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Loyalty

The Real Price of Loyalty

You would think that loyalty to payment plans and jobs would result in the best deals and discounts, but in actual fact, it seems to be that you're paying a "loyalty" tax by not switching to the best plans. Have a look at some of the most common regular payments to see where you could be saving or even gaining more money by scoping out the market.

The real price of Loyalty for UK adults is £2,827.

Mobile Phone Contracts

Many people with contracts which include handsets forget to change contracts after their phone is paid off, where they could be saving money while still receiving unlimited or high minutes, texts, and data.

  • Average cost per year: £324
  • Average saved by switching: £204
  • Average saved by switching %: 63%

Gym Membership

Upper end gyms often have more equipment, but the key pricing feature is space and accessibility, as well as classes. Some gyms offer monthly rather than yearly contracts, which can help with switching fees.

  • Average cost per year: £384
  • Average saved by switching: £240
  • Average saved by switching %: 63%

Energy Bills

Loyalty to the Big 6 Energy Providers is costing customers an increasing amount of money year on year - with the difference between the Big 6 and the cheapest providers growing over time.

  • Average cost per year: £1,066
  • Average saved by switching: £386
  • Average saved by switching %: 36%

TV/Wifi

Many customers who don't have or don't use a landline can save money by switching to a contract which only offers WiFi and television.

  • Average cost per year: £569
  • Average saved by switching: £135
  • Average saved by switching %: 24%

Travel Insurance

Those who only travel once per year can save an average of £28.96 by swapping from multi-trip annual travel insurance to single trip insurance.

  • Average cost per year: £46
  • Average saved by switching: £26
  • Average saved by switching %: 57%

Car Insurance

Research has shown that the best time to switch insurance policy is three weeks before renewal - which can save drivers an average of £365.08.

  • Average cost per year: £568
  • Average saved by switching: £137
  • Average saved by switching %: 24%

Job (Average Salary Increase)

The average increase in pay for UK workers is 4%, but the average salary bump when moving jobs is 10%.

  • Average cost per year: £1,104
  • Average saved by switching: £1,656
  • Average saved by switching %: 6%

ISA (based on UK average of £5,558)

If you're prepared to lock your money away for 2-5 years, you can reach better rates of interest, though with rates so low at this point in time, it may be better in the long run to wait until they increase.

  • Average cost per year: £68
  • Average saved by switching: £43
  • Average saved by switching %: 0.8%

Business Electricity Prices

Business Gas Prices

Business Electricity Suppliers

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