Britons could save by 'switching'

22 February 2006
Britons could save themselves £1,000 just by switching bank accounts, according to a new survey.

By moving to top-rated current accounts, loans, mortgages, insurance policies and savings accounts instead of sticking with one provider, account holders could be £1,134 a year richer, figures from moneysupermarket.com's research reveals.

Moneysupermarket also advises consumers to act now as the top high street banks are expected to be announcing major profits worth billions of pounds in the not-too-distant future.

"Apathy costs consumers dear and this is what the big banks rely on to keep their profits fuelled," said Stuart Glendinning, director of moneysupermarket.

"The old adage that the high street equates to convenience and good value is increasingly becoming a myth as more consumers become savvy in their attitudes to finance and recognise the importance of shopping around and using the internet for securing the best deals."

Financially savvy consumers could save themselves £806 on their mortgages, £167 on personal loan repayments and make a saving of more than £46 on credit card payments by switching to market-leading providers, moneysupermarket calculates.

Mr Glendinning said: "It is easy for consumers to save over £1,000 a year by shopping around… My advice is simple, keep the banks on their toes and make sure you get yourself the best deal."

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