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.Read More →