14 The Sunday Times April 3, 2022
MONEY
CREDIT CARDS
INTRODUCTORY RATES
Provider Card type Introductory purchase APR^1 Reward Contact
Barclaycard Platinum All-rounder V 0% for 24 months 21.9% No 0800 151 0900
Sainsbury’s Bank Dual Offer MC 0% for 24 months 21.9% Yes 08085 405 060
Tesco Bank Clubcard Purchases MC 0% for 23 months 20.9% Yes 0345 300 4278BALANCE TRANSFERS
Provider Card type Introductory purchase Transfer fee^2 APR^1 Contact
HSBC Balance Transfer V 0% for 33 months 2.7% (min £5) 21.9% 03457 404 404
Sainsbury’s Bank Balance Transfer MC 0% for 32 months 2.24% (min £3) 21.9% 08085 405 060
Tesco Bank Clubcard BT MC 0% for 32 months 2.59% 21.9% 0345 300 4278CASHBACK CARDS
Provider Card type APR^1 Cashback Contact
American Express Platinum Cashback 30% 0.75%-1.25%. Intro 5% for 3 months 0800 917 8047
American Express Platinum Cashback Everyday 24.7% 0.5%-1%. Intro 5% for 3 months 0800 917 8047
Halifax Cashback MC 19.9% 0.25-0.5% 0345 944 4555
1 APR = annual percentage rate, dependent on credit rating.^2 Fee charged on the amount of each balance transfer during the introductory period.
Source: moneyfacts.co.ukActivity Estimated data consumption
Web browsing 1-4MB per minute
Map navigation 100-200KB per minute
Facebook 1-2MB per minute
Music streaming 1-2MB per minute
Podcast streaming 60-100MB per hour
YouTube streaming in HD 4-6MB per minute
Video calling 90MB-1.4GB per hour
1MB = 1,024KB 1GB = 1,024MB Source: EEHOW MUCH DATA DO YOU NEED?
Your phone bill
has just soared.
Here’s how
to switch
George Nixon tells you all you need to
know about mobiles, data and deals
FIVE THINGS
YOU NEED TO
KNOW ABOUT...
RING-FENCING
FOR BANKSTHE
FIVER
5
5
5
5
1
Stick your money in a
big bank like Barclays
or HSBC and you
probably think it goes in a
big pot with all the other
customers’ cash, whether
they’re from Shanghai or
Stoke-on-Trent.2
But since 2019,
banks holding more
than £25 billion in
deposits must keep
money from UK savers
separate from higher-risk
investment banking or
overseas activities. If
you’re a UK HSBC saver
your savings can be used
only for loans to UK HSBC
borrowers. This is due to
post-financial crisis rules
known as ring-fencing.3
Ring-fencing has a
long history. The
Glass-Steagall Act
was introduced in the US
in 1933 to separate retail
and investment banking
after the Great Depression
and was not repealed until- Some think its
repeal helped to cause
the 2008 financial crisis.
4
The argument for
ring-fencing is that
it stops everyday
savers’ money being put
at risk by the investment
arm of their bank making
bets that don’t pay off.5
But some say the
rules keep big banks
on top by stopping
newer rivals growing.
Some banks, such as the
US investment giant
Goldman Sachs, which
has a UK retail arm,
Marcus, want the £25
billion threshold raised.
The Treasury rejected
this, but suggested that
banks with limited
investment activities,
such as TSB, could be
released from the rules to
promote competition
between banks.George NixonCASH ISAS
INSTANT ACCESS
Provider Account name Min deposit Interest Transfers in Contact
Shawbrook Easy Access Cash Isa Issue 20£1,000 0.85% Yes shawbrook.co.uk
Paragon Triple Access Isa Issue 7 £1 0.8% Yes paragonbank.co.uk
FIXED RATE
Provider Account name Term Min deposit Rate Transfers inContact
Paragon 1 Year Fixed Rate Isa 1 year £500 1.37% Yes paragonbank.co.uk
United Bank UK 2 Year Fixed Rate Cash Isa2 years £2,000 1.71% Yes ubluk.comSource: savingschampion.co.uk — 0808 178 5354CHILDREN’S ACCOUNTS
Provider Account name Account type Min deposit Interest rate Contact
Dudley BS Junior Easy Saver Regular Saver £10 3.5% dudleybuildingsociety.co.uk
Santander^1 123 Mini Current Account Current Account £1,500 2.96% santander.co.uk
HSBC^2 MySavings Easy Access £10 2.72% hsbc.co.uk(^1) Interest paid on balances between £1,500 and £2,000 2 0.25% paid on balances above £3,000
JUNIOR ISAS
Provider Account name Min deposit Interest rate Rate Contact
The Family BS Cash Junior Isa £3,000 2.4% Variable familybuildingsociety.co.uk
Coventry BS Junior Cash Isa (2) £1 2.35% Variable coventrybuildingsociety.co.uk
Tesco Bank Junior Cash Isa £1 2.25% Variable tescobank.com
Source: savingschampion.co.uk — 0808 178 5354
Best Buys
FOREIGN
CURRENCY
Interbank rates at 5pm
on Friday, which show
where the market is
trading. They are not
indicative of the rate
you could get.
EURO
GBP>EUR
1.19
USA
GBP>USD
1.31
SWITZERLAND
GBP>CHF
1.21
AUSTRALIA
GBP>AUD
1.75
ENERGY DEALS Supplier Average annual bill Rate Contact
British Gas £2,675 Fixed 0330 100 0056
Ovo Energy £2,850 Fixed 0330 303 5063
Scottish Power £4,161 Fixed 0800 027 0072
Phone numbers provided will call through to theenergyshop.com switch support team. Source: theenergyshop.com — 0800 448 0205
SAVINGS ACCOUNTS
INSTANT ACCESS
Provider Account name Min deposit Interest rate Contact
Chase Chase Saver Account None 1.5% chase.co.uk
Cynergy Bank Online Easy Access Account Issue 49 £1 1% cynergybank.co.uk
Virgin Money M Plus Saver None 1% virginmoney.com
NOTICE ACCOUNTS
Provider Account name Notice period Min deposit Interest rate Contact
United Trust Bank 200 Day Notice Account Issue 2 200 days £5,000 1.3% utbank.co.uk
United Trust Bank 100 Day Notice Account Issue 3 100 days £5,000 1.2% utbank.co.uk
Aldermore 120 Day Notice Personal Account Issue 2120 days £1,000 1.2% aldermore.co.uk
FIXED-RATE BONDS
Provider Account name Term Min deposit Interest rate Contact
Tandem 1 Year Fixed Saver 1 year £1,000 1.8% tandem.co.uk
JN Bank 2 Year Fixed Term Savings Account 2 years £1,000 2.11% portal.jnbank.co.uk
Tandem 3 Year Fixed Saver 3 years £1,000 2.2% tandem.co.uk
DEALS ARE LISTED ONLY IF THEY ARE COVERED BY THE UK FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) OR A EUROPEAN EQUIVALENT MUST HOLD A CURRENT ACCOUNT WITH THE PROVIDER
Source: savingschampion.co.uk — 0808 178 5354
MORTGAGES
2-YEAR FIXED RATES
Lender Rate Scheme Deposit Fee Notes Contact
Barclays 1.94% Fixed to 31.05.24 40% £999 LV 0333 202 7580
Nationwide 2.19% Fixed for 2 years 15% £999 RS 0800 302 010
Santander 2.29% Fixed to 02.07.24 10% £0 PV 0800 068 6064
3-YEAR FIXED RATES
Lender Rate Scheme Deposit Fee Notes Contact
Barclays 2.17% Fixed to 31.05.25 40% £999 LV 0333 202 7580
Nationwide 2.14% Fixed for 3 years 15% £999 PV 0800 302 010
Nationwide 2.19% Fixed for 3 years 10% £999 PV 0800 302 010
LONG-TERM FIXED RATES
Lender Rate Scheme Deposit Fee Notes Contact
Lloyds 1.86% Fixed to 31.05.27 40% £999 RS 0800 783 3534
Santander 2.14% Fixed to 02.07.27 15% £0 LV 0800 068 6064
Coventry BS 2.45% Fixed to 31.08.27 10% £999 LV 0800 121 8899
Lloyds 1.86% Fixed to 31.05.32 40% £999 RS 0800 783 3534
TRACKERS / DISCOUNTS
Lender Rate Scheme Deposit Fee Notes Contact
Coventry BS 1.5% Tracker + 0.75% to 31.08.2425% £999 ELV 0800 121 8899
HSBC 2.09% Tracker + 1.34% for 2 years 10% £999 EPV 0800 494 999
Newbury BS 1.69% 2.26% discount for 5 years 25% £850 LV 01633 555 5777
First Direct 2.69% Tracker+1.94% for term 25% £490 ELV 0800 482 448
FIRST-TIME BUYER / LOW DEPOSIT
Lender Rate Scheme Deposit Fee Notes Contact
Newcastle BS 2.79% Fixed to 31.07.24 5% £0 CV 0345 606 4488
Barclays 2.94% Fixed to 31.05.24 5% £0 PV 0333 202 7580
NatWest 2.04% Fixed to 31.07.27 25% £995 HNPV 0800 400 999
BUY TO LET
Lender Rate Scheme Deposit Fee Notes Contact
Leek United BS 1.95% 3.49% discount for 2 years 25% £0 QV 0808 169 6680
Leeds BS 1.92% Fixed to 31.07.24 40% £999 OV 0345 045 4049
HSBC 2.29% Fixed to 31.07.27 25% £1,999 RS 0800 494 999
Early repayment charge applies unless otherwise stated. Most deals track Bank of England base rate.
C = £500 cashback for purchases; E = No early repayment charge; F = £500 cashback for first-time buyers; H = Help to Buy;
L = Free legal work for remortgages; M = £300 cashback for purchases; N = £250 cash back for purchases; O = £250 cash back;
P = Purchases only; R - Free legal work and valuation for remortgages; S = Remortgage only; V = Free valuation
Source: landc.co.uk — 0800 373 300
CURRENT ACCOUNTS
CREDIT INTEREST
Provider Account name Account fee Reward Balance (for reward) Contact
Halifax Reward Current Account None £5 a month – 0345 720 3040
TSB Spend & Save None £5 a month – 0345 975 8758
Virgin Money M Plus Account None 2.02% AER Up to £1,000 0800 678 3654
OVERDRAFTS *
Provider Account name Account fee Interest rate^1 0% overdraft limit Contact
Starling Bank Current Account None 15% £0 starlingbank.com
First Direct 1st Account None 39.9% £250 0345 600 2424
Virgin Money M Plus Account None 19.9% £0 0800 678 3654
(^1) Equivalent annual rate.
- Based on overdraft of £500 for 7 days a month.
Some accounts require minimum funding/direct debits to open or receive rates shown.
Source: moneyfacts.co.uk
E
E, O2 and Vodafone
customers are now
paying up to an extra
11.7 per cent on their
phone bills after prices
went up in line with inflation.
The consumer prices index
measure of inflation hit a
30-year high of 5.5 per cent
for the year to February, but
firms use different measures
for their mid-contract price
increases so can put them up
even higher. Getting a new
phone and contract can be an
expensive business, but there
are cheaper options.
Here’s how to make sure
you are not paying too much.
Work out what you’re using
Most mobile contracts
include unlimited texts and
calls, so really how much you
need to spend hinges on how
much data you need.
If you spend a lot of time
browsing the internet,
streaming music, podcasts
and videos when you don’t
have wi-fi, or using your
phone as a sat nav, you will
need more data than if you
just make calls and check
your emails occasionally.
Browsing the web uses
between 1 and 4 megabytes a
minute, according to EE,
while streaming YouTube in
high definition can use 4 to 6
megabytes a minute. Phone
data allowances are
measured in gigabytes and
there are 1024MB in 1GB. The
average cost for a 5GB a
month contract is £11.51,
according to the regulator
Ofcom. For 15GB a month it’s
£15.53. The average monthly
usage is 4.5GB.
Check your online account
or call your phone company
to find out how much data
you’re using.
Ask for a better deal —
and be disloyal
If you use less than your
allowance, request a cheaper
deal that reflects your usage.
There’s no point paying £20 a
month if all you are doing is
reading the news and playing
Wordle. If you are not tied in
to a contract move to a
cheaper company.
The best value is likely to
come from a Sim-only deal,
which can cost as little as £6 a
month. It does not have to
mean losing your phone
number. All you need to do is
request a Pac code from your
old phone company and give
it to your new one.
The number transfer to
your new Sim should be done
in a day. Make sure the new
network you choose has a
good signal at your address
because there are still some
blackspots.
It can be a bit confusing to
work out who provides the
network. For example, Voxi,
a relatively new company,
uses Vodafone’s network. Use
Ofcom’s coverage checker at
checker.ofcom.org.uk.
How long are you tied in?
Phone contracts often have
different parts — one bit
covers the cost of the
handset, which can be paid
off over two or three years
and the other part covers
airtime (calls, texts and data).
In December Ofcom
introduced rules that limit
airtime contracts to two
years. If you are still within a
fixed contract period, you
could have to pay an early
termination charge if you
want to switch deals.
But if you have reached the
end of your airtime deal you
can switch that bit of your
contract even if you haven’t
yet paid off your phone.
Sim-only companies such
as GiffGaff or Smarty offer
rolling monthly deals that do
not tie you into a contract and
are cheaper than fixed deals.
Do you really need
a new phone?
It’s easy to switch if you’re out
of contract and happy with
your phone, but it can be a
little more complicated if you
want a new handset.
A phone and contract from
one of the leading companies
may be the simplest option
but it will be more expensive
than buying a phone outright
and getting a Sim-only deal.
You can get refurbished
handsets and phone
manufacturers such as Apple
or Samsung also offer
zero-per cent loans.
Ernest Doku from the
comparison site uSwitch said:
“Whenever a new device
launches networks are eager
to offer the previous year’s
model at reduced prices to
consumers less fussed about
having the latest and greatest.
Refurbished phones are
graded from A to D, according
to condition. A-grade models
tend to be virtually
indistinguishable from new
devices, so you could save
hundreds of pounds on the
latest iPhone or Samsung
Galaxy and nobody will be
the wiser.”
Look at the total cost of a
phone and airtime contract
over two years from a firm
like O2 or Vodafone, and
subtract the cost of a similar
Sim-only deal from the same
firm to find the actual cost of
the phone. Use that to
compare handset prices
elsewhere.
What are the best deals?
You can get a Sim-only deal
for £5.95 a month from
Lebara Mobile with unlimited
call minutes and texts, 5GB
data and no contract.
For £8 a month O2 has a
one-year Sim-only contract
with 20GB data a month,
unlimited calls and texts,
no extra roaming charges
in EU countries, plus a
three-month subscription to
Disney Plus.
For £16 a month the
Sim-only network Smarty
gives unlimited minutes, texts
and data, plus free EU
roaming and no contract.
Hunter Davies
I saved £20,000 and a lot of
hassle by giving up my car
a car any more. Not even with
an amusing numberplate. It
just lay in the garage.
One day my friend Sheila
came to lunch. I took her
through the garage to get to
the Heath and she noticed the
car. She said she had always
fancied a Golf. Yours for
£4,000, pet, I said. She paid
me there and then.
Six years ago, selling my
car was just a passing minor
relief, one of the many things
I had to decide when my wife
died. Selling our Lakeland
house was another.
Wondering what to do with
the rest of my life, that was
the most important.
But now, bloody hell. I
honestly think selling the car
was one of the best things I
have done these past six
years. How I chortle when I
pass garages selling petrol at
£1.70 a litre. Soon petrol will
be more expensive than wine.
Instead of being told “Don’t
drink and drive”, it will be
“Do drink, don’t drive”.
I read that the London
congestion charge is now £15
a day. That was more than my
first wages for a whole week.
Hee hee. Serves them right.
I have also seen road signs
saying ULEZ, which turns out
to stand for Ultra Low
Emission Zone. I never
realised you now get charged
£12.50 a day when you enter
one in the wrong type of car.
Very soon everyone using
petrol or diesel will have their
cars confiscated — then they
will be stoned or executed.
During these six years we
have all become passionate
about the environment, so I
was ahead of the game giving
up my car. But I never
expected it would give me
such a warm glow of virtue.
Being old I get free bus and
Tube fares. People
immediately stand up and
give me their seat. Sometimes
they call me “sir”. Listen to all
my stories without
interrupting. Oh, it’s brilliant
being old. And even better
being carless.
There is less tension and
aggravation in my life. No
worrying about funny engine
noises or flat tyres. No more
screaming at lorries that bash
your wing mirrors or wild
cyclists who cut you up. But
the best thing about being
carless is all the money I am
saving. You should try it. No
parking charges, no
insurance, no service charges
and repairs, no MoT. I must
have saved a fortune these
past six years.
I estimate I am £15,000
better off since giving up my
car, for which I also got
£4,000. So the overall saving,
if I had continued to drive in
London, or anywhere really,
must be well over £20,000.
Where has it gone?
Sauvignon blanc, of course. I
have always spent my savings
wisely... Drinks all round.
I
got out my passport and
Freedom Pass and set off
for a foreign field —
Chelsea — to have coffee
with a friend, Sheila, who
I used to work with years ago,
on this very paper, in fact.
Outside her bijou mansion
block I noticed a black Golf.
Hmm, I used to have one like
that. Then I spotted the
numberplate — EHD M2. Blow
me — those are my initials. I
don’t usually reveal that my
first name is Edward and that
my wife was called Margaret.
So EHD M2. Gerrit?
I thought it was the most
subtle, clever personalised
registration ever when I
bought it about 30 years ago.
Yes, I know, personalised
plates are rather naff, but I
thought EHD M2 so discreet
no one would stop and
wonder which git owned it.
I was offered the plate out
of the blue. I was so intrigued
by how the company had
identified me as a possible
sucker who might buy it that I
rang it up. The answer was
fascinating. It had paid for
access to electoral lists and
found about 100 people with
the initials EHD and a partner
whose first name began with
an M. Clever, huh? Even
smarter, it had then whittled
the list down to addresses in
the sort of postcodes where
people might have more
money than sense. It
identified six and wrote to
them. I was the first to offer to
buy it. From memory it cost
£300. I then earned £500 by
writing a feature about it for a
car magazine — now gone.
Six years ago, after my wife
died, I decided I did not need
Table shows the cheapest fixed tariff now available
from the cheapest suppliers. Excludes tariffs of less
than 12 months’ duration, tariffs that do not have
national coverage and tariffs where payments are
taken in advance of supply. Variable rate tariffs are
set by Ofgem’s price cap and may be lower.