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Bank loyalty costs you money


Did you know that staying loyal to your bank can cost you money?

A survey by Uno as reported in news.com.au said that one in five mortgage customers have their loan with the same bank as they did as a child or the same financial institution as their parents!!!

According to the same survey, loyal investment loan customers are paying an average of 4.8% while 'disloyal' customers in the same investment situation are paying an average of 4.6%.

The article has also raised the situation where some people think that they need to have their savings account and home loan with the same bank but this isn't necessary and can be costing you more money; get the best loan and then keep or move your savings to where you get the best deal.

It's a little like 'breaking up with your bank' but you may well save money in the long run.

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