A traditional bank is currently making an unbeatable offer for couples. Well … Unbeatable … Not for online banks that already offer this service 🙂 Proof that you should reconsider your relationship with your traditional bank.
The other night, ma’am and I were slumped on the couch watching TV. And now, of course, it’s endless commercials…
One of them caught my attention: a large traditional bank was making an unbeatable offer to all couples! A 50% credit card offer! That’s all.
My memory is playing tricks on me and I’m too lazy to look: I can’t remember if the 2 blue cards are at 50%, or if the 2nd one only is at 50%. But it doesn’t matter.
In this bank, the credit card is charged £40 per year. Either £40 or £60 the credit cards of a couple. It’s a nice offer, isn’t it?
That’s when I thought that traditional banks, the ones that are well established, really take us for suckers. And that I’m quite happy to have taken all my means of payment out of mine.
Because where this traditional bank charges you £40/year and gives you the gift of a couple’s credit cards at 50%, my online bank gives me my credit card at … £0! In fact, all online banks charge £0 for a credit card.
And there are a few other services that are charged in traditional banks, while they are free in online banks.
For example, access to your accounts from the Internet is free for online banks (which is normal, you might say, since they are online :-)), whereas this option is charged £1.75/month in this traditional bank. Similarly, one-off transfers are free in an online bank, whereas you have to subscribe to an option of this traditional bank for them to be free.
It is sure that the amounts we are talking about are not astronomical. The traditional bank charges you £60/year for a credit card and access to your accounts via the Internet. But there are no small savings and it can already pay you a nice little restaurant.
What annoys me more is that this offer, which is not really an offer at all, is mainly there to attract you to this bank and plant you in front of an adviser.
And this adviser is often the ultimate argument of traditional banks: to have in front of you a unique interlocutor who knows you and will be able to advise you to best meet your needs.
Let’s be honest: this advisor is first and foremost an employee and a salesperson of this bank. Certainly, he or she will make sure that your needs are met. But most importantly, he will do what is necessary to meet his employer’s needs: sell you and bill you for services or benefits. No more and no less.
From my own experience, it is not uncommon for an appointment with my famous personal advisor to turn into a carpet salesman discussion. Yes, he advises me. But above all he wants to sell me his offer!
Of course, I’m caricatured a little.
But in 15 years of practice with 3 traditional banks, I have only had one advisor who did not play the carpet merchant to excess.
Anyway, one thing is worth realizing: nobody cares as much about your money as you do. Even if your advisor is good advice, in the long run he will act in his own best interest.
The advisor’s argument that you can meet face-to-face is not really an argument.
Especially since this advisor is not really easy to meet 🙂 Weekday hours are such that you have to take a half-day break. The other solution is to meet at the weekend. But depending on your advisor’s availability … With an online bank, in addition to online access available at all times, everything is done by phone. Of course, I don’t have a personal adviser. But I can call according to extended hours when it suits me.
Anyway, I don’t want to be an apologist for online banking. Because they’re also there to make money. And if they don’t charge you on the one hand, they also make sure that you have sufficient funds in your account, by requiring a minimum income or outstanding balance.
But they have so many practical advantages and offer enough free day-to-day transactions that it really makes sense to take an interest and migrate from your traditional bank.
Just think about it!