Amazon Prime Day takes place next Tuesday and Wednesday (yes two days). I’ll be updating my deals page with the best offers, and helping you spot the good from the bad over on my Instagram. But beforehand it’s worth checking out these posts.
There are more discount codes and offers that expire before Prime Day. They include new ways to get £5 off. One requires you to get something delivered to a click and collect location. That’s on top of the promotions I shared last week.
Plus even if you don’t have Prime there’s a new way to get £10 back if you make your Mastercard a default payment card.
Sadly these have replaced codes offering double the discount. If you got one of these in the post from JL then it’s worth checking to see if they’ll honour the original offer.
If you’ve not got a will there are two opportunities to get cheap or free ones made. There’s Free Wills Month for over 55s in October and Will Aid for all (in return for a charity donation) in November. You can book now.
I’m always saying how one of the easiest and biggest wins is to switch your energy, but still not everyone bothers. That’s where auto-switching services come into play, taking most of the effort out of doing it.
Just because you got a discount it doesn’t mean you’re better off.
This week I’m joined by Timi Merriman-Johnson (aka Mr Money Jar) to talk about the special offers that make us think we’re saving money but are really making us worse off.
Though we’re still 12 days away from Prime Day there are early offers now live. These include a way to get £5 off a £25 spend and £10 back when you spend £10 with a small shop.
Google has just revealed a new model of it’s media streaming stick and there’s a launch bundle where you’ll get the Chromecast (worth £59.99) and Netflix credit (worth £53.94) for £89.99. Here’s more on how the offer works, plus a discount on the now discontinued Chromecast Ultra.
Time for another Side Hustle Spotlight episode, and this time I’m joined by blogger Laura Dempster to share our five rules you need to follow when setting up your own side hustle.
We also look at the ingenious “print-on-demand” mini businesses where you can set up with no real overheads and sell your own t-shirts, cards and more.
When something seems too good to be true, I’d normally recommend you trust your gut and steer clear. But with cashback you really can get money for nothing.
It’s easy to be confused by the term. For years “cash back” meant (and still does) asking the supermarket cashier to add money to your checkout total in exchange for some notes.
But with the decline in physical cash that’s changed. More of us are referring to cashback as money back on purchases. In fact I’d say this smart shopper’s trick to get more for less has become mainstream.
You can pay by credit cards and get money back. You can pay your bills and get money back. But the method that earns the most money is to shop via a cashback site.
In the last 12 months I’ve earned £458.45 from this last option, and in total I’ve made £4,406.37 over the last seven years or so.
It’s not without pitfalls, but use it as often as you can and you too could be hundreds of pounds better off each year.
Rather watch than read? Check out this video. Or keep reading for more.
The leading way to get cashback, and probably the most profitable, is through a cashback website. Rather than heading directly to an online retailer, going via cashback middlemen can net you a tidy return.
To get your money you search within these specialist websites for the retailer you’re after. The cashback rate will be displayed, usually as a percentage. You then click to be redirected to the online shop. Then simply buy as normal, and a few months down the line your cashback account will be credited with the money. Here’s more on how it works.
Quidco and Topcashback are the leading cashback sites, but you can also use sites like Boom25 and OhMyDosh. You might also have access to a “work perk” site that offers the feature just to employees.
Here’s a little about each:
TopCashback
TopCashback (or TCB) is the largest cashback site. It says there are over 15 million members, with active users earning an average of £345 a year.
It also claims to have the most retailers on the site, with more than 5,000 shops and brands offering money back.
There’s no minimum payout, and there’s the option to increase your cashback if you cashout as a giftcard.
There’s also a premium option costing £5 a year which will give you boost the rates with some retailers.
Quidco
Quidco is the other giant, though a little smaller with over 10 million users. No doubt there’s some crossover in those numbers between them and TCB.
In terms of average payout, Quidco claims a slightly lower £300 per year for Quidco members. There are also fewer retailers with 4,500 listed on the site.
The premium option is £1 a month and you only get charged the months you use the site. So that could make it cheaper or far more expensive than TCB.
OhMyDosh
A long way behind these two is OhMyDosh. It’s much newer but has managed to get just over 500,000 members.
It has a lot less retailers on the site, though there are a few paid offers for new customers and free trials which I’ve not seen elsewhere, such as Yolt and Chili.
For me the biggest downside here is a minimum payout of £10. Though some offers might exceed this, it’s not a great place to rack up small payments.
Boom25
This site is smaller still, with just under 1,500 retailers listed. Boom25 is also very different to the others as rather than pay money back on each shop, it’s members get a one in 25 chance of getting a complete refund on their purchase.
With some retailers the refund is reduced (eg on eBay it’s 25% back), but the chances are higher (eBay again, and every 12th purchase wins).
It’s a nice idea, and might be worth a shot on purchases where the cashback return on other sites is pennies rather than pounds. But I’d still stick to Quidco or TCB when the money back is larger.
KidStart
Kidstart pays your earnings into an investment account for your kids (or niece, nephew etc). Of course, you could just take your payout from TCB or Quidco and put it into a separate savings account – and probably get better returns.
However, KidStart is the only cashback site to offer money back on Apple and John Lewis purchases. There are other ways to save at these retailers, but it’s worth knowing about.
Quidco vs TopCashback
Right, let’s rule out OhMyDosh for most purchases. The choice really is between Quidco and TopCashback.
Based on the statistics above on the average payout and the number of retailers, TopCashback would seem to have the edge. But it’s not that simple.
I randomly looked at six different products or shops. And there was little difference between TopCashback and Quidco. In fact, Quidco came out on top on three, practically tied on one and was just under on another.
Retailer
Quidco
TopCashback
BT Fibre 1 Broadband (new customer)
£130
£125
M&S existing customer
1.48%
1%
ASOS (new customer)
9.9%
10%
American Express Platinum Cashback credit card
£20
£10
American Express Nectar credit card
£0
£31.50
Confused.com home insurance
£30
£32
(correct as of 22/9/20)
You also need to take these figures with a pinch of salt as the rates can – and do – change regularly. One day something might pay more on TCB, then next it’s better on Quidco.
The only way to really know which is best for you is to compare the rates each time you shop. There are plug-ins you can add to your browser to help, but they can be a bit annoying! Personally I find it only takes a minute to quickly check both.
And if you really would rather stick to just one site then both have a price match promise!
New member offers
If you’ve not used either TCB or Quidco before you can get a bonus the first time you shop. At the time if writing it’s £17 back on a £10 spend with Quidco (this is an exclusive offer available when you sign up to my newsletter), or £15 back with a £15 spend at TopCashback (available from my TopCashback deals page).
What to watch out for
Sadly, cashback isn’t without complication. There are a few rules to follow to ensure you get your cashback, with “tracking” the most common issue. This is how the cashback site knows you made a purchase, and it can sometimes not happen.
You need to be careful not to click to any other sites before making a purchase and check your computer is set up to record cookies in their internet browser. You might even want to clear your cookies.
There’s also a danger of using voucher codes you find elsewhere that aren’t listed on the cashback site. Use one and your cashback might be rejected by the retailer.
If either of these happen you won’t get your money back. So it’s best to only buy something you can afford without the saving.
But get it right and you should see a fair amount of money coming back to you.
If you need to stack up on beauty products and posh candles this is a decent deal that’ll save you up to 25% – you just need to get as close as you can or just over multiples of £60.
For every £60 you spend online at Boots to get £10 back in points until the end of Monday. You can combine it with other promotions, and it includes the Dyson hairdryer.
If you have any shopping to do at Argos then make sure you connect your Nectar card as you’ll now get a point per pound – though that’s doubled until 28th September. Here’s more info in my guide to the best ways to collect and spend Nectar points.
Every day this week there’s been a cut announced to a leading savings rate, so it might be time to fix. Here’s the best of the current savings accounts and their interest.
Pretty much every major high street bank has made big changes to it’s rewards in 2020, and now it’s the turn of TSB.
From December 2nd the interest rate will drop from 1.5% (on balances up to £1,500) to zero. ZERO. Following on from the NS&I cut which will take place in late November it’s a huge blow to savers.
Existing Classic Plus customers will be able to keep their accounts, but it’s now been closed to new applicants. It’s been replaced by a TSB Spend & Save account.
Here’s more on the new account, and what to do if you currently have a TSB Classic Plus.
TSB’s Spend and Save account
Right, let’s take a look at the replacement for the Classic Plus. The name gives away the intent – Spend and Save. To get the benefits you need to use it as your main account.
The spend aspect rewards you with £5 cashback each month – though only for the first six months. The save element brings in some of the auto-savings and top-up features we’ve seen at banks like Monzo and Starling.
Here’s more:
Features
Savings pots
Those with Monzo will be familiar with this idea. You essentially separate your money into sub-accounts and name them for different goals or expenses. So you could have one for holidays, one for Christmas, one for emergencies and so on.
If your main account balance gets too low (you set the level), money can automatically be moved out of the pots to avoid you going overdrawn or missing payments. You need to activate this “Auto Balancer” feature.
Save the Pennies
This roundup feature takes each debit card transaction and tops it up to the nearest pound. That extra doesn’t go to the merchant though. Instead it’s moved to one of your savings pots.
Introductory cashback
For the first six months you can earn £5 cashback a month, so a total of £30. However to get this you need to make 30 debit card payments a month.
You can get this offer when you open the account up, or if you switch an existing TSB account over – but NOT a Classic account.
Is it any good?
Frankly no. Though the budgeting features are good, you’re better off going to Monzo or Starling as you’ll get more features.
And the cashback is ridiculous. Asking someone to make 30 transaction a month right now – at a time when we’ve been asked once again to go out less – just isn’t practical. And since it’s not ongoing, it’s hardly worth opening a new account just for six months.
So all-in-all not an account you want to bother with.
What to do with your Classic Plus accounts
Your next move depends a little on why you’ve got the account. Is it, like me, just for savings? Or is it your main current account?
With both it makes sense to switch away. Here are a few options:
If it’s mainly for savings
It’s another frustration for savers this week. I’m particularly peeved as Becky and I have six Classic Plus accounts between us (back when you could have two personal accounts and two joint accounts each). So we, and many others will now be looking to move that cash.
You can wait until the rate drops in December and keep earning that 1.5% until that date. Do this and there’s the risk that other rates will fall and you’ll miss out.
If you haven’t had one already, the best account is the Nationwide FlexDirect offering 2% for one year on £1,500. It’s only for new customers, but one workaround is to open an additional joint account. And since it’s a current account you can move your money in and out, even though the rate is guaranteed for 12 months.
Alternatively, and if you’re able to fix, then it might make sense to open another a savings account now rather than in December. At the time of writing a one-year 1.3% fix was available with Tandem – but that could be gone any day!. And I’d say it’s unlikely you’ll see an account with a higher rate any time soon.
If you need easy access it might also make sense to move now to a new account, even though they come with variable rates as there’s the chance they could be pulled from the market. Virgin Money’s current account offers 2.02% on up to £1,000. However, there’s no guarantee the rate there or elsewhere won’t drop – just as we saw with NS&I.
If savings aren’t an issue (or once you’ve moved them) then you’ve got quite a few options, and while there are bank switch bonuses available I’d say you should look to nab some of those while you can.
At the time of writing you can choose between £100 from Lloyds or RBS, £125 from HSBC, and possibly £50 from Metro. You could even get hold of more than one – perhaps even all four.
But when you’re thinking of which bank is best for you in the long run as your main account there are other things to think of.
In my latest podcast episode I’ve looked at the most ethical accounts, and Nationwide, Co-op, Starling and Monzo all come out well. The winner though is Triodos – but that does come with a £3 a month fee.
As mentioned above new Nationwide customers can earn interest for the first year, while Monzo and Starling are also great for budgeting.
If you’re someone who’s concerned about the climate crisis, injustice in society and other ethical issues, you probably do something to mitigate it. You probably recycle and give to charities. You might boycott brands or buy organic. All good positive actions.
But you might be surprised to learn that who you bank with or where your pension is invested can do more damage to the climate, society and peace than pretty much anything else you do.
in this episode I look why you might want to move your money, and share a few places that are better than others.
