Banking

With so many high street banks to choose from it does seem as if they couldn't all possibly have a unique selling point. It is true that most banks have to offer the same services to us as other banks in order to encourage new customers and keep their existing ones.The fact is that we often tend to join our local bank and usually remain with them for many years.

Once our finances become more and more complicated with debit cards, loans and mortgages, we are less likely to move banks. The sheer effort it takes in getting the information and paperwork completed when moving banks, makes it a major headache. For this reason, most high street banks will have a junior savers account which it hopes will encourage the youngster to carry on using their bank once they are in a position to work and to apply for their first mortgage.

With so much competition banks need to keep their customers satisfied and one way of doing this is with the best possible interest rates. Offering a higher rate of interest on savings accounts is a great way for banks to stand out from the rest amd many people will swap banks if they have a larger sum to save. Internet banking has become very popular with those who do not live close to a bank or just prefer to move their money around from the comfort of their armchair. The installation of cash machines in shops and othe buildings has become a life saver for people who need access to funds during out of hours or who would prefer not to queue. In reponse to complaints regarding call centres and the lack of a more personal approach to their customers diverse needs, many banks are reverting to their local branches for customer services and telephone advice.