An age-old heating debate has been settled, we explain how some pensioners will pay back the winter fuel payment, and we have a starter’s guide to stocks and shares ISAs. Read all this and the rest of today’s personal finance and consumer news with Money blog reporter Jess Sharp.
Thursday 23 October 2025 16:00, UK
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You can get a £100 Amazon gift card for opening a new Santander current account with a new deal.
Unlike usual bank incentives, there is no need to shut down your old account or switch to get the voucher, but you do need to open the account in a specific way. 
You can claim the reward when opening an Everyday, Edge, Edge Up or Edge Explorer account through a specific link – you can find that here, along with all the must-read terms and conditions. 
It’s important to note that all the accounts, except for the Everyday, come with a monthly fee. 
For the paid accounts, you will get extra benefits such as cashback, insurance or exclusive savings rates. 
Alastair Douglas, chief executive at finance app TotallyMoney, says: “Always remember that loyalty doesn’t pay, but picking the right bank account can. 
“Seven other banks are paying up to £200 for your current account custom, so shop around and find one that’s right for you. In addition to free money, you can also get better service, interest-free overdrafts and better savings rates.” 
By Jimmy Rice, Money blog editor
Pensioners around the country are receiving their winter fuel payment letters – but many are still confused about how it works and why and how some people have to pay it back.
(Most of the information in this guide covers England and Wales – you can find out the situation in Scotland and Northern Ireland at the bottom.)
Who gets it?
For 2025-26, it’s anyone born on or before 21 September 1959. 
If that person’s gross income exceeds £35,000, the payment will be recovered through the tax system later on (keep reading for more on this).
You need to be living in England or Wales for this year’s qualifying week, which is 15 to 21 September in 2025.
Apart from those with an income over £35,000, will anyone miss out?
These three groups are not eligible:
You can get the payment if you live in a care home but these conditions apply.
Payment is automatic
Generally, payments are automatic without the need to apply.
You do need to claim if:
How much will I get? Over-80s
If you were born before 22 September 1945:
How much will I get? Under-80s
If you were born between 22 September 1945 and 21 September 1959:
I’m on benefits
If you or your partner receive pension credit, universal credit or income-related employment and support allowance, one person will be paid the whole payment for your household – either £200 or £300, depending on their age.
This also applies if both of you are on benefits.
When will payments be made this year?
If you’re eligible, you’ll get a letter in October or November confirming how much you’ll get.
Payments will go directly into your account between November and December.
If you still haven’t received anything by January, don’t panic – contact the helpline on 0800 731 0160. Claims can be made right up until the end of March.
I earn over £35,000 – how will the money be taken back?
HMRC will reclaim the payment by adjusting your PAYE tax code for the 2026-27 tax year or by adding the payment amount to your 2025-26 self-assessment tax return.
So, if you’re self-employed you won’t actually have to pay it back until 31 January 2027.
If you’re PAYE, HMRC will take £16.67 a month from April 2026 (for a £200 payment).
We’re in a couple – only one of us earns over £35,000
Pensions minister Torsten Bell was asked this specific question in parliament.
He said: “If one has an income above £35,000, their payment will be recouped by HMRC automatically, but if the other has an income level below £35,000, they will retain the winter fuel payment. I hope that clarifies things.”
Therefore, a couple in this scenario will receive their payments as outlined earlier in this post – but the partner with an income over £35,000 will get theirs taken back.
Can I still opt out?
No, the deadline was 15 September 2025. 
If you’ve already opted out, you can change your mind any time before the end of March 2026.
What income is included?
You can check your gross income and how much they’ll take back here.
Any salary, pensions and regular savings are included.
But the following are not included in your gross income: income from ISAs, capital gains, tax-free state benefits such as pension credit or attendance allowance, and the winter fuel payment itself.
Other help available with energy bills
Northern Ireland
Eligibility rules will be the same as for England and Wales, so you might be eligible – find out here.
Scotland
There’s no winter fuel payment but you might be eligible for pension age winter heating payment.
Influencers be warned – free products aren’t always tax-free.
That’s the message from Lee Murphy, managing director of The Accountancy Partnership, as the content creator economy booms.
If you receive a free product or service with the obligation to post about it, you should be paying HMRC, he says.
“It’s considered a form of payment, just not in monetary terms,” says Murphy.
“Influencers are businesses; some people do this as their full-time role. 
“Even if the accounts start as hobbies, if you receive any type of gifted product in exchange for posting about it, then you need to treat it as income. 
“It’s better to be honest with HMRC as the fines could outweigh what the gifted products would’ve been worth.”
How to work out tax on gifted items
Is it a gift?
If the brand gives you something with absolutely no expectation of promoting it, then it’s not taxable – otherwise, there’s some important admin to do.
Find the market value
“HMRC expects influencers and content creators to declare the normal retail price of the item or service,” says Murphy.
Record and declare it properly
“Keep records of all your gifted items and experiences, similarly to how you would with any cash payments or payslips from a job. You can then add the value of taxable gifts to your income when completing your Self Assessment tax return,” Murphy says.
Deduct allowable expenses
Costs to create the content, such as editing software or transport, may be deducted as a business expense.
Murphy adds that the rise in brand partnerships has blurred the line between genuine gifting and commercial deals, but HMRC is taking notice of this.
Marks & Spencer and Morrisons are the big winners of an annual Christmas supermarket taste test, which crowns the best shopping destination for everything from turkey to pudding.
Set up by Good Food, the test had judges blind taste 185 Christmas products entered by 13 supermarkets across 17 categories.
While many categories were won by M&S, the judges also awarded prizes in coveted categories to cheaper competitors.
In the categories of best turkey crown and best smoked salmon, M&S shared the award with Sainsbury’s and Aldi.
M&S ranked first in the following six categories:
Morrisons topped three categories and seems to be this year’s go-to for mince pies.
The chain took home the awards for….
Waitrose took home the mince pie awards in the special dietary requirements categories, winning best gluten-free mince pies and best vegan mince pies.
Along with their joint wins with M&S, Aldi won the best hot canape, while Sainsbury’s came first for best biscuit tin.
For alternatives in Christmas mains and cakes, the judges recommend heading to Booths for British porchetta and forest cake this year.
Meanwhile, Tesco and Lidl won one category each, with the former ranking first on pigs in blanket and the latter winning best trifle.
Broadband, TV and mobile customers could save hundreds of pounds by switching or haggling, new research reveals.
Mobile switches were the most lucrative, followed by TV and broadband packages and broadband-only products, according to a Which? survey of 5,000 people.
Mobile
Mobile customers who switched networks and swapped a phone contract for a sim-only deal made the biggest savings of £258 a year on average. 
People who stayed with their network but haggled their way to sim-only also made significant savings of £210 a year on average. 
EE, O2 and Vodafone customers stood to make the biggest savings by switching away from their provider, saving £163, £127 and £121 respectively by switching to a different network or sim-only deal.
TV and broadband
Out-of-contract TV and broadband customers saved £169 on average by switching. 
Sky customers could save even more – £237 on average. 
TV and broadband customers who haggled with their current provider rather than switching still saved £99 on average. 
Broadband-only
The average saved by these customers was £100, rising to £160 and £155 for Sky and Virgin Media customers.
Those who haggled saved £65 per year – with Virgin Media and BT customers making even bigger annual savings of £92 and £85 respectively. 
By Sarah Taaffe-Maguire, business and economics reporter
The price of oil jumped as European and US sanctions hit Russian production.
After hitting a five-month low on Monday, the benchmark oil price rose 3.4%.
A barrel of Brent crude now costs $64.73, a high last seen nearly two weeks ago. 
Donald Trump sanctioned Russia’s two biggest oil companies, Rosneft and Lukoil, last night in the hopes of limiting cash flows to the country’s war machine and bringing Vladimir Putin to the negotiating table. 
The Danish EU presidency announced the bloc’s programme of penalties on Russia this morning. 
Associated expectations of lower oil flows can bring up the price. 
The cost of oil can affect the prices people pay in the UK, as the fossil fuel is still involved in the production of most goods. 
Sustained higher prices for a barrel of oil can typically be seen at the forecourt pumps in about 10 days. 
A common suggestion whenever winter comes around is that it’s cheaper to leave your heating on low all day than to put it on when you’re cold.
But that’s just not true for most people.
We spoke to Ryan Willdig, heating expert from Heatforce, who said he was concerned Britons don’t have the correct information to cut costs.
“There has been a lot of misinformation over the years… In reality, it’s far more efficient and cost-effective to only use the heating when required,” he said.
“Keeping the heating on all day means the boiler is working to maintain a temperature even when you don’t need it (when you’re not home). This uses quite a bit more gas over 24 hours than only heating when it’s required. 
“Modern condensing boilers are efficient at quickly heating a space – combined with a programmer or smart thermostat, they heat only when it’s needed, reducing the overall cost.”
But there are three exceptions to the above.
“Underfloor heating has a slow response time due to the thermal mass of the floor. It can take hours to heat-up and cool-down,” says Willdig.
“Heat pumps (especially air-source or ground-source) work most efficiently at lower flow temperatures over longer periods.
“And highly-insulated homes with minimal heat loss, maintaining a steady temperature may require less energy than just re-heating from a colder baseline.”
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In this week’s guide, we speak to Grace Whalley, a chartered financial planner at The Private Office, about how to get started with a stocks and shares ISA, and what you should be doing if you already have one… 
A quick introduction  
Everyone in the UK aged 18 or older is allowed to save £20,000 a year in an ISA, tax-free. 
You can use all or part of this allowance to invest your money in funds, bonds and shares in companies by using a stocks and shares ISA. 
The idea is that any returns you make are protected from income tax and capital gains tax. 
“This is particularly important now, as allowances like the dividend and capital gains tax thresholds have been reduced,” said Whalley. 
Unlike a cash ISA, which is simply a tax-free savings account, a stocks and shares ISA involves investing in financial markets, meaning the value of your money can go up and down. 
But Whalley points out that unless you sell when it’s down, it is possible to wait for a recovery. 
Who are stocks and shares ISAs suited to?
People who are comfortable taking on some risk, and have medium to long-term goals for their savings, can benefit from a stocks and shares ISA, Whalley said. 
They are particularly appropriate for people who can commit to investing for at least five years. 
This is because it allows time for markets to recover from any short-term dips. 
If you are looking for short-term gains, a stocks and shares ISA might not be the best option. 
You do not need to be an experienced investor to open an account – many providers offer simple, diversified, pre-made portfolios that can match the level of risk you would like to take. 
Thinking about opening one? Consider these things first 
Before opening a stocks and shares ISA, Whalley said you should: 
“Unlike cash savings, investments can fluctuate in value, and if you are forced to sell at the wrong time, you may get back less than you originally invested,” she said. 
“For those new to investing, this volatility can be unsettling, especially if you’re used to the stability of savings accounts. 
“That’s why building a diversified portfolio (having a mix of different assets) that aligns with your risk tolerance and investment time horizon is essential.” 
For example, long-term investors with a higher risk appetite might have more of their money in equities (shares), while more cautious or short-term investors may prefer a mix that includes bonds, absolute return funds or commodities to help protect against downside risk.
It’s also important to check if the provider you’re considering charges any fees. 
Most providers will apply a platform or service fee for managing your account. Some may also add a management charge or dealing fees each time you buy or sell assets. 
There could also be withdrawal or exit fees taken when you take your money out. 
“These fees can vary significantly between providers and can have a meaningful impact on your returns over time, so it’s important to compare costs before choosing where to invest,” Whalley added. 
Already got one? Here are 6 top tips 
1. Maintain a cash buffer
You can do this either in a cash ISA or an easy access savings account. 
“This helps ensure you’re not forced to sell investments during market downturns, which could lock in losses,” Whalley said. 
2. Review your portfolio twice a month
While it’s important to monitor your investments, checking them daily can lead to emotional decision-making. Instead, aim to review your portfolio once or twice a month to ensure it still aligns with your goals and risk profile.
“If your circumstances or objectives change, you may want to adjust your portfolio to increase or decrease the risk rather than withdraw your money entirely, effectively starting all over again,” she added. 
3. Remember your flexible option 
You also have the flexibility to transfer your ISA to another provider if you find one offering better service or lower fees and lots of providers now offer a flexible ISA facility. 
A flexible ISA allows you to re-contribute the amount you have withdrawn within the same tax year without affecting your ISA allowance, which helps with planning and budgeting. So, if you need some cash in the short term but are in a position to replace it back into the ISA within the same tax year, this flexible ISA rule is valuable.
4. Don’t withdraw and reinvest 
When looking to transfer between providers, it’s crucial to use the official ISA transfer process rather than withdrawing the money yourself. This ensures you retain the tax advantages of your ISA. 
“If you withdraw the funds and reinvest them manually, it will count as a new subscription and could exceed your annual allowance, resulting in the loss of the tax-free wrapper on any excess amount,” she warned. 
The transfer process is straightforward: you simply open a new ISA with your chosen provider, complete their transfer form, and they’ll handle the rest. You can transfer both cash and stocks and shares ISAs, and you’re free to move between types.
5.  Multi-asset managed portfolios are a great option
“These portfolios are designed to match different risk levels and offer diversification across asset classes and geographic regions, whilst offering an actively managed service,” she explained. 
6. Time in the market – not timing the market 
While it’s tempting to react to short-term fluctuations, staying invested and focused on your long-term goals is usually the best strategy.
Amazon and FedEx have been crowned the best parcel delivery firms in an annual survey by the industry watchdog. 
Both companies had a 57% customer satisfaction score, according to the Ofcom research. 
UPS and DHL ranked second with a 55% score, followed by Parcelforce with 52%. 
At the bottom of the table was Evri, with a customer satisfaction score of 31% – and a dissatisfaction score of 41%. 
Yodel came second to last with a satisfaction score of 38%.
“Customer satisfaction is our top priority and every parcel matters to us. That is why, over the past year, we’ve invested £57m in our operations and technology – all to make our parcel delivery service smoother, faster and more sustainable,” an Evri spokesperson said. 
Overall, more than two-thirds of people had experienced a delivery issue in the past six months. 
The most common issue was delayed deliveries, followed by parcels being left in an inappropriate location. 
Around 20% of people complained that the delivery driver did not knock loudly enough, or they didn’t leave enough time to answer the door.
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