Question:
I’ve had some hassles with my bank recently and am looking at changing. I’m expecting this to be difficult. Any advice?

Answer:
Given that 34 percent of people stay with their bank for over 20 years, it’s not surprising there’s a hesitancy to changing banks. In fact, quite the opposite is true and moving to a new bank is quick, easy and could even save you money.

Knowledge really is power, so to get started shop around for the best available options to ensure you make an informed decision. Review various bank fees, loans, locations, opening times, internet banking facilities and any fringe benefits like travel insurance or air miles.

Once you’ve chosen your new bank and have opened an account, arrange authorisation from your current bank to provide your new bank with details of debit orders and other transfers. Then, authorise these with the organisations and provide them with your new banking details. Lastly, remember to share your new banking details with your employer to ensure you get paid at the end of the month!

On page two: Advice for a reader who wants to cut back on spending without impacting his lifestyle...

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