Alex O'Brien

Money & Banking

4 signs it’s time to change banks

4 signs it’s time to change banks

A lot of people spend their whole lives with the same bank, not because they’ve shopped around to find the right one but because it’s the one they’ve always had.

But as our lives change, so too do our financial needs. Here are four signs it might be time to change banks and starting looking for another financial institution.

1. The customer service is unhelpful

This may seem a little nit-picky to some, but competition in the banking world is so fierce that it’s certainly not unreasonable to expect the best level of service. If you feel your bank’s service isn’t up to par then you’re well within your rights to look elsewhere.

2. Your circumstances have changed

Just because you were with a bank at eight years old doesn’t mean it’s still the right bank for you at 68. As people change, so too do their banking needs. It’s certainly worth engaging with an independent financial adviser to see if you can find a financial institution that better suits your current monetary needs and circumstances.

3. You’re being gouged by fees

And they wonder why they have such a bad public reputation! Banks are notorious for raising fees to loyal customers, so if you feel as though the current rates you’re being charged by your bank has reached an unacceptable point it never hurts to have a look at the competition. The grass isn’t always greener on the other side, but sometimes it is.

4. The bank’s online options aren’t up to snuff

Now it’s more important than ever for a banks to be able to offer customers an institutive, easy to navigate experience. If convenience is important to you then it’s definitely worth having a look around at the other options. Perhaps ask a friend who is with another bank whether they’re satisfied with the online experience offered by their bank.

Have you ever changed banks? How did you go about it, and in the end of the day do you think it was worth it? Share your thoughts in the comments.

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