Shopping around could save GBP4,000 on financial services, say finance experts

Wed, 03 May 2006

Consumers hunting for credit cards or savings accounts could save up to £4,000 a year by shopping around for the best financial services, reveals a report from the website Moneyextra.

According to the website's quarterly review of financial services, the difference between the best value financial products and the more expensive services was approximately £4,117.39, an increase of £143.20 compared to the same time last year.

The range of credit cards on the market ensures that the credit card market is one of the most competitive areas of financial services, with possible annual savings to be made on balance transfers significantly rising in the last 12 months.

Consumers transferring a card balance of £3,500 could make annual savings of up to £647, compared to £541 in the first quarter of last year.

Robin Amlot from Moneyextra says it's important for consumers to approach choosing a financial service such as a credit card or loan in the same way they will shop around for the best value electrical goods or groceries.

"It's time more of us got used to the idea that we can shop around for our financial services as well," he concluded.

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