comparemela.com
Home
Live Updates
Prepare yourself for an end to free banking : comparemela.com
Prepare yourself for an end to free banking
© Nathan Stirk/Getty Images
Since the 1980s banking customers in the UK have enjoyed seemingly free current accounts. We can open an account, then deposit, transfer or withdraw money all without paying a penny. But free banking is anything but free. Someone is footing the bill – and it may be you.
Banks make their money from current account customers in two main ways: hidden fees and cross-selling. Stay in the black and stick to straightforward transactions and you may feel your current account is free. But someone who is using their overdraft is probably paying enough in charges to cover the costs of your account. Alternatively, you may have started with a current account but your bank has now successfully sold you a mortgage, savings account or insurance product that is helping them recoup the costs of your “free” account.
Related Keywords
United Kingdom
,
Nicholas Megaw
,
,
ஒன்றுபட்டது கிஂக்டம்
,
comparemela.com © 2020. All Rights Reserved.