Comparison websites can help save us hundreds of pounds on utilities and financial products. Here's our look at where and how to get the best deal.
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*All details, quotes and prices correct at time of publishing - 2/2007
Shopping around for the best rates on your credit card, phone or energy supplier was hard work before the advent of online price comparison websites. Choice is a wonderful thing, but who has the time to wade through 37 different electricity tariffs and retain the will to live?
However, while comparison sites may make it seem a breeze to get a great deal, there are a few things you should consider before you sign up for anything...
While comparison sites can throw up a shed load of cheap quotes really quickly, they still may not provide the best deal.
Most comparison websites don't survey the whole market, so the best price on the website might not be the best deal available.
Most financial services firms are, by law, regulated by the Financial Services Authority, but money comparison websites are not. There isn't even a voluntary industry best practice charter. With this in mind, use comparison sites to narrow down the options, but don't assume you are getting financial advice or being recommended a product. For advice, contact an independent financial adviser (visit www.unbiased.co.uk for local IFAs).
Some companies offer better deals if you go straight to them or already have more than one policy with them. Comparison sites don't take this into account.
Nobody likes filling in questionnaires, so websites keep them short. This means they make a lot of assumptions about the type of product you're looking for, so it's vital to read the small print before entering into any contract.
Comparison websites use different criteria on which to base their calculations, so if, as we did, you put the same household and energy consumption details into four energy switching sites, you're likely to get four different best buys and four different potential savings!
They are heavily focused on price and it's easy to forget other factors such as service or whether the deal gives you everything you need. Cheap insurance quotes, for instance, often hide a high compulsory excess. 'There is often little or no attempt to provide the right products for customers, only the cheapest,' says Professor Merlin Stone of the Bristol Business School*.
*Report commissioned by www.moneyexpert.com
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