Are you happy with your bank? A 2017 Consumer Magazine customer satisfaction survey found that, for several of the country’s largest banks, overall customer satisfaction was below 60%. That’s a lot of dissatisfied customers – but for some reason, they’re not switching. Canstar research in 2017 found that just 4% of customers had changed banks in the past year.
So, if you’ve begrudgingly stayed with your bank for many, many years – why?
Maybe you’ve got an account that your parents opened for you, and you just tacked on extra products and services as you got older. Perhaps there’s some sentimental value attached, with your school banking passbook and the moneybox you saved your spare coins in still hidden somewhere in the back of a cupboard.
Possibly you’ve been happy with your bank in the past and still feel loyalty to their brand. You remember that they gave you a great deal on your first mortgage or put your credit card limit up when you desperately needed a bit of extra credit to buy a new fridge.
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It could be because they’ve got great marketing, appealing adverts, lots of community sponsorship and a slick, trendy brand. They’re the cool bank to be with because they support your favourite sports team and the stadium they play in.
But, most likely, you’re still with your bank because it seems too hard to change. Your wages go into your cheque account. Half of your bills come out of your credit card. You have direct debits set up for insurance and rates. Even though (surprisingly) changing most of this can be achieved by filling in one form, switching it all around still seems like a huge hassle.
“But, most likely, you’re still with your bank because it seems too hard to change”
Anyway, all banks are the same, right? What would be the point of changing?
Actually, that’s a huge misconception. While all the major banks seem to offer the same products and services, the subtle differences between them could make a big difference to the amount of money you save and spend with them.
Take credit cards, for example. There are a wide variety of options to suit different spending styles. If you have a higher level of debt and only repay the minimum each month, then a low-rate card might be more suitable for you. If you spend a lot but always pay the balance in full, then you’d probably be better off with a card that offers you spending-based rewards – and if you travel a lot, one with flight rewards might be even better. Or, if you don’t use your card much at all, one with low fees is likely the way to go.
Every bank offers something slightly different, and even a tiny difference in the interest rate can add up over time, especially if you consider what you could have otherwise done with that money. Expand that philosophy across all your accounts, investments and loans with that bank, and you can see why putting them under a magnifying glass and making changes that maximise your savings is a great idea. CanStar has a useful tool that consolidates all the credit cards in market right now and compares the benefits and interest rate. Top notch!
Sound stressful and complicated? Now imagine doing that with your entire financial life. If it seems daunting, don’t worry. At SurePlan, it’s what we do. We look at all your finances from every possible angle, and we’re experts at identifying ways to minimise your expenses and maximise your wealth. Remember, every dollar saved counts towards your mortgage or holiday fund! Give us a call today; we’d be delighted to help you identify those opportunities.It
