The Supreme Court recently voted in favour of the banks and turned down current account holders’ case against what they deemed to be unfair overdraft fees.

If you went overdrawn in the past banks charged relatively large sums in fees – people could be hit with a £30 fine for going 1p over their agreed limits, for example. And while many of the banks have now cut down their fees, people wanted retrospective recourse. They lost this, and many have been angered by what seems to be a ‘bank win’.

You need to ignore such issues and get on with making sure your finances are balanced and in order during this downturn – something that can be very easily done with an offset current account. With an offset current account, all your assets including your mortgage balance are placed to together in one account for you to manage easily.

An offset allows you to take money from the account, which increases your monthly rate, or alternatively you can invest money into the account which reduces your rate – essentially it is a giant overdraft of hundreds of thousands of pounds.

But for an offset current account to work at its best it needs to be carefully managed, week by week and day by day. You want to make sure you are doing all you can to reduce your overdraft with an offset, which in turns reduces your monthly rate – being careful with money allows you to save money with these innovative accounts.

So ignore all the goings on in the courts and ignore the indignant national media. Take control of your own finances and save your own money. You don’t need to wait on a court case to get hold of more money with an offset current account – you just need to manage your own situation as best you can (with a little bit of professional help from an offset mortgage broker, obviously).

To stay abreast of current trends, news and comment on offseting mortgages visit the Offset Mortgage Blog.