Reduce your banking costs

Our top tips on how to reduce your banking costs:

1. Reduce the number of pay-ins. Try to accumulate cheques and cash and pay them all in at once.
   
2. Reduce the number of withdrawals. Try to use a cash machine rather than drawing money direct from the branch.
   
3. Recycle cash. Try not to pay in cash if you are likely to need to withdraw some the next day.
   
4. Use automated payment wherever possible. Charges for BACS payments (direct credits and direct debits) are lower than those for cheque payments.
   
5. Get interest. Use a bank that pays interest on its current account if possible. Place reserve funds in a deposit account.
   
6. Use the internet. Internet banking avoids the need to order costly extra statements and often cuts out the need to actually visit your bank.
   
7. Stay in credit. Overdrafts, even if they are authorised, can be costly. Staying in the black will reduce your charges.
   
8. Use a personal account. Consider setting up a personal current account, which has free banking, to deal with petty cash payments