Calculations from the comparison website indicate that a family with a typical basket of financial products could potentially save more than GBP5,100 over the course of the year if they reviewed their finances and transferred their existing financial products onto more competitive deals.
For example, with so many low fixed-rate mortgages on the market, homeowners can reduce their monthly payments considerably by remortgaging to a better deal, especially if they are languishing on the standard variable rate. Shopping around in the credit card industry can also be worthwhile, with some very competitive 0% deals on both balance transfers and purchases available on the market.
Recent energy price wars have also resulted in the surfacing of some competitive deals. Moneysupermarket.com is urging customers to assess the deal they are currently on and to not be scared of getting into price protection deals.
Consumers could also improve their finances by reviewing other areas such as current accounts, overdrafts, travel insurance, store cards and new car finance, Moneysupermarket.com said.
Stuart Glendinning, managing director at Moneysupermarket.com, said: These savings can be made without changing your lifestyle or spending any less – all it costs is a little time to find the best deals for you and your family. And if you kept these changes up for a year the savings are over GBP5,000 – enough to persuade the most reluctant saver to make the effort.
