Savvy savers can pocket £4k

Comparing the best to the worst saving, insurance and other financial products, the website found that during the third quarter of 2006, the average consumer could save £3,976.02, up £167.24 on the same figure the previous quarter.

“At this time of year, when consumers’ minds are turning to spending, perhaps not wisely but all too well for Christmas, it’s more important than ever to make sure we’re getting value for money for our money,” said Robin Amlot of Moneyextra.com.

“Shopping around for just the right present for the person you love is second nature. Shopping around for just the right financial product or service for yourself should be too!”

Good management of loans, mortgages and credit card debt contributed to the savings, the website said.

This call for consumers to shop around is timely as Moneyextra.com warns that the poorest value loans are increasing in costs, which will hit those with weak debt management skills even harder.