Over-50s' MoneySaving

There's special protection to ensure carers get enough NI contributions

While you can be a carer at any age, many over-50s are carers, and many who need care are over 50 (so their carers will likely be reading this bit). 

There is a special protection to ensure you get enough National Insurance contributions for the state pension, but many are missing out. So do check this in Carer's credit help.

Don't fall for over-50s' policies – they're OFTEN beatable

Age is often a factor in certain types of insurance. For example, with home insurance, the older you are, the less likely you are to claim, which makes premiums lower. But with life insurance, being older can increase the price.

Companies such as Saga, Rias, Castle Cover, Staysure and Age UK provide services aimed at those aged 50 or 60 and over, offering a range of financial products, including insurance, targeted at older people.

Don't assume these will always be cheapest though – often, they're not. All insurers use risk-based price assessments, so age will be factored in already. The so-called 'special price' for older customers may still be broken by a non-age-targeted quote from elsewhere, so always check first.

And if you drive a classic car - or are thinking of buying one - don't tread the usual route and try for quotes using a comparison site. Our classic car insurance guide shows how with vintage motors, specialist brokers will be best placed to find the right insurance policy for you.

How to get the cheapest car insurance – a 60-second summary:

• Step 1: Lower your risk category. Start by choosing your cover, then ensure you're as low a risk as possible. Fully comprehensive cover can be cheaper than third party, so always check. Use the Car Insurance Job Picker tool – tweaking your job description could nudge you into a lower risk band and save cash.

• Step 2: Combine comparison sites correctly. Comparison sites don't always compare the same insurers, check the top three to get the maximum number of quotes in the minimum amount of time: Gocompare*, Confused.com* and MoneySupermarket*.

• Step 3: Grab hidden cashback and haggle. Check cashback websites to see if you can get paid for taking out your insurance, and make sure you check for special deals not mentioned on comparison sites. Once you've got your overall cheapest price, get on the phone and see if you can haggle it down further.

• Step 4: Bookmark next year's renewal. Diarise a warning at least eight weeks before your renewal date to give yourself plenty of time to find a new provider, and maybe lock in a cheap price before your renewal arrives. 

For best buys and full info on how to speedily find the cheapest price, see the Cheap Car Insurance and Home Insurance guides.

Always compare over-50s' accounts with standard rates

A clarion call to silver savers – with interest rates at horrendous lows, the only way to get a decent amount is to treat your savings a bit like a job. You need to put the time in to maintain the best rates, especially if you want to live off the interest.

• How to find the best rates. It is not always as simple as you think to make the most from your money. Not only are there different types of savings accounts, but in some cases you can be better off with a current account. For full details and more best buys, see the Top Savings Accounts and Top Cash ISAs guides.
  
  
• Over-50s' savings don't automatically mean better rates. Some banks offer special accounts for over-50s or 60s, such as Saga's Internet Saver account. Sadly, these don't tend to offer anything unusual and can often be beaten elsewhere.
  
  
• You've £85,000 savings protection per person. These days, all UK-regulated savings accounts are Government-guaranteed up to £85,000 per person. Though for full safety, don't save more than this with any one banking group. See Safe Savings for more.

Instantly boost your interest further

If you've been saving money in tax-free cash ISAs, don't assume you can't touch them. Cash ISAs are some of the worst offenders when it comes to paying paltry rates, as the banks offering them know that once opened, many people believe they're a done deal.

This isn't the case – you have a right to transfer your cash ISA, which can instantly boost the interest you earn. 

However, a quick warning: don't simply take the money out. To do this, you need to set up an account with a new provider and ask it to transfer the cash across for you.

Though these days, all savings are paid tax-free, so it's also worth asking if a cash ISA is worth it. For full info on this and the current best rates, see Top Cash ISA Transfers.

Try to switch to a billed meter for gas and electricity if possible

While a push from the Government means it's getting better, those on prepayment meters are still pretty hard done by, certainly compared with those who pay by direct debit. If possible you should try to switch to a billed meter. All of the big six energy companies now allow you to switch for free, but some smaller suppliers still charge so always check.

Often they won't let you though, due to credit score or income difficulties. For full info on how to ditch a prepayment meter for a credit meter, or if you can't, save on a prepay meter, see the full Cheap Prepaid Gas & Elec guide.