Saving systems for the lazy

A choice of energy supplier or financial institution is all very well. But often, the hassle of switching accounts makes it hardly seem worthwhile. Thankfully, there are now companies that will do it for you.

Should you try and save money by constantly moving energy suppliers, mobile phone contracts and credit card companies? Should you make sure you make the most of every penny of your savings by moving from bank to bank as rates change? And should you be constantly watching the charges on your current account just in case they rise when you aren't watching?

Advertisement - Article continues below

The answer to all these things should obviously be yes, of course you should. But when people ask me about it, I very often say they probably shouldn't bother because of the hassle factor.

Move current accounts and it will probably be completely fine. But if it isn't, there will be hours of boring admin to do. The same goes for energy suppliers: how likely is it that your first bill from the new lot will be wrong, and how long will you then spend on the phone trying to sort it out?

Advertisement - Article continues below

And what of savings accounts? If you have to fill in a ten page application form every time you move, is it really worth the bother? Perhaps you value your time and your sanity over an extra 0.01% of interest. I know I do.

But what if you could have your cake and eat it too the ability to switch without any of the admin horror? I'd like that, and I suspect most MoneyWeek readers would, too.

Advertisement - Article continues below

So I was pleased to see a piece in the Daily Mail that suggests the nation's entrepreneurs are getting on with finding a way to find us this Nirvana. A new company called Flipper will automatically compare gas and electricity tariffs for you and move you up to four times a year without you having to lift a finger (or more importantly a phone).

Better still, another new firm SavingsChampion will do the same for savings accounts if you have more than £100,000 to look after. It will monitor deals and fill in forms for you. All you need to do to shift your money is to sign at the end.

It isn't free (it will cost you 0.2% of your pot a year). But paying 0.2% in exchange for making 1.3% a year (the best of the instant access deposits at the moment) has to be better than paying nothing and getting 0.1% (the rate on my savings account at the moment).

I like it. If you have £100,000 in savings that you know you aren't getting enough interest on, go look it up.



Inheritance tax

Are you due a refund on your inheritance tax bill?

If you’ve paid inheritance tax recently, you may well be due some of your money back. Here’s how to tell
23 Jun 2020
Personal finance

How to navigate the probate process

Death can create a great deal of paperwork. Here’s what to do if you need to apply for probate.
15 Jun 2020
Personal finance

Don’t count on a holiday abroad this year

With travel firms offering big discounts, people have rushed to grab a bargain. But it is unlikely Britons will be able to holiday overseas this year.
5 Jun 2020
Personal finance

How to protect your online passwords

There are several ways to help prevent cyber-criminals from accessing your online accounts, says Ruth Jackson-Kirby.
3 Jun 2020

Most Popular


House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020