Save By Switching From ‘Big Five’ Banks
The UK consumer banking sector has come under the scrutiny of various financial bodies with some interesting results.
Back in February we reported that the ethical bank Co-operative and Smile beat off competition from over 40 other banks and building societies for customer satisfaction.
A recent Which? Money reported that only nine of the 64 Which? Money Best Buy savings accounts, loans and credit cards recommended by the consumer finance magazine so far this year are available from the ‘big five’ banks - Barclays, HBOS, HSBC, Lloyds TSB and RBS/NatWest.
By switching current accounts consumers can make savings as well as in some cases earn up to £50. The Which? Money report also showed potential savings of up to £220 when switching savings accounts from the ‘big five’ to an alternative.
Savings can be made across the board by shopping around for a good current account, credit card or loan. Moneysavingexpert.com is an excellent resource for choosing financial services in the UK.
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