Question 1

How much tax will I pay on £25,000?

Accepted Answer

On £25,000 you pay £2,486 income tax and £994 National Insurance a year in 2026/27, leaving £1,793 a month take-home.

Question 2

Is my tax code right?

Accepted Answer

1257L is the most common tax code: it gives you £12,570 tax-free a year. If yours is different, there’s usually a reason — but it’s worth checking.

Question 3

How much is the National Living Wage in 2026?

Accepted Answer

From 1 April 2026 the National Living Wage is £12.71 an hour for people aged 21 and over. It’s £10.85 for 18–20-year-olds and £8.00 for under-18s and apprentices.

Question 4

Can I claim tax back for washing my work uniform?

Accepted Answer

Yes, if you wash, repair or replace a uniform yourself. Most jobs get a flat £60 a year expense, which is £12 back a year for a basic-rate taxpayer — and you can claim for up to four previous tax years.

Question 5

Do I get a council tax discount if I live alone?

Accepted Answer

Yes. If you’re the only adult (18+) living in your home, you get 25% off your council tax.

Question 6

Do I pay tax on savings interest?

Accepted Answer

Most people don’t. The Personal Savings Allowance lets basic-rate taxpayers earn £1,000 of interest a year tax-free (£500 for higher-rate). Interest inside an ISA is always tax-free.

Question 7

What is a good savings rate right now?

Accepted Answer

Anything above inflation (3.5% CPI) is growing your money in real terms. The top easy-access rate we found was 4.56% on 9 November 2026; the big high street banks paid 0.75%–2%.

Question 8

Are online banks like Monzo and Starling safe?

Accepted Answer

Yes — online banks with a UK banking licence get exactly the same FSCS protection as high street banks: up to £120,000 per person, per licence.

Question 9

Is my money protected if my bank goes bust?

Accepted Answer

Yes, up to £120,000 per person, per banking licence, through the Financial Services Compensation Scheme (FSCS). The limit rose from £85,000 on 1 December 2025.

Question 10

Which banks pay you to switch right now?

Accepted Answer

As of November 2026, Barclays (up to £300), Santander (£240), HSBC (£220), NatWest, RBS and Lloyds (£200), and Nationwide and First Direct (£175) pay switching bonuses.

Question 11

When does my student loan get written off?

Accepted Answer

It depends on your plan. Plan 2 is written off 30 years after the April you were first due to repay. Plan 5 is written off after 40 years. Plan 1 is usually written off at 65 or after 25 years, depending on when you took it out.

Question 12

How much will I repay on my student loan each month?

Accepted Answer

You repay 9% of what you earn above your plan’s threshold. On £30,000, that’s about £38 a month on Plan 5 and £5 on Plan 2.

Question 13

Does checking my credit score lower it?

Accepted Answer

No. Checking your own credit file is a “soft search” that lenders can’t see, so it never affects your score.

Question 14

Does buy now, pay later affect my credit score?

Accepted Answer

It can. Missed BNPL payments can bring fees and can be reported to credit reference agencies. Since 15 July 2026, BNPL is regulated by the FCA, with affordability checks before you borrow.

Question 15

What’s the difference between AER and APR?

Accepted Answer

AER is what you earn on savings. APR is what you pay to borrow. Both are yearly rates that include compounding (and, for APR, fees) so you can compare like with like.

Question 16

How much should I have in an emergency fund?

Accepted Answer

A common rule of thumb is three months of essential costs — rent, bills, food and travel. If that feels huge, the first £500–£1,000 covers most surprises.

Question 17

How does a Lifetime ISA work for a first home?

Accepted Answer

You can open a LISA aged 18–39 and pay in up to £4,000 a year. The government adds 25% — up to £1,000 a year. It can go towards a first home costing up to £450,000.

Question 18

What is the energy price cap right now?

Accepted Answer

From 1 October to 31 December 2026, the price cap is £1,723 a year for a typical household paying by direct debit — up 4%. Electricity is capped at 26.32p per kWh with a 54.83p daily standing charge.

Question 19

How much does an air fryer cost to run?

Accepted Answer

A 1,500W air fryer running for 20 minutes costs about 13p at the current price cap. A 2,500W oven for 35 minutes, including preheat, costs about 38p.

Question 20

What is the average rent in the UK?

Accepted Answer

The average UK private rent was £1,406 a month in the 12 months to September 2026, up 3.8% on the year. In England it was £1,466.

Question 21

How much is Child Benefit in 2026?

Accepted Answer

For 2026/27, Child Benefit is £27.05 a week for your eldest or only child and £17.90 a week for each other child.

Question 22

How much is maternity pay in 2026?

Accepted Answer

Statutory Maternity Pay is 90% of your average weekly earnings for the first 6 weeks, then £194.32 a week (or 90% if that’s lower) for the next 33 weeks.

Question 23

What’s the difference between a direct debit and a standing order?

Accepted Answer

With a direct debit, the company takes the money and the amount can change; you’re protected by the Direct Debit Guarantee. With a standing order, you send a fixed amount and only you can change it.

Question 24

How do I check when my phone contract ends?

Accepted Answer

Text INFO to 85075. It’s free, and you’ll get your contract end date and any early exit fee back by text.

Money questions, answered

Pay and tax