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Bemused by banking options?

Author: mpressman  |  Category: Personal Finance
Published: September 12, 2008

There seems to be no shortage of advertising for financial solutions and it’s hard to know which messages could be relevant to you and are worth looking into. High interest rates on savings accounts, low interest rates on credit cards and overdrafts are just a few examples – no wonder many consumers are left confused!

You might currently be happy with your banking situation, which for many simply constitutes accessing your money when you need it and perhaps paying bills online, but what if there is a better solution out there for you?

Researching the available banking options is a good starting point to evaluate whether it’s time for a new banking solution or whether it would be advisable to stay with your current provider. A small amount of time spent looking at your finances now and then through the available offers online could mean you could find a banking solution better suited to your needs.

Standard current accounts are great for easy access and making bill payments, but many banks also allow you to link the account to a high interest savings account. In the current financial market, many banks are offering increasingly competitive savings rates meaning now is a good time to see if you can’t make your money work for you. Some of these accounts can only be accessed online, which can help curb those impulse-buys which so often cause dents in your savings. Some also require only a ?1 deposit, which means you can start saving money straight away.

Another possible solution is having your mortgage, insurance and banking with a sole provider. This could save you money as providers often reward you for being a loyal customer.

If you have a large number of bills and insurance policies to pay each month, another solution could be to open a premier banking account. This is a type of packaged account which, for a monthly fee, allows you to do everything an everyday account can do, but also gives you a pre-approved borrowing facility and additional benefits which can include such things as home, contents and travel insurance, although benefits vary between providers. A dedicated account manager who is able to give you advice on investment options is often provided as well.

Being bombarded every day by financial advertising can sometimes be a bore, but by checking your current financial situation and having a browse through the available offers, you may find that one of the new breed of banking solutions is exactly what you need.

Disclaimer:
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Author: mpressman

Matthew Pressman writes for a wide variety of commercial clients. This article is intended for information purposes only and readers should seek additional information before taking any actions based on its content.

This author has published 47 articles so far.

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