Should I Change Where I do my Banking?


You may wonder whether you should be changing here you normally do your banking. This might be for a number of reasons, perhaps because of the cost or because you see other people changing and wonder whether there are advantages to it. There might be advantages but also there could be disadvantages and it is a good idea to have a good think about this before you decide whether to change banks.

Consider What your Need from a Bank

It is a good idea to start by thinking about what you need form a bank. We all have certain expectations with regards to banks and what services we expect them to provide for us. We also might have expectations with regards to how much they charge us when we borrow from them and how much they pay in interest on savings. It is also important to think about other things that you like and dislike about you bank. Perhaps they have a local branch that is convenient and nice staff or you wish you could be with a bank that had a local branch. You might prefer online banking and so it might be important that they offer that. It could be that it is the types of products that they offer that is more important to you. Think about what you are looking for and this will help you to be able to decide whether you should stick with the bank you are with or change banks.

See What Yours Offers

You may be aware of what your bank offers but you may not. It is worth having a think about what they do have and even looking on their website or in branch to see. Then you will be more aware of whether they are offering what you are looking for. It might be that they have products that you were not aware of or services that you did not know they offered and it might be that you will be more likely to stick with them as a result of finding this out.

Compare with Others

It can be good though to have a look at what other banks are offering. You could find that they offer more of what you want and therefore you might be better of switching. However, it could be that you will be better off just switching some products. This is because banks might have good savings rates, for example, but their loans might be expensive. Therefore, it might be a good idea to switch your savings over but to leave your loans where they are or move them to somewhere else. Keeping everything with the same bank might be convenient but it is not always cost effective and so it could be wise to make sure that you are checking regularly to see whether it might be more cost effective for you to move some of your accounts or all of them elsewhere. Moving some accounts will be easier than others and you might be reluctant to move a current account, for example, you may feel it will be trickier to move a current account and switch over where all your payments leave and come in to compared with moving some savings which could be simpler.

So, there will be pros and cons to switching banks and it means that you will need to have a think about whether it might be worth switching or better not to. It is a good idea to think about the advantages and disadvantages and especially the financial consequences as to whether you will be able to save money or whether you might be able to get more interest on your savings. IT can be with the hassle of moving if the gains financially are significant.

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