Did you know that you are more likely to divorce or move
house than change banks ? Most people open their first
ever bank account in their teens and stick with it.
Banks count on their customers to not shop around and
research before opening a bank account. Banks make huge
profits. They take your money and invest it. Unfortunately
more often than not they make more out of it than you
do.
To entice new members many banks will offer incentives
including higher introductory interest rates only to lower
them after an introductory period. Some banks will hide
their fees and costs in the small print.
Naturally they have costs, one being the interest rate
that they pay. This is why many major high street banks
offer 1% or less on current accounts.
In reality it costs allot of money to maintain a branches,
provide statements, set up standing orders and provide
facilities to withdraw money from cashpoint machines.
(It is worth noting that Internet Bank Accounts do not
have many of these overheads and this is why they can
offer higher rates of interest on current accounts).
Banking facilities provide an inducement to attract and
keep customers but it costs allot of money. By offering
many of these facilities online costs can be reduced substantially.
When considering moving banks make a list of services
that you want and need and shop round for the best deal
available.
The Internet can be a good place to start.
A directory of
Online
Bank Accounts and Services.
