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.
Banks to face competition inquiry
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Are you in line for a £600 refund from your bank?
This week should see the UK Supreme Court rule on whether the Office of Fair Trading is able to push ahead with the prosecution of UK banks in relation to unauthorised overdraft charges which have been in the headlines for some time. It is believed that more than 8 million banking customers in the UK could be in line for claims of around £600 each which would cost the UK banking sector a signific...Read More
EU banking rescue plan in disarray
Britain and France have expressed dissatisfaction with an EU proposal to create a new funding initiative to cover failing banks in the future. Despite the fact that the likes of Germany and other EU members are in agreement over the creation of "national fund" to help wind up and reorganise troubled banks the UK and France are now arguing heavily against the deal. The national funds would be cr...Read More
FSA extends building society deposit protection scheme
The Financial Services Authority (FSA) has today revealed that a scheme which allowed customers to protect both sets of savings where two societies merged will be extended until the end of the year. The scheme, which will see a maximum £50,000 protection level for each customer with merged building societies (protection of up to £100,000 where a client has an account with both merged parties), w...Read More
Alliance & Leicester restructures fees
Alliance & Leicester has announced that it will no longer charge interest on overdrafts run up by its current account customers, as part of wider plans to simplify its charges.Daily fees will be introduced instead, with customers now paying 50p a day, up to a maximum of £5 a month on overdrafts of any size, instead of the interest of between six and 17 per cent previously paid.Under the new tarif...Read More