Saving money through shopping around

Tue, 21 Feb 2006

Price comparison website Moneysupermarket says banking customers could be saving money if they stop relying on the big four banks – Barclays, HSBC, NatWest and Lloyds TSB – to fulfil all their financial needs.

It advises banking customers to refrain from "keeping all their financial eggs in the big four banks' basket".

The news comes as Barclays announces revenues of £5.28 billion for 2005, with Moneysupermarket claiming that banking customers could pocket their own profit by shopping around for the most competitive financial deals.

A yearly saving of up to £1,134 is possible if consumers take this approach when they want to take out a mortgage, personal loan, credit card, savings account or current account, Moneysupermarket claims.

"Apathy costs consumers dear and this is what the big banks rely on to keep their profits fuelled," comments the director of the website, Stuart Glendinning.

He says high street offerings no longer necessarily equate to convenience and good value, as consumers are becoming increasingly savvy when it comes to money matters.

"My advice is simple, keep the banks on their toes and make sure you get yourself the best deal," Mr Glendinning concludes.

Steven Baillie, a spokesperson for Sainsbury's Bank, says there is more choice available to consumers "in everything they do".

He states: "They can look at who is out there, who is advertising and compare their offers."

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