Ways to reduce your banking rates in UK

Bank Rate

Bank Rate

When not checked, banking rats in the United Kingdom can be pain at times, which is the reason why one needs to be careful when using any bank’s services. Although many people might not notice it, some banks have hidden charges within their service.  This is the reason why it is always advisable for any banker to make sure that he or she understands all the services their bank offers, and whatever rates or charges that comes with the same. Seven out of ten people using banking services are not quite aware of the extra coins they have to pay as bank charges, nor do they care about it. If you do your own math, you will notice that, the charges or bank rates charged on your account per annum can pay a reasonable amount in your bills.

Here are a few ways that can help you save much on banking interests per year;-

Pay all your bills at a go:- many people have a tendency of paying bills bit by bit, and on different days of the month.  Doing this attracts more interest rates than you could imagine, because with every transaction you make with a bank to pay a bill, there is a charge to that.   However, if you can accumulate all the bills at once and pay them in one go, it will then be cheaper on your side, as the bank will only charge you once. If paying the bills via the bank at one go is not possible, you can then try withdrawing all the cash you need to pay the bills at one go, and then pay in cash. This will be much cheaper than having the bank pay out the bills for you.

Make use of a personal current account:- Most banks offer they personal current account to individuals for free. This means that, there are no monthly fees on the account, and you are only charged when you withdraw cash alone. This is to say that, if ever you have a personal current account, you will have minimal banking rates to pay to your bank, hence the ultimate way to save on the little amount of money you have.  Most peasant earners in the UK use this account because it is the only account free from interest rates and monthly fees.

Use internet banking:- banks charge a certain amount of money for ledgers and other banking statements as you request them. If you have to use these statements in your day to day life, then internet banking could be the best way to access your banking records.  With internet baking in the United Kingdom, you only need to pay a one-time fee of accessing your account, and with this service, you will be able to access all your records, and evaluate them as you like. This will also help you save much on banking rates.

Use an interest earning account:- if you are in a stable working environment, and with steady cash coming into your account, it is then advisable for you to open an account that earns interest with the amount you have in the account.  Every single cent in the account should earn interest with a certain percentage. However, window shopping for such an account is required for you to get the best rates in the market.