Will a 0 balance card & credit transfer risk my security?
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Written on: 04.11.2009 [09:50]
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Kenwyne
Kenwyne
Topic creator
Posts: 3
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I've been offered a 0 balance card & credit transfer by my bank. I didn't ask for one, they sent me a letter with details of it... This would mean that I am doing all my banking with one institution: is this wise after Northern Rock? Or is it best to spread things out? |
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Written on: 05.11.2009 [16:19]
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Sprout
Sprout
Posts: 2
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I wouldn't worry about the unsolicited mail: they send those offers out to everyone, even if you've never had a credit card, much less a balance to transfer! If you have your current account and your credit card account with one bank, you can still put your savings somewhere else. On the other hand, the only time when spreading your finances out becomes important is when you have a lot of savings in one bank. If the bank can only guarantee to return a certain amount of your money if they go bankrupt, and you have more than this saved with them, you may lose money. But only if they go bust! It's a good idea to shop around for the best debit, savings and credit card accounts... and it's unlikely they'll all be offered by one bank anyway! |
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