A naukri.com initiative
Guardian
21h
275
Image Credit: Guardian
Five common banking mistakes – and how to avoid making them
- Many customers stick with big banks like HSBC, Lloyds, NatWest, and Barclays out of habit, even though they may not offer the best service.
- Consider switching to challenger banks like Chase, Monzo, and Starling for better service quality and features.
- Switching banks can be beneficial, with incentives like cash bonuses for moving accounts and easy, guaranteed processes.
- Avoid relying on overdrafts due to high interest rates; consider using a 0% credit card for better debt management.
- Leaving excess cash in accounts with little to no interest can result in loss of value; opt for accounts with higher interest rates.
- It's important to read the fine print on savings accounts to understand any restrictions or hidden fees.
- Regular saver accounts may offer good rates but limited monthly contributions; assess if they suit your savings goals.
- Packaged bank accounts with monthly fees for perks like insurance may not be cost-effective; review the benefits you actually need.
- Carefully evaluate packaged account benefits to ensure you are getting value for the fees you pay.
- Consider opting for unbundled services rather than packaged accounts to save money on unnecessary perks.
Read Full Article
16 Likes
For uninterrupted reading, download the app