Our top tips on how to reduce your banking costs:
- Reduce the number of pay-ins. Try to accumulate cheques and cash and pay them all in at once
- Reduce the number of withdrawals. Try to use a cash machine rather than drawing money direct from the branch
- Recycle cash. Try not to pay in cash if you are likely to need to withdraw some the next day
- Use automated payment wherever possible. Charges for BACS payments (direct credits and direct debits) are lower than those for cheque payments
- Get interest. Use a bank that pays interest on its current account if possible. Place reserve funds in a deposit account
- Use the internet. Internet banking avoids the need to order costly extra statements and often cuts out the need to actually visit your bank
- Stay in credit. Overdrafts, even if they are authorised, can be costly. Staying in the black will reduce your charges
- Use a personal account. Consider setting up a personal current account, which has free banking, to deal with petty cash payments