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Over half of us switched last year – did you?

Just over half of people (51%) switched one of the ten most common financial products and services last year. Switching can be a great way to make sure you’re with the best provider for your needs, whether that’s for your insurance, energy provider or bank account.  It can also put back more money in your pocket than you think. If you were one of the 49% who didn’t though, it’s never too late.

The survey from comparison website showed that on average, people have stayed with the same car insurer for 2.4 years; home insurer for 2.7 years and the same energy supplier for 3.2 years. 

Of course, it’s easy to get into the habit of sticking with the same provider, especially if there’s not anything they’ve done ‘wrong’ as such. But if you’re spending more than you should, then this is a very good reason to see whether it could cost you less to switch.

Of course, switching is only worth it if you’ll be getting more out of it – but it is always worth checking. Chances are you’re not on the best product you could be.

If you didn’t switch last year – and there are still plenty that didn’t – here are some good reasons to.

Why you should consider switching

The most obvious reason to switch is to save money, although getting service that’s more tailored to your needs could be another good reason.

You may find many banks offer incentives to switch, such as a cash, higher interest for a period, or a monthly credit, which is usually around £5. Although these can be good benefits, it’s important to see beyond the deals to see whether it’s something that will suit you.

It takes just seven working days to switch your account under the Current Account Switch Service. You choose the date you want to switch, and agree this with your new bank. They will arrange for all your incoming and outgoing payments to be moved to your new account.

Switching your energy – here’s what you need to know

Switching your energy provider often goes hand in hand with good financial behaviours – and with good reason.

The whole process shouldn’t take more than 17 days and you won’t be cut off at any point. The only change you’ll notice is a new supplier sending you your bills (if you switch supplier) and lower rates.

It’s definitely worth seeing if it will make a difference to how much you’re spending out.

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