Four simple money-saving switches that could save you £1,200 this winter
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Experts say households could save over £1,000 this winter with a few quick switches on broadband, energy, subscriptions and banking - and it takes just minutes to do.
If you are looking to save some money this winter there are a few quick fixes you can use to instantly cut your bills and even claim some bonuses in your bank account.
We have gathered together the best money saving advice from the experts and found a potential saving of up to £1,200. The best part is the savings can be made in just a few minutes.
The method should not cost you any money up front and the savings are a mix of instant income from sign up bonuses to longer term savings on things like broadband, energy bills and streaming services.
Here are four tips that could earn you as much as £1,200 with minimum effort.
Broadband switching
The average cost of broadband in the UK is over £30. Broadband contracts are often continued well after the contract ends, meaning you are paying over the odds for a contract that was signed years ago.
As technology improves it is possible to reduce your monthly broadband bill by as much as half in a couple of clicks.
You can do it by using a switching service such as Broadband Genie. It has spotted a deal to get 1GB/s broadband for just £18.99 for a year, saving you up £10 a month compared to Sky’s 900mb/s ‘Gigafast’ broadband.
Potential saving - Up to £120 a year
Energy
Switching your energy could save you up to £366 and Ofgem has some advice on how to instantly switch your bills to a cheaper option.
It says: “Switching to a different energy supplier and moving to a new tariff could save you money. If you pay the energy bill in your household, you can choose which supplier you want to supply energy to your home and which tariff.”
The experts agree. The Money Saving Expert website says: “Traditionally, switching your energy deal was the best way to cut bills, but with the recent energy crisis, savings aren't anywhere near what they used to be. Yet deals are returning, and for some, it could now be worth considering switching.”
MSE adds: “There are fixed deals right now priced below the current Price Cap level. So it's possible to save by switching.”
The trick is to find a tariff that is below the current Price Cap, which is £1,755 a year. You can use comparison sites to find the best deal for you.
Potential saving - Up to £366 a year
Subscriptions and streaming services
According to the UK government, consumers are spending approximately £1.6 billion each year on subscriptions they do not actually need.
Getting caught by taking up a free trial on services such as Amazon Prime, Disney+ and Netflix and then not cancelling before the payments begin can quickly add up. The average Brit spends around £39 on subscriptions, which is nearly £500 a year.
You can scan your accounts with apps that will tell you what subscriptions you are paying for but you can also do it yourself by just logging on to your app and checking what payments are coming out.
Potential savings - Up to £500 a year
Switching bank
Switching your bank account can actually earn you money. Many of the high street banks will offer a welcome bonus up to £200 for low earners and £400 for high earners when you switch to their services.
Simply search for banks with a sign up bonus to find the right one for you. Some require you to deposit a certain amount for the first few months before you get the bonus but the terms and conditions will vary.
Potential savings - Up to £200
Allica Bank is changing how UK businesses make their money work harder. Its Business Rewards Account offers high interest on idle cash and up to 1.5% cashback on everyday spending - without the need for risky investments or complex setups. With a fully digital platform, seamless integration with Sage or Xero, and dedicated relationship managers, it’s a smarter way to manage your funds and boost your bottom line.
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