Should I do all my Banking in one Place?

It can be very tempting to do all of your banking in one place. This is because it is extremely convenient as you will only have to visit one branch or login to one website etc. However, there are also advantages in banking in more than one place. It is worth knowing what these are and then you can decide whether you think that it is a good idea to stick with the same bank or not.

  • Interest Rates Might be More Competitive – it is worth thinking about the interest rates on the products that you have and how they compare to other banks. It is possible that you will have savings and loans and therefore will be paying and receiving interest. These interest rates tend to vary between banks as well as between products and it is a good idea to check regularly to see how the rates that you have compare with other banks. There could be a big difference and you may find that you are paying much more than necessary for you loans or getting far less interest paid on your savings than you could if you went elsewhere.
  • Costs Might be Lower – when you have a loan, there may be costs as well as interest and you may also pay for a current account and it could be the case that if you choose a different bank, those costs will be less. So, make sure that you think about this when you are comparing banks as the costs are not always that obvious.
  • There Might be a Larger Range of Products – it might be the case that some banks have a wider range of products to choose form than others. This means that when you need a product, perhaps a savings account or loan, that you will have more choice. Having more choice means that you are more likely to find a product that is closest to what you specifically need.
  • Customer Service Might be Better – it can be a worry that if you go to a different bank you will not get the level of customer service that you are getting with your current one. However, you will also have the possibility of getting a better customer service with an alternative bank. It is difficult to tell unless you read reviews or even contact the customer service department yourself and see what they are like to deal with.
  • They Might be More Convenient to Use – it could be the case that you will find that other banks are more convenient to use than yours. They might have better online banking facilities, better phone banking or a better branch system. It can be worth thinking about how you want to use your bank and whether you are happy with what they provide for you.

So, you can see that there are many reasons (and these are just some of them) why it might not be a good idea to do all of your banking in one place. Of course, it might be that you are with the perfect bank, but you will never know until you compare with what others are providing. This means that it is wise to regularly check what is going on with other banks and you will be able to then think about whether you are happy with the bank that you are with or whether you want to consider changing to another bank. It is worth remembering that you will not have to switch completely but you could change across some of your products if you want better places for them.

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