Consumers urged to tackle financial spring cleaning
By myfinances.co.uk staff
Consumers could save thousands of pounds a year by carrying out a "spring clean" to get the best deals on financial products.
Comparison site moneysupermarket.com said mortgages are a crucial area to check, as they are often a household's biggest commitment and rates in the sector are constantly changing.
With the base rate at a record low of 0.5 per cent, the site said now could be a good time to look a long-term fixed rate deal. Alternatively, homeowners can get their capital to work by using an offset mortgage.
As 26 per cent of men and 16 per cent of women own three or more credit cards, shopping around for the best deals on plastic can also offer big savings. The company said switching a £2,000 debt from a card with the average rate of 18.52 APR to one offering zero per cent interest on balance transfers for the first year could save £264.11.
Elsewhere, consumers could cut the premiums on home and car insurance by paying annually instead of monthly, while switching to an online direct debit plan for gas and electricity will save an average of £325 a year against a standard tariff.
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