Savings Account Switching: An Alternative for the Best Deal

A number of consumers have been switching savings accounts to get the best deal. Some people would think that it is a bad idea and that it is just a waste of time and money. A survey has been made to determine whether customers would prefer to switch bank accounts to get the most out of their money and this is how it went.

For several months now, starting on the first few months of the year, interest rates on savings accounts are lower than it used to be. In the survey, people were asked what would be the main reason why they would switch their accounts. 81% said that it would be because of the interest rate of their previous bank. People are now aware that rates are falling and there is not much profit when it comes to interest bearing accounts. So, they would look for the best rates and switch to get the best out of the highest rate available in their area.

Second, banks usually give variable rates so it changes either monthly or annually. This means that sometimes, rates can be so high and then dropping tens of notches down the next time. Customers prefer banks that are consistent in giving out rates. If a bank is able to provide a rate that is more likely to be in the same range as the previous one and not dramatically falling and rising, then it will ensure the customer profit that is foreseeable and not something that is unexpected and will eventually affect their savings.

Third, almost half of the respondents wanted to have good customer service. If they are able to ask the bank questions about their savings account and they are welcomed then it would definitely be a plus to banks. People are very sensitive when it comes to their money. Of course, they would want to know everything about how their savings account works and if there are things that they do not know about. They would like to be knowledgeable because it is their hard earned money anyhow.

Fourth, although most of the respondents did not point out this quality, a quarter of them emphasized that they would like to have good online banking service. Online banking or e-banking are considered as risky because of the cyber theft that has been going on. So, customers prefer something that is convenient, and very secure. They don’t want to log in one day finding out that money is gone.

These are some reasons why people prefer to switch banks especially if they feel that the previous one is not delivering the benefit that they deserve.