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Finance

How to save money by better managing your banking

How long have you been in the same bank? It doesn’t matter if it’s for a current account, a deposit, or any other. Chances are you probably opened the account years ago and as no news good news, you went on ahead with it. And while we forget that this money is there, simply because we’re not having any problems, the bank continues to gain benefits at our expense. This is the kind of attitude that makes banks earn millions.

Sometimes we underestimate our value as customers and forget to look for something better. The fact that you do not have any issues with your bank does not mean that you could not access a better product. For example, if you have your payroll in the bank and you don’t have a linked product, why don’t you look for an entity that gives you something in return?

Growing supply of banking and financial products

Traditional banking tries to fight against the digital leakage of customers. Specifically, Santander and BBVA have claimed to have used specific campaigns to retain their customers in this specific area. Digital banks are gaining ground to traditional banking, as by not having the same physical infrastructure, they can offer more competitive conditions. The trend of digital banking has only begun to flourish. You just have to remember that a few years ago, people didn’t trust the internet to make product purchases, and now, we couldn’t live without Amazon or other ecommerce brands. Today there are banks and financial institutions of all kinds in Spain. Spain is the sixth largest market with the most alternative financing, and this is an upward trend. With so many options available, it seems that comparing is essential if you want to get to know all the market options. Many financiers do not have physical offices and it would not be possible to find them all except by buyers.

If you shop around for the best deals, why not when it comes to banks?

When we go to the supermarket we compare prices of the products. For the same product, we may prefer to pay less through a white label. When we go to buy clothes, something similar happens. Sometimes we prefer a similar piece of clothing, but from our favourite brand, even if it is more expensive. And the same goes for many other areas of our life.

But when we talk about bank accounts, mortgages, loans, we seem to forget to compare. And actually, bank commissions can represent a fairly high expense. So why do we pass on that?

Financial comparators

Financial comparators are search engines that show loans, mortgages, cards from different banks and entities, according to the data required.

The comparators display information from different banks in a homogeneous way. That is, some banks may not clearly show the most negative conditions of their products. Well, with a comparator we will see all the commissions of each product equally. In addition, comparators sometimes offer detailed opinions on some types of products such as mortgages and analyze their pros and cons in more detail.

By informing us through a comparator we can make the best financial decisions about our money and therefore save. Or even in some cases, such as when we talk about savings accounts, we could end up actually making money.

Online comparators are a good way to obtain transparent and clear information about different financial products. For example, with the comparator monmia you can see loans, microcredits, mortgages and credit cards.

By Steven Myers

Retail finance expert.

Descargo de responsabilidad:
Este artículo es meramente informativo y no debe tomarse como un asesoramiento formal. Es importante leer con detenimiento las condiciones de cada producto antes de contratar y buscar la ayuda de un asesor profesional en caso de duda. Para los préstamos personales, es importante calcular el total a devolver, y en el caso de inversión, se debe tener en cuenta que las fluctuaciones del mercado pueden suponer un riesgo de pérdida sobre el capital invertido.