Savers to be informed of rate changes
The new European rules will take effect on November 1, and specify that all banks and building societies are required to provide advance warning to customers of reductions to rates paid on bank accounts.
Savings accounts providers will also have to communicate details of rate changes to account-holders when a bonus period comes to an end. This is likely to affect the majority of savers, as most top-paying variable rate accounts now offer introductory bonus rates, which generally revert back to an uncompetitive rate after this period ends. Read more
Saving account: A safe place to let the money flourish
Not long ago there were lesser number of banks in the country and the banking services were also restricted to certain areas only. Usually, it used to take a huge amount of time to make a single financial dealing. However, the situation has changed in a better way after the stepping in of private and foreign banks in the country.
Nowadays, banking companies are chasing a customer-oriented approach, so as to fulfill the needs of their consumers and to maintain that have also rolled-out several new products and services. Read more
Could this be the end of free banking?
Banks could be changing the way in which accounts operate, as high street banks have been put under pressure in the way they issue charges to customers for breaking terms, such as exceeding agreed overdrafts. This will mean that they will have to explore new avenues for raising revenue, which is likely to lead to the end of free banking.
Paid accounts, mortgages and overdrafts would be affected by the changes, as reliance on the significant charges issued to customers would be reduced. Read more