If you’re planning to switch banks, there are a few things to keep in mind. Here are some tips on the way!
Are you thinking of changing banks – or getting another one? Then you are not alone. More and more people are choosing to change banks or to manage their affairs in several different banks. If you want to compare the offers of different players, start by reviewing which banking services you use today and will use in the future.
Compare Different Credit Cards
If you are going to get a credit card, remember to compare the terms of different cards. Check the interest rate, fees and how many places you can use the card and abroad. Also make sure to keep track of which benefits and insurances are included in the card. With Collector’s Easy living credit card, you have up to 56 interest-free days and you avoid currency surcharges when you shop with the card abroad. You also get all-risk insurance, event insurance and delivery insurance for e-commerce within the EU. Cancellation protection and supplementary travel insurance are also included.
Review Your Savings
When it comes to savings, it is a good idea to use several different forms of savings to spread the risks. Collector’s savings account is covered by the government’s deposit guarantee, which means that you are entitled to compensation corresponding to the amount you have deposited plus interest. When you save for retirement, you can make a lot of money by comparing different options. It is a saving that goes on for a long time and therefore even small changes can make a big difference.
Move the Right Loan
By reviewing the interest rate on your mortgage, you can save thousands of every year. You can negotiate a lower interest rate with your current bank or change banks to lower your interest rate. Keep in mind that you may have to pay interest rate difference compensation to the bank you are leaving, if you choose to move a fixed-rate mortgage before the lock-in period has expired.
If you choose to move a personal loan, there is one important thing to consider. Since most personal loans are annuity loans, you pay a fixed monthly amount that includes both interest and amortization. The more you pay off the loan, the more the interest part falls and the more the amortization part increases. If you change banks, however, the loan starts from the beginning and you will once again pay a large amount of interest. Therefore, make sure to keep an eye on all the conditions to see if you benefit from moving the loan.
You can also profit by collecting small loans and credits, in order to get a lower monthly cost. Before you collect smaller loans, however, it is important that you review what the cost will be overall, because a lower monthly cost does not always mean that it will be more profitable in the long run.