Most people seem to have cottoned on to the fact that switching your energy or broadband provider can save you a lot of money, but what about your bank account?
Switching your current account, credit card or mortgage could save you up to 25% on what you paid last year, according to a new report.
Sainsbury’s Bank has been looking at the financial challenges facing families in 2016 as part of its Family Finance Report.
It found that one in five of us (20%) are planning to switch some of their personal borrowing this year to get a better deal.
Two thirds of people (65%) are looking to shop around to secure a more competitive quote for one or more of their insurance products.
According to the research, one in four people are planning to make more use of reward points and discount vouchers this year.
Around half of people said they would use these as much as they did last year, with 15% saying they would use them less or not at all.
Sainsbury’s said one in 10 adults is considering re-mortgaging an average of £165,678 in 2016, with 6% ready to take advantage of low interest rates and overpay on their mortgage this year.
14% of people are thinking about switching an average of £2,347 of credit card debt and 10% are looking into whether they can get a better deal on their personal loan.
People are even more switched on when it comes to insurance products, with 67% planning to shop around when their car insurance is up for renewal and 58% ready to switch when their home insurance is up.
Simon Ranson, head of banking at Sainsbury’s Bank, said: “Our research reveals that levels of financial confidence in 2016 are about the same as last year for almost half of UK adults (47%).
“Some 26% are feeling slightly worse off than they did 2015, compared to 24% who think they will be better off this year.
“However, our findings suggest that people are becoming increasingly financially savvy and want to make sure they get a competitive deal in 2016.
“Six out of ten (60%) of those who will shop around believe that by shopping around for their insurance, gas/electricity and broadband, they can save up to 25% on what they paid last year.”