An interesting article published by ThisMoney pointed out that banking customers may be able to save a great deal of money by switching to a more competitive firm. Not only can this equate to £70 pounds by reducing simple fees, but this same source observes that those burdened by overdrafts could save up to £260 pounds every year. Unfortunately, this same survey pointed out that most are simply too afraid of looking for greener pastures.
One of the main causes for this is that customers fear that such a switch takes a great deal of time and is seen to be risky. In truth, this process is normally quite simple and the fact of the matter is that watchdog agencies such as the Competition and Markets Authority (CMA) point out that banks do not do enough to cater to the needs of their customers. Still, this same firm found that 37 per cent of all customers have been with their current bank for more than two decades.
Instead, consumers should be proactive and seek life elsewhere if they feel that they have been overcharged, if the interest offered is quite low or if their physical branch has closed. It is their money and they should feel free to do whatever they want with such funds.
The Big Picture
Let’s not forget that making the correct decisions now will help towards retirement schemes in the future as well as the ability to provide for one’s family during times of hardship. For example, what if there is a sudden death in the family? What steps should be taken? While it is up to you do decide how you manage your personal finances, Compare Funeral Plans are happy to guide you along the way so that you can make the most appropriate choices. Never forget that your money is hard-earned and you deserve the bank that provides you with the most personalised services.