Changing your bank too often
18 September 2008
Bank changes have become far less difficult thanks to the advent of online banking, but changing your bank too often could lead to restrictions later on. SavingsAccounts.com.au recently featured an article that says that changing bank accounts too often can lead to a situation where none of the major banks considers you a new customer anymore. This is because they often only allow a customer to be considered a new customer again several years after you have left them. If you aren't a new customer, you will be unable to benefit from introductory rates and some promotional rates, which could see you stuck on a much lower interest rate or force you to deal with a difficult to access bank.
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