Daily Mail - 04.03.2020

Page 52 52 MoneyMail

We need a saving grace

BRITAIN needs a Budget next Wednesday that will get the nation saving again. As the experts tell us on Page 48, t h e n e w C h a n c e l l o r R i s h i Sunak has plenty of opportunity to i n c e n t i v i s e a n d r e w a r d responsible saving. Whether he will decide it is a worthy cause is another matter. However, Money Mail believes that savers cannot wait much longer. We are constantly being told that we are not saving nearly enough. Figures out yesterday also show that 65-year-olds in England can now expect to live around a year longer than a decade ago. We need to be saving now more than ever. The effect of the coronavirus crisis on the stock market over the past week illustrates just how important it is for us to have savings at hand. As we explain on Page 49, stocks and shares are really only suited for those who are content to wait for long-term rewards. You could face big losses if you grab your money when you need it most. And that’s why people need

them into handing over hundreds of pounds. The reprehensible footage was passed to BBC’s Panorama by a hacker who had infiltrated the Indian scam centre’s CCTV. The cynical con sees fraudsters trick people into thinking their computers were infected. They then posed as Microsoft support workers offering to repair the problem — for a fee of course. It is another example of the many cold-calls Britons now have to deal with every day. But there was something to savour. The programme also showed how some fed-up people on the receiving end of the calls were answering with a deafening blast of a Klaxon. Money Mail letters editor Tony Hazell says he has now been inspired to answer scam calls with a loud toot on a referee’s whistle. International scammers target Britons with 21 million cold-calls every month. They are making constant attempts to steal from us — seemingly with impunity. It’s a good reminder that you usually have nothing to gain from

an unsolicited call, but everything to lose. So give a scammer an earful if they come calling.

Bond frenzy LAST week I asked to hear from those who had had no luck with Premium Bonds. Thank you to all who wrote in to suggest your losing streak might be the longest. We heard from two readers who were bought the bonds in the year they were launched — 1956 — and have yet to win anything. But with a tiny investment, perhaps 64 years without a win is no surprise. National Savings describes a frenzy of excitement at the launch more than six decades ago, with 4 9 million bonds eligible for the first draw. Wouldn’t it be nice if a government savings initiative could spark such excitement a today? In the meantime, we would still love to hear from readers who think they have been particularly lucky with the bond draws, even if you don’t hold many. Write to us at 2 Derry Street, London, W8 5TT, or email money [email protected].

a happy home for their cash savings. However, with rates as low as they currently are, savers are powerless to stop billions of pounds being eaten away by inflation. So it is understandable that many will be tempted to take a risk with their nest egg on the stock market or lock away their cash for years in fixed-rate deals — just to get what they consider to be a fair return. Industry experts tell us the Tr e a s u r y c o u l d l e t N a t i o n a l Savings pull in more cash by offering better rates, and encourage us to save more with special Isas and m a k e t h e p e r s o n a l s a v i n g s allowance more generous. It would

be fantastic to see a return of Pensioner Bonds — to reward those who have worked hard to save but cannot afford to take risks to earn a reasonable rate. What’s clear is that the industry is crying out for positive news. Something to show the Govern- ment cares about our savings. Savings needs a solution, but does anyone — the big banks and the Chancellor included — have the will to make it happen?

Give ’em an earful HEARTLESS fraudsters have been captured on camera at a Delhi call centre mocking their weeping victims as they duped

THE LAST

WORD

By Ben Wilkinson

MONEY MAIL dEputY E dItO R

moneybest buys

... our pick of

the top deals

EnERgy

cuRREnT

AccOunTS

CPI InflatIon +1.8 pc RPI InflatIon +2.7 pc house PRICes +2.2 pc Base Rate 0.75 pc

MORTgAgES

PeoPle’s eneRGy n People’s Energy 2 Months Upfront Winter 20 v3

n Fixed for 12 months

annual BIll £813 0131 285 5510 Based on national average usage

utIlIty PoInt n Just Up 20 Wk06 Direct v2 n Fixed for 12 months

annual BIll £784 0345 557 7878

BRItIsh Gas n HomeEnergy Fix until Nov 2021 n Fixed 30/11/21

annual BIll £1,146 0333 202 9802

yoRkshIRe eneRGy

n Yorkshire Energy Variable

n Variable annual BIll £820 0113 451 0700

cREDiT cARDS

this week

you should ...

mostly In the Red

mostly In the BlaCk

Buy-to-let

Skipton BS 1.49 pc to 31/05/22 40 pc £995 0345 850 1755

Ipswich 2.99 pc to 31/03/22 20 pc £1,149 0330 123 0773 Virgin Money 2.17 pc to 01/05/25 25 pc £995 0345 605 0500

Sources: L&C Mortgages, GoCompare, Energyhelpline, ONS inflation

two-yeaR fIXes

Barclays 1.21 pc to 30/04/22 40 pc £999 0333 202 7580

HSBC 1.54 pc to 30/06/22 15 pc £0 0800 494 999 Yorkshire BS 2.77 pc to 31/05/22 5 pc £250 0345 166 9510

fIve-yeaR fIXes

HSBC 1.44 pc to 30/06/25 40 pc £999 0800 494 999 Coventry 1.75 pc to 31/03/25 15 pc £999 0800 121 8899

Newcastle BS 2.9pc to 30/06/25 5 pc £ 498 0345 606 4488

Base-Rate tRaCkeRs

HSBC Base +0.64 pc for two years 40 pc £999 0800 494 999

Nationwide Base +1.39 pc for two years 1 0 pc £999 0800 302 010 Newcastle Base +2.15 pc until 30/06/2022 5 pc £0 0345 606 4488

natIonwIde fleXdIReCt 5 pc on up to £2,500 for first 12 months n Top interest rate you’ll find 0800 30 20 10 tsB ClassIC Plus 3 pc on balances up to £1,500 n You must pay in £500 every month 0345 835 3844 Bank of sCotland 1 pc on balances up to £3,999.99 and 2 pc on balances between £4,000 and £5,000 n You need at least two direct debits set up 0345 721 3141

fIRst dIReCt 1st aCCount 0 pc overdraft to £250

n You must pay in £1,000 a month within 3 months for a bonus 03456 00 24 24 natIonwIde fleXdIReCt 0 pc overdraft for 12 months

n You must pay in £1,000 per month is you want interest 0800 30 20 10

lendeR Rate detaIls dePosIt fee ContaCt

BalanCe tRansfeRs

PR ovIdeR CaRd BalanCe tRansfeR Rate fee Sainsbury’s 29-month Balance Transfer Card 0 pc for 29 months 2.74 pc

Virgin Money 29-month Balance Transfer Card 0 pc for 29 months 3 pc

Sainsbury’s Bank: 0800 030 4418. Virgin Money: 0800 389 2875

sPendInG

PR ovIdeR CaRd InItIal Rate aPR

Barclaycard 27-month 0 pc Transfers and Purchases Card 0 pc for 27 months 21.9 pc Sainsbury’s 27-month 0 pc Purchase Credit Card 0 pc for 27 months 20.95 pc

CashBaCk & PeRks Amex: 0800 032 7642. Barclaycard: 0800 151 0900

PRovIdeR CaRd aPR PeRks American Express Platinum Cashback 22.9 pc 5 pc cashback up to £100 in first 3 months

Barclaycard Barclaycard Rewards Card 22.9 pc

Barclaycard: 0800 151 0900. Sainsbury’s Bank: 0800 030 4418

Page 48

But, after pressure from banks looking to protect their balance sheets, the Financial Conduct Authority agreed to introduce an August 29 cut-off date for claims. It’s the day claims management firms have been dreading ever since it was announced in 2017. They weren’t content for PPI victims to be ripped off just once — they wanted a piece of the action, too. For years, they have plagued us with nuisance calls, texts and emails, all but begging us to let them make a claim on our behalf so they can take a cut of the cash. And, while it will be a relief not to hear those automated voicemails and annoying radio adverts about

PPI any more, mark my words: the claims sharks are going nowhere. Many have already started chasing their next targets — retirees who have transferred pensions, interest- o n l y m o r t g a g e c u s t o m e r s , holidaymakers troubled by flight delays to name but a few. But avoid, avoid, avoid. If you think you may have been wronged or missold a financial product, always complain directly to the company. If it can’t help, write to us at [email protected] or take your case to the relevant ombudsman service. In the meantime, if you think you were mis-sold PPI and haven’t yet made a claim, be quick because your time is nearly up.

moneybest buys

... our pick of

the top deals

energy

current accounts

CPI InflatIon +2pc RPI InflatIon+2.9pc house PRICes+1.2pc base Rate0.75pc

Mortgages

YoRkshIRe eneRgY OGreen Gazelle OFixed until 30/9/20 annual bIll £922 0333 987 4600

Based on national average usage

gReen eneRgY OOak OVariable annual bIll £868 0345 222 2525

gReen netwoRk eneRgY OGNE 2-year Summer Saver OFixed for 24 months annual bIll £997 0800 520 0202

bRItIsh gas OHomeEnergy Secure Green December 2021 OFixed to 31/12/2021 annual bIll £1,220 0333 202 9802

credit cards

TakE simple steps to improve your credit score. For example, ensure you are on the electoral roll and check your credit file for errors. You can check it for free with MoneySavingExpert’s Credit Club,

ClearScore or Credit karma. Use the same details, such as your phone number and job title, when you apply for credit, and space out applications. Too many in quick succession can harm your score.

this week

you should ...

mostlY In the Red

mostlY In the blaCk

buY-to-let Barclays 1.42pc to 31/10/21 40pc £1,795 0333 202 7580 Post Office 1.81pc to 30/09/21 25pc £995 0800 077 8033 Skipton 2.05pc to 31/10/24 40pc £995 0345 850 1755

two-YeaR fIXes HSBC 1.34pc to 31/10/21 40pc £999 0800 169 6333 Barclays 1.63pc to 31/10/21 15pc £999 0333 202 7580 Newcastle BS 2.59pc to 31/10/21 5pc £498 0345 606 4488

fIve-YeaR fIXes NatWest 1.72pc to 31/10/24 40pc £995 0800 400 999 NatWest 1.98pc to 31/10/24 15pc £995 0800 400 999 Post Office 2.37pc to 30/09/24 10pc £0 0800 077 8033

base-Rate tRaCkeRs NatWest Base +0.49pc to 31/10/21 40pc £995 0800 400 999 HSBC Base +0.89pc for two years 15pc £999 0800 169 6333 Newcastle BS Base +2pc to 31/10/21 5pc £0 0345 606 4488

natIonwIde fleXdIReCt 5pc on balances up to £2,500 for first 12 months OTop interest rate you’ll find 0800 30 20 10 tsb ClassIC Plus 3pc on balances up to £1,500 OYou must pay in £500 every month 0345 835 3844 bank of sCotland 1.5pc variable ONo yearly fee 0345 721 3141

fIRst dIReCt 1st aCCount 0pc overdraft to £250 OYou must pay in £1,000 a month 03456 00 24 24 natIonwIde fleXdIReCt 0pc overdraft for 12 months ONo minimum pay-in each month 0800 30 20 10

lendeR Rate detaIls dePosIt fee ContaCt

balanCe tRansfeRs

PRovIdeR CaRd balanCe tRansfeR Rate fee Virgin Money 29-month Balance Transfer 0pc for 29 months 3pc Barclaycard 28-month Balance Transfer 0pc for 28 months 1.75pc

Virgin Money: 0800 389 2875. Barclaycard: 0800 151 0900

sPendIng PRovIdeR CaRd InItIal Rate aPR Barclaycard 27-month Platinum Card 0pc for 27 months 19.9pc Sainsbury’s Bank Dual Credit Card 0pc for 24 months 20.9pc

CashbaCk & PeRks amex: 0800 917 8047. Tandem: 020 3370 0970 PRovIdeR CaRd aPR PeRks american Express Platinum Cashback 22.9pc 5pc cashback up to £100 in first 3 months Tandem Cashback Credit Card 18.9pc 0.5pc cashback on purchases

Barclaycard: 0800 151 0900. Sainsbury’s: 08085 40 50 60

beware claims sharks

tHeLast

Word

ByVictoria Bischoff MONEY MAIL EDITOR

THE deadline for claiming PPI compensation next month marks the end of an era. It was Britain’s biggest financial mis-selling scandal, and one of the main reasons w h y m a n y p e o p l e s t i l l distrust banks. Around 64 million PPI (payment protection insurance) policies were sold alongside loans, mostly between 1990 and 2010. In some cases, customers were not even told about the insurance, which was meant to cover loan repayments if the borrower fell on hard times. Sales staff simply ticked the box and helped them- selves to borrowers’ cash each month without them realising. Others were sold policies they would never have been able to use because, for example, they were self-employed. When these shocking practices came to light in the wake of the 2008 financial crisis, it was a shameful moment for banks. Since January 2011, more than £35 billion of compensation has been paid to borrowers caught out.

sensory scandal EvEry week, readers fill our postbag with all sorts of tales of shoddy service. But, as we reveal on Page 46, one firm’s appalling customer care currently stands out by a mile. Online retailer Sensory Education is supposed to sell families, carers and nurseries specialist toys for disabled children. yet, if our experience is anything to go by, anyone unfortunate enough to have stumbled across its website has my deepest sympathy. We have tried to call the firm dozens of times, but no one answered the phone. Our email exchanges were a struggle, too. Complaints about this company have been piling up for years. It is time Trading Standards stepped in and did something about it.

data nonsense IT IS vital that businesses take great care to protect our personal details. But sometimes supposed data protection rules just fly in the face of common sense. Take our reader rebecca’s story:

after fraudsters used her credit card to go on a spending spree, Barclaycard refused to share the call transcripts due to ‘data protection regulation’. So, even though the crooks were impersonating her, she was not allowed to listen to the call — which would have told her what they knew about her. rules designed to protect us must not become a handy excuse for firms to wriggle out of sharing information they would rather we didn’t know.

It pays to haggle THAnk you for all your emails and letters sharing personal finance victories this past week. One reader from newcastle upon Tyne shared how she had shaved nearly £40 off the cost of her home insurance after her provider hiked the price of her policy at renewal. She says: ‘I told the insurer I was not going to accept the increase and would consider taking my custom elsewhere. It really does pay to haggle’. keep your tales of success coming! [email protected]

48 MoneyMail Daily Mail, Wednesday, July 31, 2019

Page 48

moneybest buys

... our pick of

the top deals

energy

current accounts

Mortgages YoRkshIRe eneRgY OGreen Gazelle OFixed until 30/9/20 annual bIll £922 0333 987 4600

gReen eneRgY OOak OVariable annual bIll £868 0345 222 2525 gReen netwoRk eneRgY OGNE 2-year Summer Saver OFixed for 24 months annual bIll £997 0800 520 0202

credit cards

this week

you should ...

mostlY In the Red

two-YeaR fIXes HSBC 1.34pc to 31/10/21 40pc £999 0800 169 6333 Barclays 1.63pc to 31/10/21 15pc £999 0333 202 7580 Newcastle BS 2.59pc to 31/10/21 5pc £498 0345 606 4488 fIve-YeaR fIXes NatWest 1.72pc to 31/10/24 40pc £995 0800 400 999 NatWest 1.98pc to 31/10/24 15pc £995 0800 400 999 Post Office 2.37pc to 30/09/24 10pc £0 0800 077 8033 base-Rate tRaCkeRs NatWest Base +0.49pc to 31/10/21 40pc £995 0800 400 999 HSBC Base +0.89pc for two years 15pc £999 0800 169 6333 Newcastle BS Base +2pc to 31/10/21 5pc £0 0345 606 4488

lendeR Rate detaIls dePosIt fee ContaCt

balanCe tRansfeRs PRovIdeR CaRd balanCe tRansfeR Rate fee Virgin Money 29-month Balance Transfer 0pc for 29 months 3pc Barclaycard 28-month Balance Transfer 0pc for 28 months 1.75pc

CashbaCk & PeRks amex: 0800 917 8047. Tandem: 020 3370 0970 PRovIdeR CaRd aPR PeRks american Express Platinum Cashback 22.9pc 5pc cashback up to £100 in first 3 months Tandem Cashback Credit Card 18.9pc 0.5pc cashback on purchases Barclaycard: 0800 151 0900. Sainsbury’s: 08085 40 50 60

tHeLast

Word

THE deadline for claiming
PPI compensation next
month marks the end of an
era. It was Britain’s biggest
financial mis-selling scandal,
and one of the main reasons
w h y m a n y p e o p l e s t i l l
distrust banks.
Around 64 million PPI (payment
protection insurance) policies
were sold alongside loans, mostly
between 1990 and 2010.
In some cases, customers were
not even told about the insurance,
which was meant to cover loan
repayments if the borrower fell on
hard times. Sales staff simply
ticked the box and helped them-
selves to borrowers’ cash each
month without them realising.
Others were sold policies they
would never have been able to use
because, for example, they were
self-employed.
When these shocking practices
came to light in the wake of the
2008 financial crisis, it was a
shameful moment for banks.
Since January 2011, more than
£35 billion of compensation has
been paid to borrowers caught out.

sensory scandal EvEry week, readers fill our postbag with all sorts of tales of shoddy service. But, as we reveal on Page 46, one firm’s appalling customer care currently stands out by a mile. Online retailer Sensory Education is supposed to sell families, carers and nurseries specialist toys for disabled children. yet, if our experience is anything to go by, anyone unfortunate enough to have stumbled across its website has my deepest sympathy. We have tried to call the firm dozens of times, but no one answered the phone. Our email exchanges were a struggle, too. Complaints about this company have been piling up for years. It is time Trading Standards stepped in and did something about it. data nonsense IT IS vital that businesses take great care to protect our personal details. But sometimes supposed data protection rules just fly in the face of common sense. Take our reader rebecca’s story:

after fraudsters used her credit card to go on a spending spree, Barclaycard refused to share the call transcripts due to ‘data protection regulation’. So, even though the crooks were impersonating her, she was not allowed to listen to the call — which would have told her what they knew about her. rules designed to protect us must not become a handy excuse for firms to wriggle out of sharing information they would rather we didn’t know. It pays to haggle THAnk you for all your emails and letters sharing personal finance victories this past week. One reader from newcastle upon Tyne shared how she had shaved nearly £40 off the cost of her home insurance after her provider hiked the price of her policy at renewal. She says: ‘I told the insurer I was not going to accept the increase and would consider taking my custom elsewhere. It really does pay to haggle’. keep your tales of success coming! [email protected]

Page 48

moneybest buys

... our pick of

the top deals

energy

current accounts

Mortgages

YoRkshIRe eneRgY OGreen Gazelle OFixed until 30/9/20 annual bIll £922 0333 987 4600

gReen eneRgY OOak OVariable annual bIll £868 0345 222 2525

gReen netwoRk eneRgY OGNE 2-year Summer Saver OFixed for 24 months annual bIll £997 0800 520 0202

credit cards

this week

you should ...

mostlY In the Red

two-YeaR fIXes HSBC 1.34pc to 31/10/21 40pc £999 0800 169 6333 Barclays 1.63pc to 31/10/21 15pc £999 0333 202 7580 Newcastle BS 2.59pc to 31/10/21 5pc £498 0345 606 4488 fIve-YeaR fIXes NatWest 1.72pc to 31/10/24 40pc £995 0800 400 999 NatWest 1.98pc to 31/10/24 15pc £995 0800 400 999 Post Office 2.37pc to 30/09/24 10pc £0 0800 077 8033

base-Rate tRaCkeRs NatWest Base +0.49pc to 31/10/21 40pc £995 0800 400 999 HSBC Base +0.89pc for two years 15pc £999 0800 169 6333 Newcastle BS Base +2pc to 31/10/21 5pc £0 0345 606 4488

lendeR Rate detaIls dePosIt fee ContaCt

balanCe tRansfeRs PRovIdeR CaRd balanCe tRansfeR Rate fee Virgin Money 29-month Balance Transfer 0pc for 29 months 3pc Barclaycard 28-month Balance Transfer 0pc for 28 months 1.75pc

CashbaCk & PeRks amex: 0800 917 8047. Tandem: 020 3370 0970 PRovIdeR CaRd aPR PeRks american Express Platinum Cashback 22.9pc 5pc cashback up to £100 in first 3 months Tandem Cashback Credit Card 18.9pc 0.5pc cashback on purchases Barclaycard: 0800 151 0900. Sainsbury’s: 08085 40 50 60

tHeLast

Word

THE deadline for claiming PPI compensation next month marks the end of an era. It was Britain’s biggest financial mis-selling scandal, and one of the main reasons w h y m a n y p e o p l e s t i l l distrust banks. Around 64 million PPI (payment protection insurance) policies were sold alongside loans, mostly between 1990 and 2010. In some cases, customers were not even told about the insurance, which was meant to cover loan repayments if the borrower fell on hard times. Sales staff simply ticked the box and helped them- selves to borrowers’ cash each month without them realising. Others were sold policies they would never have been able to use because, for example, they were self-employed. When these shocking practices came to light in the wake of the 2008 financial crisis, it was a shameful moment for banks. Since January 2011, more than £35 billion of compensation has been paid to borrowers caught out.

sensory scandal EvEry week, readers fill our postbag with all sorts of tales of shoddy service. But, as we reveal on Page 46, one firm’s appalling customer care currently stands out by a mile. Online retailer Sensory Education is supposed to sell families, carers and nurseries specialist toys for disabled children. yet, if our experience is anything to go by, anyone unfortunate enough to have stumbled across its website has my deepest sympathy. We have tried to call the firm dozens of times, but no one answered the phone. Our email exchanges were a struggle, too. Complaints about this company have been piling up for years. It is time Trading Standards stepped in and did something about it.

data nonsense IT IS vital that businesses take great care to protect our personal details. But sometimes supposed data protection rules just fly in the face of common sense. Take our reader rebecca’s story:

after fraudsters used her credit card to go on a spending spree, Barclaycard refused to share the call transcripts due to ‘data protection regulation’. So, even though the crooks were impersonating her, she was not allowed to listen to the call — which would have told her what they knew about her. rules designed to protect us must not become a handy excuse for firms to wriggle out of sharing information they would rather we didn’t know.

It pays to haggle THAnk you for all your emails and letters sharing personal finance victories this past week. One reader from newcastle upon Tyne shared how she had shaved nearly £40 off the cost of her home insurance after her provider hiked the price of her policy at renewal. She says: ‘I told the insurer I was not going to accept the increase and would consider taking my custom elsewhere. It really does pay to haggle’. keep your tales of success coming! [email protected]

MAkE sure you are on track to save what you need in retirement. The Money Advice Serv- ice has a Budgeting in Retirement worksheet which you can download from moneyadvice service.org.uk. This can help you work out

your income from any pension scheme, annuity or benefits you will receive. You can then fill in your outgoings, such as rent or mortgage payments (if you will still be pay- ing those in retirement), bills and holidays.

£25 bonus plus 0.2 pc cashback on spending in the Uk and abroad

(^) daily Mail, Wednesday, March 4, 2020

Daily Mail - 04.03.2020

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