Money
The four errors that can stop you getting £300 winter fuel payment as 880,000 miss out – how to avoid them
MILLIONS of households are still set to get the £300 Winter Fuel Payments this year.
However, there are four simple errors that those on state pension could make which would mean missing out on the cash even when eligible.
The winter fuel payment is an annual tax-free benefit designed to help with the cost of heating through the colder months.
Last year the payments were worth between £300 and £600, depending on circumstances.
This was because the amount included a “Pensioner Cost of Living Payment” – between £150 and £300.
However, this year, it will be worth £200 for eligible households or £300 for those with someone aged over 80.
That means you could receive up to £300 in free cash depending on your circumstances.
But the rules have changed this year and around nine million pensioners will no longer get the cash.
The benefit used to go to all people over state pension age regardless of circumstances.
Now just those on low incomes and claiming certain benefits like pension credit will get the cash.
Around 880,000 people are eligible for pension credit and not claiming though. meaning they will miss out on the extra cash.
There are four further reasons you could miss out on the payment too.
Figures for last year show that 110,000 Brits saw their payments cut.
The Department for Work and Pensions (DWP) has said that the vast majority of winter fuel payment underpayments last year resulted from claimant’s failing to notify the department about a change of address.
Like with other certain benefits you’ll often be required to report a change in circumstances to ensure that you’re paid the correct amount each winter.
One of the slip-ups that people have made in the past is failing to let the Department for Work and Pensions know about a change of address.
If you forget to do this, you could see the amount of winter fuel payments your due drop.
The second stumbling block to watch out for is if you or someone else eligible for the winter fuel payment moves in or out of your house.
What is the Winter Fuel Payment?
Consumer reporter Sam Walker explains all you need to know about the payment.
The Winter Fuel Payment is an annual tax-free benefit designed to help cover the cost of heating through the colder months.
Most who are eligible receive the payment automatically.
Those who qualify are usually told via a letter sent in October or November each year.
If you do meet the criteria but don’t automatically get the Winter Fuel Payment, you will have to apply on the government’s website.
You’ll qualify for a Winter Fuel Payment this winter if:
- you were born on or before September 23, 1958
- you lived in the UK for at least one day during the week of September 16 to 22, 2024, known as the “qualifying week”
- you receive Pension Credit, Universal Credit, ESA, JSA, Income Support, Child Tax Credit or Working Tax Credit
If you did not live in the UK during the qualifying week, you might still get the payment if both the following apply:
- you live in Switzerland or a EEA country
- you have a “genuine and sufficient” link with the UK social security system, such as having lived or worked in the UK and having a family in the UK
But there are exclusions – you can’t get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain.
This is because the average winter temperature is higher than the warmest region of the UK.
You will also not qualify if you:
- are in hospital getting free treatment for more than a year
- need permission to enter the UK and your granted leave states that you can not claim public funds
- were in prison for the whole “qualifying week”
- lived in a care home for the whole time between 26 June to 24 September 2023, and got Pension Credit, Income Support, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance
Payments are usually made between November and December, with some made up until the end of January the following year.
Again, it’s important to let the DWP know about these comings or goings.
The third thing to keep in mind is if you or someone else eligible for the extra cash moves into a care home.
This move will mean that you or the person moving out will no longer receive the money.
Lastly, it’s vital to let the DWP know if someone entitled to the payment has passed away.
What to do if you’ve been underpaid the winter fuel payment
Most payments are made automatically in November or December.
You’ll get a letter telling you how much you’re entitled to and which bank account it will be paid into.
If you do not get a letter or the money has not been paid into your account by January 29, 2025 and you think you’re eligible you must contact the winter fuel Payment Centre on 0800 731 0160.
You’ll also need to report a change in circumstances to ensure you’re not overpaid too.
Fail to do this and the DWP could force you to repay the money you owe.
Crucial to claim Pension Credit if you can
HUNDREDS of thousands of pensioners are missing out on Pension Credit.
The Sun’s Assistant Consumer Editor Lana Clements explains why it’s imperative to apply for the benefit..
Pension Credit is designed to top up the income of the UK’s poorest pensioners.
In itself the payment is a vital lifeline for older people with little income.
It will take weekly income up to to £218.15 if you’re single or joint income to £332.95.
Yet, an estimated 800,000 don’t claim this support. Not only are they missing on this cash, but far more extra support that is unlocked when claiming Pension Credit.
With the winter fuel payment – worth up to £300 now being restricted to pensioners claiming Pension Credit – it’s more important than ever to claim the benefit if you can.
Pension Credit also opens up help with housing costs, council tax or heating bills and even a free TV licence if you are 75 or older.
All this extra support can make a huge difference to the quality of life for a struggling pensioner.
It’s not difficult to apply for Pension Credit, you can do it up to four months before you reach state pension age through the government website or by calling 0800 99 1234.
You’ll just need your National Insurance number, as well as information about income, savings and investments.
To avoid being overpaid, you should report if you will not be living at home during the Winter months but will be in hospital getting free in-patient treatment or in custody serving a court sentence.
The deadline to claim for this winter is March 31, 2025.
Contact the winter fuel payment Centre by calling 0800 731 0160 to report a change in circumstances.
Make sure you have your National Insurance number to hand.
A DWP spokesperson previously said about last year’s figures: “Where errors do occur, we are committed to fixing them as quickly as possible and this equates to just 1.1% of all winter fuel payment expenditure.
“Anyone with a change of circumstances should inform the DWP to ensure they get the right amount of money they are entitled to, while those eligible for this year’s payment have until the end of March to claim it.”
Money
Major update after 100,000 state pensioners underpaid £10,000 each due to error
A MAJOR update has been issued after tens of thousands of married female retirees were underpaid the state pension due to a government error.
The Parliamentary Ombudsman confirmed this week that it will launch a full investigation into the issue.
Failings in the old state pension system left potentially more than 100,000 married women without the payments they were due.
These women have been contacted and informed that a “detailed investigation” has begun into this group of complaints.
If successful, the Government could be forced to hand out hundreds of millions of pounds in state pension arrears to all of the women who missed out.
This could include thousands of women who died without ever being paid the correct pension.
Read more on the state pension
Former Pensions Minister Sir Steve Webb criticised the previous system, calling it “archaic and sexist”.
“This is a major milestone in a long-running campaign for justice for thousands of married women,” he said.
“The fact that they did not know this was needed indicates a system which let them down and has cost them in many cases thousands of pounds through no fault of their own.”
These women did not ignore official correspondence and would clearly have made a claim had they realised it was needed one their husband retired, he added.
Sir Steve estimates that some of these women will have lost out by £10,000 or more in the period since their husband retired.
How did the error happen?
Prior to a rule change in March 2008 married women could claim the state pension at age 60.
This was initially awarded purely based on their own National Insurance record, which showed how many years they had made contributions.
If they had spent time at home raising a family or had other gaps in their employment history then their state pension could be very low.
For many, this could be as little as 25% of the full basic pension.
But when their husband claimed his state pension married women could get an increase in the amount they would receive.
If their husband had made enough contributions then the amount of state pension they would receive could increase to as much as 60% of the full basic pension.
How does the state pension work?
AT the moment the current state pension is paid to both men and women from age 66 – but it’s due to rise to 67 by 2028 and 68 by 2046.
The state pension is a recurring payment from the government most Brits start getting when they reach State Pension age.
But not everyone gets the same amount, and you are awarded depending on your National Insurance record.
For most pensioners, it forms only part of their retirement income, as they could have other pots from a workplace pension, earning and savings.
The new state pension is based on people’s National Insurance records.
Workers must have 35 qualifying years of National Insurance to get the maximum amount of the new state pension.
You earn National Insurance qualifying years through work, or by getting credits, for instance when you are looking after children and claiming child benefit.
If you have gaps, you can top up your record by paying in voluntary National Insurance contributions.
To get the old, full basic state pension, you will need 30 years of contributions or credits.
You will need at least 10 years on your NI record to get any state pension.
But this uplift only happened if they made a further state pension application once their husband retired.
Tens of thousands of married women assumed that because they had already applied for the state pension they would be paid the correct amount.
Those who did not make a second claim would remain on the low pension indefinitely.
If they found out about the potential uplift later they could only backdate their claim by one year, leaving them thousands of pounds out of pocket.
In cases seen by Sir Steve Webb some women potentially missed out on more than a decade of increased pension payments.
More shockingly still, many women were only notified of what they needed to do to claim if their husband ticked a box on his state pension pack.
Doing so would mean that two state pension claims forms were sent to him, one of which was to be given to his wife.
Failure of the husband to tick the box or to pass on the form to his wife would mean that she missed out.
Meanwhile, she could also be unfairly penalised if the DWP only sent one form rather than two.
When did the rule change?
The system was changed in March 2008 so that married women received a state pension uplift automatically without needing to make a further claim.
But women who had made a claim before 2008 did not benefit from the rule change.
During the investigation, the Ombudsman will ask the Department for Work and Pensions for all of the information available to married women when the letters were sent.
It will then share its preliminary findings with the DWP and those making a claim before it reaches a final recommendation.
What can I do about it?
You can contact the DWP directly and query whether you have been affected.
Another option is to use an online tool or advice site to see whether they can help.
An online tool launched by Sir Steve Webb on behalf of actuarial firm LCP can help married women check if they might be affected.
You can then contact the pension service to get your state pension entitlement reviewed.
What are state pension errors?
STEVE Webb, partner at LCP and former Pensions Minister, explains what state pension errors are and how they can occur:
The way state pensions are worked out is so complicated that many thousands of people have been paid the wrong amount for years without even realising it.
The amount of retirement pension you get usually depends on your National Insurance (NI) record.
One big source of errors has been cases where NI records have been incorrect, particularly for years spent at home with children.
This is a system known as ‘Home Responsibilities Protection’.
Alternatively, particularly for older pensioners, the amount you get can depend on the NI contributions made by your spouse.
Errors have arisen where the Government has failed to adjust the pensions of married women when their husbands retired or failed to increase pensions when someone was bereaved and lost a husband or wife.
Although the Government has spent years trying to fix these problems, there are still many thousands of people – many of them older women – on the wrong pension.
If you have always thought that your pension seems low, then it is worth contacting the Pensions Service to ask them to check, especially if you spent time at home raising children or if you were widowed and your pension didn’t change when your spouse died.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
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Money
Warning to drivers as fuel prices set to soar if conflict in Middle East continues to escalate
FUEL prices could soar if the Middle East conflict escalates, drivers were warned last night.
The cost of oil climbed by around five per cent in just two days to $76 per barrel, as Israel vowed to retaliate against Iranian missile strikes.
One option open to the Israeli military is to hit Iran’s oil refineries — which despite western sanctions still supply many countries worldwide.
Analysts said a major escalation could take the oil price to $100 a barrel — driving up pump costs for motorists.
The warning comes at a time when petrol prices here have been falling.
They were down 6.5p a litre in September, putting £3.60 back into drivers’ pockets every time they fill up a 55-litre tank.
Petrol is now 134.9p a litre and diesel 139.5p — marking one of the biggest price drops in 24 years, the RAC says.
A second threat to prices is the Budget on October 30.
Chancellor Rachel Reeves will have to decide whether to keep the current fuel duty freeze, as well as a 5p reduction brought in by the Tories.
The Sun’s Keep It Down campaign has saved drivers £90billion in tax over 14 years.
AA boss Edmund King said: “Global oil prices tend to increase with any geo-political uncertainty.
“The Government should avoid the temptation to hike fuel duty in the Budget as drivers and industry would face a double hit.”
Fawad Razaqzada, analyst at City Index, said: “The extent of Israel’s response to Iran will influence how much geopolitical risk markets factor in. Crude oil could rise another $5 in the next few days if we see further escalation in the conflict.”
Bjarne Schieldrop, chief commodities analyst at SEB, warned a major escalation in tensions could push oil prices to $100 a barrel.
And David Oxley, of Capital Economics, said such a rise could add 13p to the cost of a litre.
About a fifth of global oil comes from the Gulf region.
Money
MasterChef winner abruptly shuts Michelin-star restaurant and tells fans ‘we just cannot make this work’
A TV chef has announced the sudden closure of his Michelin Star-recommended restaurant – saying “We just cannot make this work”.
Simon Wood, 48, said his fine dining establishment WOOD Manchester had ceased trading as it faced down rent arrears, rising bills and spiralling ingredients costs.
The dad of four from Saddleworth, Manchester, opened his self-titled bistro seven years ago, creating dishes with ‘seasonal, high welfare and foraged’ produce.
Guests could expect to fork out £125 for his ‘Chef’s Selection Menu’ and wine flight – which featured Veal Sweetbreads and hand-dived scallops.
The restaurant’s website was still advertising its £60 per head Christmas menu when Simon took to social media to say it had shut for good.
Writing in a post on Facebook, he said: “Dear Friends, Customers and Suppliers of WOOD Manchester.
“It is with much regret that I have to inform you that I must close the doors here at WOOD for good, with immediate effect.
“We have had 7 years as part of the Manchester City dining scene and I’m very proud of what the team and I have achieved.
“Sadly with COVID rent arrears now being demanded by our landlord and an increasingly difficult marketplace, energy increases, ingredient costs and soon-to-be spiralling business rates we just cannot make this work.
“I’d like to thank everyone for your support and patronage over the years.”
Simon was a data scientist for almost 20 years before he quit his job and took on a career in hospitality.
He became a professional chef aged 38 in 2015 when he won the amateur version of MasterChef.
Simon then went on to open WOOD Manchester in 2017 and WoodKraft, in Cheltenham, in 2018.
WOOD Manchester was Michelin-recommended in 2019 and has won the double AA Rosette award.
Last year, Simon said acclaimed shows like The Bear, which revealed the struggles faced by many in the hospitality industry, gave chefs the respect they “deserved”.
He said: “I have seen all the things that happen on these shows at some point – even in the space of 40 minutes.
“People love the drama that comes with high-end hospitality, and I think it’s all shown in drama TV programmes like The Bear and Boiling Point.
“It can be just as intense in real life.
“You get stressful moments where all the cheques arrive at once, or someone drops the sauce, burns the food and cuts their fingers.
“The flare-ups between each other [are realistic].
“Also, most definitely the shouting, swearing, raw intensity, you see in these programmes, I think, is all very factual – It’s true to the life of a functioning kitchen.”
Restaurant chains continue to feel the pinch
The hospitality sector has struggled to bounce back after the pandemic, facing challenges including soaring energy bills, inflation and staff shortages.
TRG, which owned Frankie & Benny’s, Chiquito and Wagamama, revealed that it would shut down around 40 sites by April 2024 and went on to sell its Frankie & Bennys and Chiquito brands to Cafe Rouge owner The Big Table group.
Tasty, the owner of Wildwood, said it will shut sites as part of major restructuring plans.
Stonegate has also raised fears about its survival as it races to plug its debts.
Earlier this year, Whitbread revealed plans to slash its chain of branded restaurants across the UK.
Italian dining chain Prezzo revealed plans to shut 46 restaurants back in April 2023 as a result of soaring energy and food costs, putting 810 jobs at risk.
And in January 2023, Byron Burger fell into administration with owners saying it would result in the loss of over 200 jobs.
Why are retailers closing shops?
EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.
The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.
In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping.
Falling store sales and rising staff costs have made it even more expensive for shops to stay open. In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed.
The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.
Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns.
Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.
Boss Stuart Machin recently said that when it relocated a tired store in Chesterfield to a new big store in a retail park half a mile away, its sales in the area rose by 103 per cent.
In some cases, stores have been shut when a retailer goes bust, as in the case of Wilko, Debenhams Topshop, Dorothy Perkins and Paperchase to name a few.
What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.
They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.
Money
JD Sports profits tumble by two-thirds after Nike’s worst sales slump since pandemic
THE boss of JD Sports yesterday bristled at concerns the retailer was vulnerable to a slowdown in sales at supplier NIKE.
JD Sports — known as the King of Trainers — relies heavily on the popularity of new releases from the world’s biggest sporting brand to bring in customers.
Nike’s sales slumped by ten per cent in the last quarter and the US firm’s profits were down more than a quarter to $1.1billion — the biggest fall since the pandemic.
Meanwhile JD Sports yesterday posted a 64 per cent drop in profits to £126.3million.
Regis Schultz, chief executive of the FTSE 100 retailer, accused journalists of “overplaying” the group’s exposure to Nike’s woes.
But he later admitted Nike’s Air Force One was still a best-seller.
A testy Mr Schultz insisted: “People overplay everything . . . we are a multi-brand retailer. We are doing what we do for a living, selling different brands.”
Asked about when he hoped Nike would be restored to full strength he said: “I think the demand is there so it will come.”
Nike has delayed investor meetings to give new boss Elliott Hill more time to turn things around.
Nike’s fall from favour comes amid rising competition from running shoe brands Hoka and ON while rival Adidas has been basking in the Samba and Gazelle trainer revival.
Nike’s finance chief said the company will be spending more in a bid to win back a share of the running market.
While JD Sports’ overall sales rose by 5.2 per cent in the 26 weeks to August this overwhelmingly came from new shops and acquisitions.
Sales at stores open for more than a year slowed to 0.7 per cent, despite higher prices.
Shares fell by 6 per cent to 140.35p yesterday, suggesting the City was not convinced by Mr Schultz’s claims that “everything is good” with the company.
In the UK, sales fell by 4.6 per cent to £1.2billion, which JD Sports blamed on an early Easter and an “unfavourable spring and early summer weather” which the firm said “dampened footfall and full-price demand” meaning shops had to discount more.
JD also said the Euros footie tournament had a negative impact on profits because selling replica kit has lower margins than its usual athleisure.
The drop in profits came after JD shut a warehouse in Derby. It also warned of a £20million hit from foreign exchange costs as a result of a stronger pound.
Top-line operating profits were 6.7 per cent higher at £451million.
Thames’ deadline extended
THAMES WATER has received some much-needed breathing space after its banks agreed to extend an overdraft facility that was due to expire next week.
Sources told The Sun that a £530million revolving credit facility had been extended by lenders ahead of a deadline next Monday.
It comes as a group of 90 creditors, including big fund names Blackrock and Apollo, are working on a rescue plan for the troubled firm.
It would restructure £16billion of its debts — but only if another infrastructure investor can be persuaded to inject fresh cash, and regulator Ofwat signs off on plans to raise customer bills.
Despite the credit extension, Thames Water is still racing against the clock as it has warned it will run out of cash.
A failure would mean it is taken into temporary state ownership — via a special administration regime to ensure that household services are still supplied.
Starling’s startling criminal risk
DIGITAL start-up Starling Bank has been fined £29million over “shockingly lax” failures on screening potential criminals as clients.
The financial watchdog issued the penalty yesterday, saying breaches of money-laundering rules had “left the system wide open to criminals”.
Starling’s customer numbers swelled from 43,000 in 2017 to 3.6million in 2023 — and the Financial Conduct Authority says it did not keep its checks up to pace.
The bank’s rapid growth came after it took advantage of state-backed Covid bounceback loans, boosting its uptake in new customers.
But figures released last year showed that almost half of the £1.6billion in loans supported by the taxpayer were overdue, or had been written off.
The FCA’s investigation found that Starling had opened 54,359 accounts for “high-risk customers” since 2021 and that its screening process covered only a “fraction” of clients and accounts it should have.
Starling could have faced a higher £41million fine, but got a 30 per cent reduction for taking the blame and pledging to overhaul its processes.
The bank said it “regrets and apologises for shortcomings” and said these were “historic issues”.
David Sproul, Starling’s chairman, said the bank had “invested heavily to put things right, including strengthening our board governance and capabilities”.
Time for a cheque
BANKS could delay payments for up to three days in plans to help them investigate fraud.
The Government will argue today that upping the stalling time from 24 to 72 hours will allow for more time to block high-risk payments.
Some £460million last year was lost as fraudsters tricked people into giving them money, according to UK Finance.
City Minister Tulip Siddiq said: “We need to protect these people better.”
AO nicks Magpie
ONLINE retailer AO World has swooped in on second-hand deals platform musicmagpie for just £10million.
musicMagpie, which gives customers cash for old phones and gadgets, had floated on the London stock market for £208million in 2021 — but a string of profit warnings had knocked the business hard.
The takeover excited AO World investors, with its shares up by 50.6 per cent.
AO World boss John Roberts said the deal could help the firm move into selling second-hand technology.
World of chaos
GEOPOLITICAL instability is the top threat to the financial system, according to a Bank of England poll of banks and investment firms.
Even before the latest escalation of conflict in the Middle East, a record 93 per cent named geopolitics as the No1 risk. Close behind were cyber attacks and a UK economic slowdown.
The Bank’s Financial Policy Committee warned stock markets could see a “sharp correction”, with risk for hedge funds increasing their bets on US government debt.
SHARES in Saga lifted almost 10 per cent yesterday after the over-50s group confirmed it was in partnership talks with Belgian insurance rival Ageas.
A tie-up could include an upfront payment which would help cut Saga’s debt pile.
Money
Full list of best bank switching bonuses to get £200 free cash before Christmas – easy move to claim – The Sun
BRITISH banks have been offering new and existing customers up to £200 free cash just in time for Christmas – here’s how you can claim.
More than four major banks have launched new schemes, allowing customers to pocket free cash.
Lloyds revealed that users who switch to their Club Lloyds account can receive a whopping £200.
Nationwide Building Society is offering customers £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
Switching bank accounts has never been easier thanks to the Current Account Switch Service (CASS).
Through the CASS, customers can pick their switch date and leave it to the banks to move any active direct debits to their new account.
Here is the full list of banks offering the best switch offers.
Lloyds
Lloyds has confirmed that customers who switch to their Club Lloyds account can receive a whopping £200.
Both new and existing customers can take advantage of the free cash offer available for those who switch between October 2 and December 10.
Those who switch to the Club Lloyds account can expect the £200 to be paid within three days.
To finalise the switch, customers can either scan the QR code available on the bank’s website or use the mobile app.
Once completed, Club Lloyds customers will be able to select from a range of perks, including a 12-month Disney+ subscription, a choice of Vue or Odeon cinema tickets, a magazine subscription, or a Coffee Club and Gourmet Society membership.
Here are the details and costs of the Lloyds’ account.
Club Lloyds
- £3 monthly fee, waived each month that you pay in £2,000 or more.
- Earn credit interest on balances up to £5,000, when you pay out two different direct debits each month.
- Choose a yearly benefit from: 12 months of Disney+, six x cinema tickets at ODEON or Vue cinemas, An annual Coffee Club and Gourmet Society membership, An annual magazine subscription.
Nationwide Building Society
Nationwide Building Society has launched a new offer of £175 to switch to its FlexDirect, FlexPlus or FlexAccount current accounts.
To get the free money, you must switch through the Current Account Switch Service (CASS).
It’s also giving account holders a £50 interest-free overdraft buffer to ease burden at what can be an expensive time.
First Direct
First Direct has confirmed that they have relaunched its popular cash switch incentive for anyone who opens a 1st Account.
Customers can receive a payment of up to £175 by using the Current Account Switch Service (CASS).
Users have to switch at least two direct debits or standing orders within 30 days of opening the account to qualify for the cash.
Switchers also need to add at least £1,000 into the account, register and log on to internet banking and use the debit card at least five times within 30 days of opening the account.
Customers who meet the criteria should expect the free bonus in their accounts by the 20th of the following month.
The bank revealed that new customers switching to their current account to first direct can expect several extra perks, including a £250 interest-free overdraft.
You won’t qualify for the switching incentive if you have previously held a First Direct product or opened an HSBC current account on or after January 1, 2018.
Customers moving across to the bank will also get access to a regular savings account paying 7% interest, one of the best deals around, as well as a 0% overdraft on the first £250.
How do I switch bank accounts?
SWITCHING bank accounts is a simple process and can usually be done through the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up – there’s a full list on CASS’ website.
Under the switching service, swapping banks should take seven working days.
You don’t have to remember to move direct debits across when moving, as this is done for you.
All you have to do is apply for the new account you want, and the new bank will tell your existing one you’re moving.
There are a few things you can do before switching though, including choosing your switch date and transferring any old bank statements to your new account.
You should get in touch with your existing bank for any old statements.
When switching current accounts, consider what other perks might come with joining a specific bank or building society.
Some banks offer 0% overdrafts up to a certain limit, and others might offer better rates on savings accounts.
And some banks offer free travel or mobile phone insurance with their current accounts – but these accounts might come with a monthly fee.
Co-operative Bank
The Co-operative Bank has announced eligible customers could receive up to £150.
The first £75 is given when a customer completes a switch to the bank.
Then, the bank is offering three monthly instalments of £25 – another £75 – to make up the £150.
Both new and existing customers can apply to switch to a current account to make themselves eligible for the payment.
Like any good offer, there are a few boxes to tick off before the big payment comes in.
Customers must apply for a Standard Current Account or Everyday Extra account.
To be eligible, customers must not have benefited from a switch incentive at The Co-operative Bank since 1 November 2022.
And to receive the first £75, customers need to follow a series of rules.
They are:
- Deposit a minimum of £1,000 into their new account (this includes balances transferred as part of the switch).
- Have 2 active Direct Debits.
- Make a minimum of 10 debit card or digital wallet transactions (pending payments will not count toward the fulfilment of this criteria).
- Register for our online and/or mobile banking service.
- Set up the debit card in a digital wallet (Apple Pay, Samsung Wallet or Google Pay).
That leaves the three £25 instalments – and there are some rules to claim them too.
Bankers need to deposit at least £1,000 into their account, have two direct debits and make a minimum of 10 debit card transactions.
Barclays
Barclays is offering £175 to new customers who switch before August 30.
The offer is only open to new customers who open a Barclays Bank Account or Premier Current Account.
To get the money, you must start a full switch by the deadline – and complete it within 30 days.
The switch must include at least two active direct debits, and you need to pay £800 into your new bank account by August 30.
If you choose to open the sole Barclays Bank Account, you’ll need to join Blue Rewards, which costs £5 a month.
In return, you get Apple TV+ and MLS Season Pass subscriptions, you can earn up to 15% cashback with participating retailers and you get up to 5% interest on your savings with a Rainy Day Saver.
The Premier Current Account is free, but has strict eligibility criteria.
To qualify, you need to either pay a gross annual income of at least £75,000 into the account, or have a total balance of at least £100,000 in savings, in Barclays UK investments, or in a mix of both.
You get access to all the same benefits as a Blue Rewards member, and can also choose to pay £12 a month to join the Avios Rewards programme.
You can read the full details and apply to switch on the Barclays website.
How to switch current accounts
Switching bank accounts can in most cases be done via the Current Account Switch Service (CASS).
Dozens of high street banks and building societies are signed up, including Barclays, First Direct, Lloyds, Monzo, Santander and TSB.
The full list of participating banks and building societies is on the CASS website.
All you have to do is apply for your desired new current account and the new bank will tell your existing one that you’re making the switch – then they will do the rest of the legwork.
Any direct debits are moved across for you, but there are a few things you can do before applying.
This includes choosing the date you switch and transferring any old bank statements to your new account.
You can get these by asking your existing bank.
Not interested in free cash?
Switching current accounts has long been an easy way to pocket free cash from banks luring in new customers.
However, these lucrative deals might not be for everyone.
But other perks including free travel insurance, interest-free overdrafts, and cashback, can also make shifting providers worthwhile.
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