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Are you a “one bank man”?

Are you a “one bank man”?

Category: Banking

Updated: 13/02/2015
First Published: 13/02/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Managing money often means juggling multiple accounts, including current accounts, savings, credit cards and mortgages. Having all of these accounts in the same place may, on the surface, seem like a good way to stay on top of your finances, but this could mean that you end up missing out on the best deals.

Spread the load

Happily, it seems that more of us now prefer to base financial accounts with a variety of providers. In fact, according to new research by TSB, almost two-fifths of those questioned (38%) opt to spread their financial dealings across several providers.

On average, the research found that Brits have three financial accounts based with different providers. The older generations were found to be particularly motivated in terms of spreading their custom, with 29% of those aged 45 to 54-years-old stating that they wanted to get the best deals – even if that meant using a number of providers.

By contrast, younger people were more likely to be a "one bank man", with 57% of 18 to 24-year-olds saying that they believed it was easier to manage their finances by basing all of their accounts with one provider. However, by putting all their eggs into one basket, it could mean that great deals are passed by.

Utilising a number of different service providers means that you don't have to just accept whatever terms are offered to you. Instead, you can head out onto the open market and hunt down the deals that will give you the best service and value for money.

Switching for a better deal

If you've been loyal to one provider for all of your financial dealings, then now may be the perfect time to move some accounts to a better deal.

Switching your current account is now even easier, thanks to the Current Account Switch Guarantee. This service guarantees a switch within seven working days and it also pledges to make a refund if anything goes wrong. Direct debits, standing orders and incoming payments will all be automatically transferred across to your new provider. All you have to do is decide where you are going to move!

It's also a good idea to keep an eye on what savings deals are out there, and if your mortgage is coming to an end, then maybe it's time to check out what remortgage products other providers offer. You can start your search by looking at our savings best buys and our top mortgage products.

What next?

Find the best bank account for you with our bank account search

Credit card search

Try our easy to use mortgage calculator

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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