Extra sleep or save $2000? How will you use the extra hour?
Instead of celebrating the end of daylight savings with a sleep in this Sunday, our advice to you is to grab your laptop and snuggle in for an hour of deal shopping-in-bed. And we don’t mean browsing the mid-season sales.
We’ve crunched the numbers to reveal that by switching from the average home loan, credit card and savings account to the most competitive deals in the Mozo database, you could clock up over $2,000 savings over the coming year.
Homeowners are up for the biggest windfall. By switching from the average variable rate home loan to the most competitive rate on a $300,000 home loan you’ll save $1,572. And if you’ve been looking for a reason to ditch your high interest accruing credit card now is a great time. The best rate in Mozo’s database is a huge 9.41% below the average interest rate, which would mean a saving of $420 a year.
We love a good sleep in, but we probably wouldn’t pay $2,000 for it.
Here’s a look at the potential savings you could make by switching banking products:
|Product||Average interest rate or fee||Best interest rate or fee||Potential savings over 1 year|
|Home Loan||4.72% ||3.94%||$1,572|
|Credit card||17.41% ||7.99%||$420|
|Savings account||2.31% ||3.60%||$132|
|Bank account||$5 (monthly)||$0||$60|
Source: Mozo.com.au as at 22 March 2016.
And while you are snug up in bed, it’s also the perfect time to review your gas and electricity plans. Last winter was one of the coldest on record and by switching to a more competitive plan you could save hundreds of dollars on your winter energy bill.
Finding the best deals in your area is easier than ever with our speedy energy comparison tool. Just plug in your postcode and we’ll reveal the best deals available to you. For instance, the estimated cost difference between the cheapest and most expensive electricity plan for a 4 bedroom home in Sydney’s 2000 postcode is $157 a quarter. Check it out here or head on over to our energy guides section to read up on ways to save on your energy bill.
Or you could invest in a snuggie. Your call.