Interest rates on savings and loans, and prices for goods and services can vary depending on where and how you shop. For example some savings accounts offer a higher interest rate for online accounts, some mobile phone packages are cheaper if you buy online, and some energy providers offer discounted rates if you buy online, or if you pay monthly or quarterly rather than yearly. So it’s always worth checking before you buy.

Make sure you understand what you’re buying. Quite often special words or phrases will be used, so if you’re not sure, find out what they mean. You can usually find an explanation on the website or in the terms and conditions, or you can ask the salesperson.

Look at the details of each product and decide what features are important to you. For example for a savings account, don’t just look at the interest rate, but also consider things like how much notice you have to give before you can get your money or whether you can use branch, telephone or internet banking.

Ask the provider to confirm the details and to give you a personalised quote, so you know exactly what it means for you.

If you want instant access to your money or you’re switching from an existing product, check if you have to pay any penalties. For example some banks have notice periods before you can get your money out or some phone providers charge you a penalty if you want to cancel your contract before the end of the set period. So it’s a good idea to check any penalties before you sign up to anything.

These can be helpful, and may be the only source of detailed information on a particular product. But remember that the companies providing them want you to buy their products. Make sure you don’t just look at the headline information (such as interest rate and price), but that you also check the terms and conditions to ensure the product suits you.

For some financial products, firms will give you a document, which gives you important information about the service or product. For other products (such as mobile phones), firms have to give you information about the terms and conditions of the product or service they are offering.

There’s lots of useful information in the press and finance or other specialist magazines, on TV, radio and online, including product reviews and comparison and price guides. But remember that the information may only be general and not directly relevant to your situation.

You can use best-buy tables, such as those in newspapers, but remember that these only show a small number of products, and the information won’t necessarily be relevant to your circumstances. The tables are based on what the publication or website thinks is a good deal, which may not necessarily be the best deal for you.

Comparison websites let you compare products from different companies. They often cover a wide range of products, and you can usually tailor the information to your needs. In the next section, we’ve included some tips and questions for you to get the most out of them. For impartial information on savings, mortgages and pensions, see our comparison tables.

Most websites ask you some questions about your circumstances and what you’re looking for. Then they display a table of products that might be of interest to you. You can then usually sort the table based on different product features, and narrow down your list by making further selections.

Some websites will also allow you to buy or apply for products directly from the table or by taking you through to the provider’s website.

The Association of British Insurers (ABI) has a voluntary good practice guide for insurers, brokers, software houses and insurance comparison websites when providing online price comparison quotes for insurance.

This will mean that you’ll get information to help you understand more about the policy you’re being offered. It also says that insurers who are unable to provide a quote to a customer (for example due to age or health) should refer them to another provider who may be able to offer them cover.

Comparison websites give a range of useful product information to help you shop around and choose what’s right for you. But there are things you should think about when using these sites.

• Does the table show all of the products on the market or just a selection? Some tables will only show ‘best buys’, while others will be more comprehensive. Some may only include products that the website can make money from in some way, for example if you click through to the provider.
• Does the table show the information you need to make your decision?
• Does it include the details that are important to you or do you need to get more information?
• Is the information personalised for your needs? It may be an illustration rather than an individual quote.
• If it is a quote, is it guaranteed by the comparison website?
• How up to date is the information? However current it is, it’s always a good idea to check the details with the product provider or an adviser before you buy.

All comparison websites look slightly different but many will work in similar ways in terms of the order in which they list products. When looking at the information, bear the following points in mind:

• Some websites will sort the products based on one of the product features or, in the case of insurance, usually on the premium. The product that comes top in such rankings is not necessarily the best product for you.
• Commercial websites will be looking to make money, and this may affect how the information you see is presented. For example companies may be able to pay to list their products higher up the tables, or to have their products shown differently.
• Also some websites make money if you click through to a company’s website or apply for their product directly from the table, so they may place these companies’ products higher up the table or highlight them in some way.

A range of different organisations produce comparison websites, and this can affect what information they show and how they present it.

Think about how independent and impartial the organisation providing the table is, and how well they understand the product you’re looking at.

Make sure you understand where the website gets its data from. Do they collect it themselves or do they get it from somewhere else? This will help you understand who is ultimately providing the information and how accurate it’s likely to be.

Check the terms and conditions or ‘About us’ section on the website. These should explain where the information comes from, how it is presented, and whether this is affected by how the website makes its money.

If you have questions you would like answered before you decide to buy the product, contact the product provider or an adviser. Look at all the features and benefits of a product before deciding if it’s right for you.

Can you actually get the products shown on the table? The products shown are normally based on limited personal information that you have entered. This does not mean that you are guaranteed to be accepted for a particular product that appears in a table, so you’ll have to check the terms and conditions of each product.

It can be confusing knowing which comparison websites are not trying to sell you something.

If you’re shopping around for financial products, such as savings accounts, mortgages, pensions or annuities, we have impartial tables which are updated daily.

If you’re shopping around for energy products, Consumer Focus (the energy consumer champion) has a voluntary code of practice for companies offering internet comparison services.

You can get help with shopping around, for example by using a broker to buy insurance or a mortgage, or by getting professional advice to help find a pension that’s right for you.