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.
Current accounts and overdrafts to experience hike in fees and rates
Customers of Lloyds TSB and Bank of Scotland (BoS) will experience rises in overdraft rates and current account fees from the 2nd October. The two banks, which are part of Lloyds Banking Group, will follow in the footsteps of Natwest, part of the same group, in raising the costs of banking with them. This will mean increases in overdraft rates which will rise by as much as 5%, and in some...Read More
Coventry building society in merger talks with smaller competitor
The Coventry building society has today confirmed talks are progressing with the Stroud and Swindon building society to create a group which would have around £20 billion in assets. While talks are at a very early stage it is believed that the Coventry building society, with 1.2 million members and 48 branches, and the Stroud and Swindon building society, with 265,000 members and 43 outlets, are...Read More
Mixed information regarding cheque clearance
The Banking Code Standards Board has released a damning report on the UK banking industry and cheque clearance. After carrying out a mystery shopper exercise the board revealed that more than half of UK bank staff were giving out misleading information regarding the clearance of funds transferred by cheque. The results of the survey are worse than those seen in 2008 and are causing great concerns...Read More
Is the UK building society sector ready for change?
The announcement that US buyout specialist JC Flowers is looking to take a 49% stake in Kent Reliance Building Society has certainly caught the attention of many investors and financial experts in the UK. The £50 million investment will see the company take a significant stake in the building society and indeed there is speculation that further deals of a similar nature are in the pipeline. But i...Read More
Are we witnessing the end of the UK building society sector?
With rumours rife about the West Bromwich building society and other smaller operators in the UK building society sector there are serious concerns that this could be the beginning of the end. This is a sector which goes back hundreds of years and until now has operated on one of the more sound financial footings in the UK economy. However, many observers hark back to the recent changes in buildin...Read More