Think Money

Think Money

January 14, 2011 09:59 ET

New Year-Time for a New Bank Account?

LONDON, UNITED KINGDOM--(Marketwire - Jan. 14, 2011) - The New Year is a logical time to sit down and reassess our finances, Think Money reminds consumers. Contemplating the financial impact of the festive season can provide the impetus we need to make a few important changes to the way we manage our money, whether it's a question of insurance products, mortgages - or bank accounts.

"Choosing the right bank account is a vital part of good money management," a spokesperson for the financial solutions company commented. "As with any other financial service, it's important that people have a bank account that's appropriate to their specific needs."

So someone who travels a lot might find a good internet banking service particularly essential. For someone with substantial savings, the most important factor could be the interest they earn. And someone with cash flow issues might be most interested in the costs associated with a bank account's overdraft facility.

Yet people's needs change over time. "There's no reason to expect someone's financial situation to be the same this year as it was last year - or the year before that," the spokesperson continued.

"As a result, it's extremely important to revisit financial choices and check that 'the right decision' a year ago is still the right one today. For most of us, the pressures of modern life can mean we don't do this as rigorously as we should, but occasions like New Year can provide a regular - if arbitrary - reminder to do just that.

"As 2011 gets underway, we would encourage people to write down the 'pros and cons' of their current bank account - looking back over the last 12 months' bank statements as well as considering intangible factors such as customer service, convenience and so on.

"This should help them make up their minds about the account: whether it really meets their needs or whether they'd be better off looking for something different. If they decide to change - or if they're undecided - they should research the alternatives and find out if another bank could more effectively provide what they're looking for.

"If you're in that situation, talk to your friends and family. Get some professional advice. See what banks' customers are saying on the online review forums. Finding the right bank account can have a major beneficial effect on someone's finances: it's well worth putting some time into it."

Notes to Editors

Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.

Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.

For more information, visit the Think Money website at

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