British Gas have a new idea!

[Kathyan]

I have just received a survey from British Gass asking me to comment on a new 'idea' for people who receive the winter fuel allowance. Basically, they say give us the money and we'll give you a £5 bonus in February or £20 off the cost of a boiler repair! In other words 'we'll put your money in our bank which will earn us interest and give you £5 for the privilege!'

[Kathyan]

Sorry don't know where that extra s came from.

[another-view]

What bank would offer that sort of interest rate? Seems reasonable to me.

[R1Geezer]

That's a deal better than any savings account.

[anotheoldgit]

Now let me get this right, the winter fuel allowance can be between £125 and £400?

So you give British Gas £125 plus, and they put it into their bank to earn them interest and they will give you £5 in return?

Am I missing something?

[squarebear]

Yes they give you the fuel allowance back as well as an extra £5.
I assume it's to stop people spending it on other things rather than their fuel bills?

[hundreddolla]

If it was the low figure of £125 at 3% you'd get back about £3.75 which would be kind of worth it but the high end of £400, 3% would give you £12 over the year and clearly a con.

[squarebear]

But this is for only 3 months, not a year from what I read.

[R1Geezer]

yes but remember that al;l the tike the money is being spent on fuel.