Current account holders could save themselves some cash – by cancelling unnecessary payments.
Price comparison site Gocompare.com said the average person could save £360 a year by going through their current account and credit card statements and cancelling contracts, subscriptions, direct debits, memberships and standing orders they no longer need.
TV and film subscriptions topped the list of payments to be pruned with one in five people polled by Gocompare saying they pay for satellite TV subscriptions with channels they hardly watch. Some 8% think their Netflix or similar service is a waste of cash. Other areas of needless expense include magazine subscriptions, gym memberships, wine club membership and charity donations paid by direct debit.
The research suggested 57% of UK adults haven’t reviewed their direct debits and standing orders in the last 12 months.
Matt Sanders, head of money at Gocompare.com, said direct debits and standing orders ensured that bills are paid automatically and payments are not missed or late and in the case of energy bills, could actually qualify the customer for a discount. But he added: “Without regularly reviewing bank and credit card statements people could end up making regular payments for things they no longer need.”