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.
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