Discuss. Discover. Save. - Your Money Matters™ Blog

Car insurance premiums are on the up with young driver’s third-party, fire and theft (TPFT) premiums going up by 3.57% over the past quarter according to the AA. This takes the average TPFT premium for a young driver up to £1,042.41 (figures from www.theaa.com).

In light of this news, we thought you might like to hear of a way of possibly reducing your premiums.

If there is someone who could occasionally use your car, e.g. if you choose to start car sharing with someone at work and they happen to have a good car insurance history, adding them to your insurance as a named driver might lower the cost of your premium.

Speak to your car insurer and ask them the rules and regulations of doing this and see how much you can save.
 

We have all had those emails arrive in our inbox claiming to be reports of some sort of scam that is going around. Sometimes, the emails themselves are the real scams and sometimes they are genuine. Either way, they will probably make you think about how you deal with the certain issue being highlighted.

compareandsave.com would like to hear from you about any such money related scams so that we can report on the truthfulness of them for you.

Meanwhile, we had one arrive in our inbox the other day detailing a “credit card scam”.

The email told of how someone will call you, saying that they are from VISA, to tell you that your card has been ‘flagged for an unusual purchase pattern’. They will be able to tell you your account details such as name, address, card number etc. The only piece of information they don’t have is your 3 digit security number on the back of the card that you use for purchases to prove that you have the card in your possession.

It continues saying that you then provide them with this information and then within minutes of putting the phone down, your card has been used for purchases of up to £500.

We wanted to confirm whether this was true or not, so we spoke to Visa Europe to find out.

“Our fraud experts have never seen an attempt to perpetrate this fraud in Europe,” a spokesman for Visa Europe said.

Visa Europe also took the opportunity to remind customers of how they deal with such scams if they do arise.

“Visa Europe takes all criminal scams extremely seriously. We work closely with law enforcement agencies across Europe and provide cardholders with advice to ensure they do not fall victim to such attacks.”

Additionally they sent a reminder to cardholders saying: “they will never receive an unsolicited request from Visa for personal information or account and security data such as their CVV2 (the three digit security code on the back of their card). If a cardholder receives such a call they should not reply and instead should inform their issuing bank.”

If you have received the above email, we hope this information helps to clear up the issues that have arisen from it. If you have any further questions, we recommend that you speak to your bank for advice on keeping your information secure.

It is also advisable to be aware of what information your bank will require when they contact you so that you will be better able to recognise any fraudulent attempts to obtain your personal details.
 

      1. Use energy saving light bulbs – there’s a bright idea

• They use up to 80% less electricity than a standard bulb = lower bills and lower CO2 emissions
• Produce as much light as a standard bulb
• Technological developments mean that the range of energy saving light bulbs on the market has dramatically increased in recent years. They now come in all shapes and sizes. You can even get halogen and dimmable ones.
• They last up to 10 times longer than standard bulbs
• They are a lot cheaper to buy than when they first came out with an average cost of £3
• One energy saving light bulb could save you up to £7 and 26kg of CO2 a year
• Look for the Energy Saving Recommended logo when you buy as it means they meet strict energy efficiency criteria specified by the Energy Saving Trust

      2. Natural light delight

• Natural light is free
• Don’t close curtains too early; make use of the natural light for as long as possible.
• If you are reading try to read in natural light
• Try lighting some candles in the evenings. Not only does it save on electricity costs, it also makes the atmosphere much more relaxing.

      3. Turn off the light, turn off the light

• When you leave the room, turn off the light
• We said it twice because it is such a simple way of saving electricity

      4. One bulb or two? Or four?

• Try to use a single bulb light fitting instead of a multi-bulb one.
• It will be cheaper and greener to run one bulb than four

      5. Standby for higher energy bills

• Don’t leave appliances on standby
• Turn them off at the unit or at the wall
• Appliances use a substantial amount of energy on standby
• If accessible, turn your microwave off at the wall when you are not using it as the clock uses electricity
• Don’t forget your computer and peripherals such as printers, monitors etc.
• Turn chargers off at the wall. Anything that uses a transformer (a larger plug that tends to get warm when in use) will use energy when not in use and plugged in.
• According to energywatch, the average household could save £37 a year by turning things off instead of leaving them on standby

      6. Sleepy savings

• Most new televisions now come equipped with a sleep timer.
• If you know you have a habit of falling asleep with the TV on, set the sleep timer and the TV will turn off to standby
• This is still not as good as turning it off at the unit but is better than it being on all night.

      7. Savings to make you spin

• Reduce your washing machine cycle temperature from 60°C to 40°C
• This can save a third of the electricity
• Modern detergents will work just as well at this lower temperature
• Make sure you wash a full load if you can. If you can’t, use a half load or economy cycle
• Don’t hang clothes to dry on radiators
• Hang clothes up on a clothes horse instead of using a tumble dryer
• If you need to use a tumble dryer, wring out or spin dry your clothes before starting them to dry

      8. Grade ‘A’ Tip

• Buy electrical appliances with a Grade A Energy Efficiency Logo
• This grade of appliance is the most efficient
• Shop around to find the best deals on energy efficient products

      9. Fridges and cookers don’t mix

• Don’t put your fridge next to your cooker (or radiator) as it will lead to an increase in energy consumption

      10. Wrap up warm

• Make sure your house is properly insulated so you can have your heating on less
• Those claiming benefits and the elderly can get an allowance to help with this.
• Make sure you keep yourself warm by wearing lots of layers
• If the house gets too hot, turn the heating down instead of opening a window
• Don’t forget to wrap up your hot water tank too. An insulating jacket only costs a few pounds but could save you about £20 a year.

      11. Is there anyone at home?

• Work out the times when you are going to be in and therefore need the heating on
• Be realistic enough to be warm but if you are cold, don’t forget to try putting on a jumper first.
• If you’re going away on that winter holiday, leave the thermostat on a low setting to give protection from freezing at minimal cost.

It’s pretty cold outside so now is the most important time to make your home’s energy work as efficiently as possible and save some money on your bills. With gas bills set to increase, now’s the perfect time to try and offset the cost by saving money elsewhere.

You will be amazed at how much money you can save by doing some simple things around the home. Plus, you won’t just save money but will also do your bit for the environment by reducing carbon emissions.

So, we at compareandsave.com thought that we would come up with some ‘Top green tips to save you money on your energy bills’ for you to try out for yourselves.

Why not let us and our other readers know how much you have managed to save by posting a thread on our forum.
 

Economy 7 is a tariff that is generally offered to those with storage heaters. It offers electricity at night for around half the price of units offered on tariffs without Economy 7.

Storage heaters are special radiators that you ‘charge’ up over night with heat. This heat is then gradually released throughout the day. This means that cheaper electricity at night is beneficial.

However, you don’t need to have storage heaters to benefit from an Economy 7 tariff. If you run a lot of appliances at night (such as dishwashers and washing machines) then this tariff may save you some money.

Those on Economy 7 tariffs generally pay slightly more for their day units. Therefore, you would need to work out if the saving to be made would be significant enough to cover the increased day unit rate. To do this you could speak to your current energy company and ask them what percentage of your usage is overnight and whether you would benefit from economy 7.

If you don’t use any units overnight and are currently on an economy 7 tariff, you would be better off switching to a standard tariff.

If you wanted to be on economy 7 and make use of the cheaper night rate, bear in mind when it starts and when it finishes. Some companies offer the cheaper rates from midnight to 7am.

Also, to make the most of the tariff, you could invest in some plug timers. This way you could set them to turn on the power to the washing machine or dishwasher at any time within the cheaper period so you could make use of even more cheap energy.

Click on the link to compare gas and electric tariffs

We recently published a news article about how energy companies have been accused of exploiting people through the use of pre-payment meters.

Energywatch argued that cheaper tariffs are only available to those who can pay either online or by direct debit and that making these tariffs the cheapest was unfair on those people who couldn’t access them (people without bank accounts or who are repaying debts to the energy companies).

Additionally, it is quite common knowledge that people who have meters in their homes are often those living on lower budgets as they are to be found regularly in rented accommodation and holiday homes.

When reporting about energywatch’s accusations, we at compareandsave.com found a gap in the information that the accusations were based on, namely that there are other ways of budgeting your energy bills without using prepayment meters and a bank account.

Based on this, we have produced a guide called 'Saving money on your energy bills' to talk you through the things you can do to cut down your monthly energy payments.

According to the latest research from National Savings, those who save regularly are putting more money aside.

However, a fifth of us are not saving anything at all.

National Savings conduct surveys quarterly, and results detailing the last quarter have shown the usual seasonal improvements in amounts saved. 

In contrast, a third of those who took part in the survey said that they expect to save less in the next quarter than in the last.

The survey found that:

• The amount saved each month rose from £81.43 to £91.15 per person;

• 1/5 people boost their savings with money earned through their hobbies

• The average amount saved, in terms of percentage of income, rose from 6.22% to 6.81%

• The average amount saved monthly by regular savers was the highest ever at £184.36

• There were fewer regular savers than in the same period in 2006

• 49% of the population do not save regularly

• 18% of the population do not save at all

The research showed that people ideally want to save more but doubted their ability to do so in future months.

With the current situation as it is, institutions are finding it hard to borrow from each other so are trying to entice customers with good savings rates.

Why not use our 'compare savings accounts' service to see if you can make the most of these enticing rates.
 

The average household could save £150 a year if only they knew of the better deals their current suppliers were hiding from them, according to Moneysupermarket.com.

The company is calling for firms to notify their existing customers when they launch better deals.

Paul Schofield, head of utilities at Moneysupermarket.com, said: “Energy providers rarely, if ever, tell existing consumers about cheaper deals, as the more expensive tariffs allow them to offset the great deals they offer.”

“Allowing customers to languish on old tariffs is a money-spinner, but it doesn’t help build trust or loyalty,” he added.

Energywatch, the industry watchdog, supports the call to get suppliers to make more of an effort to promote cheaper deals.

Graham Kerr, energywatch spokesman, said: “Surely it’s good business sense to try to retain the customers a company already has. If providers introduce new and innovative deals, offering them to existing customers gives them an incentive to stay rather than switch to a separate company.”

However, the Energy Retail Association (ERA), who represents suppliers, said that the UK market was already “fiercely competitive”.

Duncan Sedgwick, chief executive of the ERA, said: “Energy suppliers spend millions of pounds each year advertising new products to customers in order to compete effectively with other players in the market.”

He added that comparison services had an important role in making sure that the better tariffs were “always in the public eye”.

We at compareandsave.com advise you to use our utilities section regularly throughout the year to check for these better deals. Additionally, we recommend that you read our guide to 'Saving money on your energy bills’ so that you have all the information you need to find yourself the most suitable tariff.
 

This summer drastically highlighted the increased risk of flooding to homes and businesses all over the UK. The torrential rain caused up to 14 deaths and £3bn of damage.

According to the head of Britain’s Environment Agency (EA), the way to lower the threat for millions more flats and houses is to prevent them being built in high-risk areas in the first place.

To do this, they say, houses built on flood plains against official advice should be refused home insurance.

EA’s chief executive Baroness Young explained in an interview on Channel 4 Dispatches programme that a lot of the properties that flooded this summer were built in the 1960s, ‘70s and ‘80s and has called on the Association of British Insurers to help prevent further disasters.

Baroness Young said: “We’d like the insurance companies to be tougher and to simply refuse to insure properties built on the flood plain against our advice.”
 

Last week saw the banking industry implement some overdue changes to the way cheques are dealt with by banks.

In the past, if a cheque turned out to be a forgery, banks could recoup the money from a customer’s account. This could happen weeks or months after it had initially been paid in.

The changes have been put in place to better protect the customers against the growing problem of forged cheques.

The Office of Fair Trading (OFT) has been pressuring the banking industry for some time calling on them to clarify the banking system surrounding cheques and clearing processes.

A spokeswoman for banking payments body Apacs said: “The big change concerns certainty of funds. It’s only in the last few years that it has become an issue due to organised gangs getting into cheque fraud.”

Additionally, banks now have a maximum time frame within which they have to credit cheque payments to people’s bank accounts.

The changes mean that:

• Any cheques paid in by customers will now be considered cleared no later than six days after being paid in
• Interest will be credited no more than two working days after the cheque is paid in
• The money paid in by cheque must be available for spending after no more than four working days

These are now guaranteed limits according to the Cheque and Credit Clearing Company; however, it is likely that individual groups will compete to offer faster services.