The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
The GuardianFriday briefing: Manchester – fresh arrest as terror spotlight falls on tech firmsThe GuardianUkip has launched its manifesto with promises to strip Isis fighters of British citizenship, pursue zero net migration and promote “integration” not “segregation” – as well as banning balaclavas along with burqas. Jeremy Corbyn, in ... The World ...
Financial TimesUK urged to prepare for workforce of 80-year-oldsFinancial TimesThe gap widens when income from state, personal and workplace pensions is inadequate to meet this replacement rate. To alleviate a looming pensions crisis, the WEF recommended a retirement age of 70 become the norm by 2050 in countries where future ...UK told to prepare for workforce of 80-year-oldswww.professionaladviser.comall 4 news articles »
Stuff.co.nzMy UK experience changed meStuff.co.nzBritain is in the middle of a recession and it's not easy to get work. I get a few contracts but the work is boring and I'm not earning enough, so I start borrowing money and using my credit card. Now I'm in debt too. London can be so cruel. My friends ...
The IndependentStaying unmarried may be more expensive than tying the knotThe IndependentMany of the rules do not recognise cohabitation, thereby treating cohabiting couples as second-class citizens, warns a study from Royal London, with inheritance tax, income tax, and state pension small print hitting unmarried couples the hardest. Many ...and more »
Business InsiderBitcoin is going wild - here's what the cryptocurrency is all aboutBusiness InsiderIn countries that accept it, you can buy groceries and clothes just as you would with the local currency. ... Each bitcoin has a complicated ID, known as a hexadecimal code, that is many times more difficult to steal than someone's credit-card information.and more »
Have you met...
Latest Members:


Arielmiranda


Member name


jianbin0519


annawarren


Gutter cleaning


paugasol


RyanMurphy

 

Switching banks

69% of people believe they have the best bank account for their needs and UK customers are less likely to switch bank than people in any other European country according to research by Bacs.


Bacs, the company behind Direct Debit, believes we don’t switch because we think it’s too problematic. Its research shows that almost half of us haven’t switched because we believe “it would be too much hassle”, with more than a quarter thinking that changing regular payments and Direct Debits would be “too complicated”.
So Bacs and its member banks have produced a simple step-by-step ‘Account Switching’ guide which also answers people’s most frequently asked questions. The guide is free and can be found at www.thesmartwaytopay.co.uk/accountswitching.

With internet, supermarket and telephone banking all growing and contributing to an increasingly competitive marketplace, there are financial advantages for consumers who are prepared to switch banks. The service costs nothing and is made as simple and painless as possible for the account holder - all the customer needs to do is decide which Direct Debits and Standing Orders to move over to the new account and leave the rest to the new bank.

If you’ve tried switching let us know if you found it simple and painless – liz@moneyagonyaunt.com
Bacs was set up in 1968 as a not-for-profit, membership-based industry body. It’s owned by 15 of the leading banks and building societies in the UK and Europe. Since then more than 73 billion transactions have been debited or credited to British bank accounts via Bacs. And in 2008 more than 5.6 billion UK payments were made this way with a total value of £3.85 trillion.

Direct Debit:
A Direct Debit is an instruction from a customer to their bank or building society authorising an organisation to collect varying amounts from their account. This can be used to ensure regular, safe and efficient payments of anything from household bills to charitable donations. Over three billion Direct Debit payments are processed by Bacs a year and 75 per cent of adults now have at least one Direct Debit commitment.

Direct Credit:
Bacs Direct Credit is mainly used for paying wages and salaries - in fact over 90 per cent of the UK workforce is paid via Bacs Direct Credit. In total, Bacs Direct Credit is used for paying four million wages every week and nearly 25 million salaries a month. In 2008, more than 2.25 billion payments were processed using Bacs Direct Credit, a new record for the payment method.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks