You might think that your current account is free and doesn’t cost you anything, but depending on how you are using your account, it might be costing thousands of naira to run it.
According to www.moneyadviceservice.org.uk, there is a need to make sure you’re getting the most from your bank account and switch if there is something better for you out there.
How to run your current account
You can make sure you’re not paying unnecessary fees and are making the most of your account by setting aside some minutes to act on one or more of these tips.
Set up free text alerts
Text alerts can be sent to your phone. Some will let you know when your balance is getting low and some can tell you when money has been paid in or out of your account. It’s a quick and automatic way of making sure you know what’s going on with your account, making it less likely you’ll be caught out.
Turning on free text alerts is usually easy. Log into your account on your bank’s website and turn it on in your settings. If you’re having problems, you can call your bank and they can set it up for you.
Use mobile banking
Using your bank’s app on your smartphone lets you do almost everything you can do in your bank using just your phone. That means you can check your balance, make payments, apply to change your overdraft – all whenever and wherever you want.
Banking apps are specially designed and tested to make sure they’re secure. They use special encryption, along with passwords, to make sure your account is safe from fraud.
Setting up mobile banking is quick. Have your bank card ready, and download your bank’s app from your phone’s app store. Each bank will have a different way of verifying your identity – you might get a call, have to answer some security questions in the app, or be able to visit a bank branch or an ATM to get a unique pass code.
After the app is set up, you’ll just need to enter your password to open it on your phone.
Find out what your bank charges are
Banks charge you for certain things, like foreign cash withdrawals or transactions when you’re abroad. Look online or get in touch with your bank for a list of all the charges they can make and what they’re for. When you know what and how your bank charges, you can then make sure you’re avoiding the charges or minimising them.
Speak to your bank
If you’re not sure your bank account is the right one for you, or what features it has to help you save money, speak to your bank. They’ll also help if you’re not sure about how to use any of your account’s features. Most banks want to help you use your account to its fullest, helping you stay on track with your money.
If your account isn’t right, switch
If you have spoken to your bank and feel that the account isn’t right, now’s the time to think about switching. It’s easy to search for accounts to suit your needs, whether you’re looking for an account with a cheaper or bigger overdraft or one that pays you more interest when you have money in your account.