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Save Up to £4,000 by Shopping AroundSimply shopping around for better financial products, such as unsecured personal loans and credit cards, could save UK consumers up to £4,000 a year.This is according to Moneyextra’s latest quarterly review of the credit cards, loans, mortgages, savings and insurance products available in the UK. A UK consumer moving from near-worst to near best financial products in the last three months could make savings of up to £3,986.17, that’s up £61.24 from the previous three months. Moneyfacts web editor, Emma Butler said: “Moneyfacts polls show that 88 per cent of consumers are planning to switch credit card providers this year, 84 per cent plan to take out a personal loan and 41 per cent plan to move house. “Adding up the potential savings for credit cards, loans and mortgages shows that consumers could save thousands of pounds by shopping around for financial products.” Nothing new there you might add, but moving to more competitive credit cards and shopping around for the best unsecured consolidation loans for example, could potentially save household thousands of pounds over the year depending of the size of their debt. Another reason why these savings are available is partially due to the Bank of England’s decision to cut the underlying cost of borrowing in the UK for the first time in two years. As well as the fixed-rate mortgage price war currently underway, the release of fiercely competitive credit card deals has been great news for consumers. The total savings available just by switching to one of the best credit cards deals, has risen to £630, whilst moving mortgage to one of the best deals could mean a saving of £2,529.96 in 12 months. Below is a list of some the savings available: Mortgage - £2,529.96 in savings from switching from a poor £110,000 interest only deal to a market leading rate Credit card - £630.00 in savings available on a balance of £3,500, simply by taking advantage of market leading card offering deals on balance transfers and purchases. Personal loan - £268.68 in savings available on a £9,500 five-year loan. Many low interest rates available. Deposit account - £237.50 more money is available in interest on savings of £5,000 Current account - £49.00 extra interest available on an ongoing balance of £1,000 Travel insurance - £91.63 saving on annual, global cover for under 65’s
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