Independent Financial Life Planners Bishop's Stortford: Which bank account: Have you got the best bank account?

Thursday, 17 September 2015

Which bank account: Have you got the best bank account?

However you choose to manage your financial planning you need at least one bank account, Enable’s IFAs in Bishop’s Stortford know that many of us manage several bank accounts, so are you getting the best from your account?

Shortly banking in Britain will be changing and when proposed improvements are announced – affecting anyone with a current account. The final report on the banking sector by the Competition and Markets Authority is not due until in April next year but early conclusions will be published soon along with suggestions for how current account banking might be improved.

The investigation into retail banking is likely to show that current accounts paying interest are becoming more popular, while packaged accounts with insurance add-ons are much less popular.
A standard way of charging for overdrafts may also be recommended, making it easier to compare the deals on offer. There could also be a push towards portable current account numbers – a bit like taking the same mobile number to a new network provider when switching. It could be the end of ‘free’ banking – where no charges are applied provided you stay in credit with your bank.

Andrew Hagger, of financial research company MoneyComms, says: ‘I hope the report will recommend more than a little tinkering around the edges and will give more customers the confidence to switch. ‘For many people their current account is the bedrock on which all their finances depend and it is seen as a big deal to move it.’

Switching current accounts between providers keeps banks in competitive mode and increases choice, which works well for consumers. If you want to keep banks on their toes it might be worth looking around to see what bank account really is best for you.

Issued by: Enable Independent Financial Life Planners  25c North Street, Bishops Stortford, Herts CM23 2LD Telephone: 01279 755950 - Fax: 01279 657339  Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.