I recently had to ask my local credit union for a home improvement loan. I am currently re-decorating my living room and needed some new furniture, so I had to ask my Credit Union, as spreading the cost is much better for me, personally. The rates offered by credit unions is much better than even my own bank (who I have been with for years) could offer me. My room is nearly done, just awaiting on the new furniture now!
Seriously, if you haven't already, go find your local credit union and get signed up. The main aim of one is to save, and get affordable loans, and I personally cannot recommend them enough.
If you have any questions, or comments feel free to get in touch.
Thursday, 1 December 2011
Friday, 20 August 2010
Santander's £100 offer
Spanish-owned Santander really shook up the banking world this summer by offering to pay people £100 simply to switch their current account from their existing bank to Santander. What a simple way to, literally, buy market share. Most people are surprisingly conservative when it comes to moving their money around so it looks like this might be a big enough push to make many people change.
However (there had to be one didn't there!) it turns out that while Santander is good for paying interest on current accounts its record on customer service is less spectacular. According to the consumer watchdog Which? the bank scored less than 50% in a survey of customer service in the banking sector, compared with a mighty 89% satisfaction rating for First Direct.
With interest rates remaining low and inflation creeping upwards it seems that for high tax earners at least, there are even fewer safe havens to protect the value of their money. Its getting to the point where you might as well do the same as granny used to do and simply keep the money under the bed.
However (there had to be one didn't there!) it turns out that while Santander is good for paying interest on current accounts its record on customer service is less spectacular. According to the consumer watchdog Which? the bank scored less than 50% in a survey of customer service in the banking sector, compared with a mighty 89% satisfaction rating for First Direct.
With interest rates remaining low and inflation creeping upwards it seems that for high tax earners at least, there are even fewer safe havens to protect the value of their money. Its getting to the point where you might as well do the same as granny used to do and simply keep the money under the bed.
Tuesday, 22 June 2010
Hard Times ahead
This blog is primarily concerned with what the banks call 'Retail Banking' that is, what you and I, the ordinary people on the street, use banks for. All the other stuff is involved with buying and selling loans, credit, commodities, stocks, shares and so on.
This is the bit that cost us all a fortune when the banks got it wrong. How does it cost me money? well, my taxes are going to go up, the services I can expect from the public sector (like NHS dentistry - remember that?) are going to be reduced and the interest I earn on my meagre savings is now virtually worthless.
OK enough moaning. The banks are all tryingto find new ways to make money out of the retail banking sector - you and me - so they're offering all sorts of fancy new accounts where you get incentives like breakdown recovery, travel insurance and so on. I have an old-fashioned current account that I refuse to change because all the 'goodies' included in the new accounts aren't worth much if you don't travel abroad or have an expensive mobile phone - and there is a monthly fee on these accounts of around £8 or so - £96 a year. Now why should I pay the bank £96 for something I don't want - especially when it's already holding onto my money interest free?
So, best banking deal number one - get an old fashioned account that doesn't include any so-called freebies, but doesn't have a monthly fee either.
This is the bit that cost us all a fortune when the banks got it wrong. How does it cost me money? well, my taxes are going to go up, the services I can expect from the public sector (like NHS dentistry - remember that?) are going to be reduced and the interest I earn on my meagre savings is now virtually worthless.
OK enough moaning. The banks are all tryingto find new ways to make money out of the retail banking sector - you and me - so they're offering all sorts of fancy new accounts where you get incentives like breakdown recovery, travel insurance and so on. I have an old-fashioned current account that I refuse to change because all the 'goodies' included in the new accounts aren't worth much if you don't travel abroad or have an expensive mobile phone - and there is a monthly fee on these accounts of around £8 or so - £96 a year. Now why should I pay the bank £96 for something I don't want - especially when it's already holding onto my money interest free?
So, best banking deal number one - get an old fashioned account that doesn't include any so-called freebies, but doesn't have a monthly fee either.
Subscribe to:
Posts (Atom)