Richard Mason, director at moneysupermarket.com, said: "People should review their finances on a regular basis and New Year could be just the trigger to do that. For those suffering a financial hangover from the festive period, recovery will be all the quicker after some easy and significant savings are made.
"A New Year's resolution to look for more competitive deals and products could lead to a family with a typical portfolio of 10 products having an extra £4,400 by next Christmas.
"The great thing about these savings is they can be made without changing your lifestyle at all."
Mortgages were one of the price comparison's main examples, showing that while interest rates have recently been cut, Standard Variable Rates remain high. moneysupermarket.com warned borrowers to beware the perils of being caught on their lender’s SVR. it highlighted that a homeowner paying 7.89 per cent on a Woolwich SVR would shell out £1,147 a month on a £150,000 mortgage. A two-year fixed Britannia Building Society mortgage at 5.39 per cent would be £923 a month, leading to a saving of £2,805 over 12 months.
