A ‘do it in an afternoon’ guide from the team at Be Clever With Your Cash
We’re halfway through the year. The summer holidays are upon us which makes right now the perfect moment for households to give their money a gentle glow up, and build a pot for next year.
A handful of easy swaps could add up to around £2,000[i] over the next 12 months, most of them taking minutes rather than hours, using a phone with a brew in hand. Enough to put a decent dent in next year’s getaway or fund a few summer treats to look forward to.
The clever bit? It’s not about spending less to save more. It’s about making the money people already have work a lot harder.
James Andrews, Editor of Be Clever With Your Cash, said:
“The middle of the year is the ideal time for a quick money MOT. Most households are sitting on small savings they don’t even realise are there. A substandard savings account, a forgotten subscription, an insurance policy on autopilot. None of these swaps is difficult, but often the hardest part is simply getting started.”
Here are the team’s favourite mid-year switches.
1. Swap lazy cash for an account that pays
The big one first, because it’s the swap that makes the biggest difference for very little effort. Idle cash comes in two forms: savings sitting in an old account earning next to nothing, and the comfortable cushion many people leave in a current account, where most pay 0% interest. Both are money doing nothing. Analysis by savings app Spring found around 6.5 million accounts holding over £10,000 were earning zero interest, with savers collectively missing out on an estimated £9.75 billion in a single year. The message is simple. Every £1,000 left languishing in an account paying no interest is around £50 a year you’re missing out on, while the same money in one of the top easy-access accounts in our tables, currently paying around 5%, is £50 gained. On £10,000 left in a 0% current account rather than a 5% savings account, that’s £500 a year in free cash (before tax); on £20,000, it’s the difference between earning nothing and pocketing around £1,000 a year.
Take action: Savers can compare the best easy-access rates – the top deals currently pay around 5%, with instant access and no penalty for dipping in – and move their money over. Anything above an everyday spending buffer can go into a cash ISA to keep the interest tax-free too, and setting up an automatic monthly transfer from a current account means it happens without a second thought. Be Clever With Your Cash has a regularly updated round-up of the best savings accounts and ISAs, so it’s easy to see at a glance whether an account is performing. It’s the financial equivalent of finding a tenner in last winter’s coat.
Swap time: about 10 minutes (plus 10 minutes to set up an ISA transfer, if you want one).
2. Swap a forgotten subscription
One month’s bank statement, given a good read, is surprisingly revealing. Those little £7.99s and occasional £10.99s have a way of hanging around long after they’ve stopped being used. Research by Citizens Advice in 2024 revealed that the average Brit pays for 2.8 subscriptions totalling £786 a year, and over 13 million people accidentally took out a subscription over the course of 12 months.
Take action: Households can cancel the streaming service no one watches, or the trial subscriptions long forgotten, and start earning back instantly.
Swap time: about 20 minutes.
3. Swap auto-renew for a shop-around
Insurance is the one many households mean to sort and never quite do. But loyalty rarely pays. GoCompare found that nearly half of Brits (45%) don’t bother shopping around when their renewal is due, even though motorists, for example, could save up to £362 on their car insurance by comparing deals on a comparison site.
Take action: Households can pop the renewal dates for their home contents and building cover, motor insurance and any other general insurances into their phone now and set a reminder for around three to four weeks before they’re due. Data suggests the cheapest comprehensive quotes tend to land about 28 days before a policy is due to renew.
Swap time: 15 minutes to log renewal dates, up to 1 hour to compare insurance quotes.
4. Swap “set and forget” for knowing when your contracts end
It’s not just insurance. Broadband, mobile, breakdown cover, energy and gym memberships all run on contracts, and the danger zone is the moment your fixed term ends. Once you’re out of contract, a provider can quietly bump up your monthly fee, and some contracts auto-renew with no easy get out clause, leaving you locked in for another 12 months (or however long the deal runs) before you can move without penalty. Broadband is the classic example: Ofcom data shows out of contract customers typically pay around £5 to £12 a month more than new customers, and on some deals the jump is £20 or more. Comparison site GoCompare estimates around 5.9 million households are out of contract and overpaying as a result. That’s easily £150–£200 a year on broadband alone, before you even look at mobile or breakdown cover, for example. Knowing the end date is key to managing those unexpected contract renewals.
Take action: Households can list the end date and renewal terms of every rolling contract – broadband, mobile, TV, breakdown, gym and so on – and set a phone reminder a month before each one ends. Check whether it auto-renews and how much notice you need to give to leave, so you can switch or haggle before any out of contract price rise kicks in rather than after.
Swap time: about 20 minutes to dig out the dates and set the reminders.
5. Swap big brands for own label (no one will taste the difference)
The supermarket classic, and it still works. Switching just five branded staples – cheese, bread, loo roll, baked beans and cereal – to own label could save around £539 a year, according to analysis by VoucherCodes.
Take action: Shoppers can start with simple items such as bread, flour, washing-up liquid and tinned veg, and take it from there.
Swap time: no extra time beyond the usual food shop.
6. Swap the daily “big shop” top-ups for one planned trip
It’s the “I’ll just nip in for milk” runs that add up. So many shoppers come out with a basketful having popped in for one thing.
Take action: One planned shop a week, ideally with a list, means fewer impulse buys and less food going soft in the bottom of the fridge.
Swap time: 10 mins to make a list, plus the weekly shop, likely shorter thanks to having a list.
7. Swap “I’ll sort it someday” for one productive afternoon
This is the real secret. None of these swaps is hard. It’s the putting it off that costs people.
Take action: Pick an afternoon, make a brew, and run through the list. By the time the kettle’s gone cold, households could be quids in, with the added bonus of a real sense of achievement.
The single best place to start? Savings. It’s the swap with the biggest payoff for just a little effort. Be Clever With Your Cash’s straightforward round-ups of the best savings accounts and ISAs help savers find a better home for their money in minutes.
