Save your loyalty for your loved ones

You’re loyal to your bank or building society and never bother to look for a better deal.

People often don’t want the hassle of moving their money. But when interest rates are as low as they are at present, our money could be earning almost nothing. Our account may be a safe place, but with interest rates dipping, it’s as if someone is taking away a little bit of your cash all the time. We hate loss and wouldn’t put up with it in other circumstances. For example, you wouldn’t stand for parts of your house disappearing brick by brick, or if the bank said, ‘We’re going to charge you £5 a month.’ But because we can’t see what’s happening, we let it continue. The secret is to start thinking differently about what leaving your cash in one place costs you. Ultimately, it pays to do the admin.