Sep 28, 2018 | STEPHEN JONES
An average of 60 bank branches close every month across the UK1. In the digital world we live in, this is daunting but not shocking. It isn’t surprising to learn that for this reason, amongst others, more and more people are switching to branchless banking.
We work hard alongside our clients to help them get the most out of life and their cash. From the little things to holidays of a lifetime, we want them to make life count. This often gets us thinking about small things that can bring big rewards, such as more spare time.
So what is branchless banking?
It’s exactly what it says on the tin, a bank that is purely mobile.
Branchless banking can save time, give you access to money on the move and meets the same security requirements as any high street bank. As with most things, there are downsides. But in case you were thinking of going down this route yourself, or maybe you already have, we wanted to highlight a few of the pros and cons2 associated with banking in the modern world.
The likes of Starling, Monzo and Revolut are challenging traditional banking institutions. Some of our team have set up mobile banking accounts and found the experience to be fast, efficient, easy to use, paperless and secure.
There could be a speedy answer to banking on the go but what do you need to know before you take the leap of faith?
We will always be focussed on breaking the mould of traditional financial advice, and as new technology emerges, we want to share that with you.
These are just some of the top-level facts and we know changing banks is a big decision but if it’s something you want to explore, just let us know.
1 & 2 Source: Which 2018
This communication is for general information only and is not intended to be individual advice. It represents our understanding of law and HM Revenue & Customs practice as at 14 August 19. You are recommended to seek competent professional advice before taking any action. The value of investments and the income from them can go down as well as up, and you may get back less than you originally invested. Past performance is not a guide to the future. The investments described are not suitable for everyone. This content is not personalised investment advice, and Cooper Parry Wealth can take no responsibility for investment decisions you may make as a result of this information. Tax and estate planning advice are not regulated by the FCA.
Send an email to us at email@example.com