seen some savings accounts rise significantly over this period, some have remained pretty low, particularly easy-access rates.  

The FCA’s concern over the higher rates not being passed to consumers (that’s the likes of me and you) is one of the reasons Consumer Duty was brought about. 

What’s in the FCA’s 14-point savings plan?

The plan is split into two parts: what the FCA has to do and what providers need to do.

What will the FCA do?

The FCA will require the firms currently offering the lowest rates to justify how their rates offer fair value by 31 August 2023. It will take “robust action” against providers that can’t demonstrate this. We don’t yet know what “robust action” consists of.

It will also review how quickly savings rates reflect a change in the base rate each time there’s a rate rise. It’ll publish an analysis every 6 months of the easy access rates and listing distribution from best to worse.  

It’ll also work on improving providers’ communications with customers and identify how to support customers that want to save regularly. 

What do savings providers have to do?

Providers will need to assure themselves and potentially the FCA that their on-sale savings products “represent fair value” for their customers. Essentially, are the rates reflective of the recent changes to the base rate? 

They’ll need to prompt their customers in lower-paying savings accounts or non-interest-earning accounts to choose an alternative.  

In addition, they’ll need to encourage their customers to start saving or search for higher rates.

What will happen to providers that don’t comply to Consumer Duty?

The FCA has said that it will take “robust action” against providers that don’t comply with the new rules. We don’t yet know what this will look like. 

What impact will Consumer Duty have on savings rates?

Essentially, we should expect to see a rise to easy-access savings rates in the coming weeks, if not days. We monitor these rates daily, so we’ll hopefully get a good sense of how quickly this comes into play over on our savings tables. 

If you currently have savings in an easy-access account, you may receive communication in the coming weeks that suggest you look for a higher rate offered elsewhere.

At least that’s the hope. Until we actually see what happens before we can say for sure that you’ll get better rates.

The best savings accounts

Check out our list of the highest paying regular, easy-access, fixed and ethical savings accounts

How to get the best savings rates

Savings rates differ by account type – you typically see higher rates from “regular saver” accounts linked to current accounts. These will require you to deposit a set amount each month and hold a current account with the same provider.

Fixed savings accounts coming in a close second. However, you won’t be able to access your money during this time, and you won’t be able to move to a higher fixed rate if one becomes available. 

Easy access accounts typically have the lowest rates but you’ll be able to dip into your savings whenever you want to. 

To get the best rates, you’ll want to shop around and compare the rates offered by different providers. Our savings tables, which are updated daily, compare some of the best rates offered on the market. 

How you can complain 

If you’re unhappy with your provider, including if you feel that they’re not meeting the standards of Consumer Duty, then you can make a complaint through the Financial Ombudsman Service.

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