Category: Banking

Does it Matter Which Bank I Pick?

There are lots of banks available for us to use and it can often be much easier to just stick with the one that we have always used. Most banks offer similar products such as current accounts, savings accounts, mortgages and loans, so you may feel that there is no point in comparing them. However, there are some differences between the different banks and it is a good idea to get to know what these are and then you will be able to decide whether you would be better off with a certain bank compared to another.

Interest Rates

The interest rates will differ between different banks which could make a big difference to you. For example, you will find that some will have savings accounts which pay out more interest than others and so it is worth considering those to put your savings with. You will also find they differ in the rates they charge for loans such as overdrafts or personal loans. Therefore, you will need to check these out if you are looking to borrow money.


Some people get very concerned about the reputation of the bank that they choose. This is understandable because you are trusting them with your money and you want to be sure that they will look after it well. However, it is good to make sure that you look into their reputation in a useful way. Some people will just feel that if they have heard of the bank then they can trust them. They assume that a well-known bank will have to be good or else its reputation will be spoiled. However, this is not always the case. If a bank is not well-known it will need to have a good reputation because it will depend on people telling each other about it in order for it to get new customers. If it has bad reviews it will massively damage it. A large well-known bank is protected from this because many people just assume they are good and will not read their reviews.


Some people like to be able to go into a branch of their bank so that they can easily draw out and pay in money and also talk to the staff if they have any problems. However, some banks these days have no branches at all or branches are scarce as many are shutting and this means that if you do want a branch you will need to check this before choosing this particular bank.

Online Banking

Some people really like to be able to use an online banking system or app. It is a very convenient way to bank and it means that you do not have to be near to a branch or cash machine and you do not need to wait for banking hours to do transactions. It can not only give you more control over your money but means that you will be able to instantly get a balance which can be very helpful if you are trying to stick to a budget.

Customer Service

Customer service is something which many people have strong feelings about as well. They want to be able to know that if they need some information or have a question or problem that they will be able to get in touch with the bank and get the information that they need. This could be through a call centre, online chat, email or something else. It is worth thinking about what you would want and whether the bank in question offers this. It can be wise to even get in touch with the customer service department before taking out the account to find out what they are like.

Should I Stick with the Same Bank for Everything?

There are many people are really loyal to their bank and they will use the same bank for everything – such as their current account, savings, credit card, mortgage and loans. However, there are other people that have accounts with all sorts of different banks. You may wonder whether it is best to stick with the same bank or to use a selection of different banks. There are pros and cons of both and it is worth considering them so that you can decide which will work the best for you.

Interest Rates

One thing that a lot of people will check, before opening a new account or borrowing money is the cost of doing so and the interest rates. With savings accounts, the interest rates vary a lot and it might be best to look for an account that pays the rates so that you get a good return on your money. With a current account, there may some banks that offer accounts that pay interest or have other benefits that you are interested in, some that charge and they will also tend to have an overdraft facility and you will need to think about whether this is something that you will use as there will be an interest rate for this and there may be a limit on how much you can borrow. With loans and mortgages you will need to compare the interest rates and any other fees that the have to find one that is cheapest. These will all vary between banks which is why some people choose to save with one and take a loan with another.

Types of Accounts

Not all banks will offer the type of account that you want. For example, if you want to buy some Premium Bonds then there is only one place to get them and no other bank offers something similar. However, there will some accounts that are common across all banks. You will need to think about what you are looking for and then see who is offering that.


IT can be a lot more convenient just having everything with the ne bank. If we need to deal with things in branch, then we will only have to visit one. If we do online banking, then we will only have to log in to one place in order to check everything out. You may even risk forgetting where you money is, if you put it in lots of different places, however you could remedy this by writing it down and keeping the information safe.


It can be the case that you will want to be with the same bank you always have been because you are loyal to them. You might like that particular bank and feel that you want to stick with them. If you have always had a good service from them, then you may see no reason why you should swap to a different one. It can also be a worry, that if you have always been with the same bank, that if you swap then you might find that the one you go to is much worse and that you will regret it.

It is probably better, if you want to better off financially, to not always stick with the same bank. However, you will find that you will forget who you are with then perhaps it is safer to stick with the same one. It is a good idea to compare them though and think about how much of a difference it might make if you do use a different one.

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