Tag Archives: $100

‘Check eligibility’ DWP urges Britons to see if they can get over £100 off energy bill

PENSIONERS have been urged by the Department for Work and Pensions to check their eligibility for Pension Credit, which could lead them to other key benefits such as the Warm Home Discount. Successful applicants could receive £140 off their electricity bill during the winter months, helping to reduce the costs of heating their home during the coldest time of the year.

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Energy price rise warning: Cap to go up by more than £100

Britons should brace for a hard winter as energy prices look set to surge after a hike in wholesale gas prices, experts say. Energy analysts warn that regulator Ofgem may be forced to increase the energy cap by more than £100, pushing up bills for millions, many of whom are already struggling financially after the pandemic. The energy cap was designed to keep a lid on prices but this would mark the second big increase this year. 

In April, Ofgem lifted the price cap by £96 to £1,138 for 11 million default tariff customers, taking it back to pre-pandemic levels. Four million households on pre-payment meters saw the cap jump £87 to £1,156.

The next change is expected to be announced on August 7 and will come into force on October 1.

Dr Craig Lowrey, senior consultant at energy analysts Cornwall Insight, said rising wholesale energy and commodity prices are set to increase the cap by at least another £100.

He said: “That will push up this winter’s default tariff price cap to around £1,250 per year for a typical dual fuel direct debit customer.”

Wholesale energy prices collapsed during last year’s global lockdowns, but demand has now rebounded as the economy reopens.

Producers face higher costs as they invest in clean energy, while the cold winter across Europe and low levels of gas in storage facilities has also driven up gas prices.

Older people are likely to be hit hardest because they are less likely to switch energy supplier, with four in 10 aged 55 and over refusing to switch because they like their provider, according to a study by green energy supplier Pure Planet. 

Simon Francis, co-ordinator of the End Fuel Poverty Coalition, said more than four million people are already behind on their household bills.

He said: “The increase will be disastrous. The choice between heating or eating will become even starker.”

He said living in cold damp homes has health risks, and called on the Government to provide emergency financial support.

Higher energy costs will also hit small businesses as they battle to recover from repeated lockdowns, said Martin McTague, national vice chair of the Federation of Small Businesses.

And Will Owen of comparison site Uswitch.com, said a higher price cap in October will be bad timing – arriving as demand rises: “With many still working from home, usage remains high. The rising price cap may trap households on default tariffs into a vicious cycle of debt.”

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Halifax will soon be offering customers free £100 cash payment – are you eligible?

The offer means Halifax customers who open a new Ultimate Reward Current Account from July 7 may be able to get a £100 payment. Switchers will need to open the new account through the Current Account Switch Service, and switch from a bank account held with another provider.

Martin Turner, Head of Personal Current Accounts, Halifax, said: “We’re excited to be re-introducing our £100 switching offer, this time for new customers of our Ultimate Reward Current Account.

“The account offers fantastic benefits and rewards – including insurance cover, lifestyle benefits, cashback and more.

“The Current Account Switching Service makes it really easy to join us, transferring direct debits, standing orders and salary commitments, to your new account within seven days.”

New Ultimate Reward account holders will also benefit from a six-month fee free overdraft.

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The switching process takes seven days, and Halifax said customers will receive their £100 within that time.

To qualify for the £100 offer, a new Ultimate Reward Current Account must be opened, and the customer must switch from a bank account held with another bank via the Current Account Switch Service.

A new Ultimate Reward Current Account must be applied for – a person cannot change their existing Halifax Current Account or Reward Current Account to an Ultimate Reward Current Account.

This must be opened between July 7 and August 3, and the switch service must be started by August 3, 2021.

Furthermore, a person won’t be eligible if, since April 2020, they’ve received a switching offer for switching to a Reward Current Account or Ultimate Reward Current Account.

People switching to a joint account, where one of the parties to the join account has already received a switching incentive since April 2020, also won’t qualify.

Furthermore, a person won’t qualify if the bank they’re switching from doesn’t participate in the Current Account Switch Service.

Only one offer is available per customer, and joint accounts will only be eligible for one payment.

Author: Jess Sheldon
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Altcoin day trading madness: 100% rebound in hours for Polygon, Maker

The volatility of the cryptocurrency space was on full display again on Monday as several altcoins experienced gigantic price rebounds following the market crash of the past week or so.

Two altcoins, in particular, doubled in value in just over 12 hours leading into Monday morning as Polygon (MATIC) and Maker (MKR) recorded over 100% growth amid a strong market bounce.

Polygon had climbed from a valuation of $ 0.75 late on Sunday afternoon to a peak of $ 1.51 by early Monday morning — marking 101% gains in less than a day.

The rapid rebound comes shortly after Polygon suffered 72% losses in less than a week as it fell from a valuation of $ 2.68 to $ 0.74 since Tuesday.

A similar pattern was observed in the governance token of the MakerDAO protocol, Maker, on Monday. The coin price had risen from $ 1,835 on Sunday to $ 3,694 by Monday morning, equating to a 101% increase.

Like Polygon, Maker’s miraculous pump follows a 71% decline since the coin hit an all-time high in early May, and a 63% decline in the past week alone.

The intensity of the rebounds experienced by coins on the day appeared to be tied to the severity of their recent market crashes. As such, the altcoin market proved to be the ripest venue for day traders on Monday, many of whom could feasibly have doubled their money between supper and breakfast.

Bitcoin (BTC) and Ether (ETH) were subject to less dramatic rebounds, with the foremost cryptocurrencies gaining 17% and 32%, respectively. Both coins experienced less volatility throughout the duration of the recent market pump, and their subsequent losses proved to be less severe, with BTC and ETH losing 51% and 60%, respectively, since their recent all-time highs.

Many traders rejoice in such volatility, yet the harsh fact remains that day trading is a full-time job, and according to some estimates, as little as 1% of day traders actually turn a profit.