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App happy – mobile phone apps are UK’s number one way to bank

How do you check your account balance, or transfer money? For an increasing amount of us, the answer is on our smartphones and tablets. But just how much more popular has this method of banking become?

A report from BBA (British Bankers Association) has shown customers will use their mobile devices for a whopping 895 million transactions during 2015. This is an increase of 810 million transactions since 2010.

This figure beats internet transactions in 2015 by 190 million, and eclipses branch and telephone transactions.

Accessing your bank – what’s important to you?

How you can access your banking may be one reason for choosing your bank account. If you want an account that offers mobile banking, be aware that not all accounts offer this.

We’ve all been caught out by hidden charges, if this happens more often that you like to admit make sure you get an account that charges you as little as possible for using an overdraft for example.

 

Bank account considerations

App access shouldn’t be your only consideration, of course. There are lots of reasons to choose a current account, and a lot of it depends on your individual financial situation. Are you looking for an account with an overdraft facility, for example? Or would you like an account that gives you a good interest rate on your balance?

You might even be thinking about a packaged account, where you pay a fee per month for added benefits. These can include insurance cover, or car breakdown cover.

Remember, if this is something you’re considering, check the policies and work out the costs. If you don’t need the extras or can get it cheaper elsewhere don’t bother with packaged accounts.  

Also, don’t forget that once you have a bank account, this doesn’t mean you have to stick with the same one until the end of time. Looking into switching your bank account could help you get a better deal, such as a more competitive interest rate.

What do you think of when you’re choosing a bank account? How do you like to access your account – do you like to go online, or prefer to go into a branch?

 

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