Why are Brits so hesitant at switching banks?

They say that Brits are more likely to get divorced than split with their bank. However, why is there little switching? There is even a current account switching service ensuring that direct debits and salary payments are smoothly changed to a new bank.

The numbers say it all. The UK’s Competition and Markets Authority’s (CMA) banking industry investigation discovered that only 3% of current account customers had moved their bank account.

More than half of those customers had been with their bank for more than ten years and had never changed. This loyalty is the type that retail, in particular, would beg to have.

So why don’t they switch then?

Brits don’t trust banks

A recent poll by Positive Money found that two-thirds of British adults do not trust banks, with 72% believing banks should have faced harsher penalties for their roles int he 2008 financial crash, leading to austerity measures and the subsequent credit crunch.

Despite years of regulation and banks promising to change and paying fines and compensation for their role in the financial fiasco, the public at large still do not trust them.[Continue Reading…]

Funding a new business venture

If you are setting up a new business, then you will have many things to sort out. From finding premises to hiring the staff you need and planning your marketing push; your to-do-list will no doubt be lengthy. Of course, this is all part of starting a new venture and something that you should find exciting. With it being your business, you get to make the choices and to plan how it will all work.

With most start-ups a funding source is needed. There is no doubt that setting up a new organisation can involve huge costs when you factor in buying machinery and stock on top of all the other expenses you will have to meet. The big numbers involved very often means that self-funding is out of the equation. Even if you do have the money needed in your bank account, you may be unwilling to risk it all.

business venture

So, what is the solution to this predicament? For lots of business owners, it is finding a source of external funding to help them get started.[Continue Reading…]

Why choosing an established trading platform makes sense

Online trading can be a great and lucrative career move for those who make it work. However, there are also risks involved. Whether it’s the inherent risk that the value of your investment goes down as well as up, or the risk that you’ll come across … [Continue reading]

Buying property abroad? Top tips to follow

Buying a property in the UK is a hard-enough task and buying abroad is even harder to manage. From the language barriers that spring up when carrying out a transaction in a non-English speaking nation to the risk that standard property due diligence … [Continue reading]

Portafina Findings on Health Consciousness Could Improve Your Business

Businesses are becoming far more health conscious than they once may have been. This could be because organisations are seeing what implications a healthy workforce could have on the performance of their business. Portafina conducted a survey using … [Continue reading]

8 easy ways to save water in your home

Brexit aside, water seems to be the topic that’s on everybody’s lips at the moment, or more specifically, how to save it. After the hot and arid summer we all “enjoyed” here in the United Kingdom in 2018, awareness around the importance of water and … [Continue reading]

Collecting Football Match programs and How to Profit form it

The popularity of football memorabilia fluctuates over time and at the moment it seems to be popular. However, just picking up random items will not make you a fortune, it is important to know exactly what you need to collect in order to profit the … [Continue reading]

How to keep up with the latest news in the world of forex

The foreign exchange market is as big now as it ever has been. The influx of new traders thanks to the digital transformation that the sector has seen has kept it as the biggest financial market around. Even the London Stock Exchange with its $4.5tn … [Continue reading]

Options to consider when getting into trading

Trading has been a popular investment choice ever since the concept of the stock market first appeared back in the twentieth century. But there’s so much more to trading than simply stocks and shares. Developments in communications and regulatory … [Continue reading]