Saving money made easy by shopping around

Wed, 05 Oct 2005

Consumers could save almost £4,000 if they switch to the "near-best" financial deals, according to financial advisers Moneyextra.

It said that whilst "retail statistics suggest shopping may be going out of fashion", shopping for a "financial bargain" was a good way of saving money on credit products.

The company said that people who replace poor financial deals with attractive ones be saving money, and average £3,986.17 a year. This is up £61 since the second quarter.

Moneyextra said that credit card users could save up to £600 by switching credit card offers, despite increases in fees, short introductory rates or interest rate rises.

Borrowers switching personal loans could save up to £268, whilst savers who choose a better deposit account over a run-of-a-mill product may make up to £237.80.

But it says that whilst the base rate cut in August made the cost of borrowing cheaper, remortgagers were unlikely to save money. The website reckoned that the annual potential saving from remortgaging was cut by £27 as standard variable rates adjusted and discounts from mortgage lenders had predicted the cut.

Meanwhile, Barclaycard is to raise interest rates for its nine million borrowers, amid fears that its customers may be more likely to default on their debts .

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