Want to know the best deals on the market? You've come to the right place...
If you’re super savvy when it comes to your finances, you’re bound to want to get the best deal on pretty much everything. So I thought it was time to give you the lowdown on the top 10 market-leading deals for everything to do with finance!
Savings
These days, trying to get a decent deal on your savings account can be a huge challenge. However, if you know where to look, it’s still possible to earn a fairly healthy return.
Easy access
If you’re not keen on the idea of locking up your funds, you’ll want to plump for an easy access savings account. Right now, the market-leading interest rate comes from the AA Internet Extra Account offering 2.80%.
Bear in mind that this interest rate includes a bonus of 2.30% for the first year. So once that year is up, you’ll need to look around for a more competitive savings account. However, on the plus side, unlike some easy access savings accounts, the AA Internet Extra Account will allow you to withdraw money as frequently as you wish without having to pay a penalty. You’ll also only need £1 to open the account.
Fixed rate bond
With interest rates likely to rise in the not too distant future, personally I would be reluctant to tie up my funds in a fixed rate bond for several years. So if you are looking to lock away your money, I’d suggest taking out a one year fixed rate bond.
At the moment, the best rate you’ll find on the market is the FirstSave 1 Year Fixed Rate Bond which offers an interest rate of 3%. You’ll need a minimum investment of £1,000 and you won’t be able to withdraw your funds until the bond matures. You also won’t be able to make any further deposits during that year.
With ISA season in full swing. John Fitzsimons looks at what you should consider before going for your first account
Cash ISA
Everyone should take advantage of tax-free savings and the easiest way to do that is with a cash ISA.
Right now, the top paying easy access cash ISA is the Halifax Cash ISA Direct Reward which offers 3% to all Halifax current account customers. The rate falls to 2.80% for those of you who are not a current account holder. However, this is still a market-leading rate.
You will only need £1 to open the account and you can make unlimited withdrawals during the 12 month reward period. You can also transfer over funds from an ISA you already have. However, after the first year is up, the interest rate will drop to 0.50% so you will need to move your funds elsewhere.
Find out more in Earn 5.15% on easy access savings.
Current account
Most of us need a current account, but it shouldn’t simply be regarded as the place into which you pay your salary. After all, your current account can actually reward you.
In the black
If you continually stay in the black, why not get rewarded for your efforts? The Santander Preferred In-Credit Rate Account offers an interest rate of 5% which is more than the majority of savings accounts are paying right now. What’s more, if you switch to this account you’ll also be given £100!
Just bear in mind that you will need to pay at least £1,000 into the account each month to qualify and switch over your direct debits and standing orders. What’s more, many lovemoney.com readers have reported problems with Santander's customer service in recent months. So if good customer service is a must, you might want to steer clear.*
Find out the trick that all savvy savers know
In the red
If you’re prone to dipping into your overdraft, make sure you’re not paying for the privilege! The Santander Preferred Overdraft Rate Account offers an interest-free overdraft for 12 months! Santander will match your previous overdraft up to £5,000.
Be warned, however, once that first year is up, the rate reverts back to 12.9% - so try to clear your overdraft before that point. And again, you’ll need to pay £1,000 into the account each month.
Credit card
Make sure the plastic you have in your wallet suits your needs...
Balance transfer
If you’re paying an extortionate rate of interest on your credit card, it’s time to transfer that balance over to a better credit card and pay no interest at all!
For example, if you transfer a balance onto the Barclaycard Platinum with 16 Month BT Visa, you won’t have to pay an interest on your balance for 16 months! That means you have over a year to start tackling your debt head-on without worrying about the interest stacking up.
Just remember that you will need to pay a 2.9% balance transfer fee and if you haven’t cleared your balance by the end of the 16 month period, you’ll be hit with an interest rate of 16.9% - so make sure you do clear your balance before then.
Purchases
Alternatively, if you’re planning to do some spending on your credit card and you know you won’t be able to pay the bill in full each month, make sure you use a 0% on new purchases credit card. Right now, the market leader is the Tesco Bank Clubcard Credit Card which offers 13 months interest-free on all purchases! Again, try to clear your balance before the end of the interest-free period, otherwise the rate will jump to 16.9%.
Low rate for life
If you know you’ll struggle to clear your balance before the interest-free period comes to an end, a better bet might be to choose a credit card which offers a low rate of interest for the life of the debt. The Barclaycard Platinum Simplicity Visa offers an interest rate of 6.8% on all purchases and balance transfers. What’s more, you won’t have to pay a balance transfer fee!
Rachel Robson takes a look at why you might be better off using a low interest credit card.
Cashback
If you do religiously clear your credit card bill in full each month, make sure you’re rewarded for your efforts! One way to be rewarded is to earn cashback.
The American Express Platinum Cashback Credit Card offers 5% cashback in the first three months up to £100!
After that, you can earn up to 1.25%. You’ll also be able to spend interest-free for the first six months.
However, the drawback to this card is that American Express isn’t accepted everywhere.
Loan
Interest rates for unsecured loans are pretty competitive at the moment. So if you do need to borrow some extra cash, the Alliance & Leicester/ Santander Personal Loan offers a rate of 7.6% for loans between £7,500 and £14,950.
Finally...
Unfortunately telling you which deal is best when it comes to insurance is a tad difficult as this will depend on your own personal circumstances. But don’t forget to always ensure you shop around carefully before choosing which deal to go for. You can compare car insurance, life insurance, travel insurance and home insurance right here at lovemoney.com.
*Instead, you could consider the First Direct 1st Account which is renowned for its excellent customer service. Although you won’t receive interest on your current account, you will still receive £100 for switching over. And if you’re not happy, you’ll be given another £100 to leave. You will need to pay £1,500 into the account each month (or take out a First Direct product, such as insurance) to qualify.
More: The five cheapest ways to borrow | 25 top places to lock away your money