Personal Finance Editor at the Independent, Simon Read talks through his weekly money saving tips and advice.
Energy bill rip-off
Gas and electricity suppliers are overcharging by £145 a year says Which? The consumer watch dog.
The energy suppliers are currently buying energy in wholesale markets at a cheaper rate, however consumers are not feeling the benefit.
Simon’s advice: Go for a cheaper deal, fixed rate options are a good place to start.
Home cover has fallen 3 per cent, making a saving on average of £291 a year, while car cover fell 4 per cent with an average of £372.
So in theory customers should be getting a cheaper deal, but if they stay with their existing insurer, they are likely to pay over the odds.
Simon’s advice: Ditch your current insurer and find yourself another deal.
Simon warns of unexpected exit fees on ISAS and fund transfers.
There is currently a big battle to scrap the savings accounts, but there are still some on offer.
Simon’s advice: Check the small print before you put your money in. If you already have an account some services, if you transfer your money to them they will pay your exit fees.