Mortgage holders can save €200 a month

MORTGAGE holders can often save almost €200 a month on their repayments by switching lenders.

Those with money to save can also do much better by switching accounts earning hundreds more in annual interest, a new National Consumer Agency (NCA) cost comparison banking website has revealed.

The agency’s new facility is designed to help consumers compare offers available on current accounts, loans, savings products, mortgages and credit cards.

The research also shows an extraordinary difference in the cost of personal loans. The interest rate payable on a three-year personal loan of €5,000 ranges from 11% with National Irish Bank to 14.9% with Bank of Ireland.

Launching the NCAs online facility, Enterprise Minister Richard Bruton said that at a time when many consumers need impartial and comprehensive financial information, the new NCA banking cost comparisons are very welcome.

“Easily accessible and transparent information to help people manage their personal finances is critical and I commend the NCA for producing a resource that will meet this vital consumer need.”

The cost comparisons cover 10 product categories and, according to the NCA, they are always up to date, 100% impartial and do not advertise, recommend or sell. They are intended purely for the purpose of informing consumers.

NCA chief executive Ann Fitzgerald said: “In the current difficult environment, our new cost comparisons offer a one-stop shop where consumers can compare and contrast products and tailor the information to their own particular needs. “Whether you have €500 to save or you want to clear your credit card debt in the fastest time possible, these resources can help you find the right financial products to meet your needs. Importantly, they are simple and easy to use and provide comprehensive information in a totally impartial way.”

In addition to the cost comparisons, the NCA is also introducing a “Clearing your Credit Card” ready reckoner. This is designed to help users work out how long it will take to pay off credit card debt with their current provider and allows them to compare this with the time it would take if they switched the outstanding amount to a different card.

*The new cost comparisons replace the existing banking comparisons on the NCA’s personal finance website itsyourmoney.ie and are available at www.nca.ie.