Banking industry debates breaking up RBS

Though the world of banking is ever-changing, it’s important to develop a banking relationship.

08:37 09 June 2013

 

The world of banking is always changing and today is no exception. The Royal Bank of Scotland may be divided into two separate banking entities, but the outcome is yet to be decided. Just like banking policies there are many things that may change, but it’s still important to foster a relationship with an institution of your choice. Here are a few ways that fostering a banking relationship can potentially help you:

 

 

• Accounts-the most basic benefits of a banking relationship will be found in the quality of the accounts you have. Perform your homework first before you even choose a bank to ensure that you are truly getting a decent product and/or service before you choose the institution. Call over the phone, and visit in person to see if there is consistent quality customer service with knowledgeable staff. 

 

• Interest rates-depending on the type of banking institution you select, establishing a relationship might entail setting up a variety of different accounts that would be managed by that bank. Multiple accounts might entitle you to a special interest rate, or a deduction on loan interest rates. In some cases it may even lower a monthly payment on a loan. 

 

• Knowledge-depending on the banking institution, you may become a premier customer with the benefit of learning about new offerings before others, or being able to choose slightly better products. Each bank is different, so these options may not be available, but don’t be afraid to ask if there are specific benefits for customers who want to foster a banking relationship instead of just having one account. 

 

• Testing-many industries, including some banking entities, use certain loyal customers as a way to test drive new products and services. This isn’t typically compulsory and is usually something beneficial to customers that you are able to test out free of charge in exchange for feedback.