Members will soon be able to enjoy exclusive market-beating deals on a range of common financial and household services, thanks to the bargaining power of Prospect.

The money-saving offers will be available through Prospect Extra, a ground-breaking service launching in mid-June. Members will be able to access it by logging on to a dedicated website.

Prospect has developed the service with Union Extra and consumer and finance experts, including Sarah Willingham, voted one of the UK’s most successful women under 35 by The Sunday Times, and Business Weekly’s entrepreneur of the year.

“At Prospect we are constantly challenging ourselves to improve the services we offer to our members,” explains Sue Ferns, director of communications and research.

“We will be the first union to use our bargaining power in this way to secure unique money-saving deals on important products and services that members use in their everyday lives.

“The potential savings could be worth many times the cost of monthly union membership fees.”

Research suggests more than 50% of consumers switched a financial or home services product in the last year. While the cannier will have used price comparison or cashback sites to save money, people rarely use both.

Comparison sites do save consumers money, but are pushing up premiums by continuously forcing up commissions to spend on marketing, while cashback sites help consumers by returning excess commissions. However, using the latter without comparing products will not get consumers the best deal.

Alongside the usual benefits of belonging to a union, such as workplace collective bargaining and legal advice and representation, Prospect members will be able to access market-beating deals on items ranging from mobile phones and broadband to home and car insurance, energy, and credit cards – products and services most of us have to buy each year anyway,

The unique selling point of Prospect Extra is that by bringing together both marketplaces –comparison and cashback – it combines the advantages of both. 

The new service will focus on helping members to make the best choices for their own circumstances – it will not push particular products or services.

Offers will be tailored to members’ preferences over time and will be accompanied by short video guides and other advice on money saving and personal finance. Members will be able to access and edit a personal profile that will detail money saved and products viewed.

Ferns adds: “We want to give our members quick and easy access to the best deals available. We also want to take out the guesswork, time and hassle that most people experience in trying to find these. For the sake of openness, what we won’t be doing is offering you a cuddly meerkat! ”

Information about how to access this new service will be sent to all members before its launch.