New research has revealed a striking behavioural disconnect: Britons are spending nearly two hours researching utility providers and mobile phone contracts to save less than £13 a month, while billions of pounds remain idle in low-interest or zero-interest accounts that could be switched to better-paying options in minutes.
Research Findings on Consumer Behaviour
A study of more than 2,000 people conducted by the Spring savings app found 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 just £12.62 per month, with 40% of switchers saving £10 or less.
Over the past year, broadband and mobile phone contracts were the most frequently switched services, followed closely by utilities and TV subscriptions. However, a third of Brits did not switch any service at all during the 12-month period.
The Savings Gap
The findings highlight a clear mismatch in consumer priorities. More than half (52%) of those surveyed said 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 ten (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 alternative options. Spring’s analysis of industry data revealed that £322 billion sat in current accounts paying zero interest as of April 2026. 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.
Potential Earnings from Savings
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. Many savings accounts currently offer 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.
Expert Commentary
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.”
