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.
Building societies are best, says BSA
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Office of fair trading clears way for Lloyds TSB/HBOS bank merger
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Financial Ombudsman criticises UK banks
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Has the UK government just wasted £3 billion on Iceland rescue?
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Gordon Brown faces grilling by senior MPs
The timing of Sir James Crosby's departure could not have been worse with Gordon Brown set to meet with the chairman of various House of Commons committees in his twice annual grilling. The subject of Sir James Crosby and the whistleblower from HBOS is splashed across the financial press today and is sure to be the focal point of what could be a very stormy debate.
During his time a...