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.
Financial exclusion hits four million Brits
One in eight Britons is classified as financially excluded, according to latest statistics, meaning that they do not engage with basic financial services.University of St Andrews' researcher Professor John Wilson is calling on banks to disclose information which will help to explain why certain people are reluctant or unable to access banking services.Professor Wilson said: "Financial exclusion no...Read More
Sir Tom McKillop leaves Royal Bank Of Scotland
Chairman Sir Tom McKillop has left the Royal Bank Of Scotland three months early in light of the recent disastrous trading period. While Sir Fred Goodwin took the brunt of the criticism regarding the downfall of the Royal Bank Of Scotland, which is now majority owned by the taxpayer, Sir Tom McKillop has come in for his fair share of criticism over the last few days.
Behind the scen...
The history of Lloyds Bank
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News that Roskilde Bank in Denmark has been saved from the jaws of collapse by a government led bailout has brought back disturbing memories of the Northern Rock debacle in the UK. While this is the second Danish bank which has required third party assistance the Roskilde Bank is actually one of the majors, being the 8th largest in the country, against a relatively small operator earlier this yea...Read More
Has Richard Branson scaled back his expansion plans?
The news that Virgin Money has acquired Church House Trust, one of the U.K.'s smaller regional banks, took many in the market by surprise with speculation that he was looking towards the Northern Rock. However, has a Richard Branson really scaled back his expansion plans? Purely and simply the acquisition of Church House Trust gives Virgin Money access to a UK banking licence and the ability to...Read More