Money: latest news
12 December 2024
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Use Co-op rewards cash before December 31
If you belong to Co-op’s loyalty scheme, you have until Tuesday 31 December to use any cash rewards you’ve built up before they expire for good. The scheme no longer pays cash rewards which could be spent on purchases at the supermarket, and instead members now qualify for lower prices on certain goods, as well as offers based on your shopping habits. You can check whether you have anything to spend when you next shop in the Co-op, as it should show on your receipt, or you can log on to the app or your online Co-op account if you have one.
Home insurance premiums continue to rise
Home insurance premiums have increased by 21% year-on-year from July to September, according to comparison website Compare The Market. The average home insurance premium climbed from £187 in the third quarter of 2023 to £227 during the same period in 2024. This makes it more important than ever to shop around at renewal so that you can find the best possible deal.
Home insurance renewal premiums have a habit of increasing every year, even if you haven’t made a claim. Compare home insurance quotes from more than 50 UK providers.
Are you sitting on an extra £43k cash?
Homeowners age over 50 could be underestimating the value of their homes by over £43k, analysis by SunLife shows. Homeowners over 50 have lived in their homes an average of 22 years, and estimate that they have increased in value by 124% over this time to £334,106. However, if their homes have increased in line with the national average, their value today would be £377,166– a much greater increase of 153%, meaning some over 50s may have more equity than they think. If you’re considering unlocking some of the equity from your home, you can find out more in our article Equity release – what is it and how does it work?
Virgin Trains Ticketing launches money-saving ticket app
Virgin Trains Ticketing has launched a new app function which it claims can provide rail customers with fare options up to 78% cheaper than those previously available. The app enables customers to book indirect journeys on a single transaction across Great Britain, giving rail passengers with more flexible schedules, who are willing to travel for longer, the option to choose a cheaper, indirect route. The changes should see some customers save more than £90 one-way on some journeys. Learn more at Virgin Trains Ticketing.
TV licence fee to increase to £174.50
The television licence fee will increase by £5 next April, to £74.50 a year, but there are some circumstances in which you may be able to get a licence for free or at a discount. For example, if you or someone in your household is aged 75 or over and receives Pension Credit, you should be entitled to a free TV licence. Learn more about Pension Credit and how to claim in our article Pension Credit explained. You may not need a TV licence at all if you only use streaming services, or catch-up services other than BBC iPlayer. Find out more in our guide Do I need a TV licence?
Will your State Pension be paid early this month?
Thousands of pensioners will receive their State Pensions earlier than usual this month due to the Christmas bank holidays. If you’re expecting to receive your State Pension on Wednesday, December 25, or Thursday, December 26, it will arrive on Tuesday, December 24 instead. Similarly, if you’re due to get your State Pension on New Year’s Day on January 1, you’ll receive it on December 31 instead. You can learn more about how the State Pension works in our article The State Pension explained.
Important information
Please note that we do not provide financial advice. You should always do your own research before choosing any financial product so that you can be certain it is right for you. If in doubt, please seek professional financial advice.
Whilst we endeavour to provide accurate information, deals and prices can change, so although they may be correct at the time of writing, providers may subsequently decide to alter them. We accept no liability for how you choose to use the information given on our site and in our emails, nor can we be held responsible for any content on websites that we link to. Trust and transparency is important to us. If a link has * by it, it means that we may receive a commission or payment from the site being linked to.
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