Brits urged to use bank holidays to take care of their banking

Wed, 12 Apr 2006

Consumers are being advised to use the extended weekends and bank holidays as a chance to review their banking situation, with the possibility of saving thousands of pounds.

According to the price comparison website moneysupermarket.com, Brits are wasting around £147 billion by not changing their finances such as loans, credit cards and savings accounts, to more competitive deals.

The website suggests that by becoming a little more financially-savvy, consumers could save themselves up to £3000 over the next twelve months, which could be enough to invest in any home improvement projects many will have planned for the forthcoming bank holidays.

Richard Mason from the website commented: "The bank holidays are a notorious time for consumers to attempt some home DIY, but if people are thinking of using credit to fund big home improvement plans I would recommend they search for the best loan or credit rate available ahead of the purchase."

He added that even if they aren't DIY enthusiasts, with more time on their hands over the weekend a little financial spring-cleaning could help consumers make significant long-term savings.

According to the website, shopping around for financial products could see consumers save about £1652.95 on mortgage payments a year, £85.20 a year in personal loan payments and £212.12 on annual credit card payments.

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