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.
Rising Bank Penalties causes concern over Consumer Awareness
Customers of banks within the UK have seen a sharp rise in the amount they are paying out in penalties for accidental mistakes. The total figure over the past 12 months has risen to £650m paid in penalties, according to research conducted by finance management service, OnTrees. Almost two million consumers have incurred fees ‘accidentally’, by making late payments or using an unauthorised...Read More
UK banks to trial living wills
A small selection of UK banks will this year start trials of so-called "living wills" which have been encouraged by the Financial Services Authority (FSA) in the event of a collapse of a banking institution. In simple terms these so-called living wills will allow regulators to come in and have ready made plans to wind down the operation, exposing every nook and cranny and investment operation in a...Read More
Alistair Darling risks his political career for Scottish jobs
Alistair Darling may well be in the final throws of his time at the Treasury but he is literally risking his future political career by lobbying for HBOS jobs to be retained in Scotland. In amazing scenes we now have the Chancellor of the Exchequer lobbying for the retention of jobs in Scotland after the takeover of HBOS by Lloyds TSB. However, maybe it has something to do with the up and coming...Read More
Gordon Brown steps up to help HBOS
Despite assurances by all parties involved there has been a nagging doubt that the Lloyds Bank / HBOS deal was starting to unravel. First we saw some serious criticism in the press with some parties trying to claim that the price was daylight robbery. However, when it appeared that Lloyds Bank was sick of the sniping and critics and was reconsidering the terms (and in fact whether the deal would...Read More
Building societies struggling to keep pace with UK banks
The building society movement is starting to feel the pain of the UK recession as base rates fall to record lows and many building society savers are looking elsewhere to invest their money. Even though there has been a change in funding options for the UK building society sector, individual building society still very much depend upon savers deposits to fund their mortgage, loan and other busines...Read More