Martin Lewis appeared on Good Morning Britain today, where he shared his money saving tips of the week. Speaking to the show’s host Susanna Reid, the Money Saving Expert revealed his secrets on the best ways to spend money abroad, the top mobile switcher deals, new top LISA deals for first time buyers, as well as ways to beat Virgin Media’s price hike and secure a great Burger King Whopper deal. “Remember, tips 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,’ he first warned viewers before proceeding.
Martin spoke about LISAs, better known as lifetime ISAs. They were first launched in 2017, and they’re what he refers to as a “no-brainer for anyone saving for their first property”.
Speaking of the new 1.4 percent LISA, he explained: “For every £1 you put in the state adds a massive 25 percent bonus (so 25p per £1) to your mortgage deposit savings, up to £32,000.
“Yet since its launch, only a few providers actually released LISA products – with the top payer from Newcastle BS at 1.1 percent AER.
“Yet now app-based MoneyBox (powered by OakNorth Bank) has launched a new top cash ISA, paying 1.4 per cent AER variable.”
However, he was keen to remind viewers they must first meet the criteria for securing the LISA deal and a Help to Buy ISA could be the best alternative.
“Remember though, there’s a set criteria for who qualifies for a LISA and who it is best for – it’s cousin the Help to Buy ISA may be better for some – so do your reading online to check if it’s for you first. If you already have a LISA then you can transfer it across (ask the new provider to do that, don’t withdraw the money,” he said.
Martin also revealed how to beat the Virgin media price hike. From Monday 1 July, Virgin media customers started receiving letters informing them of a price hike to their subscriptions by up to £54/year from September or October. It hasn’t released a full list of price changes, but most customers will see rises of between £2.50-£4.50/month.
Martin warned viewers of ways to get around the price increase, and said: “If affected, you can leave your contract without paying any early termination charges. You’ll need to contact Virgin Media within 30 days of receiving your notification of the price increase.”
He added: “But there’s no point leaving in a huff if your current deal is still the cheapest out there – so check rival providers’ first before ditching. And if it’s not cheapest or you just want to stay, this is a great time to haggle the cost down.
“In a poll done a few months ago on my site 75 percent of Virgin customers who tried to haggle got a discount – so you may as well try it.”
Finally, Martin advised on mobile text-to-switch mobile deals, as this week it was revealed that mobile owners can now send a text message to change their phone provider.
From now on, instead of calling, customers can text ‘PAC’ for free to 65075 on any network and they’ll be sent a ‘porting authorisation code’ (PAC) immediately via text, which they will give to the new provider to move the number across.
So what are the best deals?
Martin talked viewers through the new change, and said: “Now if you’re out of your minimum contract period, you can’t be charged the rest of your notice period after switching (they did charge for up to 30 days).
“But really this should be a call to anyone who’s paying more than £10/month for their mobile phone, to ditch and switch. If you are paying more, you need to ask yourself why – and if there’s no good reason, for example, you’re paying off a handset, or using lots of excessive data, then ditch and switch. “
He added: “You can currently get a decent 8GB, unlimited mins & texts for £9/mth from Three, or for less data, for £6/mth you can get 2GB, 1,000 mins & unlimited texts from Virgin Mobile (uses EE’s network). If you have a specific network you want to switch to, then you’re still locked in, there are only four UK networks, all other firms do what’s called ‘piggybacking’ off their signal – so you can search for which ‘piggybacking’ network to use to find your options.”
Martin previously spoke about the end of bank charges and how customers can reclaim any changes.
The Money Saving Expert appeared on ITV’s This Morning, where he shared his tips on how to get money back.