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How Your Bank Can Save You Money
If you think your bank is costing you too much money, then now is the time to look at ways your bank can help you save money rather than spend it. Although there will always be bank charges and fees, there are ways to save money using banks and make the most of their services. Here are some tips about how to cut down on bank costs and save yourself money.
One way to save yourself money through your bank is to open a savings account. If you have a fair amount of money in your current account, then transferring it to a savings account with a high interest rate is a good idea. Having a savings account does more than just save you money; it earns you money. The interest generated from a savings account means that you are making money from the money that you store. However, you should remember that many banks charge a fee unless if you go below a minimum amount in the account, so keep track of this in order to save yourself money.
Another way that you can save money when banking is to use free ATM machines. Some ATMís charge you a fee to take money out, either for the convenience of because the ATM does not belong to your bank. If at all possible you should stick to ATMís that donít charge you money. If you do this regularly then you could save yourself £100 a year or more.
Perhaps the most expensive fees that you can get charged by your bank are for using an unauthorised overdraft. Even if you never go into the red, it is advisable to agree an overdraft amount with your bank. This will save you a lot of money in case you do ever go into the red, and it costs you nothing if you donít use it.
Online banking can save you money by helping you to pay bills on time and avoiding late payment fees. It can also help you to manage your money better and so budget more effectively thus reducing your spending. However, some banks will charge you for the privilege of using online banking. You should definitely look for a bank or account that does not charge you for using online banking, as there is no need to pay for basic online banking these days. Although the fees might be minimal, any money saved is good.
Perhaps the area you can save the most money on is when you borrow money. Make sure that you get the best deal possible on any credit cards or loans you take out, and remove any unnecessary features that are costing you money.
Change banks if you have to
If your bank is still costing you more money than you would like, then donít be afraid to look elsewhere. There is no reason why you should be loyal to a bank if they donít serve your needs, and other banks may offer you better rates because you are a new customer. Even if you are currently happy you should look at the competition every few months to make you that sure terms are the best you can get.
About the Author: Peter Kenny is a writer for The Thrifty Scot.
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