Find a £3,000 Easter egg
Wednesday, 12 Apr 2006 12:31
Britons can make £3,000 in savings this Easter
By spending the long Easter weekend sorting out their finances, the average family could become £3,000 a year better off.
Research by comparison service moneysupermarket.com shows that by reviewing existing personal finances – including mortgages, credit cards, personal loans, current accounts, savings, home insurance, car insurance, and utilities providers - huge gains can be made.
"The bank holidays are a notorious time for consumers to attempt some home DIY, but if people are thinking of using credit to fund big home improvement plans I would recommend they search for the best loan or credit rate available ahead of the purchase," said Richard Mason, a director at moneysupermarket.com.
"Alternatively, the extra holiday days could be used to review existing finances - moneysupermarket.com shows how you could save a staggering £3,000 over a year – this is without cutting back on expenditure or compromising on lifestyle.
"It is always a good idea to spring clean your finances – spring or not – but the bank holidays give you a bit of time to sit down and do this. The internet offers an opportunity for consumers to utilise quick and effective search tools and find some of the best deals in the market – you might be on holiday, but the internet certainly won’t."
Moneysupermarket outlined the following areas in which money could be saved or made:
Mortgages:
By switching from a lender's standard variable rate to a top-rated two-year fix people could save themselves £1,652.95 over a year.
Click here to see if you can save money on your mortgage.
Personal loans:
Currently nine personal loans are offering interest rates of under six per cent APR, meaning the typical family could save £85.20 in a year by switching a £7,000 personal loan to the cheapest provider.
Click here to find a cheap personal loan.
Credit cards:
Transferring a £2,000 balance to a zero per cent deal could save £212.12 in interest payments - even after the balance transfer fee has been deducted.
Click here to find a cheap UK credit card.
Current accounts:
A balance of £1,500 in a current account can earn up to £75 interest over a year, some banks would pay as little as £1.50. Additionally, spending £10,000 over a year could earn you £100 in tax-free cash back and other accounts offer interest-free overdrafts.
Click here to compare and switch current accounts.
Savings:
Moving £10,000 in savings to a top-rated account could earn you an extra £379.32 a year.
Insurance:
Without sacrificing cover levels people can save £160.96 a year on car insurance for a LandRover Freelander, while £167.49 more can be saved on home insurance by moving provider.
Utilities:
Homeowners can save some £429.49 a year by moving to a cheaper gas and electricity provider.
Click here to compare prices and change energy supplier.
XXX