One of the top things that you can do to move your entire set of goals in life forward is to take control for your money. We’re not just saying that you should get more informed about finance — though that’s definitely part of it. What we’re saying is that you need to think deeply about who actually holds you money, who is getting to use your money, and what they actually use the money for while you don’t have access to it.
Banks control a lot more of our lives than we think they do, and they tend to move in ways that indicate they feel they can do whatever they want. After all, they’re providing you a service. Instead of having your money stuck under your mattress, you get to have the money in a very secure location. Even though people seem to worry very much about bank robberies, the reality is that they really don’t occur as often as you might imagine. Your money is going to be very safe at the bank. So the money that they charge you is essentially to protect your money. Is it worth the high fees, though?
That’s what more and more UK residents are thinking about when it comes to the high street banks. A lot for people are thinking that it’s really not, but they don’t know where else to honestly go. It can feel like an unknown desert that you’re walking through, unsure of where the water actually is. If you’re going to walk through this proverbial desert, then you definitely want to make sure that you’re capable of taking care of anything and everything that you can in order to get the job done. What will you honestly do when you don’t have to answer to the high street banks anymore?
You go to the credit unions, for course.
Credit unions have long been part of the menu, but many UK residents don’t know as much about them. Just like their counterparts in the US, the credit unions in the UK are regulated, safe places to deposit and withdraw your money as normal. They strive to actually save you money by lowering the amount of fees that you honestly have to deal with. Once you get a membership account, you have it for life unless you cancel it and don’t want it anymore.
Some credit unions restrict membership only to those that actually live within a respectable area of the credit union. They offer the same type of services that you can reasonably expect at any bank, but they do them much more cheaply. The service tends to be better because they are working with a much smaller market place. That would mean that you can get in and out of the credit union faster, and you also get a nice boost in terms of your savings accounts. The interest provided tends to be higher with credit unions than on the high street banks.
Make sure that you check into your options — you really never know where things might lead!