As energy prices continue to rise, many of us are exploring ways to cut costs while staying comfortable. 

One increasingly popular solution is the smart thermostat. But what exactly is a smart thermostat and can it really save you money? In this article I’ll try to answer these questions and discuss my own experiences with one.

What is a smart thermostat?

A smart thermostat is an internet-connected device that allows you to control your home’s heating (and sometimes cooling) remotely via a smartphone app, tablet or computer. 

They may use advanced technology such as machine learning, motion sensors and geolocation to optimize your heating schedule, based on your habits and preferences.

Unlike traditional thermostats, which require manual adjustment or rely on fixed schedules, smart thermostats can automatically learn your routines and adjust your heating to ensure comfort and energy efficiency.

Smart thermostats work with most boilers – including gas, heating oil and electric boilers – but not all. As long as your system can be controlled by a standard thermostat or programmer, however, you should be fine.

Benefits of a smart thermostat

Energy savings – Smart thermostats can significantly reduce energy wastage by heating your home only when needed. For example, they can lower the temperature when you’re out and preheat the house before you return. 

Remote control – Forgot to turn off the heating before leaving the house? No problem. With a smart thermostat, you can adjust settings from anywhere using your smartphone.

Insights and reports – Most smart thermostats provide detailed energy usage reports, helping you understand your consumption patterns and identify opportunities to save money.

Smart integrations – Most models integrate with voice assistants like Amazon Alexa, Google Assistant, or Apple HomeKit, allowing for hands-free adjustments.

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Top smart thermostat brands

Here are the three most popular smart thermostat brands available in the UK, along with their pros and cons.

1. Nest Thermostat (Google)

Pros

• sleek design and intuitive interface
• learns your habits and automatically creates a heating schedule
• works seamlessly with Google Home and integrates with other smart devices
• energy-saving features like ‘Eco Mode’ when you’re away

Cons

• higher up-front cost compared to some competitors
• limited compatibility with certain heating systems

2. Hive Active Heating (British Gas)

Pros

• easy to use and install
• works with a wide range of heating systems
• excellent app interface with multiple scheduling options
• offers add-ons like smart radiator valves and light bulbs for a complete smart home experience

Cons

• lacks advanced learning features compared to Nest
• some additional features require a monthly subscription

3. Tado Smart Thermostat

Pros

• strong focus on energy efficiency with geofencing and open-window detection
• offers granular control with smart radiator valves
• provides detailed energy-saving reports
• compatible with almost all UK heating systems

Cons

• subscription required for premium features like geofencing
• simpler design might not appeal to those looking for a high-tech aesthetic

My experience

I got a Hive smart thermostat for my gas central heating in October 2024. I chose this based on the advice of my regular heating engineer, Dave. He has a Hive himself and recommended it for its simplicity and ease of operation. 

I paid Dave to supply and fit the device, for which he charged around £300. If you’re a keen DIY’er it’s perfectly possible to install a smart thermostat yourself, maybe with the aid of an online guide and/or YouTube video. Personally I was happy to leave the manual parts of the job to Dave, though I assisted with the electronic and online aspects.

With a Hive (and I assume other smart thermostats) you basically get three components. There is a hub you have to connect to your router using a cable; the thermostat itself, which I have on the wall of my living room (though you can detach it and move it from room to room if you like); and the main control unit, which is where my old controller used to be in the kitchen. You’ll also want to download the relevant app, so you can control the heating using your phone.

Set up was pretty straightforward. The only delay was when connecting the app. For some reason this took a few tries (Dave told me this was common in his experience), but we got there eventually.

I set up a weekly schedule for my heating and hot water, and after that basically let the thermostat do its thing. I’ve found the insights page on the app really helpful for seeing temperature changes in the house throughout the day and when the heating has cut in and out. This works far more efficiently than my old manual thermostat ever did, and is undoubtedly saving me money by only heating the house to the temperature I require. 

One small issue I experienced was that initially I kept getting a message on the app that the internet connection was weak. After a bit of research I discovered this was being caused by the fact I’d left the Hive hub too close to my router. Once I moved it a couple of feet to the window sill, the problem vanished and never returned.

Hints and tips for making the most of your smart thermostat

Here are some tips on maximizing the energy-saving potential of your smart thermostat.

1. Let it learn your routine

If your smart thermostat has a learning feature (like the Nest), give it a week or two to adapt to your schedule. Avoid making constant manual adjustments, as this can interfere with its ability to learn.

2. Use geofencing features

Many smart thermostats, such as Tado, use geofencing to adjust the heating when no-one is home. Ensure this feature is activated and that your phone’s location services are enabled for the app.

3. Set realistic temperatures

Aim for a comfortable yet energy-efficient temperature, typically around 18-21°C. Lower the temperature slightly at night or when you’re away to save more.

4. Take advantage of zones

If your system supports zoning (e.g. Hive with smart radiator valves), heat only the rooms you use regularly. For instance, keep bedrooms cooler during the day and focus heat in living areas.

5. Schedule around your lifestyle

Use scheduling tools to preheat your home only when necessary. For example, program the heating to turn on 30 minutes before you wake up or arrive home.

6. Use insights to adjust habits

Review the energy usage reports provided by your thermostat’s app to identify patterns of wastage. Adjust your settings accordingly to reduce unnecessary heating.

7. Integrate with smart home devices

Pair your thermostat with voice assistants like Alexa or Google Assistant for convenient control. You can also integrate it with other smart home devices, such as lights or sensors, for automated routines.

8. Utilise holiday modes

Going away? Use the vacation or holiday mode to keep your home at a low but frost-protecting temperature while minimizing energy use.

9. Check compatibility with your boiler

Ensure your boiler and heating system are compatible with your chosen thermostat. This will avoid efficiency issues and ensure full functionality. Personally I have a traditional heating system with a separate hot water tank, but others will have a more modern combi boiler. It’s essential to purchase the right smart thermostat for your system (Hive have two different versions for traditional and combi systems, for example).

10. Stay updated

Keep your thermostat’s firmware up to date. Manufacturers often release updates to improve efficiency, fix bugs or add new features.

Bonus tip: combine with other energy-saving measures

Combine your smart thermostat with energy-efficient practices, such as proper insulation, draught-proofing and using energy-saving curtains, for even greater savings. 

In addition, try turning down your thermostat by one degree. According to the Energy Saving Trust, this can save you up to £145 annually on your heating bills. 

Closing thoughts

So can a smart thermostat save you money? My short answer is yes – though how much will depend on your usage habits and the size of your household. 

By reducing energy wastage, offering precise temperature control, and providing actionable insights, it is estimated that a smart thermostat can lower your energy bills by 10-20% annually. This can translate to savings of £100-£200 a year.

While the initial investment for a smart thermostat may seem steep (ranging from £100 to £300, plus installation), for most people the long-term savings should outweigh this. Additionally, some energy providers offer discounts or schemes to help with purchase.

A smart thermostat isn’t just about saving money, though. It’s also about convenience, comfort and doing your bit for the environment by reducing your energy consumption. 

Whether you opt for Nest, Hive or Tado, investing in a smart thermostat should set you on the path to a more energy-efficient and comfortable home.

As always, if you have any comments or questions about this article, please do leave them below. 

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

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As you will doubtless know, the government and energy companies have been promoting heat pumps hard as a means of achieving their Net Zero emissions targets. 

But, as I have noted before on Mouthy Money, while they have their attractions, heat pumps do have significant drawbacks as well, especially for older/smaller properties. They are far from being a one-size-fits-all solution. 

So today I thought I’d take a closer look at an alternative to heat pumps that may be a better choice for some. Electric boilers receive far less publicity than heat pumps; indeed, you may not even have heard of them. But if you’re looking to switch to a heating system that runs on electricity rather than fossil fuels, they do have several advantages.

So what’s the difference?

Both heat pumps and electric boilers use electricity, but apart from that there are major differences between them.

Heat pumps extract heat from external sources like the air, ground or water. They amplify this using an electrically-powered refrigerant cycle, before distributing it within the home to supply heating and hot water. 

Electric boilers are simpler (and therefore generally cheaper) devices. They heat up water directly using electricity. This is then circulated through pipes and radiators to heat the home and supply hot water. Unlike heat pumps, you won’t generally have to fit new pipework and radiators as well.

Pros and cons

Heat pump pros

Energy efficiency – Heat pumps are highly efficient, often achieving efficiency rates of 300-400%. This means they can produce three to four units of heat for every unit of electricity consumed. This efficiency is significantly higher than that of traditional heating systems.

Reduced carbon emissions – By using renewable energy sources, such as air, ground, or water, heat pumps contribute to lower carbon emissions. This may make them a greener choice.

Versatility – Most modern heat pumps can provide both heating and cooling, offering a year-round solution for temperature control. This dual functionality can be particularly beneficial in the variable UK climate.

Government incentives – The UK Government offers financial incentives such as the Renewable Heat Incentive (RHI) to encourage the adoption of heat pumps. These can help offset the initial costs.

Heat pump cons

High initial costs – Even with government grants and incentives, installing a heat pump system can be expensive, with costs ranging from £8,000 to £15,000 or more, depending on the type and complexity.

Installation challenges – Installing a heat pump may require significant modifications to your property, such as extensive groundworks for ground-source heat pumps or adequate outdoor space for air-source units. Also, heat pumps typically operate at lower temperatures than gas or oil central heating, so you may need to install bigger radiators and pipework. Extra home insulation may also be required. Naturally all this costs money and may entail significant disruption.

Performance in cold weather – While modern heat pumps are designed to work in cooler climates, their efficiency is reduced. Performance can be badly impacted during extreme cold spells, potentially necessitating a backup heating system.

Maintenance requirements – Heat pumps require regular maintenance to ensure optimal performance, adding to the long-term costs. 

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Electric boiler pros

Lower up-front costs – Electric boilers are generally less expensive to purchase and install compared to heat pumps. Installation costs typically range from £1,500 to £2,500.

Ease of Installation – Installation of electric boilers is straightforward. It can often be done in a day as it doesn’t require significant modifications to the property. They can easily replace existing gas or oil boilers.

Space efficiency – Electric boilers are compact and do not require external components, making them ideal for smaller properties with limited inside and/or outside space.

Cheap to maintain – As with other types of boiler (and heat pumps) an annual service is usually recommended. Due to the small number of moving parts, however, the price may be lower. Modern electric boilers are generally very reliable, reducing the cost of repairs and maintenance over the lifetime of the boiler (typically 15-25 years).

Quiet operation – Electric boilers run almost silently, without the noise often associated with heat pumps. This can be an important consideration in noise-sensitive environments.

Electric boiler cons

Higher running costs – Electric boilers are less efficient than heat pumps, with efficiency rates around 99-100%. Despite being efficient, the cost of electricity in the UK is relatively high, which can result in higher running costs. 

• Of course, you can use electricity from renewables such as solar panels and wind turbines (ideally in conjunction with home storage batteries) to help keep running costs down.

Less environmental benefit – While electric boilers produce no on-site emissions, the environmental impact depends on the source of the electricity. If the grid relies heavily on fossil fuels, the overall carbon footprint may be higher compared with more efficient heat pumps (though of course heat pumps draw electricity from the grid as well).

No cooling capability – Unlike heat pumps, electric boilers cannot provide cooling, which may be a drawback for those looking for a year-round temperature-control solution.

How to choose

As you can see, heat pumps and electric boilers both have their attractions and drawbacks, and choosing between them may not be straightforward. Beside the considerations already mentioned, a further factor to bear in mind is your lifestyle.

Electric boilers produce heat and hot water relatively quickly, making them a good choice if you are out and about a lot but want rapid warmth and hot water when you get home. Heat pumps are slower to warm up and may be better suited to those who are around more in the day and want to keep their home at a fairly constant temperature.

Choosing between a heat pump and an electric boiler depends on various factors, including your initial budget, property size and type, long-term cost considerations, and (as mentioned above) your lifestyle.

A note of caution

I do just want to sound a note of caution here about putting all your home heating eggs in one metaphorical basket, especially that of electricity.

As the UK transitions from fossil fuels towards electricity, power cuts are likely to become more frequent and longer, with London and the South-East especially vulnerable. This was recently acknowledged by the National Grid [source].

The growing use of heat pumps and EVs will add to the demand for electricity from a distribution network already struggling to cope. And renewable energy sources such as solar and wind, while they might be more environmentally friendly, produce less electricity when the sun doesn’t shine or the wind doesn’t blow. 

If you’re entirely reliant on electricity for your home heating, this could make you vulnerable in the event of blackouts (especially relevant if there are older people in the house). In my view there is much to be said for having a backup heating source not dependent on electricity to keep your home warm if the mains electricity fails. Of course, this applies equally with regard to heat pumps and electric boilers. 

• I wrote about a wide range of alternative home heating options in this recent Mouthy Money article. A home battery system, as discussed in this recent article, can also reduce your vulnerability in case of power cuts.

Closing thoughts

Summing up, heat pumps can be a good choice for home heating, especially in new-build homes which have been designed around them with good insulation. The added benefit of cooling is also worth bearing in mind. However, the high up-front costs and potential installation complexities should be carefully considered.

Electric boilers offer a more straightforward, cost-effective solution with lower initial costs, making them suitable for properties with space constraints inside and/or out. Though in the longer term their potentially higher running costs might be a concern.

Ultimately, the decision should align with your needs, financial situation and long-term plans and goals. A professional heating engineer can provide tailored advice to help you make the best choice for your home. 

Hopefully by this means you can find a heating solution that will suit your budget, your lifestyle, your priorities, and your property size and character.

As always, if you have any comments about this article, please do share them below.

Nick Daws writes for Pounds and Sense, a UK personal finance blog aimed especially (though not exclusively) at over-fifties.

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Our energy bills may have been reduced a little since last winter. However, they are still higher than is comfortable for many of us. In this post, I want to discuss frugal ways to keep warm this winter and save energy.

One quick note about turning your heating off altogether. I aim to put the heating on at least once a day when it is really cold, even if it is only for an hour.

This is because we barely used the heating one winter to save money and got a lot of condensation and mould as a result. It is not recommended, especially as mould spores can cause coughs and aggravate respiratory conditions like asthma.

Of course, you can pay for loft insulation, new doors and windows, or a super-efficient boiler to keep your home warm and toasty if you can afford it. However, here, I will focus on things you can do that won’t cost much.

Learn how to programme your heating system

It may sound obvious, but many people find the controls of their heating and hot water systems baffling.

Get the manual out and learn how to programme your heating to come on when you really need it. Having the heating blasting at 5 a.m. when you don’t get out of bed until seven is fairly pointless.

Think about how much hot water you use and when while you are at it. It is wasteful to heat it for two hours in the evening if you always shower first thing, for example. 

Line your curtains

Consider investing in thermal liners for your curtains. A lot of warm air is lost through draughty windows, so liners can really make a difference. 

You can save money by hanging two sets at the same window if you have spare curtains. You can often find curtains very cheaply in charity shops, too. 

Stick bubble wrap to windows

This is a simple and effective way to stop warm air from escaping. Just cut the bubble wrap to size, spray the glass with water and position the plastic.

Snuggle under a blanket

Keep a pile of blankets or sleeping bags in the sitting room. A plug-in heated throw is a worthwhile investment if you can afford one.

Plug the draughts

Fit draught excluder tape around doors and windows, and plug any other draughty areas, such as floorboards. Rugs are good for this if you can pick them up cheaply.

Hanging heavy curtains at your front and back doors can greatly reduce draughts.

Reflective foil

Radiator foil reflects heat away from cold walls back into the room. It is relatively inexpensive to purchase and easy to fit.

Energy-efficient cooking

Dust off your slow cooker and make plenty of warming soups and stews. These cost very little to run.

Another good investment is an air fryer. Make sure you buy one large enough for your household’s needs.

Batch cook if you have time and freeze into portions to save energy on cooking. This is also a great time saver!

Make a flask for a good supply of hot drinks throughout the day without the need to continually boil the kettle. When you put the kettle on, only boil the water you will use.

Layer up

Wearing many thin layers traps the warm air next to your skin to keep you toastie warm. And don’t forget hands and – especially – feet. Wear cosy socks and slippers – if you have cold feet, it’s hard to warm up.

Take light exercise

Get up and move as much as possible – it will warm you up. Some gentle exercise or a bit of light housework really gets the circulation going.

Invest in a hot water bottle

They may be old-fashioned, but a hot water bottle is still an effective way to keep warm. Take it to bed with you, place it under your feet or have it on your lap while watching TV.

Keeping warm at night

Swap cold cotton bedding for flannel sheets if possible. These are remarkably warm! A heated blanket can take the chill off when you first get it to bed, but make sure it’s on a timer so you don’t leave it on all night. Keep extra throws or blankets handy, too.

Wear fleecy pyjamas and warm socks to bed. You can even consider a woolly hat!

A DIY candle heater

Make a small heater with candles and ceramic flower pots. This is only effective in a small, well-insulated room, and there are obvious fire hazards in burning candles indoors. Nevertheless, if you fancy trying it, this article has more information. 

Do you have any tips for frugal ways to keep warm this winter? 

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As you probably know, the Government is pushing the heat pump hard as a method for reducing pollution and carbon emissions and achieving its Net Zero target. But what are heat pumps, and what do they cost to install and run? 

In this article I will aim to answer these questions, and assess whether these products make sense from a financial perspective.

What is a heat pump?

Heat pumps are devices that extract heat from the outside and use it to power heating and hot water. There are two main types, air source and ground source. The main difference between them is that air source heat pumps get heat from the air, while ground source heat pumps get it from the ground. 

Air source heat pumps are easier to install than ground source because they don’t require any groundwork. They can be installed on a wall or on the ground outside your home. They are also cheaper than ground source heat pumps. They are less efficient, however, because they rely on the temperature of the air outside. When it’s cold outside – which of course is when you need the heat most – their efficiency is reduced.

Ground source heat pumps are more expensive than air source because they require more groundwork. They are more efficient, however, as they rely on the temperature of the ground, which is more consistent than the temperature of the air outside. 

Ground source heat pumps can be installed in two ways, horizontally or vertically. Horizontal installations require more outside space so won’t be suitable for everyone. But they are cheaper than vertical installations, which involve drilling 90-160 metres down into your garden using specialized (expensive) equipment.

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What does a heat pump cost to install?

According to heat pump specialists Ecoexperts, an air source heat pump can cost between £7,000 and £14,000 to purchase and install, while a horizontal ground source heat pump can cost between £15,000 and £35,000.

If you need a vertical installation ground source heat pump – maybe because there isn’t room in your garden for a horizontal one – the average cost (again according to Ecoexperts) is an eye-watering £49,000.

Until 2025, homeowners who opt to install a heat pump can apply for a grant of up to £5,000 as part of the Government’s Boiler Upgrade Scheme (increasing to £7,500 from 23rd October 2023). This obviously reduces the cost significantly.

It’s not all good news, though. Even after the grant is deducted, a heat pump is still likely to be more expensive to buy and install than a new gas boiler. The price of the latter is typically from £1,000 to £3,000 (though currently the government plans to ban the sale of new gas boilers from 2035).

There will likely be additional costs too, which may be substantial. For starters, because standard heat pumps can only heat water to a maximum of 65C compared with the 75C of a traditional gas central heating system [source] many houses will need extra insulation to stay warm enough.

This will of course save you money in the longer term, but can still cost thousands of pounds. For older properties especially, insulating for energy efficiency can also sometimes cause damp and condensation problems. [source]

In addition, you are likely to need bigger radiators in some or all rooms. This can cost up to £3,000 plus the price of installation. Alternatively you may be advised to install underfloor heating (which again is costly, not to mention the disruption it will cause). In addition, if you don’t currently have a hot water cylinder, you will probably need to get one. The same applies if your current hot water cylinder isn’t heat pump compatible.

All of this means that buying and installing a heat pump is likely to be expensive. So how long will it take for the savings to kick in? Let’s look at this in more detail…

What do they cost to run?

Although heat pumps use heat naturally present in the air or in the ground, they still  require electricity to operate. They certainly aren’t free to use, therefore.

How much heat pumps cost to run is a somewhat controversial question. Some suppliers, regrettably, have been known to exaggerate the potential savings on offer. 

The figures quoted vary considerably, but Ecoexperts (mentioned earlier) say that for a three-bedroom household the running costs for a heat pump (ground source or air source) will typically come to around £1,200 per year. By contrast, they say the running costs for a traditional gas boiler will be around £900, or £300 cheaper.

So in the short term, savings are unlikely. In the longer term, though, the cost of electricity is likely to fall relative to gas – if not naturally, then through taxes and subsidies. Even so, it will likely be decades rather than years before you see any overall saving.

On their website Ecoexperts say that “an air source heat pump will now typically save you £1,442 more than a gas boiler over 20 years.“ Despite the precise-sounding figure that is clearly a vague estimate, as nobody can know how costs will change over twenty years.

Other considerations

Although in this article I am primarily focusing on financial aspects, there are other considerations that may affect your decision whether to get one. Here are some of them…

• Heat pumps make some noise in operation. According to heatable a typical air source heat pump will generate between 40 and 60 decibels on average. That is similar to a dishwasher or microwave. The noise level rises when the heat pump is working harder, as is likely to be the case in winter.

• Heat pumps are less efficient in cold weather. That means they may work better in the south of England, which is typically a degree or two warmer. By contrast, they may struggle to heat some homes in Scotland. Recently Lord Haughey, the owner of a major heat pump supplier, said there were parts of Scotland where it was simply too cold for them to work. [source].

• British Gas recently said they will refuse to install heat pumps in millions of homes where they won’t make them warm enough and will recommend other low-carbon heating options instead. [source]

• If you live in a listed building and/or conservation area, you may require planning permission to install a heat pump, and councils may be reluctant to grant this. This recent article from the Daily Mail describes one woman’s experience with this problem (among others).

• Heat pumps have to be serviced by a professional every two or three years to ensure everything is working at peak efficiency. This will cost around £150, roughly similar to a gas boiler. As for how long they last, estimates vary but around 15 years seems to be the consensus. That obviously compares favourably with the typical ten years of a gas boiler. But as this is new (and evolving) technology, nobody can really be sure.

• While heat pumps are being promoted as an eco-friendly solution to the climate crisis, it’s important to bear in mind that they require electricity to operate. So really, heat pumps are only as eco-friendly as the electricity generators. While an increasing proportion of our energy in the UK comes from renewables and nuclear power, over 40% still comes from fossil fuels [source].

My thoughts

So far as the question in the title is concerned, the clear answer is that in the short to medium term heat pumps almost certainly won’t save you money, especially when you take the installation costs into account. In the longer term (and we’re talking decades here) they might, but without a crystal ball nobody can say for sure.

It does seem to me that heat pumps will be most cost-effective (and work best) in new-build homes designed around them, with plenty of insulation. Retrofitting older properties is of course possible but likely to require considerable extra outlay on insulation, underfloor heating, bigger radiators, hot water cylinders, and so on. And all that is assuming you can get planning permission, of course!

I really, truly don’t want to sound too negative about heat pumps. The likelihood is that in the coming years prices will fall and the technology (which is still very new) will improve. Of course, against that the current grants of up to £7,500 are scheduled to be phased out by 2025. 

Personally, though, I have no inclination to install a heat pump in my 40-year-old home at present. I will continue to monitor the situation, but plan to keep my faithful Worcester Bosch boiler for a few years yet. I will also follow with interest the possible alternative of low-carbon hydrogen, which would involve much less up-front outlay and upheaval. The Hello Hydrogen website has more information about this.

So that’s my view anyway. But what do you think? Will you get a heat pump, and why or why not? And if you already have one, would you recommend it to others? Please post any comments below!

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The Government is set to offer homeowners thousands of pounds in grants to help pay for the installation of green heating alternatives.

Under the terms of the new Clean Heat Grant, households will be offered up to £4,000 to upgrade their heating systems to heat pumps or other more eco-friendly alternatives.

But Prime Minister Boris Johnson wants to hike the grant to £7,000 to help households make their heating green for less, according to The Times.

Currently, installing a new green boiler such as a heat pump or biomass boiler can cost up to £12,000 – a prohibitive cost for most households.

But the grant should reduce the net costs, while general installation costs are set to come down in the next two years as they become more commonplace.

Information on the government’s Clean Heat Grant is still skant however, with criteria and overall financail help yet to be officially announced.

Wages surge but furlough end in sight

Wages are growing at their fastest rate on record, according to new data from the Office for National Statistics (ONS).

The data shows wages grew 8.8% year-on-year in the three months to the end of June — the fastest rate since records began 20 years ago.

However, the statistical agency warned that the numbers are not truly reflective of rising wage levels as several factors, including the pandemic, have distorted the data.

Vacancies for new jobs are also at record levels with over one million vacant jobs on offer. The positive news comes with a caveat, however, as the furlough scheme continues to wind down.

Some 1.9 million employees are still furloughed despite the total lifting of Covid restrictions all around the UK. With the scheme set to close at the end of September, some fresh unemployment is likely on the cards.

Nationwide offers £125 to current account switchers

Nationwide is offering £125 to existing customers who switch their current to the building society.

To qualify for the £125, switchers much as hold another Nationwide product, such as a credit card or mortgage.

However, new customers who switch their current account to Nationwide will receive a £100 reward.

Currently HSBC offers the best switching offer at £140, but it requires switchers to deposit at least £1,750 a month into the current account.

WATCH: Mouthy Money co-editor Edmund Greave catches up with James Maz on talkRADIO on all the above stories:

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