Hype Check

Money myths, checked

Things people say about money, tested against the actual data. True, false, or “it depends”.

TL;DRMost money myths are half-true at best. The real answer usually depends on the numbers — so we show them.

They say

“Checking your credit score lowers it.”

False

Checking your own file is a soft search. Lenders can’t see it and it never affects your score. Only applications for credit leave a hard search.

Credit file, explained

They say

“A pay rise can leave you worse off by pushing you into a higher tax band.”

Mostly false

Only the slice of pay above £50,270 is taxed at 40% — everything below stays at 20%. The exceptions: between £100,000 and £125,140 you lose your personal allowance, the High Income Child Benefit Charge starts at £60,000, and some benefits reduce as pay rises.

Salary after tax

They say

“A student loan is like any other debt.”

False

You repay 9% of income above a threshold, not a set monthly amount. It doesn’t show on your credit file, and whatever’s left is written off after 30 years (Plan 2) or 40 years (Plan 5).

Student Loan Outlook

They say

“All savings accounts pay about the same.”

False

On 9 November 2026 we found easy-access rates from 0.75% (Lloyds, under £25,000) to 4.56% (top of the market). On £10,000 that’s £75 versus £456 a year.

Bank rates compared

They say

“Online banks aren’t as safe as high street banks.”

False

Any bank with a UK licence — online or not — is covered by the FSCS up to £120,000 per person, per licence.

High street vs. online banks

They say

“Buy now, pay later is unregulated.”

Not any more

BNPL has been regulated by the FCA since 15 July 2026. Lenders must check affordability, explain terms clearly and help people who struggle — and you can complain to the Financial Ombudsman.

BNPL and Credit Snapshot

They say

“An air fryer is always cheaper than the oven.”

Mostly true

For one or two portions, an air fryer usually uses much less energy because it heats a small space for less time. For big batches cooked in several rounds, the gap narrows.

Air fryer vs. oven

They say

“Renting is dead money.”

It depends

Rent pays for a home and flexibility. Buying has its own costs that don’t build value either: mortgage interest, insurance, repairs and fees. The average UK rent is £1,406 a month and the average house price is £273,000 (ONS).

Rent vs. Pay Index
Receipts · checked 9 November 2026