Category: Banking

Should I do my Banking on the High Street?

There are some banks which still have branches on high streets. There are advantages of using these banks on high street but there are also disadvantages as well. It is a good idea to think about the advantages and disadvantages of each and then you will be able to decide whether banking on the high street is the right decision for you.

Advantages of High Street Banking

If you like to deal with a person face to face then using a bank which has a branch on your high street will allow you to be able to do this. You will be able to visit the branch and speak to someone at a counter or make an appointment to speak to someone to get the information and help that you want. If you regularly go to your high street, then this will be even easier as you will be near to the bank anyway and so will easily be able to pop in. Sometimes dealing with people face to face can be much easier. You might find that you are able to talk to someone better this way and you will probably not have to wait long for a response.

Many people do value having shops on their high street and banks. By using these facilities, you will be helping to keep them open, not only for you but for others as well. Some people do not know how to use the Internet and losing something like their local bank could mean that they will really struggle to get the money that they need and to deal with other financial matters that they might need help with.

Disadvantages of High Street Banking

High street rents tend to be expensive and this means that there is a large possibility that a bank that is on your high street could very well be more expensive than one that does not have high street branches. This means that you will potentially have higher loan interest and less savings interest with these banks, although this will vary of course.

If you use a high street bank exclusively then you will only be able to deal with them within normal working hours. For banks this might be 9-5 Monday to Friday and for some you may be able to go in on a Saturday morning. This will depend on the bank. This means that you will need to be available during those hours if you need to use the bank and if you work full time or do not have a branch on your local high street so have to go elsewhere to go to one, this could be problematic. There is also a risk that you local could close down. A lot of banks are having to close branches and so you may find that yours may have to.

As you can see there are pros and cons. Some people tend to choose a bank where they can use telephone banking or Internet banking outside of the opening hours so that they will still be able to access services even if the bank is shut. This is something which could provide a compromise in one area. However, you may still end up paying more than necessary and this is something which is well worth thinking hard about. You could find that you will be losing out by paying more for a loan, for example. No one likes to pay more than they have to fir anything so it is well worth making sure that you give this some thought. Compare prices and this should help you to find out whether you could make a significant difference if you did swap to a different bank.

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How Can I Choose the Best Bank?

There are lots of different banks and building societies available for us to use and it can be confusing for us at times, knowing which of them we will be best off using. It is therefore a good idea to think about how we might pick between them. Then, next time we are looking for a financial product, we will know how to choose between the different banks and find the one that might be the best for us to use.

What is Important to You?

It is a good idea to start by thinking about what is most important to you with regards to what banks can offer. It is likely that you will have dealt with a bank and perhaps more than one so you will have an idea of what they are like and what makes a good and bad one. You may have certain features that you feel are important, for example. It could be that you want to have a high street branch or you want to bank online or both. You might wan a cheaper bank or prefer one with good customer service or you want the best of both. There are lots of things to consider and it is well worth thinking about all of these things so that you know what you are looking for in a bank before you start looking at what there is on offer. It can be a good idea to prioritise those features that you want a swell. The reason for this is that you could fid that they will not all be available and so you will be able to then look at the important things first so that you can more easily decide which of the banks you think will be able to fit in best with your requirements.

Which Offer Value for Money?

Once you have an idea of what you are looking for you will be able to look at the different banks. It is likely that you will be looking for a particular product or set of products and you will need to think about these and who offers them. Then look at the bank in relation to that product and whether you feel that they will meet your requirements. It is good to also look at the cost of the particular products that you are thinking of taking out and then you will be able to think about value for money as well. This should be part of your consideration even if cost was not something that you were prioritising. This is because you do not want to end up having to pay out more money than necessary for an item. There could be one that almost fits your requirements but is significantly cheaper than one that does fit them and you will need to think about whether you feel that it is worth paying that extra money or not.

It can be quite a long process to find out all of this information and it may almost feel like it is not worth it. However, you need to think about whether you feel that the result will be worthwhile. You will end up choosing the best bank for your needs and that could not only end up costing you less money but will mean that you have a better experience as well. Some people will use a financial advisor for this because they already have the knowledge and will quickly be able to help, but they do charge for their time and so it can be wise to think about whether you are prepared to pay this money or whether you think that it might be better to do the job yourself instead.

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