When did you last change your bank account?
Despite the fact that the UK banking sector is one of the most competitive in the world it would appear that very few people in the UK would actively consider changing their banking arrangements to take advantage of better deals elsewhere. Surveys have shown that the vast majority of people in the UK are very happy to remain with one bank for their whole of their working life despite the fact they could be losing out on offers and deals. So why is there a reluctance to change your bank account?
The simple fact is that many people believe that changing a bank account is very complicated and will impact upon various direct debits and standing orders which they may have in place. The truth is that many banks will take it upon themselves to rearrange your standing orders and your direct debits so effectively you are highly likely to see a seamless transfer from one banking operation to another.
In reality the best deals and best offers will be available from different banking institutions at different times. However, finding one which suits you and a bank which stays relatively competitive should be enough to save you significant money on loan interest and potentially earn you more money on savings deposits.
Santander launches fee-free bank account
Santander, the Spanish financial giant which owns the likes of Abbey and Alliance & Leicester, has today announced plans for a fee-free bank account which will go on general release in the UK in 2010. Under the terms of the account, holders will not be charged any fees on authorised or unauthorised overdrafts although they will still incur a pre-agreed interest rate which will start at 12.9%. Even...Read More
Is the UK government opening up the banking system to foreign participants?
The UK government's decision to force Lloyds bank and Royal Bank of Scotland to sell significant chunks of their assets and their branch networks could play into the hands of overseas financial companies who have long looked at the UK as a potentially lucrative market. The decision, which was effectively taken out of the hands of the UK government by the EU Commission, will see existing participan...Read More
Juniper Research predicts growth in mobile payments
The amount of money transacted via mobile phone is to increase five times over by 2013, Juniper Research has said.According to the firm, £151 billion per year is to be spent this way within five years, due to technological advances.Further findings from Juniper's study show that ticketing will make up around 40 per cent of the payments, while around 60 per cent will be made in the mobile phone ho...Read More
New balance transfer system goes live
Britons will be able to make bank transfers in a matter of hours as of today, thanks to the introduction of a new system. Apacs' Faster Payment System will cut the time it takes customers to make one-off payments by phone or over the internet from the current duration of around three-days. The system is in place at Barclays, Citigroup, Clydesdale and Yorkshire Banks, HSBC, Lloyds TSB, Northern Ban...Read More
Northern Rock and Bradford & Bingley merger
Northern Rock and the Bradford & Bingley will be merged together by the UK government in an attempt to increase the pace at which UK taxpayers can expect to receive repayment of the loans offered by the government during the credit crunch. In effect the two "bad banks" from Northern Rock and Bradford & Bingley, which contain potentially toxic mortgage arrangements, will be brought together under a...Read More