Photo Credit: Competition Bureau

It's Switch Week! Time to stop overpaying and start switching


Thursday, January 21, 2021 10:23:00 AM

- Canadians could be overpaying around $1,860 per year for their telecom, banking and insurance plans combined. -

Competition works best when you shop around. Businesses need to offer you good value for money if they want to keep you as a customer or win you over as a new one. Make this work in your favour to get a better deal for your everyday services.

By switching your telecom, insurance and banking providers or renegotiating your contracts, you can take advantage of competition to lower your monthly bills and get better products and services.

We surveyed Canadians who recently made the switch or renegotiated their contracts, and asked them to estimate their yearly savings. They reported saving hundreds of dollars per service, with combined savings totalling around $1,860 per year across 6 key services: cell phone, internet, television, home and car insurance, and banking.

During the week of January 18, follow our campaign and make service providers compete for your business by following five easy steps:

1. Determine the best time to make the switch. This may be when your contract is about to expire or at a time of year when there are good deals for a particular service.

2. Review what your current plan includes and compare it with other available plans.

3. Consider switching providers or using better offers to renegotiate your current contract.

4. Set up your new service and cancel the old one, being mindful of contract terms and deadlines.

5. Set reminders to review your services. Are you still getting the best deal?

For more practical tips and tools to help you make the switch, follow the Competition Bureau #SwitchWeek posts on Facebook, Twitter and LinkedIn during the week of January 18.

SOURCE: Competition Bureau