There are many of us that are loyal to certain brands and this could extend to banking as well as other items. However, there are other people that switch about a lot and even have different financial products with different banks. It is a good idea to think about the pros and cons of both of these approaches and then you will be able to decide whether you think that one or the other is good for you both with regards to all products as well as with specific reference to banks. Some advantages and disadvantages of sticking with one bank are listed below for you to consider.
Advantages of Staying with One Bank
- You will know the bank that you are with and what to expect from them. This means that there will be unlikely to be any surprises when you are dealing with them. This can be reassuring.
- You might also trust them and like the products that they offer and feel that they cannot be improved.
- You may also like the way that you can deal with them whether that is in branch, over the phone or online.
- If you want a new product, they will not need to do an ID check which means that it will be faster for you to get it.
- You may also feel that they will be more likely to lend to you as you are a current customer.
- Having all of your products in one place can also help you to more easily track them and budget. You will have just one login for online banking or one branch to visit and this will make it much easier to know what is going on and with what products.
Disadvantages of Staying with One Bank
- If you do not look elsewhere, then you could find that you are missing out on some much better deals offered by other banks. They might pay better interest on savings or have cheaper loans and you will be missing out and not getting that high interest and paying too much when you borrow.
- You may find that other banks actually have a better customer service than yours and are more polite and friendly to deal with and respond more quickly to queries.
- It could be the case that even though you think that you are dealing with your bank in the most convenient way there are actually better ways to do it that other banks offer and yours does not.
It can be daunting thinking about moving everything over to a new bank, however, this may not be necessary. However, you could find that you will not need to do this but it might just one or two products that you will better off taking out with a different bank. Even if you will have to move everything it can be easier than you might think. Banks have to help you with this and it therefore should be the case that things get moved over more efficiently than you might expect. It is well worth calculating how much you will gain from doing this and then you will be able to decide whether you think that it is worth the effort of moving the items to a different bank. If you find that it makes a huge difference then it is likely that you will change your mind about not moving and will think it is worth the effort but if the difference is small then it is likely that you will not bother. However, check first and then see how you feel about it.