According to one financial services expert, Brits should take their time in selecting the best possible current account for their needs instead of just rushing blindly ahead.
The lion’s share of banks and building societies in the UK have taken steps to make their offerings such as savings accounts more attractive and competitive in order to encourage take-up in the wake of the global economic downturn. However, Nationwide banking head, John Crossley, cautioned UK consumers against rushing into a quick decision on what could become their primary personal or business bank account.
Explaining that it was key for Brits to consider as many packages as possible from financial service providers, Mr Crossley encouraged consumers to ensure they pick and choose a deal that will suit their needs the most readily. He further advised that, even though everyone has different banking needs, everyone can benefit from shopping around no matter what they’re looking for in a financial product.
According to research recently published by Nationwide, 40 per cent of all Brits have never switched from their main current account. 90 per cent of respondents indicated that they chose their product many years ago and didn’t even consider the possibility of having to change.
However, Mr Crossley exhorted UK consumers to shake off their apathy and take proactive steps with their finances. Those who settle for what they have at hand are neglecting to capitalise on what they can accomplish with a current account that is more ideal for their needs, he added.
The banking head for Nationwide also noted that there have been massive changes to the market over the past few years. This has led to a much wider range of choices in the banking industry, which is something that every UK consumer should capitalise on.