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April 13, 2021   |   Articles

Get “work perks” and a cash bonus with a new ISA

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This cash hack will help you save regularly at big brands including John Lewis, Tesco and Odeon.

Some of you will get access to all sorts of deals and discounts via your employer (if you’re not sure – ask your HR department!) or membership of something like health insurance. These work perk benefits can be pretty good, often giving money off gift cards and cheap cinema tickets.

I’ve had access to different ones in the past from working at the BBC, having BUPA health insurance, and a Scottish Friendly ISA. But what if you won’t work for a company with a scheme, or can’t afford things like BUPA?

Work perk discounts on brands such as John Lewis and ITunes

How anyone can get access to a “work perks” scheme

I’ve found a way that’ll get you access to one of these schemes – and there’s no need to change your job, or sign up to insurance with a high monthly fee in order to get these discounts.

Instead the trick shouldn’t cost you anything. In fact it’s possible that you could make around £150 on top (more on this in a bit).

These deals are available via an investment company called Scottish Friendly, and to get them you are required to open an ISA and invest money.

There’s obviously a risk with Investment ISAs that you could lose a little bit of money – investments go up and go down. Plus you can only open and pay into one of these accounts each year. More on this further down the page.

First though, a little about the types of discount you’ll get so you can decide if it’s worth it.

What you get with from Scottish Friendly’s perk scheme

Discounted gift cards 

The gift cards you get can be physical or digital. Some are reloadable, so once you’ve got the first one it’s easy to add more money one. Though gift cards have risks, use them right and you can stack them with other offers as they’re treated as if they were cash. At the moment the offers include:

  • 5.5% off John Lewis or Waitrose
  • 4% off Asda
  • 4% off Morrisons
  • 5% off Sainsbury’s
  • 4% off Tesco
  • 6.5% off M&S
  • 4% off Uber
  • 3% off Ikea
  • 6.5% off Argos
  • 7.5% off Asos
  • 5.5% off Primark
  • 4% off Wickes
  • 9.5% off H&M
  • 13.5% off Sky Store
  • 7.5% off Curry’s
  • 4.5% off B&Q
  • 8.5% off Body Shop
  • 6.5% off Ticketmaster
  • 6% off Pizza Express
  • 9.5% off One 4 All cards (which you can spend at places such as John Lewis)
  • 9.5% off Pizza Hut
  • 9.5% off All Bar One and other Mitchel and Butler pubs

All correct at the time of writing.

Cheap cinema tickets

Membership also gives you discounted cinema tickets. Obviously cinemas haven’t reopened yet, so these deals aren’t running, but are worth considering when they do.

You can get 2D tickets from all the big chains. Whether it’s cheaper than other similar schemes, such as Tastecard or Kids Pass does depend on the chain and location you pick. And you might be able to save money via these other deals. Even so, it’s a good option to have on hand.

Some chains also allow you to upgrade to 3D or premium seats, or save on your snacks in advance. You can also save on annual memberships. These are actually pretty good savings. A year of Cineworld Unlimited (outside Central London) is 23% less than full price, and a year of Odeon Limitless (also outside London) is 27% less.

Chains include

  • Empire
  • The Light
  • Merlin
  • Odeon
  • Showcase
  • Vue

Other entertainment discounts

Though paused due to the pandemic, there are also discounts for theme parks such as Alton Towers and Thorpe Park, experiences such as the London Eye and Go Ape, and memberships to things like National Trust.

Money off in restaurants

You’ll get a card you can flash at various restaurants for money off, including the following:

  • 3.5% off Uber Eats or Deliveroo
  • 9.5% off at Costa
  • 10% off at Tortilla
  • 20% off at Carluccio’s
  • 20% off at Frankie & Bennies
  • 25% off at Prezzo

All correct at the time of writing.

How to get these discounts

Open up an ISA

You’ll need to open up an Investment ISA with Scottish Friendly to get the rewards.

Deposits start from £10 a month. You can stop these at any time, and keep the ISA open even with no money left it in – which should mean you keep access to your perks and discounts.

There are fees attached, so your money could be worth less when you take it out than when you put it in. But they could also have grown.

It’s really important to point out that you can’t pay into more than one investment ISA in a financial year. So if you’ve already done this in 2021/2021, you’ll need to wait until April 6th 2022.

And either way, by following this trick it does prevent you from paying into another investment ISA in the 21/220 financial year. You’ll be able to pay into a different type of ISA, such as a Cash ISA, or Lifetime ISA.

So you need to be sure that you wouldn’t rather shop around for a different investment ISA.

Get your welcome bonus

With the My Easy Choice ISA you can also get a gift card reward when you go direct, starting at £15 up to £45, depending on how much you deposit. It’s an easy win.

  • If you deposit £10 to £14.99 a month you’ll get a £15 voucher
  • If you deposit £15 to £19.99 a month you’ll get a £20 voucher
  • If you deposit £20 to £24.99 a month you’ll get a £25 voucher
  • If you deposit £25 to £29.99 a month you’ll get a £30 voucher
  • If you deposit £30 to £34.99 a month you’ll get a £35 voucher
  • If you deposit £35 to £39.99 a month you’ll get a £40 voucher
  • If you deposit more than £40 a month you’ll get a £45 voucher

And until 13th April 2021 there’s an extra £10 added to all gift cards.

You get the reward voucher within 28 days of your first payment, and you can use the voucher at shops including John Lewis.

Buy vouchers via your Friendly Rewards account

Once you’ve done this, you’ll be sent details to access your Friendly Rewards account, and you can start taking advantage of the discounted gift cards.

How to get up to £150 extra cashback on your ISA

If you want to walk away with a potentially larger profit thanks to cashback, then you need to follow these steps. It’s all pretty easy, but I do have a few major warnings, which I’ll get to in a bit.

Go to a cashback site

Go to a cashback site – ideally TopCashback or Quidco. Then search for Scottish Friendly. You might see a few options. To get the most money you probably want the Investment ISA option rather than the Junior ISA.

Andy’s Top Tip

If you’ve never used Quidco or Topcashback then check out my page with the latest welcome bonuses for new users. They can be worth up to £17 on top of other cashback you earn.

You won’t get the bonus for getting the ISA with Scottish Friendly so you’ll need to also shop elsewhere, but there are thousands of brands to choose from, including M&S, ASOS and Booking.com.

Choose an ISA

*Rates correct at the time of writing *

Choose one of the Scottish Friendly cashback offers. At the time of writing, you can get £200 from Quidco and £150 from TopCashback.

*THE REALLY IMPORTANT BIT 1 – Investment ISAs*

As I said earlier when you open an investment ISA, your money is at risk. Hopefully the money you put in will go up in value, but it could fall.

And there will be fees which will reduce this initial investment. Even if you’re planning on opening an investment ISA, Scottish Friendly won’t necessarily have the lowest fees, so it’s worth comparing your options. I’m only suggesting Scottish Friendly for an ISA because of the work perks trick, not as an ISA.

And do read all the terms and conditions of your ISA so you know what you’re committing to. 

*THE REALLY IMPORTANT BIT 2 – Getting your cashback*

To qualify for the cashback there are two key requirements. One is to invest the money for at least 60 days.

Plus, the cashback will only be paid once you’ve made payments into your ISA at least equal to the value of the cashback. So if that’s the £200 cashback, you need to invest at least £200.

But there’s another clause which will probably reduce the cashback you get. The only Scottish Friendly ISA available via the cashback sites is a My Moneybuilder Select ISA – not the ones mentioned above.

These have a £50 exit fee if you cancel and cash out the ISA earlier than five years. So you either need to be prepared to leave your investment in the ISA for that time, or lose some of your cashback.

And don’t forget cashback can take a while to pay out – so you might not get the extra money for months.

Don’t forget you can still go direct and get the bonus gift card without having to lock in your money.

As ever with cashback sites, make sure you follow the instructions to ensure your click tracks.

Example

So if you can invest £100 a month for two months, you’ll be eligible for £200 in cashback from Quidco.

If you then withdraw the £200 investment and pay the £50 early withdrawal fee, you will get around £150 back, give or take any loses or gains made on the initial investment and fees charged.

Don’t close the ISA down though as you want to keep access to the discounts and benefits described above.

After some time the cashback payment of £200 will be processed and available to claim from your Quidco account.

If you can afford it, you might want to keep the £200 in the ISA until at least five years have passed to avoid the early exit fee.

Read next

Do you know any other hacks that will get you access to work perk schemes without expensive membership fees? Let me know in the comments below.

April 7, 2021   |   Articles

How to claim working from home tax relief

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With 47% of employees having worked from home in 2020, there’s a good chance you’re able to claim between £62 and £140 in tax relief.

If you’ve been required to work at home at all in the last year then you are eligible to get back some of the tax you’ve paid. You can do this for the whole 12 months even if there was only one day where this happened!

It’s also really easy to do thanks to a microsite set up by HMRC to process it for the 2020/21 tax year.

Update – And you can also now claim in the same way for 2021/22!

Most people are looking at receiving £62.40, though those who pay a higher rate of tax will be doubling that. A handful will be able to get £140.

Keep reading for everything you need to know about who can claim and how to do it, or watch this video with a step-by-step guide to applying.

What is working from home tax relief?

The logic behind this is you will have incurred extra household expenses while at home – from heating to insurance.

Who can claim?

Normally you can only claim for the weeks you’ve actually had to work from home. But that’s different for this last year.

You only need to have been required to work from home for one day since March 23rd 2020 (when lockdown began) to get the rebate for the entire 2020/21 year, and again for the 2021/22 year.

However, if your employer has already covered extra expenses you aren’t eligible. Also, you shouldn’t claim if you have chosen to work at home.

How much can you claim?

The tax relief is dependent on a few things – largely what you are claiming for and the rate of tax you pay on your income.

You can work out exactly how much extra you’ve spent on permitted expenses to claim the exact amount of tax back, but you do need to have receipts or proof of the extra costs.

What’s probably easiest for most people is to go with the set allowance. For the financial years 2020-21 (April 6th 2020 to April 5th 2021) and 2021/22 , it’s set at £6 a week. For previous tax years the rate is £4.

It doesn’t mean you’ll get £6 back for every week. Instead you’ll get the tax back on that £6, which works out as follows:

  • Basic rate taxpayers (charged 20% tax on most of your income) will get 20% of £6 back – a total of £1.20 a week. That’s 62.40 a year.
  • Higher rate taxpayers (40%) will get double that at £2.40 a week. That’s £124.80 a year
  • Additional rate taxpayers (45%) will get a little more at £2.70 a week, and £140.40 a year.

How will you get the money?

You won’t receive the money as a lump sum to your account or as a cheque. Instead, your tax code will be altered to accommodate this extra allowance. So essentially claiming really this means you’ll pay less tax each month.

How to make a claim

To make things easier there’s a government “microservice” most people can use. This uses the set £6 weekly allowance.

However this shortcut is only for those who don’t already fill in a self-assessment form. Those people will have to wait until they fill that in for that full tax year once it ends.

You can also claim for previous years but only for the days you were at home, and not via the microsite.

You’ll be asked:

  • Are you only claiming tax relief on your expenses for working from home? (Answer “Yes”)
  • Do you complete Self Assessment returns? (Answer “No”)
  • Has your employer paid your expenses for working from home? (Answer “No”)
  • Did you start working from home because of coronavirus (COVID-19)? (Answer “Yes”)

To make the claim you need a government gateway ID and password. This should take 10 minutes online. You’ll need your National Insurance number and either a payslip/P60 or your passport.

Once you have this you simply log in and follow the instructions. Don’t forget to claim from 23rd March 2020 if you were working from home then too.

What about 2021/22?

Money Saving Expert reported on 6th April 2021 that the microsite will carry on working for the new financial year, and you’ll be able to claim once more for the full year even if you only worked from home once.

If you didn’t claim for 2020/21 then you can still do this on the site.

April 4, 2021   |   Articles

How I manage my multiple bank accounts

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Here’s how to manage direct debits and cycle money to get current account perks.

From cashback to monthly rewards, there are all sorts of incentives and freebies you can get with multiple current accounts. And don’t forget bank switching bonuses.

Plus there are benefits in terms of security and budgeting (read more about these in my why you should have more than one account article).

But the more accounts you have, the more admin is required. Plus many account switches and perks require extras like direct debits or minimum deposits each month.

All this can put some people off. But it’s actually a lot easier to manage than you’d imagine, and I think the reward is well worth the effort.

Regular readers will know I have 15 different current accounts at the moment so I’ve got to have processes in place to make sure I don’t accidentally go overdrawn on one or miss out on a perk on another.

Though it’s unlikely you’ll have this many accounts, the things I do will still work for you.

And the good news is that the admin can be done on one go early on, and then looks after itself!

Watch this video or keep reading (or both) for how I do it

Managing direct debits

Quite a few switching offers and perks require a couple of direct debits each month. Often it’ll say “active” direct debits, which technically could include any payment that has been taken in the last year.

But for the most part these direct debits have to come out every month to qualify – ruling out annual or quarterly payments.

I think you’ll need between eight and 12 ongoing direct debits to take full advantage of the offers. Though you can switch them from an old account it’s probably easier to manually set up new direct debits with the service provider if you’re moving money to different accounts.

And if you run out of the obvious direct debits, there are a few easy ones you can set up which won’t cost you anything.

You won’t need all of these accounts, but just to give you the full idea, here are the account perks and switches that require direct debits.

Switching bonuses that require direct debits

A decent number of banks offer free cash or rewards for moving your old account over to them as part of a switch. Though the terms and conditions vary, you might be required to move over some direct debits from this old account or set them up on the new account.

In most cases, these direct debits can be cancelled once you’ve got your cash bonus. So these are the accounts where you’ll probably want to add temporary or extra direct debits rather than move regular ones.

Switching offers come and go, but right now these are the accounts that require them:

  • HSBC Advance – two direct debits or standing orders (can be added after the switch)
  • Nationwide – two direct debits (active before you switch)
  • Virgin Money M Plus – two direct debits (can be added after the switch)

It’s worth pointing out that the HSBC switch (when it runs) accepts standing orders as well as direct debits. This is a regular payment between accounts and really easy to set up to another current or savings account you hold. This makes it a better option than a direct debit.

Account rewards that require direct debits

The bulk of your direct debits are going to be needed for rewards. These are ongoing benefits that require a direct debit to be paid every month. If the payment doesn’t leave your account then you will miss out on the free money.

Account rewards that require the direct debits are:

  • Barclays Blue Rewards – two direct debits (for monthly reward)
  • Co-op Bank Everyday Rewards – four direct debits (for monthly reward)
  • NatWest Reward – two direct debits of at least £2 (for monthly reward)
  • RBS Reward – two direct debits of at least £2 (for monthly reward)
  • Santander 123 Lite – two direct debits, though most likely five or six (for monthly cashback)

Personally I wouldn’t bother with the Co-op account as you don’t get much in return. So that’s eight direct debits you don’t need to worry about.

But if you then go for all the other four accounts you’d need at least eight direct debits and probably 11 or 12. This might seem a lot but it is possible.

Interest rates that require direct debits

These two accounts each require two direct debits if you want to earn 0.6% interest on savings of up to £3,999 and 1.5% on the balance between £4,000 and £5,000.

  • Bank of Scotland Vantage – two direct debits (for interest)
  • Club Lloyds – two direct debits (for interest)

It’s a decent rate compared to other options, but it can be beaten by better savings accounts. In light of that, I wouldn’t waste direct debits on these accounts.

Andy’s top 3 current account perks

  • £5 a month from the Halifax Rewards account
  • 2.02% interest from Virgin Money’s M Plus Account
  • £250 interest free buffer from First Direct

(You can learn more about the account perks and requirements on my huge list of current accounts.)

Managing the minimum transfers

Most of the accounts require me to pay money in every month. If I didn’t I could miss out on all those little bonuses or get charged a monthly fee.

Here are the minimums for the main current account perks:

  • Barclays Blue Rewards – £800 a month (to get rewards)
  • Bank of Scotland Vantage – £1,000 a month (to get interest)
  • Co-op Bank Everyday Rewards -£800 a month
  • Halifax Rewards – £1,500 a month (to avoid fee)
  • HSBC Advance – £1,750 a month (to keep account)
  • Club Lloyds – £1,500 a month (to avoid fee)
  • NatWest Reward – £1,250 a month (to get keep account)
  • Nationwide FlexDirect – £1,000 a month (for interest)
  • RBS Reward – £1,250 a month (to get keep account)
  • Santander 123 Lite – £500 a month (to get cashback)

So how do you make meeting this easier? Automation is the key here, with standing orders moving the money on the same day each month. You can set these up easily in your online or app banking (though not all apps let you amend them if you want to make changes).

If you do have multiple accounts with the same provider, transferring between them often doesn’t qualify (eg Halifax to Halifax), so you’ll need to factor this in.

There are three methods here:

The endless cycle

One trick is to move the same cash from account to account so it cycles through each one and back to the start, then repeats itself the next month and so on.

For example, you’ve got £1,000 in account a, which you transfer to account b, then to account c, then account d and finally back to account a. Then it repeats the next month, and so on.

The back and forth

Another option is to set up a standing order out of one account into another, and then back the next day. And then move the money into another account and back.

So you’re move £1,000 from account a to account b, then back to account a. Then move £1,000 from account a to account c, then back to account a. And so on.

It makes sense to spread these out through the month so you’re still only moving the same amount of cash. to make sure there is cash in the account to leave it in the first place.

The bitesize transfer

If you don’t have £1,000 in your account to keep moving around, you can split the requirement into smaller chunks. So it could be two lots of £500, or four lots of £250. You get the idea.

You can use either the endless cycle or back and forth methods to automate this – you’ll just have more standing orders in action.

Covering account fees and direct debits

Don’t forget to add into your transfers enough to cover any direct debits going out of the accounts and any fees you might be charged.

Here are the main accounts that have a fee:

  • Barclays Blue Rewards – £4
  • Co-op Bank Everyday Rewards – £2
  • Halifax Rewards – £3 (avoid if you pay in £1,500 a month)
  • Club Lloyds – £3 (avoid if you pay in £1,500 a month)
  • Natwest Reward – £2
  • RBS Reward – £2
  • Santander 123 Lite – £2

Collect your rewards

You should also factor in the rewards you’ll earn, but not all will pay directly into your account. You sometimes need to cash out your payments, so it’s worth making a note to do this once a month for the following:

  • Barclays Blue Rewards (can be done via Barclays app)
  • NatWest Reward (You need to log into the MyRewards site)
  • RBS Reward (You need to log into the MyRewards site)

Logging into the app

There’s one final ongoing requirement with some accounts – you might need to log in to your online banking or app on a regular basis.

This might not be something you do naturally with extra accounts, so just put a note in the diary to do this once a month. It’ll take you two minutes.

  • Co-Op Bank Rewards – every month
  • NatWest Reward – every month
  • RBS Reward- every month
  • Santander 123 Lite – every three months

Making sure everything is OK

The standing orders and direct debits should all take care of themselves, but it’s worth making note of what money is going where and when. I’ve set up two spreadsheets to keep an eye on things.

The first tells me all the standing orders and direct debits in and out of each account. If I need to amend the size of a standing order (for example when switching banks), I know exactly which is which. It only updates if I change bank.

The other spreadsheet is more active. Every month I open up the apps for my accounts and write down the balances. I try to do this in the first week of the month. This way I know exactly how much I have in each account, and overall. I also add in how much I owe on each credit cards (even though I pay them off in full every month) so I get the true figure of my current savings.

I tend to use the banks’ own apps though services like Yolt and Money Dashboard can do this too. You can add all your accounts to it and see them all on one screen.

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March 29, 2021   |   Articles

The best bank mobile apps

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How do Starling and Monzo compare to the apps from the high street banks?

App banking is getting bigger and bigger. I very rarely log in to online banking on a computer, hardly ever visit a branch and only phone up when there’s a problem.

So it’s vital that I can do everything I need to do on my app. And sadly my main bank for years – Nationwide – is really limited, requiring a card reader to add new payees and missing many of the features that started on new digital banks but increasingly copied by established banks.

I’d go as far as to say that how good a bank’s app is the number reasons to choose a bank for your everyday banking.

Watch my full analysis in this video, or keep reading to see the features broken down app by app.

Bank features compared

I’ve compared the features on 13 different banking apps, from digital challengers Monzo, Starling and Revolut through to high street titans Barclays, Halifax and HSBC.


You can view the full spreadsheet here Best-Bank-Apps-29-03-21Download

My top app banking features

So, what do I look for in a banking app? There are all sorts of things you can do – from adding photos of your receipts to individual transactions through to paying in a cheque. Lots of nice to haves.

But there are some basics which are essential – and surprisingly not all banks offer them. Here’s what I’ll check if I am going to use an app.

How easy is it to use?

Ease of use and being able to find everything are really important. Of course the more you use an app, the more familiar it’ll be, but there are some apps which are better than others

Can I set up new payees and amend existing ones?

I hate it when an app won’t let me do everyday things such as set up a new payee or amend a standing order. These are essentials that mean I’ll be able to do the basics whenever I want.

Sometimes there are payment limits on large transactions, largely to combat fraud, and I’m ok with these. It’s rare I transfer big sums so it’s only an occassional inconvenience.

Does it offer instant notifications?

More banks now offer this on their apps, and it’s a handy budgeting feature. You’ll get a notification on your phone as soon as the payment processes allowing you do check the amount is correct and also get aheads up of any fraud.

Can I search old transactions?

I want an app that’ll go back for at least 18 months and also offer filer options such as payments in or out.

Can I copy my account details?

This innovation is simple but so useful. With a couple of taps I can copy by account number and sortcode to share with people, or to enter into direct debit forms.

Does it let me control the card

Finally, it’s essential that my banking app lets me freeze my card. This is a security measure where you can stop anyone using your card if you lose it.

Extra app features I love

I’m a happy camper if the app contains all of the above, but there are extras offered by some banks which you might not be aware exist.

Look out for:

  • Able to pay in a cheque (read more on this here)
  • Able to see PIN
  • Able to see debit card number etc
  • Savings pots & features
  • Virtual debit cards

App features you don’t really need

Of course, just because a bank app does something all shiny and new, it doesn’t mean you need it.

The biggest one here is being able to add other bank accounts to your app dashboard via Open Banking. This is a great idea, but the banks that do offer it only allow you to connect to a small range of banks.

You’re better off going for an app that is designed for and allows you to connect credit cards such as Yolt or Money Dashboard.

Similarly the auto-savings feature you’ll see with most banks (except Monzo) is a variation of the “Save the change” or “top-up” method where small amounts are transferred from your main account to a savings pot when you spend. There are better options out there, such as those from Plum and Chip.

My top bank apps

So taking the above into account, which apps get my vote?

Monzo & Starling

As you’d expect, the banks which have been created from scratch to work primarily via apps are the best. You can do pretty much everything and more.

I really like the savings and budgeting features in Monzo, especially the way you can connect to IFTT to gamify savings.

If you want to have an easy life banking, then Starling does everything really well.

Revolut is worth a shout too, particularly for its virtual and disposable debit card feature. But as a bank I prefer the other two.

Barclays, Halifax & Lloyds

If you want to stick with an established bank then I was surprised to see how far along Barclays, Halifax and Lloyds have come.

The best bank rewards and switch bonuses

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

best bank switching offers

Bank-by-bank app feature lists

Here’s where you can see what each bank offers.

Barclays app

SavingsSavings potsNo
Auto savingsNo
BankingEasy transferyes
New payee in appNeed debit card
New SOYes
change SOYes
pay in chequeYes
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetNo
Add other banksYes

Bank of Scotland
Halifax
Lloyds
Nationwide
NatWest
RBS
Santander
Instant notificationsYes
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one year3 years +
Filter in/outYes
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardYes
See PinYes
See card numberNo
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)Yes
Update personal infoYes
Biometric log inYes

First Direct app

SavingsSavings potsNo
Auto savingsNo
BankingEasy transferYes
New payee in appYes
New SONo
change SONo
pay in chequeYes
share account detailsNo
BudgetingAnalyse spendingNo
Set BudgetNo
Add other banksNo
Instant notificationsNo
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one year6 months
Filter in/outYes
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardYes
See PinNo
See card numberNo
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)No
Update personal infoYes
Biometric log inYes

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"

Halifax app

The Halifax Rewards account can earn you £5 a month so it’s worth looking at. Here’s my review.

SavingsSavings potsNo
Auto savingsYes
BankingEasy transferyes
New payee in appYes
New SOYes
change SOYes
pay in chequeYes
share account detailsyes
BudgetingAnalyse spendinglimited
Set BudgetNo
Add other banksYes

Bank of Scotland
Barclays
Barclaycard
First Direct
Lloyds
M&S Bank
MBNA
Nationwide
NatWest
RBS
Santander
Instant notificationsYes
See upcoming regular paymentsyes
See pending paymentsYes
Go back more than one year3 years +
Filter in/outNo
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardYes
See PinYes
See card numberNo
Order new cardYes
Gambling blocksyes
Spending controls (eg block contactless)yes
Update personal infoYes
Biometric log inYes

HSBC app

As I don’t have the app for this bank there are a few TBCs here.

SavingsSavings potsNo
Auto savingsNo
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeYes
share account detailsNo
BudgetingAnalyse spendingNo
Set BudgetNo
Add other banksNo
Instant notificationsRolling out
See upcoming regular paymentsBalance After Bills
See pending paymentsYes
Go back more than one yearTBC
Filter in/outTBC
Download statementsPDF
Add receipts/notesTBC
ManagementFreeze cardYes
See PinNo
See card numberNo
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)TBC
Update personal infoYes
Biometric log inYes

Lloyds app

The Club Lloyds account is a decent bet for freebies and interest on savings. Here’s my review.

SavingsSavings potsNo
Auto savingsYes
BankingEasy transferyes
New payee in appYes
New SOYes
change SOYes
pay in chequeYes
share account detailsyes
BudgetingAnalyse spendinglimited
Set BudgetNo
Add other banksYes

Bank of Scotland
Barclays
Barclaycard
First Direct
Halifax
M&S Bank
MBNA
Nationwide
NatWest
RBS
Santander
Instant notificationsYes
See upcoming regular paymentsyes
See pending paymentsYes
Go back more than one year3 years +
Filter in/outNo
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardYes
See PinYes
See card numberNo
Order new cardYes
Gambling blocksyes
Spending controls (eg block contactless)yes
Update personal infoYes
Biometric log inYes

Monzo

This looks at the free Monzo account. The paid options have some added features. Here’s more on Monzo Plus and Monzo Premium.

SavingsSavings potsYes
Auto savingsYes
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeNo
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetYes
Add other banksNot on free
Instant notificationsYes
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one yearYes
Filter in/outYes
Download statementsPDF, CSV, QIF
Add receipts/notesYes
ManagementFreeze cardYes
See PinYes
See card numberYes
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)No
Update personal infoYes
Biometric log inYes
ExtrasPay friends instantly
Split bill

Nationwide app

As much as I love Nationwide as building society, I really hate the app. Here’s my review of the Nationwide FlexDirect account.

SavingsSavings potsNo
Auto savingsYes
BankingEasy transferYes
New payee in appNo
New SONo
change SONo
pay in chequeNo
share account detailsNo
BudgetingAnalyse spendingNo
Set BudgetNo
Add other banksNo
Instant notificationsNo
See upcoming regular paymentsNo
See pending paymentsNo
Go back more than one year15 months
Filter in/outNo
Download statementsNo
Add receipts/notesNo
ManagementFreeze cardYes
See PinNo
See card numberNo
Order new cardYes
Gambling blocksNo
Spending controls (eg block contactless)No
Update personal infoNot address
Biometric log inYes

Natwest

SavingsSavings potsNo
Auto savingsNo
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeNo
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetYes
Add other banksYes

Allied Irish Bank
Bank of Scotland
Barclays
Danske Bank
First Direct
First Trust
Halifax
HSBC
Lloyds
Monzo
Nationwide
NatWest
RBS
Santander
Ulster Bank
Instant notificationsYes
See upcoming regular paymentsNo
See pending paymentsYes
Go back more than one yearYes
Filter in/outYes
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardYes
See PinNo
See card numberNo
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)Yes
Update personal infoNo
Biometric log inYes
ExtrasGet cash

Revolut

SavingsSavings potsYes
Auto savingsYes
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeNo
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetYes
Add other banksYes

Amex
Bank of Scotland
Barclays
Danske
First Direct
HSBC
Halifax
Lloyds
M&S Bank
Monzo
Nationwide
Natwest
RBS
Santander
Starling
TSB
Ulster Bank
Instant notificationsYes
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one yearTBC
Filter in/outTBC
Download statementsPDF, XLS
Add receipts/notesYes
ManagementFreeze cardYes
See PinYes
See card numberYes
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)No
Update personal infoYes
Biometric log inYes
ExtrasVirtual Card
Group bills

Santander

Another app I don’t currently have access to so there are a handful of gaps.

SavingsSavings potsNo
Auto savingsNo
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeNo
share account detailsYes
BudgetingAnalyse spendingLimited
Set BudgetNo
Add other banksNo
Instant notificationsTBC
See upcoming regular paymentsTBC
See pending paymentsYes
Go back more than one yearTBC
Filter in/outYes
Download statementsTBC
Add receipts/notesTBC
ManagementFreeze cardYes
See PinYes
See card numberNo
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)Yes
Update personal infoTBC
Biometric log inYes

Starling

Starling is a feature packed app. Here’s my full review of the account.

SavingsSavings potsYes
Auto savingsYes
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeYes
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetYes
Add other banksNo
Instant notificationsYes
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one yearYes
Filter in/outNo
Download statementsPDF, CSV
Add receipts/notesYes
ManagementFreeze cardYes
See PinYes
See card numberYes
Order new cardYes
Gambling blocksYes
Spending controls (eg block contactless)Yes
Update personal infoYes
Biometric log inYes
ExtrasSplit bill

TSB

This is for the Spend & Save account. Older accounts don’t have the savings pots feature.

SavingsSavings potsYes
Auto savingsYes
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeNo
share account detailsYes
BudgetingAnalyse spendingNo
Set BudgetNo
Add other banksNo
Instant notificationsNo
See upcoming regular paymentsNo
See pending paymentsYes
Go back more than one yearYes
Filter in/outNo
Download statementsNo
Add receipts/notesNo
ManagementFreeze cardNo
See PinNo
See card numberNo
Order new cardYes
Gambling blocksNo
Spending controls (eg block contactless)No
Update personal infoNot Address
Biometric log inYes

Virgin Money

Here’s my review of the Virgin Money M Plus account, including a video looking at the app in more detail.

SavingsSavings potsYes
Auto savingsNo
BankingEasy transferYes
New payee in appYes
New SOYes
change SOYes
pay in chequeYes
share account detailsYes
BudgetingAnalyse spendingYes
Set BudgetYes
Add other banksNo
Instant notificationsYes
See upcoming regular paymentsYes
See pending paymentsYes
Go back more than one yearTBC
Filter in/outYes
Download statementsPDF
Add receipts/notesNo
ManagementFreeze cardNo
See PinNo
See card numberNo
Order new cardYes
Gambling blocksNo
Spending controls (eg block contactless)No
Update personal infoNo
Biometric log inYes
March 14, 2021   |   Articles

Premium Bonds: Are they better than savings accounts?

Written by
Will you get £1million, or will you get nothing?

With interest rates so low there’s been a huge increase in the amount of money invested in Premium Bonds as people hope to get a better return on their cash.

But hope is the key here. Though there’s a chance you could win £1 million, there’s no guarantee you’ll get anything.

Here’s what you need to know about Premium Bonds, and how they compare to other savings products.

Keep reading or watch this video (or both)

What is a Premium Bond?

A Premium Bond is essentially a government savings account you buy from National Savings & Investments.

Rather than earn interest on the money invested as you would with a normal savings account (if it’s offered of course), you’ll be entered into a monthly prize draw. And this will keep happening for as long as you keep the Premium Bond.

Each bond costs £1, though there’s a minimum purchase of £25, which would give you 25 entries into that draw. The most you can have are 50,000 bonds, which means there’s a cap of £50,000 you can save.

Any money you win is tax-free and your savings are protected by the Treasury, and that initial investment can’t lose value.

The money is easy-access and you can cash them in whenever you want – though it can take up to eight working days to reach your linked current account.

How much could you win?

The top prize is £1 million, and there are two of these available each month. So in theory you could win £24 million a year! But of course you won’t.

The current prize rate with Premium Bonds is 1.4% (it was 1% from December 2020 to May 2022, and could change again). This doesn’t mean you’ll get a 1.4% return on your savings. Instead on average £1.40 is paid out for each bond. On average.

But most bonds win nothing. Zero.

And that’s because all the money paid out to all the winners is made out of prizes ranging from £25 up to that £1 million. So it’s impossible for every bond to get that quid.

Here are all the prizes on offer for June 2022

Prize valueNumber of prizes each month
£1,000,0002
£100,00010
£50,00019
£25,00040
£10,00098
£5,000196
£1,0002,764
£5008,292
£10037,922
£5037,922
£254,747,097
Prizes for the May 2022 draw. You can see monthly updates on the NS&I website

So though you’re more likely to get a £25 prize than any of the larger ones, it still leaves 100 billion bonds winning nothing each month!!

And while each bond has an equal chance of winning any of the prizes, the more bonds you have the greater the chance is that you’ll win something.

Money Saving Expert has a calculator which works out what you’d get with a typical amount of luck which is helpful to get a closer idea of a more realistic return – though of course since it’s all random it’s no guarantee. You can also see how lucky you are compared to others.

Premium Bonds vs savings accounts

* The following tables are based on a 1% prize rate and will be updated in June 2022 *

I’ve used MSE’s calculator to work out those potential winnings (based on average luck) over a year and therefore what interest rate you’d need to get the same amount from a savings account.

Amount savedAverage winningsEquivalent interest rate
£10000%
£1,00000%
£10,000£750.75%
£25,000£2000.8%
£50,000£4500.9%

Of course you can still win a prize with just £25 worth of Premium Bonds, it’s just incredibly unlikely. The calculator also says you’ll likely win £50 with £5,000 saved, which is 1%, but that seems to be a bit of a blip. Having fewer bonds will mean you’ll win less, so I’ve not put it in this table.

Right so how do these rates compare?

Well the best easy-access account right now pays 0.5%. So you’re likely to beat this with Premium Bonds for savings above £5,000.

But as I frequently share, you can get higher rates on some of your cash. Here are my top picks:

AccountInterest rateMax depositInterest earned in a year
Virgin Money M Plus Account2.02%£1,000£20.20
Chip+11.25%£2,000£25
Club Lloyds Current Account0.78%*£5,000£39
Club Lloyds Monthly Saver 1.5%£400 a month£38.91
Marcus Easy Access 0.5%(£4,800 fed into the above monthly saver)£11
* 0.6% on first £4,000, 1.5% on next £1,000

As you can see, each of these accounts will get you a guaranteed better return than the average chance of luck does with Premium Bonds with the same amounts.

Though that rate is much closer with the £5,000 amount in Lloyds, remember that interest is guaranteed – plus you get freebies on top such as monthly movie rentals or cinema tickets.

If you use all these accounts listed above you’ll save a total of £12,800, making a total of £134.11 in interest over a year, which is the equivalent of 1.05%.

(N.B This calculation was before Marcus dropped its rate to 0.4%. on 16th March, but the difference is £2 less in a year).

Read more about my top three savings accounts

How much you need in savings to make Premium Bonds worth it

If you’ve got savings up to and including £12,800, I’d focus my attention on The Virgin M, Chip+1, Club Lloyds and a leading easy-access accounts.

Where you put further savings depends on how much more money you have. Less than £5,000 and you will probably be better off putting more into that Marcus account (or equivalent) and probably drip-feeding it into another regular saver.

But if you have £5,000 or more, the average luck rates suggest that you could instead move on to Premium Bonds. However, there’s an important upper limit.

Though you can put £50,000 into Premium Bonds, you don’t have to. And you probably shouldn’t.

That’s because you don’t want to have too much saved in easy-access accounts. Really you only need to have enough cash to cover one of two things – an expected expense or an emergency.

When you’re saving for a specific purchase – from a house deposit or wedding through to a holiday or new phone – you’ll know much you need access to.

The general rule of thumb for emergency savings is three to six months of essential expenses – the costs you would have to cover if you lost your income. Following the pandemic you might want to make that last a little longer.

But beyond this, with interest rates so very low in general you are better off thinking about putting any remaining cash aside for the long term, whether that’s topping up your pension, paying off your mortgage or investing in the stock market.

So, going back to that initial £12,800 in the top savings accounts, and the minimum £5,000 Premium Bonds needed to beat the best easy-access account… we’re now at a total of £17,800.

How long would that last you in an emergency? I’d imagine six months easily, probably more.

So really I think Premium Bonds only become worth a look for most people if you need to have more than £17,800 in easy-access savings.

(Update 16/3/21- the upper limit on the balance you can earn interest on with the Chip+1 account has been increased from £5,000 to £10,000. After fees this gives the equivalent interest rate on the full £10k saved as 1.06%. That is a guaranteed rate and higher than the potential return with Premium Bonds. Here’s my full analysis.)

It’s different for additional rate taxpayers

A quick note that the situation changes if you are an additional rate taxpayer (meaning you earn more than £150,000 a year). If this is you, then you won’t have a Personal Savings Allowance, which means you’ll pay tax on your interest.

The Cash ISA limit is £20,000 (and that’s shared with Stocks and Shares ISAs), so Premium Bonds can work out as the most tax-efficient way to have cash savings.

What if you fancy your chances?

Of course, you might think that it’s too much hassle spreading your cash around multiple accounts for minimal returns. And you might not be wrong there.

Let’s say you’ve got £5,000. Put it in that easy access account paying 0.5% and you’ll make £25 interest in a year.

Would you spend £25 a year on Lotto tickets or scratch cards? Well, maybe Premium Bonds is a better alternative. You might win, you might not, but you’ll keep that initial investment.

When to save with Premium Bonds

So in summary, Premium Bonds could be a good option for you if:

  • You need more than £17,400 in easy-access savings
  • You are an additional rate taxpayer
  • You just fancy a flutter
  • You’re ok with the idea of getting nothing

How to get Premium Bonds

You have to be over 16 years old to buy Premium Bonds for yourself. If you are buying them for children, the account will be held by the parents/legal guardians until the child reaches 16.

The easiest way to buy them is via the NS&I website, though you can also get them via post or on the phone.

When to buy Premium Bonds

The Premium Bond draws take place at the start of each month, but you’re only eligible for each draw on bonds that have been invested for a full month.

This means you’re better off buying them at the end of a calendar month than at any other point.

How to check Premium Bond winners

You will need to enter your account number (called a Holder Number) into the NS&I Premium Bond prize checker.

If you’ve won you’ll see just how much, and you can use the same tool to see any previous wins you might not have known about.

You can listen to me talking to Money Saving Expert’s Helen Saxon about Premium Bonds in this episode of my Cash Chats podcast.

March 5, 2021   |   Articles

M&S Bank to close all current accounts

Written by

What to do if you have a Marks & Spencer Bank current or savings account.

In August, all existing current accounts at M&S Bank will close, and the linked monthly savings account will also shut. The accounts are already closed to new customers.

All 29 in-store branches will also close at the start of July, though the bank will carry on providing credit cards, loans, insurance and other savings accounts.

The retailer says it’s “evolving” to reflect the way customers use their bank, with the branch closures a reflection of the move to online banking.

So if you’re an M&S Bank customer, what do you need to do?

Your current account

If you do nothing, the account will be frozen in August and you’ll have to contact the bank in order to access any money left in there. So it’s important you either withdraw your money and close the account or switch your account. I favour the latter.

Switching your M&S Bank account

It’s really easy to to do this via the Current Account Switch Service (CASS), and comes with a guarantee that all payments in and out will be moved to your new account. Plus, if you switch you’ll also be able to nab a freebie from a different bank keen to get your business.

If you’re overdrawn there’s no guarantee a new bank will also offer you an overdraft, so it might be worth looking at options to clear that if it’s a worry.

Switching takes seven working days, so there’s no rush to move. You’ve got time to wait and see what switching offers come along, but there are some you can get if you want to switch right away.

HSBC Advance Account: Free £125

You’ll only be able to switch to this account for the bonus if you opened your M&S Bank account prior to 1st January 2018.

If you are eligible you’ll need to transfer over two direct debits or two standing orders. The latter are really easy to set up. You’ll get the payment within 20 days of the switch completing.

First Direct: Free £100

As with the HSBC switch, you’ll need to have opened the M&S account before 1st Jan 2018. You need to pay in £1,000 within three months, and the money will be paid within 28 days of this happening.

This is a good option if you want to keep the £250 0% overdraft buffer, and First Direct is the only other bank to offer it.

Virgin Money: Free wine & charity donation

This account from Virgin Money will give you 12 bottles of Virgin Wine and a £50 charity donation via Virgin Giving.

You need to transfer or set up two direct debits and put £1,000 into the linked easy-access saver and keep both active until you’ve got your free wine.

More on these and other bank rewards and offers in my ultimate bank account guide.

Closing your M&S Bank account

You can do this by contacting M&S Bank, though you’ll need to have a zero balance first. If you don’t do this it’ll automatically be closed in August.

You will still be able to see the balance online or via the app after this date – but to access any cash left in there you’ll need to contact the bank.

Statements

You won’t be able to access old statements once the account is closed, so it’s worth downloading these.

Your monthly saver

On hearing the news I’m sure a lot of customers will be frustrated about this linked regular saver closing – it will have been the reason for lots of people to open the account in the first place.

Though the most recently opened monthly savers were only paying 1%, many will still be part way through a year set at 2.75%.

The good news is you’ll get the interest for the full year, no matter how long left you have to save. The bank will assume you’ve paid in the maximum £250 a month and add interest accordingly.

If you want to get the best rate for your savings once you withdraw it from the monthly saver, or find a new regular saver, here’s my updated list of the top paying accounts.

March 3, 2021   |   Articles

Budget 2021: What you need to know

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What you need to know about furlough, tax hikes and more.

This spring Budget, as announced by the Chancellor Rishi Sunak on 3rd March 2021 is the probably the most packed in the seven years I’ve been writing about them.

A lot of the measures where leaked in the days ahead, but there was plenty of new announcements, and I’ve compiled a list of the key ones below.

It was billed as a Budget to protect jobs, so there wasn’t a huge amount on how we’ll pay for the additional spending – but we still heard about a few of the ways money will be raised in taxes.

You can watch this round up video or keep reading

More detail will come in the next few days, and I’ll add information below as it’s revealed.

I’ll also be talking to the Financial Time’s consumer editor Claer Barrett on Friday’s episode of my Cash Chats podcast to analyse everything. You can subscribe now on your favourite podcast app so you don’t miss it.

Jobs & benefits

Furlough extended

The Coronavirus Job Support Scheme, due to end on 31st April 2021, will now finish on 30th September 2021.

Employees on furlough will continue to receive 80% of their wages up to £2,500 a month, though from the summer businesses will have to contribute some of the cash. In July it’ll be 10% of the 80%, and in August and September it’ll be 20% of the 80%.

Watch more about the furlough extension in this video

Self-employment scheme extended

Those eligible for SEISS (Self-Employment Income Support Scheme) will be able to apply for another three-month payment in April, covering 80% of profits up to £7,500.

There will also be a fifth (and final) grant to cover May to September. Those who have seen a turnover loss of 30% or more will get the same 80% (so up to £7,500). But if the turnover drop is less than 30% the grant will be reduced to 30% of those profits (capped at £2,850). It’ll be available from July 2021.

What’s also different this time is that it’ll now be based on the 2019/2020 self-assessment form, which brings in around 600,000 people who have previously missed out.

Nothing for ExcludedUK

Once more there was nothing to help the remaining 2.4m people who’ve had no support in the last year because they were limited company directors, freelancers, people on fixed term contracts or people earning a mix of PAYE and self-employment income.

Universal Credit uplift

The £20 extra weekly payment for low-income households claiming UC will be extended for six months. It will now stop at the end of September 2021. This was after a huge amount of pressure from the oppostion and other groups.

Eligible Working Tax Credit recipients will receive the same amount but as a £500 one-off payment.

The surplus earnings threshold for UC will remain at £2,500 for another year and then revert to £300.

Training grants

The government’s incentive for employers to bring on apprentices between April and September 2021 will be doubled to £3,000 per apprentice.

From June there will also be subsidised management training (Help to Grow: Management) and in the Autumn free digital training available (Help To Grow: Digital), as well as discounts on software. You can register interest here.

Tax & Savings

Green bond for savings

A new “Green bond” will be available to the public to put their savings in accounts that’ll help fund green initiatives. It’ll be from NS&I (National Savings and Investments) from the summer of 2021. The rate hasn’t been announced.

Income tax freeze

The different income tax thresholds were due to increase slightly from April 6th and this will go ahead, but they’ll stay at this level until 2026. This means:

  • The first £12,570 earned is tax free (Personal Tax Allowance, though it reduces for earners over £100k)
  • The next £37,700 is taxed at 20% (basic rate tax)
  • Earnings above £50,270 are taxed at 40% (higher rate tax)
  • Earning over £150,000 are taxed at 45% (additional tax rate)

This is really a stealth tax increase as you’ll lose out in real terms as inflation means prices you pay elsewhere will have gone up and if you get a salary increase you could be moved into the higher tax bracket.

Corporation Tax

In April 2023 Corporation Tax will jump to 25% on company profits from its current 19%.

Companies with profits of under £50,000 will see the rate remain at 19% under a “Small Profits Rate”, while the increase will be tapered above this. In total only 10% of businesses will pay the full rate (those with profits above £250,000 a year). The differnet tiers haven’t been revealed.

This is less of a blow for small businesses as was feared, especially those with smaller profits. It’s a big increase for big companies, but no doubt something the likes of Amazon and Facebook can avoid as we didn’t see a mooted digital sales tax.

Pension, capital gains and inheritance tax freezes

Other tax thresholds will stay at the same rate including Inheritance tax, Capital Gains Tax and the Pensions lifetime allowance. These will stay the same until 2026.

Booze increase frozen

All planned alcohol (Scotch, wine, cider and beer) will be frozen for another year.

Travel taxes

The petrol duty increases will also not happen in April.

Other travel taxes such as Air Passenger Duty, Vehicle Excuse Duty and company vehicle benefits will increase inline with inflation.

Housing

Stamp Duty holiday extended

The £500,000 threshold where no Stamp Duty is required will carry on for another three months in England and Northern Ireland.

Then from July until the end of September the nil-rate band will be £250,000. From 1st October it will return to the normal £125,000.

Scotland and Wales are still to announce what they are doing.

New 95% mortgage scheme

The government will guarantee mortgages for homebuyers to encourage more lenders to offer 95% mortgages. So it means you’ll be able to buy with a 5% deposit, subject to meeting the usual affordability criteria.

It’ll be capped at properties worth £600,000, but it won’t be restricted to first-time buyers or new build homes as other schemes have been.

Homebuyers will be able to fix for up to five years and the scheme will run until December 2022.

Shopping & retail

Contactless limit to increase to £100

You’ll now be able to tap your card without entering your PIN on payments up to £100. This is a massive jump up from £45, which was only increased from £30 a year ago.

It might take a short while for retailers to change systems for this to work.

VAT cut extended

The 5% rate of VAT (down from the usual 20%) for hospitality and tourism will remain until end of September.

It’ll then go to 12.5% for the next six months, before returning to 20% in April 2022.

No new schemes to get people shopping

There was no repeat of Eat Out To Help Out or similar schemes to get us shopping.

Non-essential and leisure retailer grants

“Non-essential” retailers that will be able to open in mid-April will be able to claim “restart grants” of up to £6,000 per site.

Hospitality and leisure businesses in England that will open later – such as pubs, hotels, restaurants, gyms and hairdressers – will be able to apply for grants of up to £18,000 each

There’s a similar fund set up for the other UK nations to distribute to retailers.

Business rate cut

Until the end of June, Business Rates will remain at zero for eligible retail, entertainment and leisure properties. It will be discounted by two-thirds until 31st March 2022.

Other announcements

Recovery loans scheme

Any business can apply for loans between £25,000 and £10m, with the government guaranteeing 80% of the money borrowed.

Super Deduction on tax for business investment

Companies spending money on equipment will be able to offset 130% of the cost against profits for two years.

More grants for sport and the arts

Most museums, cinemas, theatres and music venues have been closed for almost a year. An extra £300m will be added to £1.57bn Culture Recovery Fund, £18.8m going to community initiatives and £77m to Scotland, Wales and Northern Ireland.

Another £300m will go to support sports such as cricket and tennis, and there will be money for a 2030 UK and Ireland World Cup bid.

Green grants

A new national bank based in Leeds will be funding public and private green initiatives.

Funding for vulnerable groups

There will be funding for some groups:

  • An extra £19m to tackle domestic abuse
  • £10million for military veterans with mental health problems
  • A lifetime commitment for victims of the Thalidomide scandal

Visa reform for “highly skilled”

To encourage overseas workers from industries such as science, tech and engineering it’ll be easier to get a work visa via a points-based scheme.

March 1, 2021   |   Articles

Eating ethically

Written by

In an ideal world I’d always stick to my principles, but it’s not always easy, especially with food.

Seeing as it’s currently Fairtrade Fortnight, a two-week celebration of the Fairtrade stamp and all the good the Fairtrade Foundation does, I thought I’d delve a little deeper into some of the foodie consumer choices we can make to see just how easy or hard it is to make a stand.

My ethical eating challenges

I’ve had spells where ethical decisions have heavily influenced how I ate, but I always seem to make compromises which water down my resolve. Sometimes it’s down to cost, other times it’s convenience.

But there’s also an aspect of feeling overwhelmed and even confused by the decisions that need making. This is the biggest challenge I find to eating ethically. Even when I feel I’m doing a “good thing”, there’s something I’m not doing which cancels it out.

I know it’s not realistic for me to get it right all the time, so I’ve reached a happy medium where I’ll do what I can.

I still try to do more, and over the last year I’ve moved to only Fairtrade chocolate (thanks to the delicious and good value Tony’s Chocolonely) and reduced my meat consumption.

If this sounds like something you’d also like to do more of, then here are a few of the ethical dilemmas to consider at the supermarket.

It won’t always be easy, and I can’t promise you answers – but it will hopefully help you focus on where to concentrate your efforts.

Fair pay and rights for producers

Brits are a caring bunch. Each year we give more and more money for humanitarian causes – basically helping people. With food, this often boils down to workers’ rights, pay and conditions.

Fairtrade

Fairtrade is probably the biggest help here. From bananas to coffee, and even things like wine and nuts, this stamp tells us the farmers are getting a fair deal. I like Fairtrade, and genuinely believe it’s a good thing, not just via the price paid to producers, but also in the wider work the Fairtrade Foundation does in communities across the world.

But it’s not perfect. Sometimes prices still aren’t enough. And I have concerns “greenwashing”. Some big brands, such as Nestle, appear to have a small number of products certificated by the scheme (though last summer they dropped Fairtrade choc from KitKats). This gives the appearance that they are an ethical brand, yet the vast bulk of their business carries on with normal, and often unfair, working practices.

However, the argument the other way is persuasive too. Even a small amount of big brand products certified as Fairtrade can make a big difference to producers due to the scale these products are sold at.

I’m not entirely convinced by this, but overall I think yes, buying Fairtrade does make a difference.

Other certification schemes

Recently there’s been a problematic development. A few big brands are replacing Fairtrade with their own schemes.

A few years ago, Green & Blacks (owned by Mondelez, which also owns Cadbury’s) released a new type of choc which, for the first time, wasn’t Fairtrade. Instead it’s under Mondelez’s own Cocoa Life programme, and other certified choc made by Mondelez will follow suit and drop Fairtrade.

Sainsbury’s also switched all its own-brand tea from Fairtrade to its own “fairly traded” scheme. And as mentioned, Nestle dropped KitKats to its’ own scheme.

I find these other schemes more difficult to trust. As a consumer I don’t know what the label promises, and without wider oversight how can we be sure it’s really any better than anything else.

Personally, I’d aim to stick to Fairtrade if you can, and it’s worth putting pressure on the manufacturers and retailers to do the same. 

UK producers

But eating ethically to help people isn’t just about overseas farmers. You might remember the milk price wars from 2015, where farmers revolted at the price supermarket were forcing them to accept. The amount didn’t even cover the cost of production (and in some cases it still doesn’t).

It’s difficult to know when a fair price is being paid. As a rule Co-op, Waitrose, Marks & Spencer are better options, though Tesco and Sainsbury’s both promise a fair price to dairy farmers.

Animal welfare

Meat

Obviously the most ethical way to support animal welfare is to not eat meat.

About 15 years ago I briefly gave this a go. I was in Australia’s outback and I’d just seen a double-decker, double-length lorry transporting cows. Really distressed cows. Seriously, the noise they were making was just heartbreaking. Then the driver got out and started jabbing through the small holes in the truck with an electric cattle prod, and he did it with a lot of enthusiasm. It made me feel sick.

I’d always been concerned about animal welfare but this was what prompted me to take some action. I was now a vegetarian. Except it didn’t last. The very next morning, more out of muscle memory rather than a conscious decision, I ate a sausage roll! I’d lasted just 20 hours. No doubt that’s the most pathetic attempt at vegetarianism ever.

I spat the sausage roll out and started again, avoiding meat for a few more weeks before deciding I’d instead just eat high-welfare meat.

In the supermarket Soil Association certified organic is usually the highest standard, followed by free-range and then outdoor reared and RSPCA Assured certified (previously called Freedom Food). Some supermarkets, including Waitrose and Marks & Spencers, also have their own higher standards which are similar to the RSPCA requirements.

Of course, these all cost a lot more money so I tend to stock up on special offers and reduced food and whacking them in the freezer for later use.  

What makes this rule difficult is eating out or going to a friend’s for dinner. I vividly remember eating a pea risotto on a date, while she tucked into a steak.

So for the last ten or so years I’ve instead gone for a more flexible approach. If I’m out, I’ll eat what is on offer – though I’ll try to pick an ethical option.

And at home or out it’s so much easier now veganism has become mainstream. There are some really good meat substitutes available from supermarkets, and of course just cooking veg based meals. We’re trying to have a couple of meat free days each week.

But importantly I’ve not had a KFC or dodgy late-night kebab since that day in 2006.

Fish

Look here for MSC certified fish (it’s a blue sticker), which means the stock levels in the sea are sustainable and ok for you to eat. Oh, and I know dolphins are mammals, but try to buy line-caught tuna rather than net caught.

Eggs

Really easy here isn’t it? Always buy free-range. Except even then it’s not all rosy for the chickens. This Guardian article is particularly enlightening. Soil Association certificed organic once more has the highest welfare standards. Still don’t buy anything that’s not free-range or above.

Dairy

A few years ago I watched a BBC Three comedy/documentary by Simon Amstell (off Never Mind the Buzzcocks). I didn’t realise he was a vegan, and this was his ode to giving up meat completely. It’s a weird watch, and (deliberately) disturbing at times.

But it did make me think differently about dairy farming. Though Soil Association has the best standards for the welfare of the cows, there are still ethical concerns – a big reason many people do go vegan.

If this is something you’d like to know more about, I’d recommend watching the programme on iPlayer.

Politics and the environment

I could write a lot more here on these topics, but I just don’t have the space in this article.

The environment

The hottest issue for the last few years (literally) and it’s been the biggest motivator in people trying veganism.

Buying local and seasonal certainly helps reduce carbon emissions, though they’re nothing compared to the pollution caused by farming meat.

Some argue that even veggie and vegan staples such as quinoa, soy and almond milk have an impact on the environment. Which is true, though no where near as much carbon emissions are produced, so eating less meat can be a good move. 

Another easy way to help is to reduce food waste. Chucking away food you forget about or don’t finish means you’ll buy more grub. That doesn’t just cost you more money, it means more food miles, processing etc in the replacement food you buy. Your freezer can be your friend here.

Packaging and plastics are huge here too. Can you buy loose rather than packaged fruit and veg? Or meat and fish off the counter rather than shelves? Try to recycle and reuse as much packing as possible – or ideally avoid it. I don’t use those small bags for loose fruit and veg, and I’ll always bring my own tote bags for packing.

Your money can also actively help the environment if you pick things like Rainforest Alliance certified coffee.

But there’s so much more you could do, so it’s up to you where you focus your efforts. I still haven’t got into reading more about palm oil which seems to be in almost everything, but it’s one to avoid if you can.

Politics

Obviously your decisions will depend on your wider political views. A couple of the main issues I struggle with are:

So many brands owned by bigger conglomerates. Pringles are a good example – they were owned by Proctor & Gamble who test on animals (obviously not the crisps) until recently. And PepsiCo has been criticised for supporting modern slavery through its palm oil production (which also increases deforestation).

It means that it’s often impossible to know if I’m inadvertently buying something ultimately owned by a brand doing something I disagree with.

There also are groups that call for consumers to boycott produce that’s originated in Israel, as it could actually be from the occupied territories. Though equally it could be from within Israel. Or there are reports which connect avocados with Mexican drug cartels. It’s difficult to know!

Again, I think the answer is to find out about issues you are particularly passionate about and see if there are any real villains you need to avoid. And build from there.

How supermarkets measure up

As I said earlier, I try to stick with Waitrose and M&S Food, particularly for meat. Ethical Consumer magazine scores all the supermarkets on politics, animals, people, the environment and sustainability.

At the time of writing, Co-op, Waitrose and M&S all do well, with Asda and Tesco at the bottom of the table.

March 1, 2021   |   Deals

How to watch theatre and dance online at home

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If you can’t make it to the theatre it’s possible to watch a number of productions from your sofa via streaming services.

There are big-name theatres and companies such as the RSC, as well as productions starring famous names like David Tennant.

During lockdown many theatres offered free shows each week, but these seem to be stopping.  However, you can still watch shows via subscription services.

Subscription services & rentals

Hamilton on Disney +

You can watch a recording of the original Hamilton cast on Disney +. It costs £5.99 a month – though there are ways to save. For more discounts visit my streaming service deals page.

In Camera at the Old Vic

The Old Vic is live streaming performances via Zoom. It’s not on-demand – you have to buy tickets for a set performance time.

You pay what you’d pay if you were going, with the minimum price £10, but you can choose to give up to £65.

For Christmas the production includes A Christmas Carol.

National Theatre at Home

You can either rent individual productions or subscribe to access a range of National Theatre shows and other productions with National Theatre at Home.

It costs £8.32 a month, or £83.32 for a year.

Wind in the Willows at the Palladium

This production with Rufus Hound from 2017 was free, but is now £4.99 to rent.

Marquee TV

This has some theatre but it’s probably best for dance and opera fans. You can get a 30-day free trial. After that it costs £8.99 a month or £89.99 a year – though there’s a £20 discount for your first year.

New shows are premiered every Saturday. Theatre seems to mainly be RSC and an Oscar Wilde season, but there’s a huge amount of dance from the likes of The Royal Ballet and the Bolshoi, with opera from Glyndebourne and others

> Sign up for Marquee TV

Digital Theatre

Digital Theatre is a streaming service that costs £9.99 a month for unlimited viewing, or £7.99 per production.

It includes shows from the likes of the RSC, Old Vic, Donmar, Lyric and Royal Opera House.

Shows includes Funny GIrl with Sheridan Smith, Hamlet with Maxine Peak, Much Ado About Nothing with David Tennant and Into The Woods from Regent’s Park.

There’s also ballet, dance, opera and classical music.

> Sign up for Digital Theatre