Could a few minutes of money admin leave you be better off?

Finding better deals and getting on top of your finances may not be as much of a chore as you think. By Vicky Shaw.

Could a few minutes of money admin leave you be better off? (Alamy/PA)

With many of us leading busy lives, sorting out financial life admin can often end up being pushed way down the priority list.

In fact, new research suggests that people see money admin as only marginally more appealing than putting the bins out – or giving the toilet and bath a clean!

Shawbrook Bank commissioned a poll of 2,000 people with savings, asking what they would do with a spare 20 minutes.

Half (50%) of the respondents said they would use some of the time to reply to messages, while two-fifths (42%) would go on social media and use the time to scroll through Instagram stories and TikTok. A third (32%) said they would spend some of the time browsing online stores.

Just a quarter (24%) said they would use the free 20 minutes to check their savings rates – only slightly higher than the proportion who would choose to take the bin out (18%) or clean the bathroom (12%).

However, as arduous as financial admin may sound, with the Bank of England base rate having increased 12 consecutive times, now could be a good time to see what new deals are out there.

Many savings providers have been boosting their rates and some current account providers have launched new “cash to switch” offers.

Adam Thrower, head of savings at Shawbrook, says: “It might be that savers don’t think it will make much of a difference, as for so many years it hasn’t been worth the effort, but savings providers are getting more competitive.”

And it isn’t just savings that could benefit from just a few minutes comparing money deals.

The Current Account Switch Service (Cass) takes the hassle out of switching current accounts by automatically shifting payments over to the new account – and several providers are sweetening the deal by offering free cash to switch.

And for those who have borrowed money, spending a few minutes comparing 0% credit card deals could mean saving significant sums of money. People can often check their eligibility for credit cards by doing a “soft” search, which will give them an indication of how likely they are to be accepted for a deal, without it leaving a “footprint” behind on their credit file.