The banks that grace our high streets today are so far removed from the old wood paneled rooms they used to be they are almost unrecognisable. There is increased competition for our business and their product range has multiplied. Most banks have to offer the same services to us as other banks in order to encourage new customers and keep their existing ones. The fact is that banks hope to secure us as customers as soon as they can and once we are a customer, we are not keen to decamp to a rival.
With all the increased competition and such a lot at stake banks need to keep their existing customers satisfied. One way of doing this is with the best possible interest rates. Offering a higher rate of interest on savings accounts is a great way for banks to stand out from the rest and even the most unadventurous savers will swap banks if they have a larger sum to invest.
When our finances become more and more complicated with debit cards, loans and mortgages, we are less inclined to move banks. The effort it takes in getting the information and paperwork completed when moving banks, makes it a major task. Having built up a good credit history will indeed increase your chances of securing a bank loan and an increase in our overdraft limit.
High Street Banks
Most high street banks will have a junior savers account which it hopes, will encourage the youngster to carry on using their bank once they are in a position to work and to apply for their first mortgage and it does work with most people remaining with the bank the feel most comfortable with, that is until they charge you for going overdrawn!. Internet banking has become increasingly popular with those of us who do not live close to a bank or who prefer to move their money around from the comfort of their armchair.
The installation of cash machines in shops and othe buildings has become a life saver for people who need access to funds during out of hours or who would prefer not to queue. In reponse to complaints regarding call centres and the lack of a more personal approach to their customers diverse needs, many banks are reverting to their local branches for customer services and telephone advice. |
