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What can you expect from your future bank account?

There is no doubt that the days of "free banking" (if it ever existed) are coming to a close but what can you actually expect from your future bank account and future banking arrangements?

As we have seen over the last couple of years, more and more banks in the UK are now introducing monthly, quarterly, half yearly or annual charges across an array of different banking arrangements. Many of these will give you access to "free" overdrafts and reduced interest rates but ultimately they will create a constant flow of income for UK financial companies.

The more reliable income flows which UK banks can create the more they can plan ahead knowing approximate what level of income they can expect to receive in the future. However, there is no doubt that UK consumers will see a significant increase in their cost of banking in the short, medium and longer term as the whole UK banking arena continues to change.

Many of these changes have been brought on by UK regulators and indeed by the ongoing court case against UK overdraft charges which have made UK financial companies "think again". The change is likely to be gradual but there will be movement on charges and services available.

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