Switching Finances Can Save You Thousands

Financial experts have concluded that on average Brits could enjoy saving a whopping four thousand pounds a year simply by switching financial products such as loans, savings accounts, credit cards, and mortgages to better value products than their existing ones. The figures are based upon those currently putting up with poor deals on such financial products, and the financial difference it would make if they were to switch to some of the best deals around for the same type of products.

According to figures released by Moneyextra, the average saving that people in the UK can make each year by making this switch equates to £3976.02. According to the data, three months ago making the same type of switch would have saved Brits £167.24 less than it would now, so in the space of three short months consumers in the UK can save even more each year simply by ensuring that they have the best value financial products.

Robin Amlot of Moneyextra stated: “At this time of year, when consumers’ minds are turning to spending perhaps not wisely but all too well for Christmas, it’s more important than ever to make sure we’re getting value for money for our money. Shopping around for just the right present for the person you love is second nature. Shopping around for just the right financial product or service for yourself should be too.”

According to Moneyextra, the bulk of the savings each year can be made through finding a good value mortgage, and shopping around for the best deals. Finding great deals on credit cards and laons can also net substantial savings each year. And looking out for higher interest savings accounts could help you to clock up more in the way of savings. A combination of all of these changes therefore adds up to a considerable annual saving.

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