How can I ensure I find the best deal on savings accounts, bank loans and mortgages?
The best route to locating the top deals for a range of products is by using a comparison website. Still, Kate Murphy, a spokesperson at moneysupermarket.com, cautions that you should always be sure to do your research thoroughly, and look at more than just the rate you’re being offered. “You need to consider the way in which you want to use each product,” she says.
“For example, there are some competitive rates available on savings bonds at the moment, but if you want to access your money quickly and easily, these products would not be suitable. With loans, borrowing slightly more could save you money, for example borrowing £4,700 on a loan can in some cases be more expensive than borrowing £5,000 through the same organization. With mortgages, you should look beyond the headline rate, as many of the low rate mortgage deals actually have higher charges making them more expensive over the term of the mortgage.”