Switching saving supplier ‘could aid money management’

Changing savings account provider could help consumers with their debt management, an industry expert has suggested.

According to Peter Wood, head of savings for Sainsbury’s Bank, switching supplier could save Britons hundreds of pounds, which may aid them with their secured personal loans repayments.

Mr Wood suggested that with about 40 per cent earning less than three per cent interest on their savings account "a huge chunk" of Britons are missing out by not choosing a competitive product.

In a similar fashion to secured loans and other forms of borrowing, he added that savers should carry out as much research as possible into getting the right deal for them.

He advised that although more consumers are looking to change their energy supplier, "they have not thought about changing their savings provider - which is a lot more straightforward".

Mr Wood also suggested that there is a lack of awareness into the different savings products available.

Earlier this month, a study by IFA Promotion’s website Unbiased.co.uk revealed Britons tend to have a "buy now, think later" attitude to their finances.

Interfinancial providing you with breaking debt management news.