When did you last change your bank account?
Despite the fact that the UK banking sector is one of the most competitive in the world it would appear that very few people in the UK would actively consider changing their banking arrangements to take advantage of better deals elsewhere. Surveys have shown that the vast majority of people in the UK are very happy to remain with one bank for their whole of their working life despite the fact they could be losing out on offers and deals. So why is there a reluctance to change your bank account?
The simple fact is that many people believe that changing a bank account is very complicated and will impact upon various direct debits and standing orders which they may have in place. The truth is that many banks will take it upon themselves to rearrange your standing orders and your direct debits so effectively you are highly likely to see a seamless transfer from one banking operation to another.
In reality the best deals and best offers will be available from different banking institutions at different times. However, finding one which suits you and a bank which stays relatively competitive should be enough to save you significant money on loan interest and potentially earn you more money on savings deposits.
Savings providers fined for misleading marketing
17/06/2014 Credit Suisse and the Yorkshire Building Society have been fined by the Financial Conduct Authority (FCA) for the use of “misleading” marketing when promoting an investment product. Credit Suisse was fined £2.4m, whilst Yorkshire Building Society received a smaller fine of £1.5m. The financial services institutions, which both accepted the fines, were found to have promot...Read More
New service allows payments via mobile number
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Brits consider banking at home
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HSBC rumoured to be looking at fundraising
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Treasury plans fee free bank account
15/12/2014 The Treasury has announced plans to launch a new fee-free bank account on the high street. Nine lenders in the country will offer these bank accounts to millions of customers who have been locked out of the banking system due to bad credit. The participating lenders are Barclays, the Co-operative Bank, HSBC, Lloyds Banking Group, National Australia Bank, Nationwide, Royal Bank of...Read More