Could this Hack BOOST Your Income by £3,500?

Households across the UK could boost their income by £3,500 over the next 10 years by using smart digital banking tools, according to new data from Lloyds Banking Group.

Features including budgeting alerts alerts and mortgage deal notifications, which are often free with most bank account providers, could unlock savings of £100 billion across all households, the study found.

These features help to trim unnecessary costs, improve returns and help people spot money risks before they snowball into something too difficult to manage.

How can digital money tools help you?

Whether you’re looking to make a saving or track down the best mortgage deal, here are some of the ways that digital tools can help you.

Mortgages
Home loans are often one of the biggest expenses to come out each month. However, many miss out on savings by not switching when cheaper rates are available.

Using a digital prompt from your provider could help you identify deals quicker and save £1,600 a year on average.

Savings and investing

Between £430bn and £610bn is sitting in savings accounts above the amount needed for emergency savings on average.

If around 15% of this excess cash was invested gradually, it could unlock around £40bn over the next decade, the study shows.

Getting started with investing can feel daunting but there are simple ways to get going, including a Stocks and Shares ISA.

Working out what type of investor you are could help narrow down the right fit for you. Then compare the best Stocks and Shares ISAs and the best Stocks and Shares ISAs for Beginners to find a provider.

For more guidance on getting started, give our podcast episodes Investing Made Simple: How To Turn Your Financial Goals Into a Reality and Stocks & Shares ISA Tips to Maximise Your Money a listen.

Debit and credit cards

Some banks offer alerts to help you keep on top of your debt repayments. Some can also share cheaper deals which could help you reduce the cost of your overall debt, saving money long term.