Only 17 days a month now free of money worries

by Simon Ward on 08 February 2012  |  3 comments
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The average Brit worries about money for nearly half of each month and a fifth of us are now checking our bank balance at least once a day.

The average Brit worries about having enough money after 17 days of each month, according to a new survey by Halifax. And, by that point, a third of us are worried that we won’t have enough money to last until our next payday.

These concerns have led to more of us checking our bank balances more regularly. The survey found that 21% of us check our balance at least once a day. And 38% of us apparently now know our current bank balance to the nearest £5, with 23% knowing it to the nearest £20.

The increase of phone and online banking has obviously made it a lot easier to keep a check on balances.

However, 51% of us currently have more than one account, which can make checking balances time consuming. If you want to see all your accounts, and credit cards, in one place, lovemoney’s free MoneyTrack tool can do this for you. You can keep a track of your combined incomes and outgoings and set budget goals based on what you want to do with your money.

Sign up to MoneyTrack for free now

Average bank account is 20 years old

The Halifax survey found that the average person has had their main bank account for a staggering 20 years, despite often pitiful interest rates, shabby customer service and incentives such as welcome bonuses for switching.

Nearly a quarter of people (23%) said they originally chose their bank because it had the closest branch to their home. And 17% chose their bank because it was where their parents had accounts.

If you’re getting a pitiful rate of interest on an in-credit balance and/or you’re not happy with your bank’s service, switching account is easier than ever.

At the moment, you can get a great rate of interest – 5% AER – for 12 months and a £100 switching bonus by switching to Santander’s Preferred Current Account.

Meanwhile, first direct is offering a £100 welcome bonus if you switch to its 1st Account. The bank is consistently rated as one of the best for customer service.

And Halifax is offering a £100 welcome bonus for switching to its Reward Current Account. It will also pay you £5 a month for every month you pay in a minimum of £1,000. But be quick if you want to take up this offer, as it expires on the 19th February.

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