The range of banks and other financial players is constantly increasing and for those who need a certain service, it is no longer just the big commercial banks that are the alternatives.
In fact, it is possible to opt out of the major banks altogether, and there are great advantages in widening the perspective somewhat.
There are no exact figures on how many exposures
Salary accounts, mortgages or savings accounts, which the average customer has spread to different banks, but recent data from the Swedish Quality Index indicates that about half of the private customers in Sweden have the involvement of at least two financial players. Thus, at least 50% of Swedes are unfaithful to the concept of putting all commitments in a bank.
Why spread the engagement?
Not all banks can be the best at everything, and why settle for a less good service? One bank may offer the most favorable mortgage rates for your finances and housing situation, while another may offer the highest savings rates. One player can offer you the best credit card for you, while another provides the lowest share brokerage prices. By putting together your own bouquet of services from different players, you can save both interest and fees, get more return on your savings and investments and get a more tailor-made payment solution on credit.
But, is it not a little more complicated to keep order on many different counterparties instead of having the entire economy pooled with one player? It may be so, but what you can probably save by weight is the extra trouble.
A new bank for each service?
The arguments above are in principle universally valid. The majority can, by spreading loans and credits, savings and investments between various banks and other financial players, get a significantly cheaper and also more tailored collection of financial services. However, this may not mean that you must / should choose a new entrant for each service. However, for some of the most common commitments, you should carefully consider whether or not to opt out of major banks. It is about savings in savings account, investments in shares and funds as well as bank loans.
- You probably know that the big banks have long since offered no interest whatsoever on accounts with free withdrawals. However, many niche banks offer interest rates of up to 1%. Thus, there is no reason to have savings at the major banks.
- When it comes to investments in securities such as equities and mutual funds, the big banks leave much to be desired and it is wise to choose a more specialized online broker. Fees are lower and the range of investment opportunities is greater.
- If you need to take out a private loan, the big bank can be the natural choice, although only if you need to borrow more than SEK 20,000 and you have a relatively good economy. If you need to borrow less than that and / or have a slightly worse economy, you can not at all apply for a loan from the bank.