The average household could save up to £547 every year by switching the five financial basics to the best deals on the market, new research from MoneyExpert.com shows.

And financial comparison websites are the ideal way to shop around for the best deals on car insurance, home insurance, personal loans, credit cards and mortgages.

MoneyExpert.com commissioned researchers Canvasse Opinion to audit the finances of the UK and found 84 per cent of adults are overpaying for one or more of these finance basics.

Researchers surveyed a representative sample of people across the country and then ran the results through MoneyExpert.com’s price comparison software. Insurance quotes were analysed through Experian’s ISL division.

The £547 annual household saving comes from switching home insurance, motor insurance, mortgages, personal loans and credit cards to the best deal for each individual.

The biggest saving would come from moving a personal loan deal. On average borrowers could save £204 a year by moving to the best rate.

Drivers could cut their car insurance bill by around £158 a year while homeowners would be £76 a year better off.

Sean Gardner, Chief Executive of MoneyExpert.com, said: “With everyone coming under increasing financial pressure from rising bills it makes sense to find every possible way to cut costs.

“Our analysis shows potential savings of up to £547 are on offer from reviewing basic financial products and that would be a major boost for household budgets.

“Not everyone will save that much but four out of five of us are overpaying for at least one of the financial basics. Typically, UK consumers are paying out £150 per year more than they need to – I’d urge people to spend just a few minutes online to review their finances.”

MoneyExpert.com offers a unique service which enables people to find the financial products which best meet their specific needs, and which they are more likely to be successful in being accepted for. It includes exclusive research conducted by MORI, which reveals providers’ service levels. This information is married up with a financial database which lists the products suited to the customer. For the first time, people can review a product’s price, features and also the level of service offered by the provider to enable them to make a more informed choice.

MoneyExpert.com aims to demystify the complex world of personal finance, and to help inform customers of the choices available.