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.
Irish government expands bank guarantee to 5 foreign banks
In a move which could actually see Ireland sidelined from major involvement in the EU over the next few years it has been announced the government has extended the 100% guarantee on bank deposits to 5 more banks, all foreign owned. This has caused fury in the EU where ministers have been scratching their heads as to why the likes of Ireland and Germany seem to be going it alone.
M & G comes to the rescue of HBOS
In a move which all but confirms that the Lloyds Bank and HBOS merger will proceed we saw another large Lloyds Bank shareholder come forward to back the deal. This now gives the Lloyds Bank board a mandate to push the merger through and get on with the business of creating one of the UK's so called super banks.
However, in a separate development today it has been revealed that Ll...
Are Lloyds Bank and Royal Bank of Scotland competing on a level playing field?
Today's news that the UK government is looking to push through significant bank branch selloffs by Lloyds bank and Royal Bank of Scotland in the short to medium term would appear to have been done in the name of competition, but surely Lloyds bank and Royal Bank of Scotland are not competing on a level playing field?
The truth is that the likes of Barclays bank, HSBC, Abbey and othe...
Irish authorities act to quell fears over banking sector
The Irish authorities have tonight announced a plan which they believe will allow the Irish banking sector to rebase and regroup for the future. This comes after a dramatic time for the Irish banking sector which has seen a number of banks bailed out by the government and a number of controversies hit the headlines. So what is the government offering? While many people believed that the Irish g...Read More
More people set to ditch bank after poor treatment
A study from Which? has revealed that record numbers of people are expected turn their back on their bank in the coming year, as consumers become more fed up with how they are being treated. More than a quarter of people have admitted they have had a problem with their current account, while a fifth of people who went on to make a complaint to their bank said it was not resolved satisfactorily...Read More