July 19th, 2022 | Andrew Hagger | News

With 160 days to go before Christmas and just five pay days left*, Tesco is helping its customers get ahead for the festive season with its Clubcard Christmas Savers.

The saver account allows Clubcard members to save the vouchers they collect as they shop throughout the year. With the average weekly shop for a family of four costing £99.40**, shoppers could save at least 1,292 in points if they start saving today, which is the equivalent of £12.92 or an extra present under the tree.

Lightning-fast shoppers who sign up by 21^st July will see an additional benefit. Those who opt into Christmas Savers before this date can put all the points they receive in their August Clubcard Points Statement, earned on shopping and fuel purchases from May to July, towards their Clubcard Christmas Savers fund. Helping them to be even more prepared for the festive season.

What’s more, customers can save even more by topping up their account with cash to turn into vouchers and get a bonus from Tesco. The bonuses range from £1.50 for a £25 top up, through to £12 for a £200 top up – that’s up to 6 per cent added to their savings.

In November, just ahead of the big festive shop, account holders will be sent all their vouchers. Shoppers can then use their Clubcard Christmas Savers balance to spend on groceries, fuel and presents, such as toys in-store or with Clubcard Rewards partners to give the gift of family days out, spa days or magazine subscriptions. Vouchers are also worth up to x3 time more with Clubcard Rewards, so customers can really spoil their loved ones with an experience this Christmas.

Alessandra Bellini, CCO at Tesco said: “We know that many of our customers are feeling the financial squeeze this year and could do with a little help towards Christmas. The Clubcard Christmas Savers is a savvy way to spread the cost of Christmas, without compromising on the things that bring us joy at such a special time of year. It’s just one of the ways we’re helping customers to spend less at Tesco.”

Terms & Conditions:  

For more information, visit tesco.com/clubcard/christmas-savers. To sign up today, visit tesco.com/clubcard/myaccount/AccountManagement/VoucherSchemes. 

*Christmas 2022 final opt-in and top-up date is 19 October 2022 to receive your savings in November. Bonus given for top-ups over £25. £360 max cash top-up per year, and £12 max top-up bonus per year. Top up in-store only. Clubcard vouchers and top-up vouchers are valid for 2 years, and bonus vouchers are valid for 2 months. When you top up your Christmas savings you can rest assured that your money is safe. It is held in a trust until the point it is used to provide your Christmas vouchers. The trust is managed by trustees one of which is a professional trustee company that is independent of Tesco. Once your cash top ups are transferred to the trust they are held for your benefit by the trustees in a separate bank account.

July 11th, 2022 | Andrew Hagger | News

July 5th, 2022 | Andrew Hagger | News

With Brits paying interest on 54% of credit cards, those with a less-than perfect credit score or no credit history could be paying considerably more for their borrowing. Worryingly, the number of adults with no credit history at all has grown by 29% in the last six years†.

Poor credit scores and thin credit files can not only lead to customers being handed higher APRs on their borrowing, but they’re also likely to have access to fewer products, receive lower credit limits and be subject to shorter introductory offers. Additionally, they may end up paying more for other products too — seeing higher car insurance premiums, being forced onto more expensive prepayment energy meters, and finding themselves limited to pay-as-you-go SIM deals.

As inflation is expected to hit 11% in 2022, rising prices could mean that the average UK household would have to pay an extra £2,500 in 2022/23 to buy the same goods and services as in 2021/22†.

These added financial pressures may put more people at risk of missing payments or increasing their credit account utilisation which may lead to further credit score harm.

Additional YouGov research, commissioned by TotallyMoney found 51% of adults would have difficulty covering an unexpected bill of £500‡. That suggests that saving money by cutting interest on existing credit agreements could be a real difference to people’s finances.

Alastair Douglas, CEO of TotallyMoney comments:

“1 in 5 adults had their personal income impacted by the pandemic and do not expect it to recover in the next two years†. To make things even more difficult, inflation is now at a 40 year high, and the cost of household bills and everyday essentials is continuing to rise.

“With an extra £0.8 billion borrowed on credit cards in March and an annual growth rate of 10.8%§, figures suggest that consumers are turning to credit for help.

“When it comes to credit, a good score can give you access to the best offers, meaning you’ll pay less for what you borrow. Those savings can be put towards paying off existing debts quicker, or to help navigate the increased cost of living. Checking your credit report is free and doesn’t affect your score. So I’d urge everyone to do so.

“Anybody struggling to keep up with repayments should contact their lender and seek assistance at the earliest opportunity. It may seem daunting at first but it could help you avoid defaulting on a repayment which can leave a mark on your credit report for years to come.

“At TotallyMoney we’re on a mission to help everyone move their finances forward. One way we’re doing this is by providing customers with their free, live credit report and score, putting them in control of their own financial data and providing them with all the information they need to gain financial momentum. Since joining TotallyMoney, over 50% of our free credit report customers have seen a score increase within 12 months‖.”

Andrew Hagger, Personal Finance Expert from Moneycomms.co.uk said:

“It’s inevitable that some consumers will face a chronic financial squeeze this year, leading to late or missed payments on their financial commitments.

“As a result, credit records will be damaged and mean far higher interest rates if customers look for personal loans or credit cards in the future.

“The cost of having a poor credit record will come as a big shock when people realise that they’re no longer eligible for best buy card offers and suddenly face credit card rates of 30% or 40% APR if they apply for new plastic.”

TotallyMoney’s top five tips to credit score improvement:

By improving your credit score you can unlock the most competitive offers and the best rates, saving you money and helping you move your finances forward.

1. Check your report: Firstly check your credit report. It’s free to do and you can make sure that all the information available to lenders is correct and up to date. If you spot an error you can raise a dispute.
2. Get on the electoral register: Having your name on the electoral register can help lenders check your address and identity. Plus, if you’ve been at the same address for a while it can make you appear to be more settled and stable.
3. Credit building cards: These are designed to help build your credit score and improve your chances of qualifying for the most competitive deals. Check your eligibility before you apply. This can help you avoid being rejected which can act as a reg flag to other lenders.
4. Manage payments: To get a good credit score it’s important to show that you’re able to manage credit accounts. This means using never missing payments, and if possible you should always try to pay more than the minimum.
5. Credit utilisation: Try to use less than 25% of your available credit across each of your accounts. This can indicate to lenders that you’re not too reliant on it and that you are in control of your finances.

June 28th, 2022 | Andrew Hagger | News

June 27th, 2022 | Andrew Hagger | News

Nearly half (48%) of UK adults say they are using less motor fuel than a year ago, and 45% report using less than a month ago, as forecourt prices continue to soar, according to an Aviva survey¹.

The price of motor fuel has increased by 32.8% over the past 12 months², and with the cost of filling an average family car now more than £100³, drivers have revealed the actions they are taking to reduce their fuel bills.

A survey by the insurer asked people what steps, if any, they were taking to reduce their fuel usage, finding only 16% of respondents are taking no action.

Nearly half (44%) say they are using their vehicles for essential journeys only, while 39% say they are walking on occasion rather than driving.

Others reveal how they are using public transport instead of their own vehicle (16%), while 10% say they are riding a bicycle and 8% report car-sharing with others.

Some (13%) say they have been working from home more often to avoid spending money on commuting.

The research also gives an insight into how motorists are trying to save money when they do need to use their vehicles, with just over a quarter (26%) saying they are putting less fuel in their tank at the pumps.

Nearly a quarter (22%) say they are driving at lower speeds and 18% report accelerating and braking more gradually to save fuel.

Matthew Washer, Head of Connected Motor at Aviva, says: “The survey results give a fascinating insight into how people are changing their driving behaviour.

“They also correspond with our own driving data relating to Aviva customers, which reveals a visible improvement in smooth driving between March and May 2022, compared to the same period in 2021 and 2020.

“As fuel prices reach an all-time high, drivers can take some comfort from the fact that by driving more smoothly and attentively, they will not only be saving fuel and money, but helping to make the roads safer and reducing their impact on the environment.”

To help you save money on driving, Aviva has put together some tips:

• Shop around: As you drive around, note which filling stations are cheapest and stop there when you’re passing. Bear in mind supermarkets can be competitive on price and may fill up your points card, too.
• Tyre pressure: If your tyres are under- or over-inflated, your fuel won’t be taking you as far as it should. Check the manufacturer’s recommendations and make sure they’re pumped up to the right pressure, according to your vehicle’s load.
• Lighten the load: Every excess pound your car is carrying can decrease your fuel economy, so remove any junk and keep only important items like the hydraulic jack, early warning devices and any tools you might need in an emergency.
• Fuel’s heavy, too: If you tend to make short trips, it might be worth running your car with the tank a quarter full and topping up often with small amounts.
• Don’t be a drag: Consider removing bike racks and roof racks, bars and boxes, unless you are using them every day. All of these will create wind resistance and cause your car to use more fuel through the ‘drag’ effect.
• Don’t be an idler: New cars tend to switch off the engine every time you stop. If your vehicle doesn’t, you’ll save fuel by doing this yourself. Don’t forget that stationary idling is against the law.
• Dress for the weather: Blasting the air-con or turning up the heating may feel necessary but it does impact the amount of fuel you use, as does opening the windows if it’s too hot.
• Do all your errands in one trip: Once a car’s engine is warm it will run at its most fuel-efficient, so why not tick off as much of your to-do list as you can in one journey?
• Change your driving style: If you hit high speeds before your engine is warm, you will waste fuel. Shift to higher gears as soon as possible and avoid slamming your foot on the accelerator and brake. In an electric vehicle, keeping momentum is the key to efficient driving.
• Rethink your plans: Do you really need to drive? Could you car-share, take public transport or get your shopping delivered? This might not be the best option for every journey, but it could make a difference.

June 14th, 2022 | Andrew Hagger | News

The good news keeps on coming for cash savers with stiff competition in the market pushing rates on an almost daily basis.

It’s likely that the positive news on rates will continue with the Monetary Policy Committee (MPC) expected to increase base rate again when it next meets on 16th June.

Whether you’re looking for a home for your rainy day savings or to lock your cash away in a fixed rate bond to achieve a better return, there are plenty of options to choose from.

Amongst the most competitive players in the savings market of late are United Trust Bank, Zopa,  Investec, Ford Money, Hodge Bank and Cynergy Bank – with the top deals listed below.

If your money is sitting in a high street bank account earning close to zero now is the time to move your cash to an account that pays a best buy rate and puts extra in your pocket – it only takes a few minutes to open a new savings account online – so why not do it this week?

Rates are changing every day at the moment, but here are some of the best deals:

Easy Access Savings

1.32% Cynergy Bank (Online Easy Access)

1.30% Zopa (Smart Saver)

1.30% Ford Money (Flexible Saver)

Fixed Rate Bonds

2.57% Cynergy Bank (1 Year)

2.40% Investec (1 Year)

2.88% Cynergy Bank (2 Years)

2.78% Hodge Bank (2 Years)

2.90% Cynergy Bank (3 Years)

2.82% Hodge Bank (3 Years)

2.85% United Trust Bank (4 Years)

2.75% blme (4 Years)

2.90% United Trust Bank (5 Years)

2.86% Hodge Bank (5 Years)

Deposits with the above providers are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme

June 8th, 2022 | Andrew Hagger | News

Just in time for summer, American Express is once again showing its support for local, small businesses across the UK with the return of the Shop Small Offer this June.

From 20 – 26 June 2022, American Express Cardmembers will receive a £5 statement credit when they spend £15 or more at participating small businesses across the UK. This can be used up to 5 times, once per participating small business location, meaning that Cardmembers can earn up to £25 back in statement credits.

Cardmembers must enrol for the Shop Small Offer from 13 June, 2022 (enrolment available to the final day of the Offer on 26 June), through the American Express^® App or their Online Account. They can search for participating businesses via the Shop Small Map.

American Express has a long history of championing the high street, and its Shop Small campaign, which launched in the UK 10 years ago, aims to support small businesses across the country by encouraging people to shop frequently at their local businesses.

Dan Edelman, Vice President at American Express, said: “After the challenges of the past two years it’s important that we continue to support the small businesses that contribute so much to our local high streets and communities. That’s why we’re encouraging our Cardmembers to show their appreciation by shopping locally with the return of our Shop Small Offer.  First launched 10 years ago, Shop Small helps independent businesses attract customers through their doors and is just one of the ways American Express champions small businesses all year round.”

Terms, locations and payment restrictions apply. For full terms and conditions please visit the Shop Small Hub. Offer excludes Corporate and Pre-Paid Cards.

June 7th, 2022 | Andrew Hagger | News

With the ongoing cost of living crisis still rearing its ugly head, keeping energy bills as low as possible is on everyone’s mind. Amidst this pressing need to cut back and be more energy-conscious, research from the Home Builders Federation found that a new house is 59% cheaper to heat than its older equivalents, resulting in cost savings of £395 over 12 months.

As well as opting for a new build, there are some easy, actionable ways in which homeowners can take matters into their own hands, making small switches and subtle changes to their lifestyle and daily habits to bring down energy consumption and costs. Mark Kershaw, Group Head of Sustainability at award-winning housebuilder Crest Nicholson, shares his tips on how homeowners can feel more in control of their household finances, whilst also leading a lower carbon lifestyle.

1. Monitor your consumption – As the saying goes, what gets measured gets managed. Installing a smart meter with an in-home energy display is a great way to give homeowners the much-needed control and oversight of their energy consumption in real time. Consumers can track their energy expenditure and adjust behaviours as needed, empowering them to make savings as a result. This transparency also means there should be no surprises when you get your energy bill through; you can say goodbye to often-inaccurate estimates in favour of accurate billing.

2. Wash on lower temperatures, and only do full loads – The majority of the energy consumed by a washing machine is used to heat the water. Opting for lower temperatures when washing your clothes (such as 30°C or lower) and choosing ‘eco’ settings for your dishwasher can therefore reduce bills and is better for the environment. Making sure your cycles are full helps further limit unnecessary water and electricity use. If you can’t avoid a half empty load, use a half load setting if available on your machine.

3. Increase the productivity of your appliances – There are several quick fixes when it comes to increasing the productivity of appliances, thereby ensuring they don’t have to work harder and/or longer to get the job done. For example, make sure you regularly clean your washing machine and dishwasher filters and do maintenance cycles to enable them to work their best. Elsewhere, bleeding your radiators, defrosting your freezer regularly, and checking refrigerator doors are properly sealed will help to enhance the respective devices’ efficacy so they don’t use unnecessary energy. This will ultimately lower their running costs, too.

4. Make the most of the outdoors – As we move into the summer months, it’s the perfect opportunity to cut back on tumble dryer costs by hanging your washing outside. You can easily get through three washing loads on a warm summer’s day. Even when the weather isn’t conducive to drying, opting to hang your clothes on a drying rack indoors can also reduce energy bills.

5. Control your thermostat – Heating and hot water account for a significant proportion of a home’s energy bills and make up the highest proportion of UK households’ carbon emissions. Needless to say, lowering the temperature of the heating in your home can save you money. Whilst the prospect of a cold home is not an appealing one, even a one-degree difference can save you money. You could try reducing the temperature by 1°C at a time to ensure you feel comfortable. The World Health Organisation notes that for the general population, 18°C is a safe and well-balanced indoor temperature. Crest Nicholson’s new house types have been meticulously designed to improve the home’s thermal efficiency and ability to retain heat, reducing the energy required to keep a home warm.

6. Manage water in the bathroom – There are plenty of opportunities to reduce the water used in the bathroom. This is particularly important with large parts of England under water stress. You can prevent drips (according to water.org.uk a dripping tap can waste more than 5,000 litres per year!), turn off the tap when brushing your teeth, invest in an efficient shower head, reduce the temperature of your shower, and choose dual flush toilets. Using less hot water will also reduce your energy consumption and associated bills.

7. Be shrewd in the kitchen – The kitchen is another source of unnecessary waste – but there are many small habits you can rethink. For example, an electric kettle consumes a lot of energy – only fill it with the amount of water you need to make your brew. Other simple actions include putting lids on pans to retain heat, batch cooking to bring down your overall cooking time, defrosting your food naturally and paying attention to how long it takes to pre-heat your oven – it may not be as long as you think!

8. Make the most of your energy efficient appliances – One of the benefits of buying a new home is that it comes with newer appliances that have much better efficiency ratings compared to their predecessors. All Crest Nicholson homes are fitted with energy efficient appliances as well as LED lightbulbs that have longer lifespans than halogens, leading to long term cost savings for homeowners.

9. Switch off lights and turn appliances off at the plug – Perhaps one of the most obvious actions is to turn appliances off at the wall wherever possible and switching lights off when you’re not using them. Electricity used by devices that are on standby mode is termed ‘Phantom load’ and while likely only consuming small amounts of energy, it can add up with the growing number of appliances in our homes.

To find out more information about the new build homes on offer at Crest Nicholson, please visit: https://www.crestnicholson.com/

May 25th, 2022 | Andrew Hagger | News

Self-employed individuals are twice as likely to be rejected for a mortgage, according to a new Exploring Adverse Credit report from The Mortgage Lender (TML).

Nearly a quarter (23%) of self-employed individuals have had their mortgage application denied in the past compared to just 12% of employed workers.

Self-employed applicants are often treated with stricter affordability assessments to those who are employed, mainly because they are considered to have a more irregular or complex incomes and are therefore viewed as riskier to lenders. This can make it trickier to get through the mortgage process, with the survey finding that of those who have ever tried to get a mortgage, 19% of self-employed applicants have had mixed results of whether their application was accepted or denied, compared to only 11% of employed individuals who said the same.

This is a problem that requires a solution. There are around 4.2 million self-employed people in the UK, and although that number is smaller today than it was at the start of the pandemic, in the pre-Covid world the number of people choosing to work for themselves had been steadily rising since the early 2000s. While some self-employed people can also be high earning, income is still deemed complex, which can make it challenging for this group to access finance to either buy or re-mortgage a property.

But even taking steps to make themselves a more appealing mortgage applicant, such as a strong credit score, self-employed individuals are more easily deterred from getting a mortgage or do not see the benefits of accessing loans due to their employment status. In fact, less than two in five (38%) agreed that the strength of their credit score allowed them to access better loans and interest rates, compared to nearly half (48%) of employed people who said the same.

With a growing number of people becoming self-employed, lenders must adapt and be open to offering mortgages to those with more complex incomes.

Peter Beaumont, CEO at The Mortgage Lender said: “There are around 4.2million self-employed people in the UK, and it is typical for that number to grow when coming out of a recession, or in this case a pandemic also. While it may offer those workers more freedom, the major drawback of self-employment is the perception of income inconsistency, and consequently a greater challenge when it comes to borrowing large sums of money.

“Fortunately, there are steps the self-employed can take to make themselves more attractive to lenders, like increasing their credit score, or saving for a bigger deposit to bring down their loan-to-value ratio.

“At the same time, however, the onus must fall on lenders to be more open to working with these enterprising individuals. We are proud to offer a competitively priced product range that caters to those with complex incomes.”

May 19th, 2022 | Andrew Hagger | News

Nearly a quarter of UK adults (24%) are using their savings to cover the rising cost of living – equating to 12.7 million people across the UK.

New research from UK credit provider Vanquis reveals most Brits (82%) are worried about rising prices, and more than half (53%) are cutting back on essentials as a result. A similar amount of people (51%) expects their household financial situation to worsen in the next 12 months.

The top five cost concerns are:

1. Household bills (71%)
2. Food shopping (61%)
3. Transport and petrol (43%)
4. Rent or mortgage payments (17%)
5. Phone or broadband costs (11%)

This week, as the Consumer Price Index (CPI) inflation reaches its highest rate in 40 years, Vanquis are launching a free cost of living calculator. The calculator helps people understand how rising prices could impact their finances and signposts useful advice to save money on bills.

The research also reveals that women are more concerned than men (88% v 75%) about rising costs. As such, they are more likely to cut back on essentials (61% v 45%) and more women than men expect their financial situation to get worse over the next year (56% vs 47%).

In general, four in 10 people (43%) don’t know how the rising costs will impact them, this increases to over half (53%) of younger adults, highlighting that this group may need additional support.

Six in 10 adults (60%) say they would find support with the rising cost of living useful, however more than half (55%) don’t know where to find it.

Fiona Anderson, Managing Director of Cards at Vanquis comments: “The cost-of-living crisis is a huge concern for many people and this week’s inflation announcement shows how prices are continuing to rise.

“Though saving on everyday spending is not the answer to the crisis overall, our calculator aims to give people a clearer picture of how the increases may impact them and share ideas to help save money.”

The Vanquis cost of living calculator is free to use and available here