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October 8, 2021   |   Articles

Contactless limit now £100: Good or bad?

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With the spending limit set to jump to £100, I’ve taken a look at the pros and cons of tap and pay.

I’ve been using contactless since it launched in 2007. It’s so easy that I rarely use cash or Chip and PIN at all. Tap for this, tap for that…

And with the pandemic I think we are all grateful that we don’t have to use the keypad for every card transaction.

I’m not alone. We’ve all been using contactless in the UK so long now that it’s second nature.

Each year more and more transactions are made with a simple tap, particularly with debit cards where 64% are contactless. It’s slightly lower for credit cards (46%) – probably because we’re likely to spend more money on these cards, which may have been beyond the £45 limit.

But that’s all set to change, with the limit now jumping up to £100 from 15 October 2021 (though since card terminals need to be updated it might be later for some retailers).

It’s a big increase. Only 18 months ago the limit was still £30. While some people are worried it’s too high a limit, others are looking forward to paying more this way.

So is it a good or bad move by the Government? Here’s my take on everything from security to convenience.

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.

Watch the video or keep reading

Are contactless cards safe?

One big fear with contactless is that it’s easy for someone to steal your card and spend your money. That’s totally true, and though it doesn’t actually happen much, I’d imagine the £100 limit will make card theft more appealing to crooks knowing they can buy more expensive items.

The other worry is that people could scan your card without you realising but holding a reader against your wallet. This sounds scary but in reality it’s far more complicated and there’s apparently no evidence this happens.

But even with these risks, there are protections. First up, card rules state that you have to enter your PIN after five contactless transactions or when you spend a total of £300 across multiple contactless purchases.

(If this happens to you it might appear that your card has been rejected – just try again but this time insert your card rather than tap it and enter your PIN. Here’s more on how this works.).

So the most a crook could spend is £300, and probably less depending on when you last had to enter your PIN.

And if this does happen, then you will get your money back. So you won’t lose out financially, though it will obviously inconvenience you.

Limiting contactless fraud

You can also limit any losses with most banks by enabling a couple of features in the app. One is to get instant notifications each time the card is used. If one pops up on your phone and it wasn’t you, then you know to take action.

And that action can be as simple as freezing your card. Most banks offer this feature now, and it’ll stop whoever has your card spending any more money.

It’s also far better than cancelling your card if you think it’s lost but there haven’t been signs of fraud. If it later turns up you can unfreeze it and keep using it.

You could also consider a RFID wallet. This has aluminium lining which essentially stops anyone scanning your cards. Personally I’ve not bothered with this as the risk is so low.

Changing your contactless limit

A handful of banks are adding in the feature to set your own personal contactless limit. I don’t really think this is necessary based on the other measures outlined above, but if you feel happier this way then it’s worth a look.

The banks doing this are:

BankPersonal contactless limit
Bank of ScotlandIncrements of £5 between £30 and £100
HalifaxIncrements of £5 between £30 and £100
LloydsIncrements of £5 between £30 and £100
Monzo Increments of £5 from £0 to £100 AND total spend when PIN required
StarlingIncrements of £10 between £10 and £100

Other banks might add this feature later. Alternatively some apps let you turn off contactless completely, or you might be able to ask your bank for a debit or credit card which doesn’t have contactless. Again, I think this isn’t going to be necessary for most people.

Making it easier to spend

The convenience of contactless is just how easy and fast it is to spend. The new £100 limit will mean even more purchases are eligible for contactless. For me it means I’ll be able to tap the majority of the time – it’s very rare I buy anything in a shop that costs more.

But that has a flip side too. Other payment methods, cash in particular but Chip & PIN too, introduce levels of friction to every transaction.

When you hand over notes and coins or look at the total on a PIN keypad, you are much more aware of what you are spending. And this registers, even subconsciously. You are more likely to adjust future spending and have a more accurate idea of how much is in your account.

A few years ago on holiday in America I was shocked they still asked me to sign for card payments – but it really made me think about my total spending.

But with contactless it’s so easy to just tap and not even look at the total. And that will happen more often with the £100 limit.

Though it removes some of the convenience, you can reduce the impact this has by asking for receipts. This also has the added advantage of ensuring you haven’t been overcharged.

And going back to banking apps, checking transactions on there as they go through should help register that you have parted with cash, as well as seeing the impact on your total balance.

It’s also possible that some banks might add in the facility for you to set your own lower contactless limit – a good idea if you’re worried you’ll spend more than you should.

Limits are even higher on smart devices

Of course, contactless isn’t just something on cards. You can also use the same technology to pay with mobile devices via Apple Pay, Google Pay and Samsung Pay.

And the £100 limit doesn’t count with these. In fact the only limits are if a retailer wants to have their own in place. A friend told me he used an iPhone to pay for another iPhone!

The reason you can spend more is that these cards have secondary security measures – things like your thumb print or facial recognition.

And it’s possible we could see that technology come to cards too. A few years ago Natwest trialed biometric debit cards – though we’re yet to see them roll out to customers.

September 28, 2021   |   Articles

The Marriage Allowance tax break explained

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You could pay £250 less tax this year – and possibly backdate it for another four years.

The Marriage Allowance is a way to shift some of your tax-free allowance to your husband or wife if they are a low earner.

If you’ve been eligible for the current and past four years you could claim back tax worth £1,188.

There are various conditions so it won’t be for everyone (including me), but it’s certainly worth taking a look at the criteria to see if you can claim.

Here’s how it works and what you need to know.

Who is eligible for the Marriage Allowance?

You need to be either married or in a civil partnership. 

The higher earner in the couple must earn less than £50,270 but more than £12,570 in the tax year you’re applying for. So right now that’s 6th April 2021 to 5th April 2022.

In Scotland it’s a little different and income below £43,662 for the higher earner.

The lower earner in the couple must earn less than £12,570 in the same year. This is the basic rate threshold where you start paying income tax, though if you have a lower limit (for example because you underpaid tax a previous year) then that amount will apply.

You’re able to make a claim if you get a pension, as my parents did. Though if you or your partner were born before 6th April 1935 (so that’s anyone currently 85 years old and above), then you can get choose instead to get the Married Couples Allowance.

How much money can you get?

The scheme allows the lower earner to transfer 10% of their tax-free allowance to the higher earner. So for this tax year, with the threshold at £12,570, you can move £1,257 of the allowance over. 

So let’s say the lower earner’s total income for the year is £10,000. By transferring 10% of their personal allowance to their spouse, their personal allowance drops to £11,313. But since they earn less than this, it doesn’t change the fact that they don’t pay any tax that year,

However the higher earner now has an increased personal allowance of £13,827 before any tax is due. Since the basic rate of tax is 20% this will work out as paying £251.40 less tax in the year (20% of £1,257).

Of course if one of you earns, between £11,313 and £12,570 you won’t get the full benefit. That’s because the lower earner will now have to pay 20% anything above £11,313.

You won’t be paid back any saved cash. Instead the tax code of the higher earner will change and they’ll just pay less tax throughout the year or on their own tax return if they’re self-employed.

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Claiming Marriage Allowance for previous years

You can backdate your claim by four years alongside the current year. The amount per year changes though since the tax thresholds have changed over that time. Even so, your claim is potentially worth up to £1,220 over the five years.

Any money from previous years will be sent to you via cheque so you’ll see the savings (almost) straight away.

You can also claim for a deceased partner if they’ve they were alive and you were both eligible during one or more of those tax years.

Here’s how to see if you were eligible and how much you could potentially claim for these previous years.

2021/22 Marriage Tax Allowance totals

The basic rate upper threshold was £50,000 in 2019/20 (£43,430 in Scotland), while the personal allowance was £12,500.

So the amount you could claim in England, Wales and Northern Ireland would be £252.

2020/21 Marriage Tax Allowance totals

The basic rate upper threshold was £50,000 in 2019/20 (£43,430 in Scotland), while the personal allowance was £12,500.

So the amount you could claim in England, Wales and Northern Ireland would be £250.

2019/20 Marriage Tax Allowance totals

The basic rate upper threshold was £50,000 in 2019/20 (£43,430 in Scotland), while the personal allowance was £12,500.

So the amount you could claim in England, Wales and Northern Ireland would be £250.

2018/19 Marriage Tax Allowance totals

The basic rate upper threshold was £46,350 in 2018/19 (£43,430 in Scotland), while the personal allowance was £11,850.

So the amount you could claim in England, Wales and Northern Ireland would be £238.

2017/18 Marriage Tax Allowance totals

The basic rate upper threshold was £45,000 in 2017/18 (£43,000 in Scotland), while the personal allowance was £11,500. 

So the amount you could claim in England, Wales and Northern Ireland would be £230.

How to claim the Marriage Tax Allowance

It’s really simple. You head to the HMRC website or phone them on 0300 200 3300.

The lowest earner needs to be the one who applies, as it’s their allowance which will transfer over.

You’ll need both your National Insurance numbers, as well as one of the following ways to prove your identity:

  • the last 4 digits of the account that your child benefit, tax credits or pension is paid into
  • the last 4 digits of an account that pays you interest
  • details from your P60
  • details from any of your 3 most recent payslips
  • your passport number and expiry date

Once you’d made the initial claim, it’ll keep going each new financial year.

What if your situation changes?

If you or your partner’s income changes during the current year you are claiming for and you’re no longer eligible then you need to let HMRC know. You’ll still get the tax break for the rest of the year.

You also need to do this if your relationship ends through a divorce, dissolution or if you become legally separated. The claim could be backdated in this scenario which means you could owe tax.

September 22, 2021   |   Articles

Why the Nectar double-up points promotion at Sainsbury’s has been cancelled

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What you need to know about Sainsbury’s Nectar Double Up in 2021.

Unlike Tesco’s Clubcard Boost offers, I think Nectar is a loyalty deal which is more marketing than reward, even with its recent overhaul. 

The only real opportunity to get more for your points has been the Double Up event. I used to really hate this promotion. It was a nightmare to redeem and had very little worth buying. It did improve a little, so now I guess I should say I actively dislike it.

However, in September 2021 it was revealed the scheme has been scrapped and won’t run any more. I’ve kept the article below as it was for previous years, but sadly you won’t be able to take advantage.

Here’s what you need to know about how it worked, along with some other gripes I have with Nectar.

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.

When is the 2021 Nectar Double Up?

Sainsbury’s and Nectar have announced that the Nectar Double Up offer won’t run in 2021 and has been replaced by the new My Nectar Prices promotion.

Why Nectar Double Up has been cancelled

I reached out to Sainsbury’s to find out why they won’t be running Double Up anymore.

A Sainsbury’s spokesperson replied, “At Sainsbury’s we’re committed to giving our customers delicious food at low prices. Fewer customers have been using Double Up over the last few years and so it’s only benefitted a small minority of our customers. We know some people will be disappointed to see it go, but we hope more customers will be able to take advantage of our new My Nectar Prices offer. This gives customers access to lower prices and personalised offers year-round.”

A large number of people are understandably frustrated that they won’t be able to boost their points as hoped, especially as they’d been saving them for this very purpose.

The best ways to spend and earn Nectar points

Check out my article with details of how to get the most from Nectar

nectar logo

My issues with normal Nectar spending

As I explained below, I has issues with Double Up – but there are other frustrations with Nectar when compared to other loyalty schemes.

You don’t get many points

You earn one point per full pound spent – that’s roughly 0.5% of your shop, half of what you’ll get at Tesco.

> Read my top ways to earn and spend Nectar points

The points system is complicated

Tesco and Boots value one point as 1 penny and you get 1 point for ever pound you spend. It’s pretty easy to work out what you have. Nectar value one point at a less convenient 0.5 pence. You can also read my blogpost about what loyalty points are worth.

It can even be tricky spending points in-store

I’m not sure if this is still the case, but when I first wrote this article in 2014 I’d just stopped off on the way to a friend’s house to buy some odds and ends. Having checked out the double up deal and realised there was nothing for me there, I thought it would be a good idea to use some of the points I’ve earned.

Well, the dreaded “Home store” problem came up. It turned out you could also only spend your points if you’ve swiped your card – and earned points – in that store more than 24 hours earlier and within the last 12 months.

You can also only spend in portions of £2.50 (or 500 points). I’ve no idea why they make it so difficult!

The everyday Nectar deals are rarely any good

Most of the ways to exchange points work out at the same value wherever they are spent. 500 points are worth £2.50. That’s the same if you’re spending in Sainsbury’s or buying cinema tickets.

Sometimes the Nectar website does have a special offer, but I find you can normally beat them through cashback sites or simply comparing prices elsewhere.

Which really just leaves the Double Up event as your only opportunity to get more for your points.

If you shop at Sainsbury’s it’s still worth using Nectar

If you’re a regular shopper in Sainsbury’s or at one of the online partners, then you may as well collect the points. It’s a little bit of money for nothing. But don’t expect to get any standout savings, and certainly don’t go out of your way to shop for Nectar points.

> See what you can buy at Sainsbury’s

What is Nectar Double Up?

The offer last ran in November and December 2020.

Once a year (Sainsbury’s cut the spring Double Up event in 2017) you can swap your Nectar points for vouchers worth double to spend in Sainsbury’s stores.

There are very few chances to increase the value of your Nectar points. So when events like the Double Up week happen, it’s worth checking out the offer.

Sounds good yeah? Well keep on reading…

How the Nectar Double Up worked

Getting a Double Up Nectar voucher is more complicated than it needs to be. And there are also restrictions on where you can spend them. I’ve found it can often be more trouble than it’s worth.

Here’s what you need to know:

Getting the Double Up vouchers

It’s generally got a lot easier in the last couple of years to get the vouchers, but there are still things to watch out for.

One big change last year was that you can’t swap points for vouchers in-store – which is bad news for people who aren’t great with computers or don’t have a smartphone.

Here’s how you get the vouchers:

  • This year you can only exchange vouchers via the app or online.
    • Online it’s between Wednesday 28th October and Tuesday 3rd November. Vouchers are posted to your home address. The risk here is you get the voucher but the stores don’t have what you need in stock – so you end up wasting your voucher.
    • However via the Nectar app you can swap between the 11th and 17th November 2020, meaning you can find what you want to buy in the supermarket before converting your points. You’ll scan the vouchers from your phone.
  • You can only double up £5, £10 or £25 worth of points into a voucher worth £10, £10 or £50 respectively.
  • You can only use vouchers in superstores. That’s no good if you shop at a Local or Central.
  • There’s a cap of £100 in vouchers per Nectar account (down from £200 in previous years).

In the past you’ve only been to swap for vouchers at a Sainsbury’s you’ve shopped at in the last 12 months and earned Nectar points at. I don’t know if this is still the case, but it’s worth popping into your local big shop now and buying something before it’s time to use the vouchers.

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Episodes every Tuesday.

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If you can, don’t get the vouchers before you shop

Please try to avoid getting your vouchers before you know what you want to buy, and that it’s in stock. If you order your vouchers online in the first week of the promotion you are stuck with them, whether you spend them or not.

Now you can’t get the vouchers in-store, you’ll have to get the vouchers on the Nectar app. But don’t do this straight away. Before you swap those vouchers over, check the shelves for what you want to buy and put it in your trolley. Then you’ll know exactly how much you’ll need to buy the items.

I can imagine this is also going to be a pain with the mobile signal in some supermarkets. If the service is bad at your Sainsbury’s then you might need to bring someone with you to watch your trolley while you pop out to get some bars on your phone! 

Using Double Up vouchers

Again it’s hardly simple. However there were a few changes in 2018 that made it a little easier. The main one was that you no longer had to choose which department you want the voucher for, so any voucher can be used on products from any of the included categories.

But there are still issues. I’ve gone through the Ts&Cs for you and here are the main things to know:

  • You can’t spend the vouchers on everything in the shop as they’re only valid in certain departments, and this excludes food and most drink. I generally find these are either niche, or products you’ll probably get cheaper elsewhere.
  • You can’t use them in Sainsbury’s Local or petrol stations.
  • You have to buy items totalling at least 5p less than the value of the voucher to use it (e.g. £9.95 for a £10 voucher).  If the items cost less you must buy more items to use it.
  • There’s no change given unless it’s less than 5p.
  • The voucher only lasts until the end of the promotion period. If you don’t spend it before the last day and you lose it all.
  • If the store doesn’t have what you want, you can’t get a refund. So you’ll need to check they have in stock what you want before exchanging for the voucher.

** UPDATE 10/11/20: Due to the lockdown in England preventing the most vulnerable from going to Sainsbury’s stores to exchange their vouchers, Sainsbury’s has agreed to refund affected people.

This only applies to those who had already switched their points for vouchers but are shielding as a clinically extremely vulnerable person following a letter from their GP.

They need to call 0800 636 262 to get their points refunded. Thanks to campaigning by Martin Lewis they’ll also get the full value of the Double Up voucher added to their account rather than just the initial points total.

What’s included in the 2020 Nectar Double Up?

You can use your vouchers in any of these departments:

  • Tu Clothing
  • Electricals
  • Toys
  • Entertainment
  • Taste the Difference: Wine, Champagne, Sparkling, Sherry & Port (not Scotland or Wales)
  • Homeware
  • Seasonal
  • Fragrance
  • Cosmetics
  • Skincare

The things I use Double Up for

As with the last three years, the main thing on the Nectar Double Up list that gets my interest is Taste The Difference wine. If you saw my video and blog about how to find good value supermarket wine you’ll know there was a pretty tasty New Zealand Pinot Noir which was part of that range.

Electrical items could be decent value too. For the last two years I’ve also picked up a reduced to clear NOW TV box and pass. It worked out at £10 when using the Double Up voucher, a couple of quid less than buying it elsewhere. However, a lot of the other tech was available for less in other shops, even with the double points discount. Even so, it’s worth looking.

And if you’re going to buy toys, homeware or clothes in the next few months then it’s worth looking at how much they are in Sainsbury’s and compare the prices with elsewhere.

**This post was originally written in November 2014 and has been updated for each subsequent Double Up event. My opinions have mellowed a little since then – thanks in part to that half-price wine – but I’m still not a huge fan. However, I know for some people who regularly shop in Sainsbury’s think it’s great. Do check out the comments at the bottom and add your thoughts.**

September 19, 2021   |   Articles

Should you switch to a small energy company?

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As yet more go bust, do cheaper energy prices outweigh the risk of a smaller energy company going under?

I’m always encouraging you to compare energy prices and switch if you can find a better deal. You can potentially save hundreds of pounds every year doing this. It will take you just 10 minutes when using a comparison site. Easy money.

And a huge number of people are doing it, with nearly 3 million customers moving electricity suppliers for cheaper bills in the first half of 2021. Around two-thirds of switches were to small or medium suppliers, away from larger provides (classified as Bulb, British Gas, EDF, E.On/NPower, Octopus, Ovo/SSE and Scottish Power).

So if not one of these well-known energy companies, who? When you go through a comparison site you’ll usually spot that the lowest prices are usually with a company you’ve never heard of. There are now dozens and dozens of new companies to pick from.

So should you pick one? Understandably there’s concern about moving to a provider you know nothing about – particularly with a number of them collapsing.

So does that mean you should just stick with the devil you know?

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.

There’s no difference to your power supply or use

A lot of the reluctance is down to worry about the quality of the gas and electricity you’ll get. Well, you can relax, as there’s no difference to what comes through the pipes and wires.

Even if you sign up for green energy, it doesn’t suddenly mean you are using renewable energy. It’s exactly the same whoever you pay.  Which means you won’t suddenly experience power blackouts, or find the fuel less efficient.

But customer service does change

All that actually changes when you switch supplier is who bills you and the customer service you receive. So for most it just means your direct debit goes to a different company. So you won’t really notice anything.

Of course, when something does go wrong it does help to know you can get through on the phone, or that complaints are dealt with quickly and efficiently. And bad service isn’t exclusive to new providers. It would be hard to find worse than my nightmare experiences with NPower’s customer service.

So, even though the price is likely the leading factor when choosing to switch, you might decide to pay a little bit more for a provider with good feedback.

You can check out customer reviews on Money Saving Expert’s switching service (which is my pick of the comparison sites), while Which? magazine has ranked the best providers against the worst.

What happens if your energy supplier goes bust?

Sadly, it seems every month or so one of the smaller energy companies goes bust. We’ve seen four collapse in the last month (*update 22 September – make that seven), and maybe more to come. That’s on top of 15 or so that have gone under in the last 12 months.

This is where the second major worry comes in. What happens if your energy supplier shuts down?

First, you won’t be cut off. You’ll still get the same power supply. The energy regulator Ofgem will switch all the customers to another provider who’ll then start billing you. Since your bills could well rise as a result you are free to then choose to switch to another company.

It’s advised not to try and switch before the new provider has been found as it could mess up the transition. And don’t cancel your Direct Debits either until you’re set up with the replacement company. Once that’s all sorted you can compare and look for a new energy company.

If you do have any credit built up then you won’t lose this, though it might take a while for you to get that money back. More likely it’ll be deducted from your future bills.

You’ll also lose any cheap fixed deal you were on when you are moved, so prices will most likely increase, though that does depend on which company takes you on.

Are smaller energy companies always cheaper than the big providers

There’s usually a huge amount of competition, and despite the massive hikes on the way, the larger companies can still offer decent rates.

The only way to know what’s best for you is to head to a comparison website and search. It’s well worth doing.

Doesn’t the energy cap mean you don’t need to switch?

No, you can still save on your bills by doing a full comparison and finding the lowest rate.

What’s more, the energy price cap changes every six months, and it’s set to jump up by £139 in October 2021. It’s likely everyone on variable tariffs will see their prices jump up when that comes into force.

So should you go for a large or small energy company?

Andy’s analysis

In a ‘normal’ year I’d say not to worry too much, but things are particularly tough for smaller energy companies right now. If you choose one of the smaller companies you do need to have one eye open to the fact there’s a real risk they could close down.

The massive wholesale price hikes we’ve seen in 2021 would normally have been passed on straight away to customers. However with many energy companies already charging close to the price cap, they have to wait until this changes every six months to actually change prices.

And this has resulted in some smaller companies being unable to carry on. This could well continue over the coming months, so just bear this in mind.

You might feel that now is a good time to pay a little bit extra for the (presumed) certainty of a larger company. Indeed, it’s likely to be the case right now that there will be very little difference in price as those smaller companies can’t afford to charge less at the moment.

How to switch your energy

I’ve written extensively about the ways you can switch energy. It’s really easy and should take you less than 20 minutes (I can do it un under 10 minutes!).

Read next

August 4, 2021   |   Articles

Is it worth going the extra mile to save money on petrol?

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Plus the tools to help you find the cheapest petrol station near you.

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.

Prices at the pumps recently hit the highest levels since 2013, with the average price last week 134.7p per litre – and going as high as 163.5p per litre in some parts of the UK.

And prices can vary massively even a short distance of each other. My closest pumps right now are actually the cheapest at 129p per litre, but a mile in the other direction and it’s an extra 8p per litre.

So it goes without saying that saving money on petrol is a good thing. Or at least it should.

I’ve wondered for ages just how much difference a few pennies per litre makes to my wallet. Is it really worth spending the time tracking down the cheapest petrol stations and going out of your way to fill up there?

The cost of filling up our car

We have a Ford Fiesta, which according to the book has a fuel tank capacity of 42 litres. On current average prices it’d cost a huge £55.86 if the tank was completely empty (though of course it rarely is).

Every penny difference in the price of a litre adds up to 42p per full tank. So a difference of 5p per litre on a full take would be £2.10. It’s not a huge amount, but do this every week and it’s more than £109 saved in a year.

Difference in pricePer tankPer year (fill up once a week)
1p42p£21.84
2p84p£43.68
3p£1.26£65.52
4p£1.68£87.36
5p£2.10£109.20

The cost of going out of your way

If it’s an easy choice to find cheaper pumps then it makes sense to go to that petrol station. But what if your nearest one is more expensive and you have to go out of your way to find cheaper fuel?

Let’s assume the cheapest pumps are 2.5miles away, but not on a route you’d normally take.

A quick google and I got a figure of 47 miles per gallon for the average “real” MPG (Miles Per Gallon) for our car. Let’s assume that’s right.

So to go 2.5 miles it’d cost 32p in petrol (based on 133p). But if this is out of the way, let’s say it’s really an extra 5 miles as we’d need to come back on ourselves. So that’s 64p for the journey.

Well that cost would mean if we’re only saving 1p per litre, travelling those 5 miles would actually cost more money (and that’s not taking into account the time it takes). More than 2p saved and it does bring savings on this particular example.

Watch me talk about petrol prices on Shop Smart Save Money in June 2018

When it is worth going to a cheaper petrol station

Of course the actual saving you can make does depend on a few factors.

First if the cheaper station is on your way then the using it is a no brainer. And if you’re a regular on the same route you’ll get to know what stations are where and how they compare.

Though the distance you need to travel reduces savings, if you’re out in the sticks then you will likely pay more locally so it could even be worth driving well out of your way to fill up.

It also depends on both your miles per gallon and total fuel consumption. But ultimately the more petrol you use, the more money you’ll save. Even very small savings each time you get petrol can make a big difference over a year.

How much will your car cost to fill up?

If you want to work out the difference a penny at the pumps makes, it helps to know the size of your fuel tank. Here are the average figures, and some example prices to fill a tank from empty.

Small car – 40 litres

£1.30 per litre is £52 to fill up

Medium car – 55 litres

£1.30 per litre = £71.50 to fill up

Large car – 65 litres

£1.30 per litre = £84.50 to fill up

You can use the BBC fuel price calculator to work out exactly how much it’s cost. You’ll also see a comparison to the rest of the UK and selected other countries for what you pay.

Another useful tool is the fuel economy calculator. This calculator can work out a journey cost, how much fuel you’ll need for a journey and the real-life MPG.

How to spend less on petrol

Check out this article with more on the ways to reduce how much petrol you use and how to find the cheapest pumps near you

June 13, 2021   |   Articles

What is a good credit score?

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When is your credit rating good or bad? And what does it mean?

I’ve got four different credit scores. 999, 906, 636 and 505. Is one better than the other? You’d assume that since 999 is highest, that’s my best one. And the lowest at 505 needs some work.

But all are actually classed as “excellent”. And the 906 and 505 are from the exact same data – but with different ranges.

So it’s clear that it’s not a simple case of saying the higher the number is better!

In this article I’ll help you get an idea of how good your score actually is, and how the different classifications of bands could impact your changes of borrowing money and applying for credit.

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.

The problems with credit score ranges

The main issue with credit scores is there isn’t just one. In fact there are three different companies providing scores, and they don’t all use the same data about your finances.

Another problem with credit scores is they’re calculated in completely different ways. You can’t really use a number to say if it’s good or bad without the wider context such as the range that number is taken from. Some are out of around 999, others out closer to 700.

And, to complicate it even more, the companies you apply to don’t actually use these scores! They access the data behind the scores from the credit reference agencies alongside any information you provide. They also look for different things depending what you’re applying for.

So clearly it’s not always so obvious what a good score is and know whether you’re going to be accepted for whatever credit youre applying for.

What credit scores are excellent, good, fair and poor?

Here’s how the three different credit reference agencies class each score, as well as their own ranges.

Experian

Experian is the biggest of the agencies. They score out of 999.

Experian credit score ranges

  • Excellent 961-999
  • Good 881-960
  • Fair 721-880
  • Poor 561-720
  • Very poor 0-560

Equifax

Equifax recently changed the range from 1-700 to 1-1,000.

Equifax credit score ranges

  • Excellent 811+
  • Very Good 671-810
  • Good 531-670
  • Fair 439-530
  • Poor 0-438

However, if you are checking your score for free through Clear Credit you’ll still see the old range. Clearscore told the DebtCamel website.

“We have plans to move to a score out of 1000 later in the year. It has always been our mission to make the world of credit clearer, calmer and easier to understand, and this move will hopefully make things a lot clearer for the consumer.”

If you’re seeing the score out of 700 the range is as follows:

Equifax credit score ranges on ClearScore

  • Excellent 467+
  • Good 420-466
  • Fair 367-419
  • Poor 279-366
  • Very poor 0-278

Transunion

TransUnion, which you can access for free through Credit Karma, scores out of 710.

Transunion credit score ranges

  • Excellent 628+
  • Good 604-627
  • Fair 566-603
  • Needs work 1-565

What’s an average credit score in the UK?

Not all the credit reference agencies share this, but ClearScore, using the old Equifax system says at the time of writing that the UK average credit score is 414. This puts it in the “Fair” band, though right at the top.

Experian offers a map where you can break down scores by regions (and age too if you want). For London the average credit score is 887, which ranks as the bottom end of Good. For North Somerset, it’s 823, halfway through Fair.

How important is a credit score?

The most important thing to say here is credit scores don’t actually mean anything definitively. They’re an indicator of how good or bad your credit report is (I’ve explained more in this article about credit reports).

But this isn’t the only information lenders take into account. Extra details you provide, such as your salary, could help or hinder your chances of acceptance. In fact, they won’t even see this score, and will create their own version of it based on their own criteria, the info on your credit report and the extra details they have.

Really the number itself is pretty meaningless, except to measure your progress when trying to improve it. If you see it go up you know you’re doing the right things.

If you see it dip then it could be a sign you need to take some actions – though it’ll always fall a little after a new application and will right itself after a while.

What do the different credit score ranges mean?

Really it’s probably better to look at the category your credit score sites in. Broadly scoring in the different ranges from excellent down to very poor is likely to mean the following:

What an excellent credit score means

Across the agencies “excellent” suggests you’ll probably get accepted for most types of credit and be offered the best rates and deals. But there’s no guarantee and you could still get rejected when you apply.

What a good credit score means

A “good” credit score indicates you will usually be accepted for credit, though you might not get the best deals.

What a fair credit score means

An “average” or “fair” score means there is still a decent chance you’ll get accepted but you won’t get the best deals or rates. For example, you might get a lower credit limit or a shorter 0% period. It’s even more important to use soft checks, particularly on credit card applications, to find out who will accept you.

What a poor credit score means

If your score is classed as “poor” or “needs work” – and it’s likely you’ll be seen as high risk to lend to therefore far less likely to be accepted when applying for credit.

What a very poor credit score means

Right at the bottom, being classed as “very poor” is a sign you will probably get rejected. This could be because you have some black marks on your credit report – such as bankruptcy – or maybe just a very limited credit history.

Andy’s Top Takeway

Credit scores can be a bit of a minefield. Especially considering the score you are looking at may not even be the same score prospective lenders are looking at. Rather than focusing on numerical value, find out where that falls on that agency’s scale and that will give a clearer idea of what your score means.

How to check your credit score

Good news! You don’t need to pay to check your score, or more importantly, your credit report. I’ve written more detail on the free credit report sites here.

Read next

May 12, 2021   |   Articles

Cinema reopenings: How to save money

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What’s reopening, when and how much tickets will cost.

After a year with very few cinemas open and very few big releases, the vast majority of cinemas will reopen in England, Scotland and Wales from Monday 17 May 2021, with those in Northern Ireland following a week later.

Here’s what you need to know, and my top ways to save money.

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.

Which cinemas will reopen and when?

The vast majority of major chains are due to open, but even within the same chain you might find some venues open and others closed.

Here’s a quick guide to what’s happening with the major chains, but you’ll need to check with your local to be sure.

  • Cineworld – Wednesday 19 May
  • Curzon – Aldgate, Bloomsbury, Canterbury, Colchester, Knutsford, Oxford, Soho and Victoria are opening on 17 May, though the Mayfair, Richmond, Sheffield, Wimbledon will be on 4 June. There’s no date yet for Hoxton, Kingston or Ripon to open
  • Everyman – Monday 17 May (except Belsize Park)
  • Odeon – most screens will reopen on 17 May 2021, but to check local listings in case some are delayed
  • Picturehouse – all cinemas opening 19 May 2021
  • Showcase – Monday 17 May 2021
  • The Light – staggered opening from 17 to 28 May 2021
  • Vue – all venues from Monday 17 May

What films will be showing

Unlike reopenings last summer, it won’t be classic and cult films on the big screen. There are a handful of movies getting their first cinema release that you might have caught online, including Best Picture Winner Nomadland. And there are plenty of other new releases from 17 May, such as Peter Rabbit 2 and Spiral.

The bigger releases begin from June onwards, with A Quiet Place 2 on 3 June, followed by the likes of Black Widow and Fast and The Furious 9 in early July.

What to expect

Social distancing will be in force, with families and couples sat together and guaranteed empty seats between groups.  On one hand this means there will be fewer seats available to buy, but also means you won’t be stuck next to a noisy stranger. 

Booking online is encouraged to minimise interaction with staff, while hygiene precautions will also mean no pick and mix. Prepacked snacks will still be on sale and some might still offer popcorn (personally I’d stay clear). You will also have to wear a mask – so check before you go.

Will ticket prices be less?

Let’s face it, a lot of people aren’t going to be keen to visit a cinema just yet. And on top of that there won’t be any of the really big blockbusters until July. So I wouldn’t be surprised if ticket prices are lower during May and June to entice you back in.

For example, tickets seem to be cheap at all Vue sites, though the price depends on where you live.

A quick spot check found them at £7.99 at Vue Cambridge and £6.99 for Vue Islington and Vue Westfield. Even better, all showings were £4.99 at Vues in Accrington, Aberdeen and Hartlepool.

Some of the venues I looked at added an extra quid to the price on Friday and Saturday evenings. Still, much less than some of these would have charged pre-pandemic.

Odeon is also promoting discounted tickets on Monday and other times throughout the week.

However a quick look at my local Everyman cinema and prices are exactly as expensive as they’ve always been.

How to save money on your cinema visit

Whether your cinema is full price or discounted in the coming months, it’s often possible to reduce what you pay.

Look for special offers

There are usually a number of ways to bring down the price of cinema tickets – but not all of them are currently working. I’d hope some will be reactivated soon, but others might wait until most venues are open.

For offers where you buy cheap tickets from third parties make sure you have checked the direct prices in case they’re currently reduced.

Here are my picks of the offers, and I’ll update my cinema deals page whenever I spot more.

Free tickets with banks

You can claim six free cinema tickets by opening a Club Lloyds current account. These are valid at Odeon and Vue. The Halifax Reward account gives you a ticket to Vue every month, though there are more requirements to be eligible.

2-4-1 tickets with Meerkat Movies

Meerkat Movies will still give you 2-4-1 discounts on a Tuesday or Wednesday. If you don’t have this Compare the Market perk you can still take advantage of the hack by buying a single day UK travel insurance for around £1.

Reduced tickets via Lidl Plus

The Lidl Plus app will get you access to free Cinema Society membership, which offers discounted tickets at Odeon, Vue, Showcase, Empire and a handful of smaller chains.

Go a different day or time

If prices haven’t been dropped (I checked a couple of Everyman sites which are still charging their standard – and expensive – prices), then you can save by going off-peak.

Each venue will be different, but generally, you’ll pay the most at weekends and in the evenings. Some might have a set day each week which is cheaper.

Bring your own snacks

This is more a health and safety tip than anything, but I’d personally be bringing my own food and drink with me to reduce the chance of cross-contamination. On the plus side, it’ll also be a lot cheaper!

May 11, 2021   |   Articles

Passive income from bank rewards

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Is it worth opening multiple current accounts to earn monthly rewards?

I’m a bit of a bank account geek, and have tried and tested most of the UK ones – often as part of nabbing a switching bonus of £100 or more.

But these cash incentives aren’t the only way to make money from your account. There are quite a few which will give you a smaller cash reward every month if you meet certain criteria.

Often that is a requirement to pay in a set amount each month. Sometimes there’s also the need to pay out some direct debits or spend a minimum amount. You might also need to log into your app on a regular basis.

It’s all simple enough. But is it worth the effort? Here’s my take on which ones to open and which ones to avoid. Plus how much you could make if you opened them all up.

The essential reward accounts

If you’re not sure how many current accounts, these are good ones to start with.

With these three accounts combined you’ll make around £160 a year, give or take a tenner since the Santander 123 Lite account cashback value will depend on the size of your household bills.

The Club Lloyds account doesn’t give cash but a choice of “lifestyle benefit” such as cinema tickets or a magazine subscription. I’ve given it a monthly value of £3.50, though it could be more.

Halifax RewardSantander 123 LiteClub Lloyds
Reward£5.00£7.00£3.50
Fee£0.00*£2.00£0.00*
Monthly profit£5.00£5.00£3.50
Annual profit£60.00£60.00£42.00
Requirements includePay in £1,500 a month Pay in £500 a monthPay in £1,500 a month
Spend £500 on debit cardTwo direct debits (though five or six to get full cashback)
Keep balance above £0Paperless
Log in once every three months
More detailsMy Halifax Rewards reviewMy Santander 123 Lite reviewMy Club Lloyds review
* if you pay in £1,500 a month

The next three reward accounts

If you want to take it further you can open up three more reward accounts, each earning you £3 a month after fees. So there’s potentially £108 extra a year from these accounts.

These are definitely worth adding to or upgrading existing accounts you have with the banks to get the cash. But the smaller returns mean you need to weigh up whether you are happy to do the admin required to apply and then manage the accounts.

Barclays Blue*Natwest RewardRBS Reward
Reward£7.00£5.00£5.00
Fee£4.00£2.00£2.00
Monthly profit£3.00£3.00£3.00
Annual profit£36.00£36.00£36.00
Requirements includePay in £800 a monthTwo direct debits of at least £2Two direct debits of at least £2
Two direct debitsLog into mobile appLog into mobile app
*changing in March 2022

The final three rewards

These final accounts are for completists only and personally I’ve not bothered with them. They require minimum usage of your debit cards – 30 for each of the TSB accounts and 60 for the Co-operative Bank account. I think that’s too much hassle.

But if you want to go through with these then you’ll get an extra £80 in the first year. The TSB accounts can earn you cashback via Quidco, worth an extra £30 to £60 (and sometimes more) on the first one you open.

TSB Spend & SaveTSB Spend & Save PlusCo-operative Bank Everyday Rewards
Reward£5.00£5.00£2.20
Fee£0.00£3.00£0.00
* limited to six months
Monthly profit£5.00£2.00£2.20
Annual profit£30.00£24.00£26.40
Requirements include30 debit card transactions30 debit card transactions60 debit card transactions
Four direct debits
Pay in £800 a month
Keep balance above £0

Getting more as joint accounts

If you have someone you can open a joint account with then you can get the rewards again with a handful of the accounts.

It’s probably worth doing this for the Halifax and Club Lloyds accounts, earning an extra £102 a year. I think adding another TSB Spend & Save Plus account makes very little sense as that’s another 30 debit card transactions you’ll need.

Halifax RewardClub LloydsTSB Spend & Save Plus
Reward£5.00£3.50£5.00
Fee£0.00£0.00£3.00
Monthly profit£5.00£3.50£2.00
Annual profit£60.00£42.00£24.00
Requirements includePay in £1,500 a monthPay in £1,500 a month30 debit card transactions
Spend £500 on debit card
Keep balance above £0

Even more accounts for your partner

And if you’re opening accounts with someone else, they can obviously also open up their own accounts. It’s not quite the same list as for you as there’s no point having a second Santander 123 Lite account (you can’t earn cashback twice on your bills), which brings the most they’ll earn for opening a Halifax Reward, Barclays Blue, Natwest Reward, RBS Reward and Club Lloyds down to £210.

How much you can make?

Obviously it depends on how many accounts you open, and whether you’re also able to open up those extra joint accounts.

But sticking with those first six account will get you £270 a year. Add in a second (joint) Halifax Reward and Club Lloyds boosts that to £372.

And if the person you have the joint account with opens those same ones except for Santander 123 Lite, you’re looking at another £210 and a total of £582 a year.

If you wanted to go extreme and add in the TSB Spend & Save, TSB Spend & Save Plus and Co-operative Bank Everyday Rewards you could add on another £80 for your own accounts, and another £50 for joint accounts.

Andy’s analysis

These rewards are great ways to earn extra cash every year, and in the most part pretty easy to manage. But they’re only worth opening if you feel the return is enough.

That could mean you just stick with the first three accounts and only look at others if there’s an extra reason to open one, such as a bank switch offer.

Still, even I draw the line at the TSB and Co-operative Bank accounts. if you already have them and use them as your main account you might find it easy to meet the debit card transaction requirements. But I’d argue you’re better off switching that account to a different bank for a reward that takes less effort!

Meeting the reward requirements

I’ve said it’s easy to have more than one of these accounts, but you do have to make sure you meet the different requirements.

As I’ve written about elsewhere, this can be quite simple – even automated. Do read my full guide which also shares tips to help you find extra Direct Debits.

Make even more money from your bank

If you open up any of these accounts, make sure you also take advantage of other benefits. The Natwest and RBS accounts, for example, make you eligible for a 3.04% paying regular saver – and you can have one with each account.

And don’t forget the biggest earners – bank switching. You might want to wait for Halifax to offer a cash bonus for opening an account. In the past Natwest and Lloyds have let existing customers switch in for a bonus, so you might not have to wait to open those (though I can’t guarante it).

The best bank reward & switch bonuses

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

best bank switching offers

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.