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Does Loyalty Pay In The World Of Finance?

In many areas of life we are taught the value of loyalty, none more so than the world of finance with the majority of UK savers and borrowers remaining with the same bank for much of their working lives. While this trend has changed a little with the onset of the internet, there is still a great resistance to change for many people, but are you rewarded for that loyalty? Do you still receive the best deal from your bank?

The simple answer is that in many cases you will be worse off compared with new bank customers who will often be tempted in by loan and savings rates not always easily available to older customers. The banks did get in trouble a few years ago for these practices but in reality there has been little change in the situation.

Next time you see your bank advertising a new improved rate on the TV you need to ask yourself if you are receiving that and if not ask your bank why. Unless more and more consumers actually follow through with complaints of this nature the pace of change will be pedestrian to say the least. If you don't ask you certainly will not get.........

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