15 per cent never switch lender
The comparison site’s switching survey also highlighted nearly a third of consumers have never switched bank accounts, 18% mobile phone provider and 14% had never switched from their home insurer.
John Miles, business development director at Gocompare, said: “Against a backdrop of rising prices for fuel and groceries, car insurance premiums at record highs and low interest rates on savings, consumers could make much needed savings by reviewing their financial products and switching to a better deal. But as our survey reveals nearly a quarter of consumers haven’t switched on to the benefits of switching.
“Many people find financial products daunting and perhaps do not have the confidence to shop around for a better deal. However with the development of comparison sites it has never been quicker or easier to compare hundreds of products from different providers. If you look at car and home insurance, the average savings on these are £320 and £232 respectively and with a potential saving of £442 on gas and electricity.”