The price-comparison tricks that will save you money
January is the busiest time of year for price-comparison websites. Here's how to get their best deals
This week marked the return to work for most people, and the beginning of getting to grips with 2015. As many of us sought to act on our new year's resolutions the price-comparison websites experienced 'Quote Monday', one of their busiest days of the year.
One website, comparethemarket.com, expected to get 50 per cent more visits than usual on Monday as people tried to sort out their finances.
According to a survey by the Post Office, 14 million people want to make a big financial change in 2015, with clearing their debts and taking financial control topping the list of priorities.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A visit to a comparison website is a great way to start taking control of your money. They can be the gateway to eliminating debts, speeding up savings growth and cutting household bills. But, how do you make sure you are getting the most from them? Here are three tricks to using comparison websites:
Information, information, information
The more you put into a price-comparison website the more you will get out of one. So, make sure you have all the information to hand when you go online.
If you are wanting to cut your household bills have your most recent bill to date. Bills changed last year and you should find it a lot easier now to find the relevant information to put into the site so you can accurately compare deals.
Anyone who is hoping to switch to a better credit card deal should make sure they use a website that gives results based on how likely you are to get the credit card. Both TotallyMoney.com and Moneysupermarket.com do this. It means you put in some information about yourself and it will only show you credit cards you are likely to be accepted for. That way you don't end up being rejected and damaging your credit rating.
If you are looking to boost your interest rate on savings, make sure you know how much money you have, how long you are prepared to lock it away for, what your current interest rates are, and whether you should be putting your savings in an Isa or not.
Watch out for hidden results
Comparison websites have made life a lot easier for us all, but they aren't perfect. They make their money by getting paid by other companies if you go to their websites. For example, if you are on a comparison site that recommends you get your gas from GasRUs and you click on the link to GasRUs, that company pays the comparison website. But, not all companies are prepared to pay the websites commission.
The comparison sites want to make money so they drive you towards the companies that pay them by hiding non-paying results. This can mean you don't get the best deal.
For example, I recently switched gas supplier but when I was using a comparison website (uSwitch.com, in this instance but others do it too) the first list of results they showed me said I could save £115 a year. But, when I went back a step and selected to see all results, not just those I could switch to that day, my savings jumped to £159 a year. Plus, I could switch that day – I just had to contact the company myself rather than being sent their via the comparison website.
It therefore pays to keep your eye out for the option to see all available offers: it could save you a lot more money.
Compare the comparisons
Once you've put in your details and are sure you are seeing all the deals available to you it's time to do a little bit of legwork. If you want to make sure you are getting the absolute best possible deal whether it is a new credit card, mortgage, savings account, insurance policy or energy deal you need to compare the results across a few different comparison websites. None of them cover the entire market so you need to look at a few.
For example, in my hunt for a new gas supplier the results varied across four different comparison websites, with the best one offering me a 10 per cent larger saving than the others.
Price-comparison websites have made life much easier for consumers, but there are pitfalls for complacent users. As always, you need to be on the ball to land yourself the best possible deal.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Baltimore bridge disaster: Who is going to pay and how?
Today's Big Question Politicians, legal experts, and the insurance industry are all grappling with the financial fallout of America's worst infrastructure tragedy in years
By Rafi Schwartz, The Week US Published
-
Melting polar ice is messing with global timekeeping
Speed Read Ice loss caused by climate change is slowing the Earth's rotation
By Peter Weber, The Week US Published
-
The Week contest: Stick guitar
Puzzles and Quizzes
By The Week US Published
-
Where will mortgage rates head in 2024?
The Explainer Homebuyers are hoping a reprieve is somewhere on the horizon
By Becca Stanek Published
-
Early repayment fees: does forking out to remortgage pay off?
In Depth Homeowners considering switching mid-deal as mortgage rates rise may face hefty charges
By Hollie Clemence Published
-
RBS offers coronavirus mortgage holidays
Speed Read Taxpayer-owned bank follows measures taken in virus-struck Italy
By The Week Staff Last updated
-
'Mortgage prisoners': are borrowers being unfairly held on expensive loans?
Speed Read Regulator to investigate reports of homeowners being refused loans that would reduce mortgage costs
By The Week Staff Published
-
Mortgage tricks to avoid – and what to do instead
In Depth New rules have made mortgages harder to come by, but trying to trick the banks could backfire
By Ruth Jackson Published
-
Remortgage now and save £2,600 on a £100,000 mortgage
In Depth Mortgage interest rates are at an all-time low, so now is the time to fix your payments
By The Week Staff Published
-
Mortgage deals: how to lock in a good rate
In Depth Now is the time to grab a low fixed-rate mortgage – but it might not be as easy as you think
By The Week Staff Last updated