Good news for savers from Martin Lewis
Tax-free savings, 50% off kids’ toys, free ice cream, free Ascot tickets and 20% off Ted Baker. These are our Money Saving Expert Martin Lewis’ Deals of the Week.
Remember, deals can change quickly, even while I’m on the programme. So always double-check the terms and conditions before spending. Plus, while I hope these deals will save you cash, don’t spend if you can’t afford it, don’t need it, or won’t use it.
All savings interest is now paid tax-free
The new tax year started yesterday, and with it came the launch of the new personal savings allowance (PSA). This means that all savings interest will now automatically be paid gross (without tax taken off). Before, unless you were saving in an ISA, when you earned interest the taxman took a bite – so for every £100 interest earned as a basic-rate taxpayer you only actually got £80 (higher rate got £60). But now you’ll get to keep all of it.
The amount of PSA you get depends on what level of tax you pay: all basic 20% rate taxpayers can earn £1,000 interest a year tax-free, and higher 40% rate can earn £500 tax-free (top 45% rate taxpayers don’t get a PSA). If you earn interest over your PSA limit, you’ll only pay tax on the amount over the limit, at your income-tax rate.
So, the PSA totally changes where you should save. For most it’s now about “what pays the higher rate” rather than the tax situation. For full guidance and best buys on this see Martin’s ‘New top places to save with the PSA’ guide.
Bizarrely, a number of current accounts now pay the highest interest rates on savings, to get you to switch to them. The top ones are Santander’s 123account paying 3% on between £3,000 and £20,000 (with a £5/mth fee but that is often covered, as the account also pays cashback on bills) and Club Lloyds, paying 4% between £4,000 and £5,000. Others pay up to 5% interest, though on smaller amounts.
And it means for all but those with bigger savings, cash ISAs are no longer the first port of call.
50% off kids’ toys
As summer is approaching, there are a host of outdoor-toy sales available that can cut your costs if you’re planning to spend…
Up to 50% off Argos outdoor toys. Go in store or online to Argos by 11.59pm next Tuesday (12 April) and you can get up to 50% off some outdoor toys,including scooters, trampolines, slides, swing sets, paddling pools and playhouses. Here are a few things that are in the sale: Chad Valley six-in-one sports bundle for £14.99 (was £29.99), a Disney Frozen ride-on toy for £19.99 (was £39.99), and a six-foot trampoline with enclosure for £69.99 (was £99.99). Delivery’s £3.95 for most items, or you can order online and collect from your nearest Argos.
Up to 50% off Tesco Direct kids’ bikes. Go online to Tesco Direct and you can get up to 50% off selected kids’ bikes and other outdoor toys until next Wednesday (13 April). There are 18 different kids’ bikes available in the sale, including a Peppa Pig bike with stabilisers for £50 down from £85, a DisneyFrozen bike with stabilisers for £30 down from £60, and Star Wars bikes for £75 down from £150. As it’s a sale, stock is likely to be limited – if you have your eye on something, you might have to go wheel-y quick.
50% off Toys R Us outdoor toys. Go online or in store to Toys R Us and you can get 50% off selected outdoor toys – including an Avigo folding scooter for £12.49, down from £24.99; an eight-foot pool for £29.99, down from £59.99; and a Meadow Cottage playhouse for £49.99, down from £99.99. There’s no end date to the sale but once stock is gone, it’s gone. Delivery’s £4.95 if you shop online, or you can collect from a store for free (find your nearest).
Martin’s quickies:
Free Ben & Jerry’s ice cream. Next Tuesday (12 April) it’s Ben and Jerry’s annual ‘free cone day’. Just turn up at any participating scoop shop (including some cinemas) between midday and 8pm and mention ‘free cone day’ to get a free scoop. Plus, there are no rules preventing you re-queuing for more.
Free Ascot Racecourse tickets. Go to the Ascot website to get a ‘free’ £14-£25 grandstand admission ticket (not Royal Ascot unfortunately), valid on Wednesday 27 April only. You can book up to four free tickets and each adult can take up to four children aged under 18 for free, too. As of Tuesday there were 5,000 tickets available, and once they’re gone, they’re gone. You’ll be emailed the tickets and you’ll need to print them before you go.
Rare Ted Baker 20% off FLASH code: Enter the code TEDSTREAT online at Ted Baker by 11.59pm tomorrow (Friday 8 April) and you’ll get 20% off full-priced items only. Standard delivery’s free or you can collect from a store for free. You can also get 20% off in any standalone Ted Baker store (so not concessions), where the discount should be automatically applied at the till (you won’t need the code).