Money

Save to send your child to university

How much do you need to save for your child to go to uni? Mobile piggybacking top sim deals, free McDonalds and £5ish Odeon cinema tickets. These are our Money Saving Expert Martin Lewis’ Tips of the Week.

Remember, deals can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.

HSBC, First Direct and M&S Bank to hike overdraft fees

Warning to all HSBC, First Direct and M&S Bank overdraft users – your charges are going up

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Beware the overdraft rate hike, are you eligible for £140 off your energy bill? Two Boots ‘Big Deals’, huge 45GB Sim for £15/mth and give to charity this Christmas. These are our Money Saving Expert Martin Lewis’ Deals of the Week.

Warning to all HSBC, First Direct and M&S Bank overdraft users – your charges are going up

HSBC, First Direct and M&S Bank (all owned by the same parent group) have all now announced they will be hiking the cost of arranged overdrafts to 39.9%APR. This follows Nationwide who also hiked its charges to 39.9% APR last month (11 November). These hikes are because the Financial Conduct Authority (FCA) said that by April 2020 all banks must scrap unarranged overdraft fees, and charge a single interest rate for arranged overdrafts, to make it simpler for customers. And indeed these new rates show just how expensive overdrafts are compared to other debt, like credit cards.

I also think this is likely to be the new normal and other banks will follow suit with similar rates.

To see how the change works let’s take First Direct: it’s currently 15.9% EAR on arranged overdrafts of over £250, and a £5 daily charge if you slip into their unarranged overdraft. So as with all banks effectively the burden is being shifted from those who go beyond their overdrafts to those who are within their arranged amount – in many ways this is the culmination of the campaign to reclaim unfair bank charges I was involved in back from 2005. Winners and losers are complex, but most people with arranged overdrafts will end up paying more.

So it's worth seeing if you can switch current accounts. For smaller overdrafts, while it’s hiking charges new First Direct switchers get a free £50 and a £250 0% overdraft meaning if you’ve less than £300 it works. For larger Nationwide FlexDirect currently gives new switchers a 12 month 0% overdraft – while there’s no set limit, it can be large depending on your credit score – yet after the year it goes to 39.9% - so see that as your time to pay it off.

Are you one of 3.4 million disabled over-65s missing out on up to £4,500/year to help with care?

Are you missing out on £4,500/yr to help with care?, why you’ll soon have less to spend in your bank account, last chance to get a letter from Santa, £10-£40 London theatre tickets and £5 Amex cashback. These are our Money Saving Expert Martin Lewis’ Deals of the Week.

Remember, deals can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.

Round-up of Black Friday and last chance for free £175 bank switch bonus

Urgent warning for first-time buyers, Black Friday deals round-up and last chance for free £175 bank switch bonus. These are our Money Saving Expert Martin Lewis’ Deals of the Week.

Remember, deals can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.

Surprise your kids with a first-class treat from Santa

Free letter from Santa, check you’re on the electoral roll, new cheapest loans, and last chance for ‘free’ wills. These are our Money Saving Expert Martin Lewis’ Tips of the Week.

Remember, tips can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these tips will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.