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When did you last move your bank account?

The vast majority of people in the UK are unlikely to have moved their bank accounts within the last decade and indeed many have remained with the same bank for most of their lives. However, while in the past it may have been a little difficult to transfer bank accounts, direct debits, etc, the situation has now changed and many websites now offer you the chance to move banks and they will look after the paperwork.

If we were to ask you the current interest rate on your savings account how many people would be able to answer this?

The likelihood is, like many people in the UK, you have no idea of the interest rate your savings are currently attracting and are unlikely to have taken any interest in this in the past. Many of us look at the bottom line, i.e. how much money we have in our account, and take very little notice of income from interest. However, it is vital that we all do our best to make our money work as hard as possible because ultimately UK banks are receiving billions upon billions of pounds of money simply because banking customers in the UK are not taking advantage of special offers and improved rates.

We are not suggesting that you move from bank to bank on a regular basis, but while your current bank may well have been one of the more competitive in the past this may not always be the situation. Banking rates change and new entrants to the market, such as Virgin Money, may well be about to give UK banking customers more choice.

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