Deal or No Deal: A Guide to Switching
It is now becoming increasingly common for people to be advised about switching – whether it is energy companies, phone contracts or bank accounts we are told of the potential benefits of shopping around in order to find a better deal. However, there are things to be aware of so here are a few tips for smart switching to help you get the best deals out there!
Energy companies
Before you make the switch, look at your current contract. Most firms will expect you to pay a penalty for paying early you should be able to cancel up to 49 days before the contract expires without incurring a penalty.
In order to make a fair comparison you will need your postcode, energy usage (typically this is on your bill measured in kilowatt hours) and your account details (if switching and paying by direct debit).
People are often afraid of the process but recent research suggests in 9 in 10 people who did switch found it easier.
Phone contract
The best time to switch is around the end of your contract as this is when you are in the strongest position. However, it is important to be wary when looking at other offers – are you really getting a better deal? Another company may offer something that seems a better deal on the surface but when you break it down is not better.
It is possible to leave contracts early but this could potentially require you to buy out a contract. Some providers may offer to cover a fee in order to get you to switch so this is worth exploring if you are considering different options.
As with any deal think about what you want – if you use a lot of data then a plan with more data but fewer minutes will be the best option. If you are happy with your phone and don’t want the latest handset, then switching to a SIM only deal may be a better option.
Bank accounts
Arguably this is where people tend to be the most loyal – after all this is your money and there is always concern about how secure it can be. There is also the other extreme that people may switch because an account comes with a tempting looking perk but then find they get stung somewhere down the line.
As ever in life the solution is somewhere in the middle, you need to carefully check the options available and see what account offers the best deal for you in the long term. It is also worth looking at more than one comparison site or a few different providers as this will give you more choice to weigh up the best deal for you.
We can help
At Larcomes Financial Services we want you to get more from your money. We have both the resources and the experienced professionals to guide you through choosing the right accounts and making investments that are best suited to you. Contact us now today and we will be happy to discuss your personal needs in more detail.