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How Brits can save over £1,400 in just an hour

Abigail Fenton
·Writer
·2-min read
Switching service providers and signing up for loyalty cards could save Brits £1,418 a year. Photo: Dominic Lipinski/PA
Switching service providers and signing up for loyalty cards could save Brits £1,418 a year. Photo: Dominic Lipinski/PA

Brits could save over £1,400 ($1,806) in less than an hour by switching service providers and signing up for loyalty cards, research suggests.

With one in 10 Brits spending between half and three quarters of their savings while in lockdown, millions of people are in a financially vulnerable situation.

However, six simple changes could help them save about £1,418 – with less than an hour's worth of work, research by thinkmoney found.

Drivers could save a massive £507 by applying for and accepting a cheaper car insurance quote – all in just seven minutes and 20 seconds, thinkmoney found.

READ MORE: UK drivers lose £300m every year to commission-based dealerships

Signing up for a supermarket loyalty card, such as the Tesco Clubcard or Morrison’s More card – which takes just 10 minutes and 20 seconds — could save shoppers up to £400 on groceries every year.

Additionally, taking just six minutes and 52 seconds to switch to another energy provider helps the average Brit save about £310 a year, the study found.

Meanwhile, switching to a cheaper mobile phone contract, which takes just six minutes and one second, could help Brits save about £100 per year.

And switching broadband providers could save Brits £69 a year, and takes just 12 minutes and 48 seconds to complete.

READ MORE: Solar power could save Brits £350 a year on energy bills

Lastly, opening a new bank account in just 10 minutes helps the average person save about £32.

Overall, these simple changes take just 53 minutes and 22 seconds to complete, the study found.

This time spent searching for comparison and switching to new deals, but not the time once quotes have been accepted and the company takes over, thinkmoney said.

These savings of £1,418 equate to nearly three quarters of the average monthly UK wage, which currently stands at £1,996.

Watch: Why tax rises may be inevitable in Britain