Stop overpaying! Switch to save on your services

November 24, 2021

By the Competition Bureau of Canada

Take advantage of competition during Financial Literacy Month by switching service providers or renegotiating your service contracts. You could lower your monthly bills and get better products and services. 

In fact, our 2020 survey found that Canadians who switched or renegotiated their insurance and banking plans saved around $960 combined yearly.Footnote 1

Why should you switch or renegotiate?

Shopping around for a better deal on your banking and insurance services may result in lower monthly bills or better quality services. Of the Canadians we surveyed that switched service providers:

  • More than half switched for a better price or a better deal
  • Nearly 30% switched in the last year for better products and services.Footnote 2 

Canadians who switched or renegotiated their contracts also saved an average of $600 dollars per year for their home and car insurance combined, and $360 for their banking services.Footnote 3 

Why you should consider switching service providers or renegociating your contract
Text version: Why you should consider switching service providers or renogotiating your contract

Why you should consider switching service providers or renogatiating your contract

Median estimated annual savings from switching service providers or renogatiating contracts:

  • Home insurance: $360
  • Car insurance: $240
  • Banking: $360

Is switching complicated?

Switching may be easier than you think. There are a handful of tools out there that can held you find the right product or service for your needs. For example, the Financial Consumer Agency of Canada’s Bank Account Comparison Tool makes it easy to compare features for different chequing and savings accounts, including interest rates, monthly fees and transactions. They also have a Credit Card Comparison Tool to compare features for different credit cards, including interest rates, annual fees and rewards. 

How do I take advantage of switching or renegotiating? 

Make a plan! We’ve made a simple checklist to help you get the best deal. 

Five simple steps you can take to get the best deal
Text version: Five simple steps you can take to get the best deal

Five simple steps you can take to get the best deal

  • Step 1: Pick a date
  • Step 2: Compare services
  • Step 3: Switch or renegotiate
  • Step 4: Set up and cancel services
  • Step5: Set up a reminder to evaluate your services

We want to hear from you!

We’re inviting Canadians to share their experiences of switching or renegotiating with their service providers. Your input will help inform our second annual awareness campaign, launching in early 2022. 

For more information, visit Stop Overpaying. Start Switching and join the conversation on social media using the hashtag #SwitchandSave. 

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