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Spring Clean Your Finances and Save Thousands


News provided by

moneysupermarket.com

06 Mar, 2012, 11:58 GMT

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CHESTER, England, March 6, 2012 /PRNewswire/ --

Switching Household Bills can Save Over £1,000, but Switching Main Financial Products Such as Mortgage and Current Accounts Could Save Over £3,500*

Households are set to be over £1,000 worse off in 2012**, but analysis from MoneySupermarket shows consumers can fight back and pocket significant savings by switching from average deals to the market leading option on a range of financial products.

The analysis from the UK's number one comparison site shows that spending time reviewing all of your personal finances could save over £3,500 over twelve months.

Clare Francis, site editor at MoneySupermarket, said: "The combination of rising living costs, lack of pay increases, and taxation and benefit changes has really put pressure on household budgets. Now, more than ever, every penny counts. As well as watching everyday spending, households should make sure they get the best value from all their financial products, ensure they're not paying over the odds, whilst also maximising the benefits these products can bring.  For example, the current average UK savings rate is just 0.31 per cent, while the market leading easy access deal pays ten times that amount.

"Sitting on average rates in the current climate doesn't make sense - those who take control of their finances and make their money work harder will see a real benefit from their actions.

"The area where often the biggest saving can be made is your mortgage, but remortgaging this won't be relevant for everyone. However, there are still ways to free up a sizeable amount of money. Switching to a cheaper credit card or personal loan and making sure you are getting the best deal on your home and car insurance can result in a significant saving over the course of a year."

Mortgages - Saving £1,974.98

A recent MoneySupermarket poll found one in four (26 per cent) consumers had benefited from lower mortgage repayments due to a record low base rate. Despite indications that base rate will remain low for the foreseeable future, many consumers can take advantage of record low mortgage rates now. For example, someone with a £150,000 mortgage on the market average standard variable rate (SVR) of 4.83 per cent could save themselves £1,974.98 a year switching to a two year tracker mortgage from First Direct (£1,499 fee) at 1.99 per cent.

Credit cards - Saving £269.46

Those unable to pay off their credit card debt quickly and looking to spread the repayment costs over a period of time should ensure they move their outstanding debt to a zero per cent balance transfer card, to save hundreds of pounds in interest. Moving the average credit card balance of £2,047*** from the current average rate of 18.4 per cent APR to the market leading 22 month Barclaycard Platinum card would save £269.46 (taking into account the balance transfer fee). MoneySupermarket has aSmartSearch credit profiling tool which matches applicants against the products they are most likely to be accepted for without leaving a mark on their credit file.

Personal loans  - Saving £220.80

A personal loan allows consumers to make fixed repayments over a set period of time, ideal for anyone looking to budget. Many new loans are only available to existing current account customers but, consumers should take the time to shop around to make sure they are getting a good deal for their circumstances. If someone had a loan for £5,000 over five years with an average rate of 15.95 per cent APR***, and swapped to the market leading Derbyshire Building Society loan at 7.8 per cent APR, an annual saving of £220.80 could be made.

Current accounts - Earn £50.25 in interest, or save £212.50 on overdraft charges

There are also substantial savings to be made for current account holders. For example, someone holding £1,500 in an account with an average high street rate of 0.65 per cent could gain an extra £50.25 by switching to the Halifax Reward current account which pays a £5 bonus each month if you pay in £1,000. Consumers who rely on their overdraft will also find they can save £212.50 by switching to Santander's Everyday Account as it offers an overdraft rate of zero per cent for four months, after which you will be charged 50p per day to a maximum of £10 per month for an authorised overdraft of £1,500.

Car and home insurance - Save on average £501 on home and motor

While insurance is essential for financial security and peace of mind, and with car insurance being a legal requirement, it's important people only opt for cover that meets their needs. By following a few simple tips, you could see some significant savings on your home and car insurance. Shopping around for cover is essential, especially at the point of renewal to ensure you're getting the best value policy for your money. Additionally, paying annually for cover instead of monthly could cut the cost of your premium, and for car insurance, by adding a partner, or if you are a younger driver, adding an older driver to your policy could also help cut the cost.

There are some great savings to be made if people ensure their insurance is the most competitive available.  On average, consumers who use MoneySupermarket.com to switch their providers can save £375 on car insurance and £126 on home insurance.

Utilities - Save £224

For those looking to save money on their energy bills, shopping around to ensure you are on the correct tariff for your usage and region is crucial.  Moving online to a 'dual fuel' direct debit deal is the easiest way to make savings; by switching to the best online tariff as opposed to the average standard quarterly cash and cheque (QCC) tariff, customers could save on average £224 over twelve months.

TV, phone and internet - Save £125

Bundling your TV, phone and broadband together rather than taking out standalone products could save you £125 a year, and in addition to this you would also benefit from the ease of dealing with one provider rather than three.

Notes to editors:

[*]Total Annual Saving = £3621.10

Please find below saving comparison tables across a range of commonly used products with leading provider versus average:

Mortgage - Based on £150,000 mortgage

    Best Rate (2 Year Tracker)      Average SVR     Annual Saving
     First Direct 1.99% 2 year
              tracker                  4.83%         GBP1974.98
    GBP16,740.20 (inc GBP1,499
               fee)                 GBP20690.16

Loans - £5,000 over 5 years

          Best Rate           BoE Average Rate    Annual Saving
     Derbyshire BS - 7.8%          15.95%           GBP220.80
    GBP6,016 over the term GBP7,120 over the term

Credit Card - **market average £2,047 balance transfer

                                                            Annual Saving
             Best Rate                  Average Rate        (minus BT fee)
     Barclaycard Platinum - 0%
           for 22 months                   18.40%             GBP269.46
    GBP0 interest for the year,  GBP328.82 interest for the
          GBP59.36 BT fee                   year

Savings - based on average savings balance £1,501

             Best Rate                BoE Average Rate      Annual Saving
     Santander - eSaver Issue 4
               3.10%                       0.31%              GBP41.88
     GBP46.53 interest for the    GBP4.65 interest for the
                year                        year

Current Account - Based on £1,500 overdraft

                                 Average Rate based on High
             Best Rate                     Street           Annual Saving
     0% for 4 months Santander
      Everday Current Account              19.50%             GBP212.50
     50p per day max GBP10 per
           month = GBP80                 GBP292.50

Current Account - Based on £1,500 balance

                                 Average Rate based on High
             Best Rate                     Street           Annual Saving
       Halifax Reward Current
              Account                      0.65%              GBP50.25
               GBP60                      GBP9.75

Utilities - Best Online Tariff vs Average Standard QCC Tariff

       Best Online Tariff    Average Standard QCC Tariff Annual Saving
    First Utility iSave v10          GBP1,251.41           GBP224.37
          GBP1,027.04

Home Insurance - based on average savings through MoneySupermarket.com

                                Based on online independent research by
                              Consumer Intelligence during 1 January 2012
     Average Annual Saving   to 31 January 2012 - This needs to be checked
           GBP126.37

Car Insurance - based on average savings through MoneySupermarket.com

                                Based on online independent research by
                              Consumer Intelligence during 1 January 2012
     Average Annual Saving                to 31 January 2012
           GBP375.09

TV, Phone & Broadband

                        Average
                     Monthly Cost
                       (1 Year)
                      (Including                   Data
        Product      line rental)   Max Speed    Allowance     Phone
    TV Variety Pack
     Sky Broadband
          Base                                               Unlimited
        Sky Talk                                            evening and
     Freetime plus                                            weekend
      Line Rental      GBP32.25        2Mb          2GB        calls
      Line Rental      GBP13.90        n/a          n/a       Anytime
       Broadband       GBP16.30        8Mb          5GB         n/a
    Basic TV Package   GBP12.50        n/a          n/a         n/a
                     Annual Saving  GBP125.40
      Total Annual Saving     GBP3,621.10

Source: MoneySupermarket 5.3.2012

** Source: http://www.thisismoney.co.uk/money/news/article-2067942/Autumn-Statement-2011-Households-1-000-spend-squeeze-worsens-adds-years-cuts.html

***Bank of England average rate

MoneySupermarket.com's customer commitment

  • No other site compares more prices or products
  • We are independent so only find the best deals for you   
  • The price you see is the price you pay - you don't need to go direct and you won't get a better deal doing so   
  • Your details are safe with us and we won't sell them to anybody

MoneySupermarket.com compares (at 31st January 2012)

  • 93 car insurance providers and 78home insurance providers
  • 11 broadband providers and 16 energy providers   
  • 30 unsecured loan and 5 secured loan providers
  • 63 mortgage lenders and 27 credit card providers
  • 68 savings providers and 36 current account providers.
  • Over 1,000,000 mobile phone deals

We promise to be clear and impartial

  • All the products in our full search results tables are displayed in a completely unbiased manner.
  • We don't add fees or commissions on to the prices we compare.
  • There may be times when another site compares more companies than us on a particular product, perhaps because of market changes or technical issues. You'll be able to see this and know we are working hard to fix it.

We promise to be trustworthy

  • We never use your data to make unwanted sales calls or send you spam.
  • We never pass your personal information to third parties unless you give us permission to do so.
  • Even if you choose to receive additional information from us, you can opt out at any time. 
  • We promise to be supportive.
  • You can use our community forum to get information and help from other customers.

If you need further help or support, you can contact our sales advisors or customer services agents.

For further information, please contact: 
Paul Lawler
PR Manager Financial Services
+44(0)1244-370371
+44(0)787-237-9545
paul.lawler@moneysupermarket.com

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