Abacus Daily Debt News

Brits ’should shop around’ for deals

Borrowers in the UK have been advised to consider shopping around for the various deals and products being presented by banks during January, as some are holding sales similar to those found on the high street at this time.

According to banking specialist with Defaqto David Black, retaining a sense of loyalty to financial institutions at the start of the year may not be a good idea, particularly for those with good credit scores or savings that can be invested.

"You’re much better off not being loyal to anyone because of all the introductory offers around," he said, adding that although HSBC is being the most prolific, with a 2.29 per cent discount on mortgage loans available, it is not necessarily the best.

"It doesn’t mean you can’t get it better elsewhere," Mr Black continued.

Those looking to take out credit cards may like to opt for American Express, he said, as its Platinum Cashback option comes with five per cent cashback up to £100 for the first three months.

By Sarah Adie