Brits 'need to switch to save'

Wed 10 Mar 2010 - Published in Banking

Millions of Brits are missing out on potential savings because they are not switching providers, it has been claimed.

Figures from Santander found that 70 per cent of people have stuck with the same current account provider for the past ten years, while 74 per cent have no plans to look for a more cost-effective product in the near future.

The survey also showed that just 24 per cent have changed switched insurance provider in the last 12 months and only 21 per cent of respondents have moved gas, electricity or water suppliers to find a better deal.

Helen Bierton, head of current accounts at Santander commented: "In this day and age it is important to look around for the best deal, to make your money stretch as far as it can."

Last week, Paul Jones, senior researcher at the Research Unit for Financial Inclusion at Liverpool John Moores University, told the Northern Money Conference that more accessible financial services are needed in the UK.

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