According to a MoneySuperMarket poll, the most common reason for switching banks is to receive better interest rates, with 41% of customers hoping to increase their savings.
Cashback and advantages such as insurance drew 20% of switchers, while the overdraft facility drew 14%. The smallest group (5 percent) relocated because they desired improved customer service.
Switching banks and opening a new savings account may be necessary to obtain the services you require. Here are some reasons why you should consider switching banks.
Fees
Fees are one of the most prominent reasons why customers switch banks. Many banks now demand fees for everything they do. They will charge you NSF fees, inactivity fees, ATM fees, and various other expenses. If you’re not careful, these costs might quickly build up. When it comes to payments, some banks are more expensive than others. You should begin looking around if you believe your bank is charging too much for these services. When you shop around, you should be able to find out what other banks charge for all of their costs. If your bank is costing you extra, you might consider switching banks.
Location
Another reason to consider switching banks and opening a new savings account is location. Some banks have more places than others, and you should choose a handy bank. It may not make sense to do business with a bank that is not close to you. Even if they have lower fees, you may be unable to justify paying the gas to drive over to them whenever you need anything. If you have to drive by multiple banks to get to yours, it may not be in your best interests to continue doing magnet with them.
Rates are lagging
If you have a savings account with your bank, you want to earn a reasonable interest rate on your balance. If your bank offers a low-interest rate on savings accounts, you might consider switching to a different bank. If you are going to keep your money in a bank, you want to make as much money as possible on your deposit. You can shop around to see what different banks offer their account customers in terms of interest.
Checking account has no interest
Another reason you might want to consider working with another bank is if your checking account does not pay any interest. Many free checking accounts do not pay interest on the account balance. If you are not receiving interest, you are potentially losing money. Check with other banks in your area to see if a better deal is available.
Service deficit
Some banks do not prioritize customer service. If you feel your bank is unwilling to help you when you have a problem, you may want to consider switching banks. You are entitled to excellent customer service and all the other benefits that come with a great bank.
Top banks like DBS increased their interest rate for all current and upcoming customers, so it helps to consider these promos when actively searching for a new savings account banking partner.
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