Anything would be better than what is out there now. I explained the "3 way switch" from the other thread to a few people after work last week. They fell into cohorts of:
It was honestly an eye opening conversation of the total lack of knowledge that exists among most people. Anything that can bridge that gap would be great.
- Those who didnt know you could switch a mortgage, ever
- Those who didnt know you could have a mortgage without having your entire day-to-day banking with said bank
- Those who didnt know what their current rate was
- Those who didnt think it was worth the hassle, even after I told them I made E18,000 cashback
- Those who are in negative equity and can't switch
- One lad who has a Spanish mortgage at 0.7% and laughed when I said 2.6% was a good rate!
It was honestly an eye opening conversation of the total lack of knowledge that exists among most people. Anything that can bridge that gap would be great.
He nearly fell off his stool laughing at my suggestion that the banks are giving away free money!
I do agree though, that people tend to focus on the wrong stuff financially, and look at saving pennies when dropping pounds/euro's out of their pockets
Totally agree re: banks charges. I have an eye roll every time I see Charlie Weston shouting that banks are increasing their annual fee by 50%, which is from E24 to E48 quid. "Seriously, who cares" is my general reaction to that. Perhaps you could suggest to him to highlight above cohorts and discuss why each is not not switching.....Agree fully.
When a journalist calls me and asks for comment on the latest move from Ulster Bank or ptsb to start charging/increasing/decreasing current account fees, I always give the same answer - Ireland has the highest mortgage rates in the eurozone and over 100,000 people can save significant amounts each and every month by switching products within their own bank. The journalist gets confused as if I had not heard their question. Then I tell them that I have no comment on bank charges as they are immaterial in the scale of things.
But, it's much easier to understand absolute figures like 10 cents per transaction than percentages.
Brendan
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