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Sainsburys Bank recommends banking spring clean

30 March 2005
New figures from Sainsburys bank have revealed that UK consumers can save up to £1,824 by switching to industry-leading personal loans, credit cards, mortgages and car insurance deals.

The research compiled by Sainsburys Bank and Moneyfacts shows many could benefit from a financial 'spring clean'.

"Recent polls show that 88 per cent of consumers are planning to switch credit card providers this year, 84 per cent plan to take out a personal loan and 41 per cent plan to move house," said Emma Butler, web editor, Moneyfacts.

"Adding up the potential savings for cards, loans, and mortgages above shows that consumers could save thousands of pounds by shopping around for financial products," she added.

The bank claims borrowers can save £419 on an average three-year £5,000 loan - with insurance and £230 by switching to a credit card with a zero per cent balance transfer over a year.

However perhaps the most impressive figure is the huge £31,932 of potential savings over the course of a 25-year mortgage by moving to a cheaper interest rate.

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