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Why Open New Bank Account

Published on 3 February 2017 in Multi - News by Raffick Marday

Why Open New Bank Account – UK?
By depositing your money into a UK bank account, you give the bank a green-light to profit itself from such deposits. In such a case, the least you can do is ask for a share of your deposit’s revenue. But most are either unwilling or too stingy in sharing the fortune. This fact made savings accounts in the United Kingdom quite unpopular as the current saving rates can’t even compare to the interest rates given to the current account holders.
This fact necessitated the regulations to switching bank accounts in the UK and a consequent mass opening of new UK bank accounts. But this craze, which has been brewing for about three years, has now tipped and everyone is now in a rush to open a current bank account the UK, and so should you. Here are some of the reasons why.

  1. Current bank accounts the UK offer impressive interest rates

How much do you earn from your savings account? You should consider yourself lucky if your annual saving rates spill anywhere past 1%. Compare this to the current accounts offering interest rates of up to 5% on your annual savings. Hence the recent surge in current bank accounts the UK as well as over 3.5 million account switches since the inception of the switching regulations. Of the 3.5 million, more than 1.01 million took place in the last 12 months with more than 200,000 of these switched within the last three months of 2016.

The switching is open to any bank account holder, local of foreign. Note that some of the banks are offering as much as £200 welcome bonus for each current account you switch or open with them. But why switch your UK bank account now? Because you not only stand to gain even higher welcome bonuses but even possibly higher interest rates as the switching craze intensifies this year.

  1. Relatively friendly UK switching bank account process

The primary reason the switch to a current bank account the UK initially lagged behind in the past was due to lack of proper information and distrust to the system. But as more people open new bank accounts and switch from their old ones, others have gained the much-needed clarity and confidence in the switch.

The fact that the processing time drastically reduced from a month to just a week also popularized the switch even further. The hassle free process, therefore, eliminates all previous excuses to opening a new current bank account UK.

  1. Better services and customer experience

Recent switch survey concluded that a large portion of the account holders switching and opening new UK bank accounts aren’t only interest rate driven but are also after better customer service. In this regard, banks with a history of poor customer service as well as similarly poor dispute resolution techniques expect to witness a mass exodus of clientele and account closures.

Bottom line

If you seek to open a new UK bank account, it’s high time you sampled their service offers and settled on the one you deem friendliest. Whether a local or an investor, you stand an equal chance at benefitting from the aggressive offers availed by the different current bank accounts.

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