Some interesting figures recently released by MoneyExtra.com show the benefits you can get by switching your financial products.
According to their figures, it’s possible to save up to Â£4,000 per year by moving to the best mortgage, insurance, credit card, loan and savings deals.
The savings breakdown as this:
- Mortgage – save Â£2,529.96 on a Â£110,000 interest-only deal
- Credit card – save Â£647.00 on a Â£3,500 balance
- Personal loan – save Â£325.08 on a Â£9,500 loan
- Savings account – make Â£245.00 more interest on a Â£5,000 balance
- Current account – make Â£50 more on an average balance of Â£1,000
- Travel insurance – save Â£129.35 on annual travel cover
- Cash ISA – make Â£51 more on a Â£3,000 balance
Of course, these figures assume that you’re on poor deals to begin with, so the savings you might get by switching might not be quite as good, but it gives a good indication of the benefits of switching.