Save £1,800 a year by spring-cleaning your finances

Consumers can save £1,824 by spring-cleaning their finances, new figures have revealed.

By taking a little time out to switch to industry-leading personal loans, credit cards, mortgages and car insurance deals, they can soon rack up savings.

Data from Sainsbury's Bank and Moneyfacts released today has demonstrated the massive levels of savings that are on offer for people prepared to shop around for their financial products.

"Recent Moneyfacts.co.uk 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," said Emma Butler, web editor, Moneyfacts.

"Adding up the potential savings for cards, loans, and mortgages above shows that consumers could save thousands of pounds by shopping around for financial products," she added.

Joanne Mallon, car insurance manager, Sainsbury's Bank, added: "Spending a little time shopping around for your car insurance could save you hundreds of pounds a year in lower premiums. You don't even have to sacrifice the quality of cover as you can often increase this while reducing your premiums. Indeed, our car insurance offers some of the best cover available at some of the most competitive rates."

Moneyfacts discovered that borrowers can save £419 on an average three-year £5,000 loan - with insurance; £230 by switching to a credit card with a zero per cent balance transfer over a year; and a massive £31,932 over the course of a 25-year mortgage by moving to a cheaper interest rate.

Sainsbury's Bank added that savings of £180 a year are possible by switching to an industry-leading car insurance deal - without sacrificing levels of cover.