Boots to start 70% off sale
Hidden energy price hikes on 1 April, avoid probate fees hike, 5p/litre off fuel, and finally Boots up to 70% off sale. 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.
No joke, the energy price cap is to rise by £100 on 1 April – still on your provider’s standard tariff? Switch!
If you've not switched tariff in the last year, it's very likely you're paying over the odds on your energy firm's expensive standard tariff. And while you may think 'isn't there a price cap on standard tariffs, which protects me?' Yes, there is, it launched on 1 January, but it isn’t the best, and it's about to get worse, so you need to act now to protect yourself.
First a bit on the price cap… It isn’t actually a cap on prices, it’s a cap on the rate. And your cap depends on your usage. Use more and your cap will be higher. Use less, and it's lower. The first price cap rate only lasts from 1 January to 31 March after which it changes. That's because the cap is reviewed by regulator Ofgem - which sets it based on a published formula about wholesale prices (what energy firms pay) over a 6 month period, the latest of which ends at the end of Jan (today).
As that period is now pretty much over, I've worked with an energy analyst's data and can now fairly accurately predict the cap will rise by about 10% in April. So for someone with typical use it'll rise from £1,137/yr to an estimated £1,240/yr. And as all the big six prices are within a quid or two of the cap, if you’re on a standard tariff, your energy cost will almost certainly jump with it.
So do an energy comparison now using Martin’s Cheap Energy Club or any Ofgem-approved site and find your cheapest tariff and switch to it now. The current cheapest 1yr fix tariff with a good track record is around £990/year – so around £220 cheaper. But as your cheapest depends on your location and usage do a comparison now to find your exact cheapest tariff – and do understand the saving will be larger than the price you’re shown as it is based on the current price not the one from April.
Recently had a loved one die and need to apply for probate? Do it now before fees rise by up to almost £6,000
When someone dies and leaves property, money, and possessions – collectively known as their estate – the person looking after the estate needs to administer out who gets what.
- If there is a will: The person appointed an ‘executor’ will need to get a 'grant of probate'.
- If no will was left: The next of kin must apply for what is known as a 'grant of letters of administration'.
Then the executor of the will or next of kin will need to get a 'grant of representation', which proves their authority to administer the estate. The process of applying to the court for the grant and the document used to manage the estate is often generically referred to as 'probate' – and incurs probate fees.
Currently, the probate fee for estates over £5,000 is a flat £215 (or £155 if you apply through a solicitor). Yet from April in England and Wales only (Scotland and Northern Ireland have different probate fees) this plans to change - yet there’s no exact date yet and it still needs to be approved by House of Common, so could be delayed.
Yet if it does go ahead in April as planned, the new fees crucially are charged based on WHEN you apply for probate (not on when the estate holder died), so some should start applying for it now to save thousands in added fees. Here are the changes in brief…
Estates worth less than £50,000 will pay nothing. There's no change for estates worth less than £5,000, but estates worth between £5,000 and £50,000 will save £215 compared to the current system. So, in theory, you may be better off waiting until April. However, you'll need to get the grant of probate before you can settle the estate and share out assets, so some may want to apply sooner to speed up the process. Estates worth more than £50,000 will see an increase in fees of between £35 and £5,785 – depending on how much your estate is worth…
- Estates worth from £50,000 up to £300,000 will pay £250, a rise of £35.- Estates worth from £300,000 up to £500,000 will pay £750, a rise of £535.- Estates worth from £500,000 up to £1 million will pay £2,500, a rise of £2,285.- Estates worth from £1 million up to £1.6 million will pay £4,000, a rise of £3,785.- Estates worth from £1.6 million up to £2 million will pay £5,000, a rise of £4,785.- Estates worth more than £2 million will pay £6,000, a rise of £5,785. So if you’ve been putting off applying for it (understandably) it may be worth doing before April to avoid thousands extra in fees.
Martin’s Quickies:
FINALLY! Boots up to 70% off sale A couple of weeks ago I predicted, based on lots of signs, Boots would be boosting its up to 50% off sale to up to 70% off in stores and online – but it didn’t happen. And today I have good news. Boots have finally confirmed the sale will be starting this Friday (1 February) in stores only, not online. Generally the sale will be on its leftover Christmas stock – mainly beauty gift sets – for example here are some likely discounts based on what’s already in the 50% off sale - Soap & Glory 'Glitz & Make Up' for £15 (currently £25 in 'up to 50% off sale'. Norm £60) and Jack Wills men's mug & socks gift set for £3.75 (currently £6.30 in 'up to 50% off sale'. Norm £12.50).
5p/litre off fuel at Tesco: Spend £50 or more at any Tesco (in-store or on online groceries) and you'll get a voucher for 5p/litre off fuel to use at a Tesco forecourt (max purchase 100 litres), until Sunday 10 February. If you spend in store, your voucher will be valid for 14 days, if you spend online, you'll get the voucher when your shopping is delivered and it’s valid until Sunday 24 February. Tesco says it’s only one fuel voucher per customer. Find full terms on the Tesco website.