![]() ![]() These are the average amounts lost, according to asset-tracing service Gretel, and a survey of 1,465 Which? members in January 2023 found that 6% had lost a bank account, and 6% had lost premium bonds. Reclaim lost cashįinding £10 in your pocket can make your day – imagine the joy if you found £40 in overlooked premium-bond prizes or £450 in a forgotten bank account? The problem is knowing which ones you’re eligible for.Į.uk has a great benefits check-up tool that can help you figure it out. There are plenty of benefits available from the government that can help boost your finances. Find out more: the best 0% purchase credit cards.Provided you pay the minimum monthly payment on the credit card and clear the balance (using the money you've saved) before the 0% deal expires, you can potentially make hundreds of pounds a year through the interest you earn. ![]() This frees you to move the unspent money in your current account into the highest-interest savings account available. It involves using a 0%-interest credit card for all the spending you would normally do from a current account. Stoozing is a way to make money from a 0% purchase credit card. However, it's important to avoid spending more than you can afford to pay back at the end of the month, as the interest charges are likely to outweigh any rewards. By putting your everyday spending on the card, you could potentially earn hundreds of pounds a year. You receive a percentage of your spend back on your card as credit. Find out more: our premium bonds guide shows you the odds of winning a prizeĬashback credit cards reward customers every time they make a purchase.There's no guarantee that your returns will be as high as those offered by traditional savings methods, but the opportunity to become a millionaire overnight can be tempting. Premium bonds don't pay any interest, but each bond is entered into a monthly prize draw in which holders can win up to £1m. The overall annual limit to invest in Isas tax-free is £20,000 in 2023-24, and the sum can be split between a cash Isa, stocks-and-shares Isa and innovative finance product. Most savers can earn up to £1,000 in savings interest tax-free using their personal savings allowance, but savings interest that exceeds your allowance will be taxed.Īn Isa can protect your savings interest from tax, no matter how much you make. Find out more: how to find the best savings accountĤ.The recent hikes in the Bank of England base rate have helped boost the savings market, with some providers paying up to 4.9% AER. Savings providers often offer new customers the best rates and leave loyal savers languishing on poor deals. If you've had your savings account for a long time, it's worth checking what rate you're getting. Find out more: how to pay off your debts.This gives you the chance to pay down the debt faster and save money because all your payments will go toward the debt, rather than the debt plus interest. Paying off £2,000 on a credit card attracting 18.9% APR (with 2.5% minimum repayment) would save you £349 a year, while stashing £2,000 in a savings account earning 1.5% would bring in only £30 over the same period.Īlso, consider switching the debt to a 0% balance transfer credit card – it means you can freeze the interest for a set period, with some deals lasting up to 30 months. Find out more: the latest switching offersĭon’t make the mistake of saving while you’re still paying off expensive debts – you’ll be throwing your money away if you do, because the amount of interest you’re charged is likely to be a lot more than the interest you earn on savings.Some banks will pay you cash or vouchers worth up to £200 to switch your main current account (where you get paid and pay your bills from) using CASS.īefore you jump in, make sure you know what you're getting into by checking how the provider did in our best and worst banks survey. The introduction of the Current Account Switching Service (CASS) has made it easier than ever to change bank accounts, which has made providers keen to tempt switchers. One of the best ways to make some extra money on top of what you earn is simply to make the money you have work harder. If you want to continue your money makeover, we've also got a guide on the best ways to save money that you should check out afterwards. Want to make some extra money quickly? Our guide contains 47 money-making ideas, including clever ways to earn cash online, generating income from your home or using the money you already have. ![]()
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