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.
Banks to face competition inquiry
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Bank accounts set to take a battering
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Self-regulation comes to an end for the UK banking sector
In what is seen by many as a serious threat to the self regulatory framework of the UK financial sector, the government has today introduced a bill to Parliament which will see banks fined and potentially have their assets frozen if they mistreat their customers. Quite what is meant by "mistreating their customers" remains to be seen but the UK government has certainly taken on more of a hardball...Read More
Mervyn King Turns Up The Heat On Bank Compensation Scheme
Mervyn King, the governor of the Bank of England, has turned up the heat on the UK's leading banks by suggesting that they should start contributing to a new compensation fund now, rather than after the event. The new compensation fund will be used to fund any similar scenarios to the Northern Rock debacle and it is hoped it will instil confidence back into the sector.
Are we witnessing the end of the UK building society sector?
With rumours rife about the West Bromwich building society and other smaller operators in the UK building society sector there are serious concerns that this could be the beginning of the end. This is a sector which goes back hundreds of years and until now has operated on one of the more sound financial footings in the UK economy. However, many observers hark back to the recent changes in buildin...Read More