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How to Play the Banking Game

Posted February 14th, 2012 in Saving by Jeremy Waller

play the banking game

The following is a guest post

The banking industry is getting more and more competitive. If you look around, you’ll notice that most are offering some type of incentive to get you to bring your current accounts over. As a savvy consumer, you can play the banking game and move your accounts around to get the maximum benefit. It is easy to find and compare current accounts online.

All Banks Are Not Created Equal

Instead of staying with the same bank, consider looking around for a better alternative. Banks offer cash back deals just for opening an account or a percentage back on some of your purchases. Each of these bonus offers is your chance to be a part of the banking game. Look at your current accounts. Then, search for a bank that rewards your current banking behavior.

For example, if you don’t use your overdraft, look for a bank that offers a bonus each month to customers that stay in the black. If you have a tendency to go into overdraft once a month, check to see which banks are offering the lowest fees for the overdraft debt accumulated. Some banks offer a daily fee for going into overdraft instead of interest on the balance. Do some research and find out which opportunity looks best.

Don’t Get Too Comfortable

Once you make the move to another bank, don’t get too comfortable. Continue to keep an eye out for other banking bonuses. You can move over part or all of your money to another bank and take advantage of their offers. However, remember to read the fine print on any type of bonus or incentive program. You don’t want to forfeit your chance at a bonus because you didn’t know the guidelines.

Some incentives only last for a short time. If you get five percent cash back on all of your purchases for the first year, there is a good chance that the rate will drop to one percent as soon as the promotional period ends. At this time, consider moving over to another bank. Playing the game means always looking out for the best opportunity possible. When you aren’t happy with the service or the incentives, move on. There are plenty of other banks looking to get your business.

The game is set. Are you ready to play? Take the time to research and find the best current accounts possible. You have the chance to be rewarded for shopping around and choosing the best bank with the best deals. When you are ready to make a change, start looking round for other options. There is no reason to stay with a bank that isn’t providing you the service that you need to stay happy. Shop around before you make your next move.

 

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