As expected, home insurance is the most frequently reviewed product with 73 per cent of people evaluating their policy for competitiveness at least once a year. Around 58 per cent of people say they review their utilities every year or more, 57 per cent check the rate of their ISA this frequently and 56 per cent review their TV, phone and broadband package at least once a year.
But there are still millions who never carry out a financial review. A significant number have never reviewed their credit card (26 per cent), ISA (21 per cent) or other savings accounts (21 per cent) or mortgage (23 per cent) either.
Changing to a different current account, credit card, ISA or mortgage can bring significant rewards and Santander urges people to review their finances on a regular basis to ensure their money is working as hard as possible.
Hetal Parmar, head of banking at Santander, said:
"Our research shows some encouraging signs that people do review their finances. But for some products, such as current accounts, regular reviews and switching between providers continues to remain sluggish compared with other products like home insurance or utilities.
"People staying with the same provider year after year without checking for better deals may well be missing out. It's important that people check the value they receive from their current account, and other financial products, on a regular basis. Customers with Santander's 123 Current Account have the opportunity to benefit from real, long-term value with both the cashback and interest paid on the account. At Santander we also offer a simple and easy switching service, making the move to us as effortless as possible."
