Brits urged to save on broadband and utility bills with easy savings account switch | Personal Finance | Finance
Brits are spending nearly two hours researching utility providers and mobile phone contracts to save less than £13 a month, yet continue to leave billions of pounds sitting in low‑interest or zero‑interest accounts that could be switched to better‑paying options in minutes.
Research of more than 2,000 people from the Spring savings app has shown that consumers spend an average of 114 minutes researching household bills before switching providers. Despite this effort, the most recent switch saved households an average of £12.62 per month, with 40% saving £10 or less.
In the past year, broadband and mobile phone contracts were the most frequently switched services, closely followed by utilities and TV subscriptions. In the meantime, a third of Brits did not switch any service at all over the 12‑month period.
The findings reveal a behavioural disconnect, with 52% of consumers saying reducing their bills feels more rewarding than earning interest on their savings. As a result, people appear far more willing to invest time trimming everyday costs than ensuring their existing money works harder for them.
More than six in 10 (63%) savers keep their money in either their current account or a savings account offered by their current account provider, which typically offer significantly lower rates than alternatives. Spring’s analysis of industry data found that £322 billion sat in current accounts paying zero interest as of April 2026.
Surprisingly, of these balances, most are held in accounts with over £10,000, with over 6.4 million current accounts containing £10,000 or more, equating to balances of £227 billion at month-end.
To generate a savings income of £13 a month or £156 a year, savers would need to earn a rate of 1.56% or more on £10,000, with many savings accounts currently offering rates in excess of that. The interest earned could help cover the costs of broadband, mobile, or other utility bills, potentially reducing these expenses by tens or even hundreds of pounds per year.
Commenting on the research, Derek Sprawling, head of money at Spring, said: “What really stands out from this research is just how much time people will invest to save as little as £13 a month.
“Many are willing to spend nearly two hours researching bill providers to cut their costs yet continue to hold their savings in accounts offering very little return.
“This highlights a clear mismatch: people are eager to reduce their outgoings but don’t always take the same steps to ensure their savings are working as hard as possible.”
