Do you have all of your money with one bank? Many people do just for the simplicity and convenience of it. With all of your accounts at one bank, you don’t have to make numerous phone calls or stop various places in order to take care of your banking business. But did you know that by being loyal to just one bank, it could be costing you money?
Nearly half of all Aussies use one bank for the majority of their financial needs. While it’s convenient, how do you know if you’re getting the best rates on your banking products? Also, you may be paying more fees for a banking product at your bank than you would be paying if you decided to choose another bank. You probably shop around for the best deals on tangible items like clothing, food and cars, so why not shop around to make sure that you’re getting the best deal on your banking products as well?
Unfortunately, one bank does not often meet all of the needs of every individual customer. For example, you may be paying more in interest than you really have to, or another bank may be willing to waive fees for you. It’s not just personal accounts that this affects, but it’s all kinds of financial accounts, including business accounts and loan products.
By taking a few extra minutes and doing a little research, you may be able to save yourself a decent amount of money just on banking fees alone. Once you add in the chance of potentially earning more interest on savings products or a reduction of interest on loan products, it can add up significantly. Many people are losing out on savings and having extra money in their pockets for the simple reason for not doing research.
With the Internet, it’s quite easy to research different bank fees, loan rates and savings rates. If you can’t find the information you’re looking for online, call several banks and ask them about their rates. Especially ask about any special rates for new customers and how long they last.