take the money and run

Banks desperately need new customers at the moment.

Which is great news if you want to save money, because they are falling over themselves to offer longer and longer interest free loans on certain balance transfers, cash balances and high rates for savings too.

The latest offers give 40 months interest free on balance transfers, or £200 simply for moving your account to them, or up to 5% interest on savings.

But you’ll need to move quickly as these are claimed to be ‘limited time offers’ (albeit this is sometimes used as a classic sales scarcity tactic).

Banks like Virgin Money, Halifax and Tesco are all currently offering 40 months interest free, with most major other banks offering 36 or more months.

That all sounds great, but as usual there are the caveats and you need to read the detail of each banks offer to see whether you’d qualify or which would be best for your circumstances, so to make things simpler for you, check what the top banks are offering here at our 1 stop comparison shop.

As usual money does seem to breed money here to an extent and it tends to be people with a reasonable credit history who are readily accepted into these schemes and can benefit from them, whereas it is often those with a worse credit history who really NEED to be able to access this type of offer, but so many times find themselves declined.

What a lot of people don’t know however…..

…Is that applying for a credit or balance transfer card can leave a hard search on your credit file and could possibly hurt your future credit worthiness. So to overcome this you need either to be very confident you have a good credit score when applying or use a service which uses a ‘soft search’ facility, which will not show on your records. The profit Mentor has trawled the web for you and found a very helpful example for you to use, provided by the excellent website ‘Money saving Expert’.

Philpickwick.com is all about making and saving YOU money…..

…and with such good deals around surely it makes sense to try to get-in on some of the action on offer – but heed the previous warning and, if you think you need to, make sure you do a ‘soft check’ for eligibility first so you won’t be either disappointed or worsen your profile for the future.