Is the era of free banking officially over?
Last week's announcement by Lloyds Bank would appear to have sounded the death knell for free banking in the UK with customers now being charged a monthly fee to have in place overdraft facilities. While the issue of "free banking" has been something of a myth in all honesty, it does look as though officially more and more customers will be charged a monthly fee to obtain access to banking facilities.
Many experts believed that the era of free banking ended many years ago with the vast array of UK banks bringing in additional charges for various services. When you compare the cost of banking today compared to the cost of banking 20 years ago there is no real comparison. When you also take into account that banks have been using your savings and your money to finance their own businesses then effectively you have actually been "charged" for banking services for many years.
While officially the banks will argue that you are only being charged for additional services there is no doubt that free banking is coming to an end. So now is the time to shop around for the best deals for you and pull away from the historic trend which many UK consumers have been involved in, i.e. staying with the same banking institution for years and years.
Co op tops new bank table
New league tables for banks' customer service have been released by JD Power.According to the pollsters, the Co op treats its customers the best - with RBS and Nationwide also ranking highly.The three worst banks, by contrast, were found to be Abbey, Barclays and the Clydesdale, the Guardian reports.JD Power's survey will be worrying to many customers, with Abbey and Alliance & Leicester to merge...Read More
Consumers urged to consider account options as fees increase
11/01/2015 Santander will be increasing the fees on their 123 current account, almost doubling the amount consumers will have to pay. Santander has announced that it will be increasing customer’s fees from £24 a year to £60 a year for the 123 current account, and the charge for its 123 credit card will also increase from £24 a year to £36. The banking giant has claimed that it is incre...Read More
Will the HBOS saga ever end?
As the Scottish government continue to cause problems for the Lloyds TSB bank and HBOS merger this has attracted a furious response from HBOS which is accusing the Scottish government of using the company as a political pawn. Members of the Scottish parliament have been very vocal in their opinion that one or more alternative bids will appear over the next couple of weeks and this has a serious ch...Read More
Royal Bank of Scotland fined £5.6 million by FSA
The Financial Services Authority (FSA) has today confirmed that Royal Bank Scotland has been hit with a £5.6 million fine with regards to a failure to comply with FSA regulations. It is believed that internal monitoring of funds transferred from Royal Bank of Scotland fell below acceptable levels in 2008 with the potential for funding to reach organisations or people facing Treasury sanctions....Read More
Will we see more mergers in the financial sector?
While the financial sector has been the main recipient of various mergers and takeovers during the last few months there is a feeling that we may well see further mergers and acquisitions in 2009. Many people believe that 2008 saw the top of the mergers and acquisitions market as a means of ensuring the smooth running of the financial markets at a time when liquidity and capital assets were under...Read More