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When loyalty to your bank doesn't pay

As we have covered on a number of occasions, the vast majority of people in the UK have probably been with their current bank for some period of time. Despite the onset of the Internet and the various offers and promotions available it seems as though more and more people are ignoring what are potentially significant savings in the medium to longer term. So does loyalty to your current bank always pay?

If you ask yourself whether you have actually looked at other banks and mortgage providers over the last couple of years, the answers to the question is probably no. However just because you have your current account with one bank does not mean you have to take out your savings account, loan account and mortgage account with the same bank, even if they do try to force you down this particular route. While there are obvious requirements such as evidence of regular income, there really is no reason why you need to keep all of your financial arrangements with one institution.

There are very few financial companies which will offer the best mortgage rate, the best savings rate, the best overdraft rate and the best current account rates. So next time you need a loan or you are considering changing your mortgage then do not just assume that your bank is the cheapest and make use of the Internet!

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