Monday, July 19, 2010

Expensive bank accounts..££££s

Do you pay a fee a monthly fee on your bank account? Yes? You probably do not need to.

Banks like to offer "premium" bank accounts to their customers which have a monthly fee ranging form £5 to £40 per month. You are paying for travel insurance and mobile phone insurance, which you can get elsewhere more cheaply if you want or need them.

15% of the population have accounts like these. If you have one of these accounts, seriously consider moving it to a fee free account.

Posted by Sean Wilson, APFS, Independent Financial Advisors (IFA), Swindon, Wiltshire.

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