Interest on savings dropping, car insurance - and Black Friday
Yesterday was the last Money Brunch of 2023, and what a great session! We talked about careers a lot, as well planning for 2024.
Here’s this week’s reads.
1. Interest rates on savings accounts are starting to drop
The Guardian
I’ve been talking about savings accounts for a while now, as there have been some great deals on the market. But, once they’re fully subscribed, they’ll be pulled from the market - which is starting to happen. So, if you want to make a switch, you have to act quick!
That’s not to say all providers are doing this. One standout is Metro Bank, which increased the rate on its Instant Access Savings account to 5.22%, including a 3.46% bonus for the first 12 months.
ACTION: If you’ve been meaning to open up a higher interest rate savings account, the time to do it is now! Remember, opening up a new account will cause your credit score to dip slightly for a few months, so if you’re going to be applying for a loan (e.g. mortgage) in the next 6 months, make sure it’s the right decision for you.
2. The job titles that will spike your car insurance costs
Money Week
If you’re a trader, graphic designer, web developer, programmer or journalist, apparently you’re a riskier driver?! Next year I want to get an insurance expert in to explain things like this, so we can learn more about how best to buy insurance.
It’s a baffling world.
ACTION: If you’re a driver, try different (adjacent) job titles to see if that changes your quote. Also remember the cheapest time to get car insurance is around 20 to 26 days before you want the policy to start - and that prices are rising overall, so factor that into your budgeting.
3. How to do Black Friday
Money Saving Expert
Words of wisdom from Martin Lewis: “If you were going to buy it anyway, and it’s half price, you’ve saved 50%. If you weren’t going to buy it, but do it because it’s half price, it’s cost you 100%.”
And don’t allow yourself to be taken in by the hype around Black Friday and be sucked into buying something you don’t need or can’t afford. Always do your own price comparisons to ensure you are getting the best deal possible – don’t just take a retailer’s word for it.
ACTION: Think before you buy 🙂