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How to give your bank balance a boost

How to give your bank balance a boost

Category: Money

Updated: 30/08/2016
First Published: 30/08/2016

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Whether you're facing a summer spending bill of epic proportions or simply want to reign in your spending and start saving instead, it's always good to be able to cut your bills down to size. It needn't be that difficult to achieve, either, so read on to find some great ways to give your bank balance a boost.

  • Compare utility providers. One of the easiest places to start is to compare gas and electricity providers. Chances are, you'll be able to save a fairly hefty amount, particularly if you've never switched provider before and are stuck on a standard variable rate tariff – switching to a fixed rate deal could save a small fortune, and if you switch now, you'll be just in time for the season of peak energy usage.
  • Re-consider your TV deals. Do you really need all those TV channels? If you're not really making the most of them, it could be worth switching your TV, phone and broadband deal. Freeview could be all you need, and if you find you miss the extra entertainment options, subscription services like Netflix and Now TV let you enjoy those extra channels without tying you into a lengthy contract.
  • Switch current account. Switching your current account could be a great way to get more from your money. Not only is it easy to find one that offers generous rates of in-credit interest (up to 5% in some cases), but many offer cash incentives just for switching, giving you bank balance an instant boost. Others offer cashback, rewards and other incentives, giving you more from your everyday spending.
  • Look for a better savings rate. Savings rates are being cut left, right and centre at the moment, but that's no reason to be disheartened. There are still plenty of great deals to be found if you spend the time to look, and if you're currently stuck with an account that pays paltry rates of interest, switching can be a quick and simple way to boost your returns.
  • Be ruthless with your subscriptions. Take a look at your bank statement and you could well find a subscription or two that's rarely used. From gym memberships to magazine subscriptions and music streaming services, we've all got them – if you haven't used the service in a while or simply aren't benefiting, be ruthless and cancel. Extra cash every month!
  • Reclaim PPI. Many of us have developed selective hearing when it comes to PPI – it's talked about in so many adverts and is the cause of so many nuisance phone calls that we often tune out and try to ignore it. Big mistake! Many people could be owed money without even realising, so it could pay to look into things – dig out those old credit card, loan or mortgage statements, and if you spot a PPI policy that you weren't aware of or didn't want, need or ask for, contact your lender and ask for compensation. Many are still holding back huge amounts of cash for such claims, and if you don't ask, you won't get!
  • Consider remortgaging. Mortgage rates are at record low levels, which means now's a great time to reconsider your options – and more and more people are doing just that
    . If you remortgage to a lower rate deal you could easily shave hundreds of pounds off your monthly payment, or you may even want to take the opportunity to increase the size of your mortgage for a low-rate cash injection that can be used for anything from home improvements to clearing debt. Either way, remortgaging could give you a serious cash boost!
  • Be voucher savvy. Even something as simple as being on the ball when it comes to vouchers and discount codes could be all you need to save money on your everyday spending, giving your bank balance a welcome boost without even trying. Check out our dedicated voucher section to get started, and see how much you could save.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.