To cap or not to cap?

The wholesale cost of gas and electricity could drop by 15-20% this winter because of fears of a worldwide recession. Sadly, this doesn't mean energy prices will drop, but it impacts on whether you should cap your tariff.

It was initially predicted that prices would rise by 20% in January, but energy price hikes are now more likely to be 0-10%. At present, the cheapest capped tariffs are 15% more expensive than the cheapest non-capped. So if you cap now, it’s likely, based on current predictions, you’d pay more in the short term. Capping is still good for surety, though while there’s no guarantee what will happen to prices, it looks like it’s not a good idea to cap at the moment.

Anyone who capped a few months ago when the cheap deals were abundant is already saving money as prices have since risen, so don’t worry. What’s vital is that everyone compares their tariff now to make sure they are paying the lowest price possible, and switches if necessary.

External Link: Read Martin’s Cheap Gas and Electricity guide to find out how to compare and switch.

New top 0% balance transfer credit card

Virgin Money has increased the length you can transfer balances to it without paying any interest from 15 months to 16 months, which makes it by far the longest deal we’ve seen in a long time. It comes with a 2.98% fee of the amount you transfer. However, existing Virgin or MBNA cardholders do not qualify for the new deal. Yet if you can repay quickly the Abbey Zero card offers 0% for six months with no fee.

External Link: Read Martin’s Best Balance Transfer guide for all the top deals.

BANK CHARGES UPDATE: Court lift for claimants

Bank charge victims have been handed some good news in their battle to reclaim unfair charges. A judge ruled last week that past bank charges must comply with fairness rules. In April, the courts also ruled that current bank charges must also comply with fairness rules. It’s a step in the right direction but, crucially, the courts now have to decide if both current and previous charges are unfair. That means there’s still some work to do before you can get your charges back. 

External link: Keep up-to-speed on the latest news in Martin’s Bank Charges guide.

Grab your money-off food vouchers

The Independent ’s got a voucher to get you a free baguette and drink at Upper Crust outlets at mainline train stations and Gatwick Airport. The paper costs £1 but as a baguette typically costs up to £3.50, and the drink is usually around £1.60, there are big savings to be made. There's also a new click ‘n print ASK Pizza 2for1 voucher. Plus, don’t miss your last chance Pizza Express 2for1 voucher – that deal ends on Sunday night.

External Link: Find out how to grab those vouchers, plus loads more food deals in Martin’s Restaurant Voucher guide.