New research from TSB has found that a third of people (34%) have not changed energy provider in the last five years, although 2 out of 5 (40%) would do so if it could be done quickly.*
This comes as TSB announces its partnership with fintech ApTap to introduce a new bill management feature. This enables customers to organise bills quickly and efficiently, and crucially, ApTap also makes it easy to compare and switch to other energy or broadband deals – opening the door to big savings for customers.
A trial group of more than 10,000 people tested the new feature and saved on average £150 a year, with the potential to save more.
According to research by MoneySuperMarket, consumers can save as much as £306 each year just by changing their energy supplier. Similarly switching broadband and home phone providers can provide an annual saving of £177.57, according to U-Switch.**
Significant savings in minutes
TSB’s research found that 40% of Brits would be more likely to switch energy providers if they knew that it would take less than 10 minutes to make the change. Using the new ApTap feature takes on average around five minutes to make the switch, dispelling the common myth that it’s tricky and time consuming to change suppliers.
Aptap allows for easy consolidation of bills and subscriptions, giving customers an overview of how much they spend each month, with a useful service which shows which bills have been paid and which bills are yet to go out.
Small monthly savings can add up to make a big difference
TSB’s research also found that almost two-thirds (64%) of people said that finding ways to cut spending would help them to save money in the long run. More than half (51%) said that saving small amounts every month motivates them to save more. TSB’s new feature gives customers an easy way to make small reductions in their bills, which will add up to big changes over the course of the year.
Pella Frost, Director of Everyday Banking at TSB, commented: “Our partnership with ApTap gives our customers confidence to make informed choices about how best to spend their money. In just a few clicks they can compare and save on their regular monthly bills, helping to make their money go further.”
Will Billingsley, Co-founder and Chief Commercial Officer at ApTap, said: “We are excited by the customer first focus at TSB and are looking forward to helping customers save, improve their carbon footprint and generally be more confident with their money. This is a big step forward, as we build a next generation bill management experience together.”
Follow us on twitter: @TSB_News
Notes to editors
- TSB customers will be able to switch suppliers using ApTap by following a link from TSB internet banking or the TSB website.
- *Research conducted by Opinium Research, who surveyed 2,002 UK adults between 19 and 22 March 2021.
- **Calculated based on statistics from MoneySuperMarket and USwitch on savings for switching energy and broadband and home phone providers:
- The trial group of 10,000 people was a mixture of TSB customers and staff, together with other trials run by ApTap.
- ApTap allows customers to compare deals – including on the basis of the ‘greenest’, cheapest and best rated options.