Could we see a 'big switch' for bank accounts?
The 'Big Switch' campaign by Which? aims to help more people get a better deal on their energy bills, by getting energy companies to 'bid' the lowest possible price. But what about other areas of people's finances that are equally important?
With energy prices rising significantly in recent years, the Big Switch campaign has been welcomed by many people as a new way to get a better deal on their bills. But an expert at Think Money says that this isn't the only area in which people should think about switching.
"Figures from Ofgem suggest that six in ten people have never switched energy provider, and that means a lot of people are paying much more than they need to. Hopefully the Big Switch campaign will have encouraged some of them to find a better deal.
"But at the same time, energy bills are just one area of people's finances. It's also worth keeping a close eye on other things - such as mobile phone deals, broadband and bank accounts - to ensure you're making the most of your finances."
Research by Norwich & Peterborough Building Society last year showed that a third of people in the UK have never switched bank account. On first glance, this may seem like a small issue - aren't bank accounts all the same?
In actual fact, they're not, says the expert at Think Money. "Different bank accounts offer a range of different benefits that could help people to improve their finances.
"For example, regular travellers might benefit from a bank account package that also provides travel insurance. People who commute by car every day might want to find a bank account with roadside assistance included. Or for people who struggle to manage their money, some bank accounts provide a budgeting service that could help them.
"With many bank accounts currently offering little or no interest, more and more people are turning to accounts that offer other benefits - and it's well worth keeping an eye on what's available."
Image © iStockPhotos / BlackRed
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Tags: Big Switch, Which, magazine, campaign, energy bills, better deals, deals, finances, banks, bank accounts