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20 secrets banks don't want you to know about

Secrets banks don't want you to know
You won’t always get the rate advertised
Your bank account isn’t worth the money you’re paying for it
When you swipe, they cash in
No debt history is not a good thing
They can re-order your purchases
Running deposits last
They might sit on your cheque
You don’t need that insurance
Paying your debt off early will cost you more
Closing an unused credit card could hurt you
Your mortgage bill could go up, even when rates don’t
Watch out for mortgage fees
There’s no such thing as free banking
Banks rely on your laziness
Your old debt might be your most valuable
Your money might cost you money
Using your card abroad could cost you a fortune
Savings rates won’t last forever
Don’t change your holiday money up at the bank!
They want you to make a mistake
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No debt history is not a good thing

When working out if they want to lend to you, a bank will look at your financial history. If you’ve never used credit in the past – a loan or credit card, for example – they don’t know how good you’ll be as a borrower. So no history may be worse than a less-than-perfect one.

Learn more with our guide on How to build an excellent credit history.

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John Fitzsimons

07 February 2017

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