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.
Will the Stanford affair cause a run on worldwide banks?
The ongoing criminal investigation into the affairs of cricket tycoon Allen Stanford has caused mayhem in the Caribbean where customers of the company are literally queueing to take their deposits out of Stanford bank branches in Antigua, Colombia, Panama, Peru and Venezuela. While there is no concrete evidence at the moment of any criminal activity, the US authorities are currently investigating...Read More
Alistair Darling to meet City bankers in Davos
Alistair Darling will meet an elite band of City bankers in Davos on Friday amid concerns that the UK government, and the US government, are hitting the financial sector too hard and will hold back a recovery in the worldwide economy. The UK government's windfall tax, a call for a new Tobin tax and the US government's banking tax levy has certainly caused concern within the financial markets and i...Read More
TSB planning to open up to 30 new branches
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Do You Know How Much You Pay In Bank Charges?
While we have all seen the news about the banks being taken to court by disgruntled customers it seems that many in the UK do not actually know how much they paid in charge last month, over the last six months or the last year. Despite all of the warnings about fraud and potential mistakes at some UK banks it seems that far too many people are not prepared to do their bit. If you are charged an...Read More
UK government announces plans for banking carve up
The UK government has today announced plans to force Lloyds bank and Royal Bank of Scotland to disinvest themselves of various banking networks over the next four years as a means of increasing competition in the UK banking sector. This will see more companies operating in the UK financial sector but is seen by many as a case of trying to pre-empt EU Commission conditions with regards to state aid...Read More