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According to new research conducted by Santander Current Accounts, 24 percent of respondents have switched insurance providers during the last year, 21 percent have switched gas, water or electricity suppliers, and 12 percent have switched mobile phone providers.

However, it was found that 70 percent have not switched current account providers in the last ten years, thereby potentially missing out on better deals.  Furthermore, the research uncovered that 74 percent are not planning to review their current accounts in the near future.

Head of Current Accounts at Santander, Helen Bierton, commented: “In this day and age it is important to look around for the best deal, to make your money stretch as far as it can.

“One way of making your money stretch further, which many people either ignore or are not aware of, is to switch your current account.  Whereas many people see how much they can save by switching their insurance for example, people don’t see the benefits of switching current account.  However, by switching current accounts you can start earning a great rate of interest which can earn you up to up to £125 in the first year”.

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Homeowners who are currently reviewing their finances – including any existing borrowing such as credit cards – could consider placing outstanding credit into one place with a secured loan.  One of many finance options available, a secured loan for consolidation could allow borrowers to replace multiple, monthly repayments with just one.  This single monthly repayment could even be lower than current outgoings, leaving borrowers with extra money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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