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Bank charges: Many Brits not switching financial products to save

Millions of Brits are shunning the opportunity to switch the provider of their financial products, leaving them missing out on the potential to save large amounts of money.

Comparison website Gocompare.com found that 9.5 million UK consumers haven't switched any of one of the ten main financial products, which includes their energy provider, home insurance and car insurance.

Current accounts are least likely to be switched, with 40 per cent of UK consumers never moving their money to a different provider. Meanwhile, 26 per cent have not switched their broadband provider, 25 per cent haven't changed to a different Isa or savings account and 24 per cent have not moved to an alternative mobile phone network.

The product UK consumers are most likely to move on is their car insurance, which only nine per cent have not switched, followed by home insurance with 13 per cent and energy providers with 16 per cent.

"Some consumers have never switched any of the most common financial products and they are often the people who could save most because they've stuck with the same provider year in and year out, never questioning what they're paying," said John Miles, business development director at Gocompare.com.

He suggest that people looking to save money in 2013 begin by using comparison sites to find out if they can get their financial products cheaper, ensuring they have more cash left behind to pay for bank charges and other outgoings.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801521413-ADNFCR



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