MoneyExpert.com conducted the research to demonstrate the benefits of shopping around for the best deals – and also to highlight the benefits of using a comparison website. The GBP547 annual household saving comes from switching home insurance, motor insurance, mortgages, personal loans and credit cards to the best deal for each individual.
The research has also found that the biggest saving would come from moving a personal loan. On average borrowers could save GBP204 a year by moving to the best deal. Drivers could cut their car insurance bill by around GBP158 a year while homeowners would be GBP76 a year better off.
Sean Gardner, CEO of MoneyExpert.com, said: With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs. Our analysis shows potential savings of up to GBP547 are on offer from reviewing basic financial products and that would be a major boost for household budgets.
