Failing to switch means failing to save

Research by Santander has revealed that millions of people are missing out on savings by not switching their providers.

Santander’s research shows that only 24% of people have switched insurance providers in the last year, whilst only 12% have switched mobile phone provider. Meanwhile, one in five Brits (21%) have switched a gas, water or electricity supplier.

However, 70% of Brits (a total of more than 34 million people), have not switched their main current account since 2000 and three quarters (74%) say that they have no plans to review their current accounts in the immediate future.

The Santander research also illustrates how twice as many people in Northern Ireland have switched their insurance provider in the last 12 months compared to Londoners (35% v 16%), that 12% of people in the South East and 11% in London have switched savings account providers in the last 12 months (compared to just 5% in Scotland, Northern Ireland and the North East), and 17% of people in the North West have switched their broadband provider in the last year (compared to 8% in Scotland and the East Midlands).

Helen Bierton, Head of Current Accounts at Santander 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”.