Is Martin Lewis really any good ?

[Fastpedaller]

Regular Saving accounts. Its not really a trap, as someone else pointed out its down to people not understanding the mechanics of how the account works.

I don't disagree, however, to someone who isn't 'savvy' the headline interest rate easily misleads them.

 

[Fastpedaller]

The frustrating thing for me is that he's providing an education that should be on the national curriculum; how religious education is considered to be more important to pupils than basic financial literacy is beyond me.

(No longer) His website is a decent resource and the fora are entertaining in a mildly hilarious way (50% well meaning 50% inadvertently running interference).

For a slightly deeper dive on the personal finance stuff, I enjoy Pete Matthews of Meaningful Money. Always guidance, never advice.

Not the same Pete Matthews the wheelbuilder from years ago?

 

[wakemalcolm]

Not the same Pete Matthews the wheelbuilder from years ago?

It never comes up during his podcasts, so I'm guessing no.

 

[wiggydiggy]

I don't disagree, however, to someone who isn't 'savvy' the headline interest rate easily misleads them.

I never underestimate the idiocy of people.

 

[Ming the Merciless]

"Martin Lewis says knobheads must do this one thing before the 6th of April"

You do know that is not him. It is some scam artist trading on his name.

 

[Pat "5mph"]

I'm quite money savvy, because I don't have a lot haha.
Sometimes quite useful info comes up in his newsletter, info that I would not have been aware of.
Example: a while back Santander was offering a £100 Ama*on voucher if you open one of their no fee accounts then use it so many times within 2 months.
That's money for doing nothing, imo, so I opened the account.
When I get the voucher - should be within the next couple of weeks - I'll push the trigger on my basket.

 

[Pat "5mph"]

Imo, when someone gives you advice, if you have half a brain you tailor said advice to your needs and preferences.
I would not put my life savings in an obscure financial institution just because Martin says they offer 1% more interest than my building society, nor did I take on the cheaper energy rates (money saving energy club) he negotiated from British Gas.
I don't like British Gas as a company.
However, if one does not have half a brain, they'll be fine following Martin's tips, as long as they do like he says, like paying off your 0% CC in full when the time comes etc.

 

[gbb]

Some good points made here I think - ultimately I think he's just trying to push basic financial literacy in people whose lack of understanding has been exploited by the unscrupulous for decades.

On top of that he does have to make a living, and depressingly those who are most likely to respond to crappy click-bait titles are probably precisely those who would benefit most from a bit of financial education.

It's depressing to see how little many know about managing money - understanding basics like APR for example or recognising the significance of total cost of a debt product over its term rather than just how much the monthly payments are. This is potentially detrimental to us all; for example in the case of housing as those prepared to take out ridiculous amounts of debt will drive up the cost of properties for the rest of us (as has happened over the past two decades to an extent).

That said I suspect those of us with more nouse do also unintentionally benefit from the exploitation of these people - for example those of us who always shop around for services (such as insurance) probably get it cheaper than we would otherwise because of those who pay double or triple what they could if they recognised the need to be proactive when their contract ends.

Sadly, your last paragraph is very true...

 

[Katana]

I've never found anything useful from him - he seems to get by on finding 0% credit cards - and I've often found better deals elsewhere.

Today I read an article saying older people should consider a packaged bank account because of the free travel insurance - completely overlooking the fact that a good whack of people will have pre existing conditions making the packaged insurance unsuitable.

Either his target audience know absolutely zero about money or he's just rehashing the same advice over and over.

TBF he does come across some useful information now and then but not everything which comes out of his gob is gold dust. As far the packaged accounts you are right in saying that there are lot of exclusions which will not benefit elderly and or people with pre existing health conditions.

 

[Katana]

TBH, a packaged bank account saves me a fortune. AA being included, as well as travel and phone insurance. The monthly fee is way below what AA Relay was for the same service. You may have to pay a premium to cover health conditions, but that's the norm.

Certainly a money saver for me and I didn't need Martin to tell me.

Yes they are good if you make use of the benefits to the max…very much like a gym membership worth it if you make the most of it😃

 

[Bonefish Blues]

His most recent article was recommending a packaged bank account as a good move for older people. He made no mention that you may need to top this up if you have pre existing conditions - I mean you might not be covered if you take medication for HBP. I think it's borderline neglect not to at least mention this.

Indeed many years ago travel insurance was free with a basic nationwide account. However they wouldn't allow top ups for pre existing conditions - even for a higher premium.

His latest email addresses that:

These accounts can be one of the cheapest ways to get insurance - especially for those with a family at home who all have mobile phones. Plus for those with pre-existing health conditions, while you may be charged more, many MoneySavers have told us this was the cheapest way they found to get travel cover.

 

[kingrollo]

13mths' FREE travel + mobile + breakdown cover, free Lidl doughnut,

I take it all back !!!!