Ways To Get the Best from Your Bank

Published: 22/03/2019 | Last Updated: 06/04/2020

Get the Best from Your Bank

Technology is transforming the way in which we conduct our banking and many of us now rarely set foot inside the branch where we hold our account. With relentless technological innovation inevitable, banking will continue to evolve in ways that will make managing your money faster and more convenient. In the past, people remained with their bank for life but now, with intense competition for customers, switching banks can make good financial sense. Whether you are satisfied or dissatisfied with your banking service, be sure that you are making the most of the innovations available.

Set up free text alerts

Banks send more than 16 text alerts every second, they can tell you if your balance is low, or that money has been paid in or taken out of your account. This service is particularly popular with millennials, as over 60% of 16 – 34-year olds use their smart phones to stay in touch with their bank. The instantaneous nature of this service means that you can always be up to date with what’s happening on your account, no matter where you are.

Mobile banking

The mobile banking apps are specifically designed to make your account safe from fraud and though there are potential security risks, these can largely be avoided with the right precautions. The beauty of this service is that you can check your balance or make payments at any place and at any time, and the apps and actions available on them are developing all the time.

Pay for daily purchases with your credit card

Using your credit card to make your daily purchases will enable you to accumulate rewards, however you need to be disciplined enough to pay off your balance in full as soon as the statement arrives, otherwise you will incur interest.

Consider switching bank accounts

Banks offer incentives to gain new customers, by switching bank accounts you can gain benefits that another bank may offer, such as lower interest rates or a signing on bonus. Switching bank accounts is much easier than it used to be, and your new bank will do all the hard work for you. Most banks will be able to effect a change in just seven working days. Obviously, you need to look at the new terms carefully, for example you might not be able to obtain the same overdraft facility that you held with your old bank.

Talk to your bank

Make sure that you understand what bank charges you are paying and why you are paying them. Perhaps you are paying account charges for an account that offers services that you are not even using such as vehicle breakdown or travel insurance. Is there another account that would cost you less and be more suitable for your requirements? Explain that you are thinking about switching banks in order to get better interest rates and see what your bank is prepared to offer. It may take an hour of your time, but it could help you to achieve some significant savings.