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.
Are we set to see the end of free banking in the UK?
While the term "free banking" is something of a mystery to many in the UK, there is a suggestion it arose from the UK banking sector itself. In effect there is no such thing as "free banking" because even if you have a savings account with your bank, they will be using your deposits to bolster their own business and increase their ability to loan money. So the demise of "free banking" is something...Read More
UK banks continue to fight charges case
While it has very much been pushed into the background of late it has been announced that the major UK banks are set to fight the crucial ruling on overdraft charges which occurred earlier this year. They are currently going to appeal having suggested that the earlier ruling was floored and the OFT is not legally able to implement price restraints under current regulations.
Will the Royal Bank of Scotland ever be as prominent again?
As we move beyond the Sir Fred Goodwin era at the Royal Bank of Scotland there are concerns that the former giant of the UK banking sector will never regain its prominent position in the UK. The Royal Bank of Scotland was one of the most aggressive banking operations in the UK, taking over significant competitors across the world, with a definite focus on the US.
While for a time th...
'Too much trouble' to move banks in UK
Two thirds of bank customers feel that they are unable to switch account providers, according to research by finance website Fool.co.uk.Over a thousand customers were surveyed, and although many expressed dissatisfaction with their current bank, an eighth of respondents said that it was too much bother to switch, with a quarter adding that banks were all the same anyway. One in 16 people believed...Read More
Conservative Party considers breakup of UK banking sector
George Osborne, the shadow Chancellor of the Exchequer, has today laid bare the thoughts of the Tory Party with regards to the UK banking sector of the future. He firmly believes that the giants such as the Royal Bank of Scotland and Lloyds Bank need to be carved-up into more manageable businesses which can no longer, in their own right, have a significant impact on the UK economy and the global e...Read More