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| DON'T believe the fake ads on Facebook |
| Martin asks: 'Are you due £2,000 PER CHILD to help with childcare costs?' In April 2017, the confusing and somewhat inaccurately named 'Tax-Free Childcare' scheme launched. It was beset with problems, poor communication and technical glitches, and huge numbers of those who can take advantage have been put off. Yet now I believe it's time to look afresh. For those paying for childcare, it can be worth £2,000 annually per child towards Ofsted (or equivalent) registered nurseries, childminders, nannies, after-school clubs, play schemes and home care. Here are the need-to-knows: Do you even need to pay for childcare? If you've a 3-4 year old, you're entitled to up to 30hrs/week of free childcare.Family income under £40,000ish? Check if you're entitled to universal credit childcare help. If you're working (or in a couple where both works) and pay for childcare, then universal credit could cover up to 85% of your childcare costs (max £7,750/yr for 1 child, £13,300/yr for 2+). The entitlement system is complex, so rules of thumb are difficult, but definitely spend 10 mins on our Universal Credit & Benefits Calculator if you've family income under £40,000 (I'm not saying you'll get universal credit, just that it's worth checking). If you've expensive childcare costs, you may be due it even at higher income levels. If you get universal credit you CAN'T get Tax-Free Childcare (but universal credit's likely worth more to you anyway). Tax-Free Childcare means for every £80 you pay, the state adds £20. This is a boost of up to £2,000/yr per child (£4,000/yr if disabled). To do it you need to pay for childcare via a special Tax-Free Childcare account. The gain is equiv to the income tax paid by a basic-rate taxpayer - hence the name - though higher-rate taxpayers don't get a bigger boost. Here are the eligibility criteria, but read our full Tax-Free Childcare guide for how it works and how to do it... - You must be paying for Ofsted (or equiv) childcare for an under-12 (under-17 if he or she is disabled). - You must work and earn £131+/wk - for couples, both must earn this. No one parent can earn £100,000+/yr. - The self-employed can also get this, as well as those who are employed. If you already get Childcare Vouchers, you may be better off sticking with them. Tax-Free Childcare was designed to replace the old Childcare Vouchers scheme that closed to new sign-ups last Oct (some are campaigning to bring it back), though if you were already getting them, you can keep them going. And they may be worth keeping, especially for couples where only one parent works, as then you can't get Tax-Free Childcare but can get vouchers. Even if you're eligible for both, for those with lower childcare costs and fewer kids, vouchers can be better. See my Tax-Free Childcare vs Childcare Vouchers infographic to work out which is best. Also, while you can use Childcare Vouchers if you get universal credit for childcare, you can end up getting less through universal credit, so it's likely not worth it. |
| Updated. How Brexit impacts mortgages, flights, your rights & more. It's been delayed until at least Fri 12 Apr, and there's still huge uncertainty. See facts where there are facts & Martin's analysis where there aren't in our 25 Brexit need-to-knows. PS: Next Tue at 8pm on ITV - Martin's live Brexit special. An important watch. He'll be covering the practicals not the politics in an ask-him-anything special. 250,000+ water-saving FREEBIES - eg, £20 shower heads, £2 Save-A-Flush bags. Cut your water use & bills, esp if you've a meter. This week water firms have boosted the number of freebies avail across Eng & Wal (& now Scot too), though it depends on your supplier. Free gadgets £12 for £40ish of No7 skincare & make-up. Incl primer, serum & eye cream. Boots No7 VICTORY: Our mortgage prisoner campaign means mortgage holders should find cheaper deals easier to get. After four years the regulator has finally supported our call to redefine 'affordability checks' for those switching mortgage deals - making it easier, and freeing up 10,000s of mortgage prisoners. Full info: Mortgage affordability victory. 'Free' £6 box of chocs & more last-min Mother's Day deals. Eg, £2 flowers, £5ish prosecco. Mother's Day round-up Confessions of a MoneySaving...Idiot - claiming for a train delay. Not a natural MoneySaver? You'll be surprised to hear that while we've many MoneySaving geeks on our team, not everyone is. Our features writer Kelvin is great at his job, but calls himself an idiot when it comes to his own cash. Yet after a double train delay he donned his MoneySaving cape & embarked on an epic battle to get a refund - read a MoneySavingIdiot's train delay reclaim tips. |
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| Ends Mon. Biggest FREE cash bank switch - £150 (& linked 5% savings) Banks pay to gain your custom, but the biggest upfront switching incentive is about to disappear Yet another top free-cash switching deal is being pulled. HSBC pays new customers £150 - but only if you open an account by 11.59pm Monday. It's brought the offer back before, but we don't know if it will again. Firms switch these off and on, though if you want it, now gives you certainty. Switching is easy - it takes just 7 working days and the new bank moves all your payments for you. So if you're fed up with your bank or just want free cash, here's info on HSBC's offer and other top deals... How do I qualify? Open the account, then start a full switch within 30 days. You need to shift 2+ direct debits/standing orders and pay in a min £1,750/mth - a £25,900/yr salary paid into the account would do. You can't have had an HSBC account since Jan 2016. Free £100 + strong service + 5% reg saver. First Direct* is rated highly for customer service - finishing 2nd in our latest poll - and gives newbies £100 for switching. You can also access its 5% regular saver and most get a £250 0% overdraft. Pay in £1k+/mth (equiv £12,675/yr) for the bonus and to avoid a £10/mth fee. Free £100 M&S voucher with NO min pay-in (+ £80 vch after 1yr if you pay in £1,250/mth). Newbies who open an M&S Bank* account and switch within 3mths can get the freebies and access to its 5% regular saver. Got an M&S Bank credit card? You'll get a boosted £120 vch after 1yr. Quick free £50 with NO min pay-in (+ £85 after 6mths if you pay in £1,500/mth). Halifax pays £50 before the switch completes, then if you jump through some hoops, a £2/mth reward and 6mths later, £85. To get it you can't switch from Bank of Scotland or have had a Halifax switch bonus since Jan 2012. Full eligibility info, incl exactly when the bonuses come, in Best Bank Accounts. |
| Can you take kids on term-time holidays without being fined? Many do it as holidays are cheaper then, yet the number of fines has almost doubled in the last year. To avoid being caught out, see our School Hols Fines guide. How to get up to 50p off most Costa, Pret, M&S, Starbucks etc drinks EVERY time. We've updated our blog with 7 new chains where this trick works. Save a latte 20,000 FREE £12 Grand Designs Live tickets. For London, 4-12 May. Grand Designs Six craft beers for £6 delivered. Norm £25. 1,250 bundles avail via HonestBrew. Pls be Drinkaware. £69 Ray-Bans, £25 Nike/Oasis/Ghost specs (norm £100+). MSE Blagged. Incl free del. SpeckyFourEyes First Utility customer? Not any more - it's now Shell Energy & HURRAH, 100% renewable elec. If you're one of 700,000 customers of the mid-sized energy firm, it's all change. Full info in First Utility renamed. |
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| AT A GLANCE BEST BUYS
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| Vodafone price hike, cheap iPhone XR and 100GB cheap Sim ending Millions overpay for their mobiles, and with the last of the big networks announcing price hikes last week, that's about to get worse. Yet if you're out of contract, check now if you can cut the cost - either with a new handset or just by switching your Sim (don't worry, with both you can keep the same number). Many can save £100s a year. Full info in our 30 Cheap Mobile Tips (plus you can analyse your usage with a free tool). Here's this week's news... Warning - Vodafone's raising prices for millions next month. You can beat the increase if out of contract though. See full info and your rights in Vodafone help.Ends 5pm Fri. Cheapest iPhone XR and Samsung Galaxy S10 with decent data. The latest handsets are never MoneySaving. Yet if you're going to get one anyway, we've blagged a stonking deal which means over the two-year contract, you're only paying £120ish more than buying the iPhone XR outright (£50ish more with the S10) - much less than a similar allowance of calls & data would usually set you back. Newbies to EE can get a 64GB iPhone XR* or a 128GB Samsung Galaxy S10* with unlimited mins & texts + 9GB data via the code MSE25 for £175 upfront and then £28/mth. More help in Cheap iPhones and Cheap Samsung. Ends noon Thu. Hot Sim with HUGE 100GB data for '£15/mth'. Most won't need this much data - in our recent poll 70% said they use less than 3GB a month. But if you do use a lot, this is a cracker. Newbies to Vodafone* can get unltd mins & texts + 100GB data for £20/mth (via Mobiles.co.uk). But use our blagged code MSE10AUTO to receive a £60 cheque within 2mths & over the 1yr contract it's an equiv £15/mth - and you WON'T be affected by next month's price rise mentioned above. For more options incl deals from £5/mth, see Cheap Sims. |
| B&Q rare £5 off £50 spend via code. Only online, but these don't come around often. Ends Sun. B&Q £5 off STUDENT LOANS RECLAIM - SUCCESS OF THE WEEK: |
| THIS WEEK'S POLL How do you FEEL Brexit will affect your personal finances over the next few years? The UK's exit from the EU has now been delayed until at least Fri 12 Apr. We wanted to test your gut reaction about Brexit and its effect on your pocket, rather than the specifics. How do you FEEL Brexit will affect your finances over the next few years? Most think the £30 contactless spending limit should be relaxed. Last week, we asked if the current limit should be increased, and 10,500 of you told us your views. Around a third said they wanted it to stay the same, and just 3% said it should be lower. A majority said it should be relaxed, with 30% wanting to increase it to £50, 10% backing a higher limit and 17% wanting to set their own personal limit. See the full contactless poll results. |
| MONEY MORAL DILEMMA Should I start spending more to go plastic-free? I want to reduce my plastic use, and have made some easy changes such as switching to reusable bags. But sometimes it costs more to use less plastic, eg, buying bars of shampoo and conditioner instead of bottles. Should I fork out more for the planet's sake? Enter the Money Moral Maze: Should I spend more to go plastic-free? | Suggest an MMD | View past MMDs THE QUICKIES - Debt-Free Wannabe chat of the week: What small Debt-Free Wannabe things will you do? |
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| MARTIN'S APPEARANCES (WED 27 MAR ONWARDS) Thu 28 Mar - Good Morning Britain, ITV, Deals of the Week, 7.40am MSE TEAM APPEARANCES (MOST SUBJECTS TBC) Fri 29 Mar - BBC South West stations, Good Morning with Joe Lemer, from 5am |
| QUESTION OF THE WEEK Q: My son is now the main driver of my wife's car. Can he be given the no-claims discount from the current insurer? Andrew, by email. MSE Tony's A: Unfortunately, no he can't. It's the policyholder who earns a no-claims discount (NCD) for each claim-free year. Assuming that's your wife, she'll be entitled to the NCD, not your son. Some insurers allow an NCD to be transferred to spouses, but not to children. If your son gets his own new policy now he's the main driver, he won't benefit from your wife's no-claims discount, but he will be able to start earning his own. However, if your wife keeps her policy but puts your son as the main driver, he will benefit from any NCD your wife's already earned (though the premium will likely go up). If she chooses this option, it's vital she contacts her insurer immediately to inform it your son's now the main driver. Not telling the insurer is known as 'fronting' and is fraud. For more help, see our Young Drivers' Car Insurance and Cheap Car Insurance guides. Please suggest a question of the week (we can't reply to individual emails). |
| SEVEN-YEAR STAMP STASH RETURNS RIGHT ROYAL SAVING That's all for this week, but before we go... the price of stamps went up again on Monday, but one MoneySaver's had the hikes licked for the past SEVEN years, having bought a whopping £2,500 worth of stamps in 2012. Read all about Glenn's stamp stockpile - and see his back-of-the-envelope estimates of how much he's saved - in our 'I beat the stamp price hike' news story. |
Important. Please read how MoneySavingExpert.com worksWe think it's important you understand the strengths and limitations of this email and the site. We're a journalistic website, and aim to provide the best MoneySaving guides, tips, tools and techniques - but can't promise to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong. What you need to know This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances - and remember we focus on rates not service. We don't as a general policy investigate the solvency of companies mentioned, how likely they are to go bust, but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips). We often link to other websites, but can't be responsible for their content. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Please read the Full Terms & Conditions, Privacy Policy, How This Site is Financed and Editorial Code. Martin Lewis is a registered trade mark belonging to Martin S Lewis. More about MoneySavingExpert and Martin LewisWhat is MoneySavingExpert.com? Who is Martin Lewis? What do the links with an * mean?Any links with an * by them are affiliated, which means get a product via this link and a contribution may be made to MoneySavingExpert.com, which helps it stay free to use. You shouldn't notice any difference; the links don't impact the products at all and the editorial line (the things we write) isn't changed due to them. If it isn't possible to get an affiliate link for the best product, it's still included in the same way. More info: See How This Site is Financed. As we believe transparency is important, we're including the following 'un-affiliated' web-addresses for content too: Unaffiliated web-addresses for links in this email hsbc.co.uk, firstdirect.com, bank.marksandspencer.com, sainsburysbank.co.uk, moneysupermarket.com, confused.com, gocompare.com, comparethemarket.com, aviva.co.uk, directline.com, mobiles.co.uk, zopa.com Financial Conduct Authority (FCA) Note MoneySupermarket.com Financial Group Limited is authorised and regulated by the Financial Conduct Authority (FRN: 303190). MoneySavingExpert.com Ltd is a company registered in England and Wales. Company Registration Number: 8021764. Registered office: One Dean Street, London, W1D 3RB. MoneySavingExpert.com Limited is an appointed representative of MoneySupermarket.com Financial Group Limited. To change your email or stop receiving the weekly tips (unsubscribe): Go to: www.moneysavingexpert.com/tips. |
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