Sticking with 1 bank 'can be beneficial'

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Sticking with 1 bank 'can be beneficial'

Taking out a number of different products with a single bank could be beneficial for customers, it has been asserted.

David Kuo, director of the Motley Fool, said that an increasing number of financial services providers are launching new product and service offerings that are only available to people who already do business with them.

For example, he noted that Abbey recently unveiled its Zero Account, which will not result in a consumer being charged if they go overdrawn.

However, customers have to have a mortgage with the financial services provider in order to take advantage of the deal.

"The more products you take out with the bank, the better the terms and conditions you will receive," Mr Kuo concluded.

Other features of the Zero Account include no charges for unpaid or paid items, as well as fee-free debit card usage anywhere in the world and no banker's draft levies.

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