There are a host of different current accounts to choose from, each of which offers something a little different.
For example, some current accounts pay cashback on certain direct debits. That means, every time you pay your council tax or mobile phone bill, you earn a bit of money back. Who doesn’t want to get some free money just for paying their bills?
Alternatively, if you are the sort of person that tends to dip into their overdraft every now and again, then it’s a good idea to make sure you have an account with an interest- or fee-free overdraft facility. Otherwise, the cost of that overdraft can swiftly add up.
Check your direct debits
A study by Citizens Advice earlier this year cast light on just how much money many of us are handing over each month on subscriptions we neither need nor want.
It found that over a three-month period, consumers were paying an average of £160 on unwanted subscriptions, covering things like gym memberships and streaming services.
So set some time aside to go through your bank statements to work out precisely where your money is going each month. If there are direct debits for services you don’t need, cancel them as soon as you can.
It’s the time of year when you use the most energy, so it’s a great time to ensure you are on the best possible energy tariff.
If you haven’t switched tariffs for a few years, or if you’ve never switched, the chances are you will be on your supplier’s standard tariff.
These are the most expensive tariffs, and also the ones subject to the price rises suppliers announce around this time of year.
But switching to a new fixed tariff, where the price you pay for your energy is set for a year or two, can deliver serious savings. Our research in November found that households moving onto a fixed deal from their lender’s standard tariff could save a massive £250 a year*.
*Based on average savings for customers that applied to switch via MoneySuperMarket, Jan - Aug 17
Inflation is on the rise, and that’s not great news for savers. According to the Office for National Statistics, inflation now stands at 3.1%, so unless you enjoy a rate higher than that on your savings, you are essentially losing money.
It’s important to take a proactive attitude towards where you are keeping your savings. Check what rate you are currently getting and have a look around at the alternative options to see if you can find a better return.