Shopping around for financial products could help people save more than £4,500 in 2008, according to Moneyextra. Its review shows that significant savings can be made simply by comparing deals and choosing the most competitive offer, even though lending conditions have tightened recently.

Spokesperson Robin Amlôt says: “Despite the credit crunch, it’s not only possible to make and save more money by choosing the right products, you can make and save even more now than you could three months ago!”

It claims that by replacing uncompetitive deals with cost-effective alternatives across the spectrum of financial services, people could save £4,594.861 over a year, nearly £370 more than people could have saved in the previous quarter.

Mortgage comparisons could offer the most significant savings opportunities, with the difference in premiums potentially as much as £144 over a year. Meanwhile, the potential for savings on personal loans is up 76 per cent according to Moneyextra, with many lenders increasing rates because of the credit squeeze. Savings on a loan of £9,000 over five years could be as much as £476.88, almost double the £269.88 potential saving in the prior quarter.

Other annual savings include £391.50 on credit cards, £300 on savings accounts, £79 on current accounts, £145.34 on travel insurance, £136.44 on life insurance and £62.70 on ISAs.

Robin Amlôt adds, “For those looking for a really interesting savings account, the difference between near-worst and near-best returns on £5,000 in an instant access savings account is now £300 a year. In fact, choosing the right savings account means you’d be getting thirteen times more interest!”

© Fair Investment Company Ltd