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Loan charges: Switch to the best value finance products to boost family budgets

Households should ensure they have the best savings and current accounts rates, as well as the best cashback cards, to add to their household budgets.

Comparison website MoneySupermarket.com revealed that families can add an extra £884 to their coffers every year by making these three switches, which works out as £74 a month - a great help when it comes to meeting monthly outgoings, such as loan charges.

Firstly, the firm suggests moving their savings into an Isa, allowing them to make the most of the £5,640 tax-free allowance they get with these products.

Current account holders can secure more money each month by making the most of cashback offers. For example, the Halifax Reward account gives you £100 when switch and join, as well as £5 cashback every month.

Similarly, those who use credit cards to buy goods and services but make sure to pay off their bill every month can make a great deal of money through cashback as well. The American Express Platinum Cashback card offers five per cent back on up to £2,500 in the first three months and then 1.25 per cent after that.

"Consumers need to make the most of any available returns they can make to their income, and they can take action to help boost the family coffers by taking advantage of a range of offers currently available," said Kevin Mountford, head of banking at Moneysupermarket.com.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801530826-ADNFCR



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