Yahoo!7 has launched a service it claims will save Australian families up to $11,670.
The service, Moneyhound, compares the prices of 2400 products across personal finance, telco and Internet products. They include savings accounts, personal loans, credit cards, mobile phone plans, broadband plans, and in the future will expand to include utilities such as gas and electricity.
The savings Yahoo!7 is claiming are based on the following: 2 adults, 2 children, and assuming a $10,000 credit card debt, a $350,000 home loan debt, a $14,000 car loan debt and a bank account earning 0 per cent interest. The optimal savings the service claims also assumes the family does not have a savings account, and a range of mid-to-premium phone and broadband plans.
So for many, if not most families, the actual savings that Moneyhound can offer will be less. That said, this free service will definitely help, Yahoo!7 claims.
“Australians are looking for ways to save money online and we want to help the eight million monthly visitors to Yahoo!7 do this even better. We know from our research that many Australians find it hard to find the time to compare products even though they realise they could probably save money on their monthly bills.
Moneyhound is a safe and trusted environment where users can easily browse products from known providers to find the best deals on the market,” Yahoo!7 head of audience, marketplaces, Dan Stinton, said in a release.