:00:00. > :00:09.Now on BBC News, it's this week's Your Money with Declan Curry.
:00:10. > :00:12.Hello and welcome to Your Money, on TV, on your computer,
:00:13. > :00:17.It's your weekly guide to making the most of your cash.
:00:18. > :00:22.Nearly half`a`million people didn't renew their tax credits on time.
:00:23. > :00:23.They're at risk of losing their payments.
:00:24. > :00:27.If it's you, we'll tell you what to do next.
:00:28. > :00:31.Enjoying your golden years in the golden sunshine.
:00:32. > :00:39.How to make sure the sums add up if you want to retire abroad.
:00:40. > :00:42.And Barclays dumps over a million savers into an account
:00:43. > :00:46.We'll see if you can get a better deal for your money.
:00:47. > :00:47.Many working parents and low`paid workers without
:00:48. > :00:53.Those claims have to be renewed every year.
:00:54. > :00:56.The deadline for many to renew those claims was the end of July,
:00:57. > :01:06.We now know that over 450,000 people missed that deadline.
:01:07. > :01:08.What happens if you are one of them?
:01:09. > :01:14.He's managing director of the benefits advice website IncomeMAX.
:01:15. > :01:22.Welcome to the programme. If you're one of those 450,000 people, what
:01:23. > :01:28.happens next? At the moment, HMRC are saying that if you think you're
:01:29. > :01:32.eligible for tax credits, you can still renew that and you need to
:01:33. > :01:38.contact the tax credit helpline. If you do not renew, your payments.
:01:39. > :01:44.Full. The payments. Quickly. It's art eWorld right to those that have
:01:45. > :01:49.not renewed. After that, they will stop your payments. You could have
:01:50. > :01:53.have received in this tax year. The have received in this tax year. The
:01:54. > :01:58.key thing that I took away from that is that it is not too late? You can
:01:59. > :02:04.still send the information that they need. Definitely. You need to
:02:05. > :02:09.contact HMRC and the tax credit helpline. We will give the details
:02:10. > :02:14.for the helpline and the website in a moment. What sort of information
:02:15. > :02:19.are they looking for when you renewed acclaim? Tax credits are
:02:20. > :02:23.based on your taxable income. You need to supply details of your
:02:24. > :02:28.taxable income, which can include your wages if you are working. The
:02:29. > :02:34.tax credit claim is also based on how many children you have got, if
:02:35. > :02:38.you are disabled worker, for example, information on disability
:02:39. > :02:45.benefits. If you get the information pack, do not put it to one side. You
:02:46. > :02:49.need to do something about it. You have mentioned the registration
:02:50. > :02:53.pack. Is it possible that some people did not renew because they
:02:54. > :02:57.did not get the information pack? Yes, if you have not received
:02:58. > :03:02.information and you think that you should be renewing your tax credits,
:03:03. > :03:07.contact the helpline as soon as possible. For lots of low`paid
:03:08. > :03:14.workers and working parents, these payments are essential in making
:03:15. > :03:18.sure there is enough money. If the payments are starved, is there any
:03:19. > :03:23.help you can get to make ends meet? Is there any form of emergency loan
:03:24. > :03:31.or credit that you can get? Help is very limited. Emergency welfare help
:03:32. > :03:35.is delivered by local authorities. Effectively it is not a long`term
:03:36. > :03:40.solution for not claiming your tax credits. If you're eligible for tax
:03:41. > :03:43.credits, you should claim them. It is essential money.
:03:44. > :03:47.So if you missed the deadline and you need to renew your claim
:03:48. > :03:50.for tax credits, you can ring the tax credits helpline
:03:51. > :04:01.on 0345 300 3900 or go on the Internet to gov.uk/renewtaxcredits.
:04:02. > :04:05.HSBC, the bank, says some customers will get money back after it made
:04:06. > :04:10.We don't yet know which customers will get cash back
:04:11. > :04:14.But the total payout is going to be over ?200 million.
:04:15. > :04:18.The chumps at the bank didn't tell customers
:04:19. > :04:21.how they could make extra payments to pay their loans back early.
:04:22. > :04:23.The law says banks have to tell us that.
:04:24. > :04:26.Many more parents have been fined for taking their kids out of school.
:04:27. > :04:30.BBC research shows the number of parents in England who were
:04:31. > :04:32.fined because their children were absent from class jumped
:04:33. > :04:37.The main reason, the new ban on taking children out
:04:38. > :04:45.You might soon have to get your letters and birthday cards
:04:46. > :04:49.in the post box before 9am, if you want them to be collected that day.
:04:50. > :04:51.The Royal Mail is changing collection times for less`used
:04:52. > :04:55.It says that even with the change you'll never be more than
:04:56. > :04:59.half a mile away from a box with a later collection.
:05:00. > :05:07.We've been telling you that the cost of mortgage deals where
:05:08. > :05:10.the interest is fixed has started to rise as the markets anticipate
:05:11. > :05:12.a rise in the Bank of England's core interest rate.
:05:13. > :05:17.Deals where the rate is fixed for two years or fixed for five
:05:18. > :05:20.years are going up but according to the website Moneyfacts, deals where
:05:21. > :05:24.the interest rate is fixed for three years are getting cheaper.
:05:25. > :05:30.The average three`year fix now costs 3.79%, down from 3.83% in January,
:05:31. > :05:32.while the average two`year fix has risen
:05:33. > :05:50.And the average five`year fixed rates have risen to 4.21% from
:05:51. > :05:53.Millions of us dream of retiring abroad, enjoying our golden years
:05:54. > :05:58.Speaking of the mathematically challenged, here's Ramzan Karmali.
:05:59. > :06:04.The lifestyle is different? It is laid back. This pensioner lives
:06:05. > :06:10.alone in Peterborough. She has no other family in the UK. She longs to
:06:11. > :06:14.spend Di Resta for retirement in Australia, so she can be close to
:06:15. > :06:20.her son and grandchild. What for her, this dream may never be a
:06:21. > :06:25.reality. The age I am, I am coming to the age where I might need help.
:06:26. > :06:30.I have no one here who would be able to help me with the latter years of
:06:31. > :06:35.my life. I have a son over there, but I cannot go over there because
:06:36. > :06:40.my pension would be frozen. She currently receives the British state
:06:41. > :06:45.person for a single person, ?113 each week. It is likely to go up if
:06:46. > :06:51.she stays in the UK, but if she went to Australia, it would be frozen,
:06:52. > :06:56.even if the cost of living went up. If you choose, for example, to
:06:57. > :06:59.retire in the US or the country within the European Union, your
:07:00. > :07:04.state pension is likely to rise each year, although there are other
:07:05. > :07:09.important factors to consider. Currency and health insurance are
:07:10. > :07:15.big issues to consider. You need to move money overseas and it is a cost
:07:16. > :07:20.in doing that. The money you get can vary month to month. Also, we have a
:07:21. > :07:22.free health care system in the UK, but not necessarily everywhere
:07:23. > :07:28.overseas. You need to work out if you need to purchase insurance.
:07:29. > :07:33.According to a recent survey, 6 million of us are looking to retire
:07:34. > :07:36.abroad, with Spain the most popular destination. If things do not work
:07:37. > :07:41.out the way you hope for and you want to come back, it is not always
:07:42. > :07:46.straightforward. There are arrangements that you need to be
:07:47. > :07:50.prepared about. If you're returning to the UK because your lifetime
:07:51. > :07:54.partner has died or something like that, your health is bad, you will
:07:55. > :07:58.want to have a greater amount of certainty that you will find the
:07:59. > :08:05.services you want when you take up your new residence. Living abroad
:08:06. > :08:08.may be a dream for many pensioners, but in reality, there are a number
:08:09. > :08:09.of issues that need to be straightened out before you commit
:08:10. > :08:14.to a new life in the sun. Barclays Bank is switching more than
:08:15. > :08:17.a million of its customers into Barclays is closing 11 of
:08:18. > :08:22.its existing ISA savings accounts. These accounts allow customers to
:08:23. > :08:25.save cash and not pay tax All the customers are being moved to
:08:26. > :08:29.a new account, but for most, over 1.5 million, they'll end up
:08:30. > :08:31.with a smaller rate of interest Only 740,000 will be
:08:32. > :08:37.on the same or better rate. The bank says it's just
:08:38. > :08:53.simplifying its range of accounts. Welcome once again. There is nothing
:08:54. > :08:59.new about buying switching us to lower rates of interest. The do it
:09:00. > :09:03.all the time? They do, but they have to tell people in advance. At the
:09:04. > :09:09.end of the day, with high Street accounts, postal accounts, loyalty
:09:10. > :09:14.does not pay. You need to keep an eye on it. Use introductory bonuses
:09:15. > :09:19.to your best advantage. Give notice on higher paid accounts that allow
:09:20. > :09:25.you to say, in 90 days, I want to take my money out. If the rate
:09:26. > :09:29.falls, look for something better. It is at the point of almost being
:09:30. > :09:33.excessive, you need to watch this like a whole? You say they have to
:09:34. > :09:37.tell you about it, but there are traitors to send your letter that is
:09:38. > :09:41.so complicated that you missed the point of it. There are rules and
:09:42. > :09:47.regulations and banks have to comply with them. Most of us want to seek a
:09:48. > :09:55.good interest rate and not located too often. The waiters, marketing,
:09:56. > :09:58.managing accounts, we have to look at it, but at least we have more
:09:59. > :10:03.resources. We can keep up`to`date with those roads. It should be
:10:04. > :10:08.relatively simple to move from one account to another. There are
:10:09. > :10:14.specific points of detail. If you're trying to move your money from a
:10:15. > :10:17.ISA, it is not the same as a regular bank account. You should not just
:10:18. > :10:23.withdraw the money, you do not take the cash from the branch, you need
:10:24. > :10:28.to transferred it. Yes, a ISA has a limit because it is a tax benefit.
:10:29. > :10:32.You are limited how much you can save each year. If you take the
:10:33. > :10:35.money out, you have used the allowance for another year. You tell
:10:36. > :10:39.the institution you want to the institution you want to
:10:40. > :10:42.transferrin go to your new bank and building society and fill in their
:10:43. > :10:51.forms. They will organise the transfer. They will arrange that for
:10:52. > :10:54.you? Yes, and there are rules as to how quickly that is supposed to
:10:55. > :11:01.happen, but they will arrange the transfer for you. In terms of the
:11:02. > :11:03.interest, even with the tax break, they have been struggling to keep up
:11:04. > :11:11.with rising prices, going back several years. Are they even worth
:11:12. > :11:16.putting your money into at all? The way I look at it, no matter what it
:11:17. > :11:23.is, do the sums and work out the tax is, do the sums and work out the tax
:11:24. > :11:27.rate, if you are paying tax at 20%, take off the tax and see if you are
:11:28. > :11:30.better off, but if you are paying the higher rate, and the ice of rate
:11:31. > :11:45.is not normally going to be a good idea. ISA Forced `` ISA. It is all
:11:46. > :11:47.about how much money you are getting at the end of the day. Thanks for
:11:48. > :11:49.joining us. That's all from Your Money
:11:50. > :11:51.for this week. Keep up to date all week long on
:11:52. > :11:55.Your Money pages on the BBC website. On social media,
:11:56. > :11:56.we've got updates on Twitter. The United States has carried out
:11:57. > :12:20.a second air drop of food and water for thousands of Yazidi
:12:21. > :12:24.people in northern Iraq,