ITV’s Martin Lewis shares quick trick to get £150 instantly – and save thousands long term too – Yorkshire Live

by MoneySaverExpert

Money Expert Martin Lewis has revealed how to earn a quick £150 in his latest news you can use section of his popular Money Saving Show.

Savvy money savers across England are able to claim a cool £150 simply by switching bank accounts and claiming instant cash back.

In tonight’s show, Martin revealed that by switching to a rewards account such as First Direct, RBS rewards or Natwest, new customers can earn the cash sum without having to lose any of their hard earned cash in the process – beyond a modest monthly fee of just a couple of quid.

For more of the latest from Martin Lewis and his financial advice, click here.

He said you could switch your bank account and take the £150 cash, then move it again later if necessary.

Alongside the money saving tip, he also broke down the upcoming changes to the student loan scheme in the Thursday edition of the show.

In tonight’s programme, he revealed that the government’s decision to freeze the student loan repayment threshold could end up costing loan recipients more money in the long run.

“It sounds like a good thing, but as you’ll hear in a moment, for most – it isn’t,” began Martin at the opening of the segment.

“The freeze impacts people on plan 2 and plan 3 loans. Now plan 2 is anyone from England and Wales who started university in or after 2012, including current students. Plan 3 are postgraduate students in England and Wales, although to be honest they’ve been frozen for a long time so it’s a bit less relevant.”

So what does this mean?

Do nothing is still the answer says Martin Lewis
Do nothing is still the answer says Martin Lewis

“Everyone on Plan 2 loans who repays will repay more this year – and here’s why. The current threshold is you pay 9% of everything you earn above £27,295 a year. We were set to see an increase in April rise in line with average earnings by 4.6%, which means you’d then pay 9% of everything you earn above £28,550”

But the government froze the loan threshold instead, freezing the threshold for repayment at £27295 a year.

“Now this is a bit like tax,” explained Martin. “When you pay tax, the higher the threshold – the better for you. So look here, you were not due to pay 9% on this amount, but because it’s been frozen you will now pay 9% on this gap here – which is £1,255 that you would not have otherwise paid if they hadn’t frozen the threshold.

So thanks to the threshold freeze, student loan recipients will now be shelling out over an extra grand a year for the privilege of paying back their loans, with high earners being the best off in the long run, as they can pay off their loans the quickest.

In an accompanying graphic alongside his explanation, Martin also revealed the following:

Unlike normal loans, repaying quicker costs MOST more.

  • 74% of Uni leavers won’t fully repay before loan wipes (after 30 years)
  • For them, it’s like a 30 year tax so the freeze actually means you pay more money in the long run.
  • IFS says mid-earners will pay around £2000 more in total as a result.

Yet it costs less for those who earn enough to fully repay

  • Here repaying quicker means less interest, so the total repaid overall is less.

According to Martin, this means that the highest earners gain, low to mid earners lose, and the lowest earners will see no change in their repayments.

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