There is so much choice when it comes to bank accounts, it can be a mine field deciding on where is best to save any spare cash.
Some have better interest rates than other, but they usually come with a penalty of having to give notice to withdraw money from the account, along with a minimum of how much is to be in the bank account at any one time.
Advice has been issued by Martin Lewis, the money saving expert, recommending that savers ditch a certain bank account because customers can make more cash elsewhere.
The financial guru has advised customers with only a small savings pot to close their Santander 123 current accounts. The bank account had previously offered customers three per cent interest on any savings less than £20,000.
But the bank has since slashed its interest rates to 1.5 per cent, while others have raised theirs are fall only just short of Santander.
Not only that, but Santander charges a monthly fee of £5, which means customers with low savings, specifically those with less than £5,000, could be worse off.
For example, someone with £5,000 of savings would earn £75 in interest, but would be left with just £15 once the charges had been taken off.
A comparison by Martin reveals that the Bank of Scotland Vantage easy-access account would be the best bet for people with £5,000 of savings, with its interest rate of two per cent. A Tesco Bank account offers three per cent on up to £3,000, which would earn customers £89.
The Post Office offers 1.07 per cent, which would earn £54, while Birmingham and Midshires offers 1.3 per cent and would earn a customer £65.
Get a better bank account
Writing on his website, MoneySavingExpert , Martin said: "For those who need easy access, are at or very near the max £20,000, earn decent cashback, and like its customer service, there’s certainly no urgent imperative to ditch it.
"For those earning less cashback or with smaller savings, in most cases it really isn't worth holding on to much longer, with rates looking to go up.
"And of course if you do ditch Santander and it then decides to up its rate or drop the fee, it would almost certainly (no guarantees) let you reopen an account – though terms can change."
We all sign up to things we think are good - either to save time or effort or potentially to save money.
The problem occurs when we don't check to see if the service we're now paying for automatically is still worth the cash.
This is especially important when it comes to free trials, that automatically turn into monthly subscriptions.
The worst case scenario can see you spend hundreds of pounds a year on services you don't especially want, or could now get cheaper elsewhere - that you keep meaning to cancel but don't quite get around to.
This is how to take back control of your bank account in a morning:
1. Check your statements
Set aside a bit of time and get your bank and card statements together - ideally for the past few months.
Go through it all, you're looking for direct debits and standing orders in particular.
If there's anything there you don't recognise, contact your provider and ask who the money is being sent to.
2. Question the value
When you know what you're spending and where it's going it's time to question the value.
Are you using your Taste card enough to justify the cost? Would it be cheaper to buy things as you need them rather than get them delivered automatically?
Are there cheaper alternatives now available for something you like?
Is there something there that you just don't use any more (especially likely with online subscriptions)?
3. Check cancellation policies
This is a biggy - while you can just cut some things off at source, with other agreements it can wreck your credit rating and event see the debt collectors sent round.
So check the terms and conditions for things like contract length, exit penalties and notice periods.
There's an up side here too - that's because with some services, you pay in advance so you might even get a refund.
4. Stay on top of it
While most services charge monthly, not all do. There are plenty of subscription services out there that charge you just once a year - often on the anniversary of the day you signed up.
So you need to make sure you stay on top of it - and check your statements at least every few months - that way if you see something pop up later on, you can take action straight away.
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