Wednesday 13 December 2017

Make me richer! Money-saving tips

Nick Webb

Nick Webb

Phone, telly and broadband combo

Keeping up to speed with the latest jaw-dropping revelation from the Nigella story means you'll need to be connected. For a really basic entry-level package of digital telly, broadband and a phone, Sky's entry-level deal of 35 channels and up to 24mb broadband is well and truly trumped by UPC's basics collection deal with 50 stations and 50mb of broadband welly. Quotes from bonkers.ie

Best: UPC €618

Avoid: Sky €684

Saving: €66 in year one

Contact: www.upc.ie or 1890 940 070

ELECTRICITY AND GAS BILLS

Rapidly becoming as evil as the banks, the big energy companies are squeezing every last penny from us. If you listen carefully, you can hear the sound of cackling and laughter from their mountain lairs. Switch to a cheaper supplier and save buckets of money. Don't go near "bundles" where you get electricity and gas from the same supplier. For a family using €200 worth of gas per month on the standard Bord Gais tariff and another €200 per month worth of electricity on the standard ESB tariff. Already on direct debit and ebilling.

Gas

Best: Flogas Optimiser €2,072.32 per year

Avoid: Bord Gas Standard €2,400

Saving: €327.68

contact: www.flogasnaturalgas.ie or 1850 306 800

Electricity

Best: Bord Gais Energy €2,106.46 per year

Avoid: ESB standard €2,400

Saving: €293.54

contact: www.bordgaisenergy.ie or 1850 632 632

Combined savings: €621.22 per year

SAVINGS ACCOUNTS

There's really not a huge incentive to put any spare money into a savings account as the rates are utterly pathetic and are only going to get worse. Things aren't helped by the Government tax grab on interest. But if you don't fancy buying stocks or ETFs or taking risk, then you'll just have to put up with a really dismal rate of return. Watch out for the banks that pay less than one per cent... that's just mean. The State savings accounts offer the best rates but you have to tie your money up for 10 years. For someone lobbing away €10,000 into an account over a year.

Best: State Savings Account 3.05 per cent

Avoid: Ulster Bank easy access 0.01 per cent

Saving: €304 in year

contact: www.anpost.ie or local post office

OVERDRAFT RATES

The ability to actually squeeze blood out of a stone is really an underrated skill. Bank overdraft rates are really at horrible levels. AIB is beating the pants off the opposition with its market busting rates... and they are really nasty. It's pretty clear that the system isn't working properly. On €1,500 maxed out over the year.

Best: AIB 11.95 per cent

Avoid: Permanent TSB 16.30

Saving: Up to €65.25 per year

contact: www.aib.ie or local branches

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