Switch financial products and make £1,000 by Christmas
Monday, 30 Oct 2006 17:09
Brits can make almost £1,000 by Christmas by to the cheapest mortgages, credit cards, loans and insurance deals
UK residents can make almost £1,000 by Christmas simply by changing financial products to the cheapest mortgages, credit cards, loans and insurance deals.
Figures from independent comparison site Moneysupermarket.com show that between now and December 25th the average Briton could save £967.35 in charges and over the year these savings rise to £5,646.11.
"Simply by reviewing their existing finances - mortgage, credit card, personal loan, savings, home insurance and motor insurance amongst other things – and searching for more competitive deals . . . can help make considerable savings," said Stuart Glendinning, managing director at Moneysupermarket.
"Many people find the Christmas period costly, so the last thing they’ll want is to be strapped for cash come the festive season.
"A bit of planning now means they can make some significant savings in time to relish the festive season."
Moneysupermarket points out that by moving from a standard variable rate of 6.9 per cent to a 4.47 per cent fixed-rate mortgage a typical family can save £421.14 by Christmas or £2,866.84 in a year.
A typical family can also save £198.12 in interest payments a year, £33.02 in two months, by moving to a best-value deal on a £7,000 personal loan.
Moving a £2,000 balance to the cheapest credit card can save £64.86, with moving £2,000 from a store card saving £481.18 a year in interest.
On car insurance, Britons can save £17.41 before Christmas, or £161.53 a year, while savings of £168.52 can be made on home and contents insurance.
And moving savings can also have a big effect with someone moving £10,000 in savings from an account with the big four to the top instant-access account earning an extra £400 a year or £66.67 by Christmas.
"Christmas could be all the merrier with nearly £750 more to splurge with," Mr Glendinning commented.
"These savings can be made without changing your lifestyle or spending any less - all it costs is a little time to find the best deals for you and your family.
"And if you kept these changes up for a year the savings are nearly £6,000 - enough to persuade the most reluctant saver to make the effort."
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