The big four banks are profiting from consumer inertia, meaning consumers should shop around rather than keeping all their financial eggs in one basket.

Recent research by Moneysupermarket.com has shown consumers could save up to £1,134 by spreading their finances around the best deals in the market. As Barclays Bank has recently announced profits of £5.28bn and other big banks are anticipated to announce similar figures, the price comparison site has called for consumers to make a profit of their own.

Stuart Glendinning, director of Moneysupermarket.com, said: “Apathy costs consumers dear and this is what the big banks rely on to keep their profits fuelled. The old adage that the high street equates to convenience and good value is increasingly becoming a myth as more consumers become savvy in their attitudes to finance and recognise the importance of shopping around and using the Internet for securing the best deals.”