Is the era of free banking officially over?
Last week's announcement by Lloyds Bank would appear to have sounded the death knell for free banking in the UK with customers now being charged a monthly fee to have in place overdraft facilities. While the issue of "free banking" has been something of a myth in all honesty, it does look as though officially more and more customers will be charged a monthly fee to obtain access to banking facilities.
Many experts believed that the era of free banking ended many years ago with the vast array of UK banks bringing in additional charges for various services. When you compare the cost of banking today compared to the cost of banking 20 years ago there is no real comparison. When you also take into account that banks have been using your savings and your money to finance their own businesses then effectively you have actually been "charged" for banking services for many years.
While officially the banks will argue that you are only being charged for additional services there is no doubt that free banking is coming to an end. So now is the time to shop around for the best deals for you and pull away from the historic trend which many UK consumers have been involved in, i.e. staying with the same banking institution for years and years.
Are international banking regulation changes being quietly dropped?
Mervyn King, the Gov of the Bank of England, has today voiced his concern that previous vocal support for wholesale changes to the UK and international banking arena may well be starting to subside. There is a growing concern that as the worldwide economy picks up, as it has been of late, the need to curry favour with the public by pushing ahead with banking regulation changes could begin to dimin...Read More
Royal Bank of Scotland ordered to sell off branches
In line with European Union state aid rules, Royal Bank of Scotland is rumoured to be on the verge of receiving a request to reduce the company's UK market share by around one sixth. The situation has evolved because of the significant state aid received from the UK government, something which was paid out before it was rubber stamped by the EU Competition Commissioner, and the market share the co...Read More
Can You Afford To Save?
While the banks and building societies are still desperate to gain access to funds to lend to customers there are some interesting savings options on the market. However, many of those with attractive interest rates will require consumers to tie-up their capital for a predetermined length of time. This has prompted many to ask whether they can actually afford to save, as strange as that may soun...Read More
Santander to Charge Business Account Fee
Small businesses that bank with Santander are concerned, after it was revealed the bank could start charging a monthly fee to its business customers. The fee, which is set to be £7.50 per month, would affect many of Santander’s 230,000 small business customers. This will include customers that were transferred to Santander after its takeover of other high street banks such as Alliance and Le...Read More
Irish government attempts to reduce the number of banks in the country
In a move which may yet be instigated in the UK it has been confirmed that the Irish government has been actively encouraging the merger of smaller banking operations with some of their larger counterparts. While no specific names have been mentioned the government has taken the decision that the sector can only survive with the assistance of the larger banks as many of the smaller operations are...Read More