Have you ever stepped back to realize what we've gone through as a nation up to this point? Just in the 1900s alone we've seen dramatic rises and falls in the economy. Some businesses have found their way through the rough times and still exist today, while others were more of a feather in a storm and were quickly blown away. I'd say that most of us would be in agreement that those businesses that can weather the economic storms are certainly doing something right and can be trusted with our business.
Not only can general companies and firms be trusted with our business, but banks especially. When we hand over our hard earned dollars to the bank for safekeeping, we want to be sure it's safe. And, over the last couple of years many of us have come to the realization that just because we deposit our money into a credit union or bank doesn't necessarily mean that it's going to be there when we get back.
When competition rises, companies have to do things better, or do more, or get more creative, and bank are certainly not excluded from this capitalist world. They need to continually get better and do more, especially since more and more banks are popping up every day. Just because a bank pops up in a neighborhood, it no longer means that that institution will thrive and grow. Nope, it not only has surrounding competition, but it also has competitors online that can offer higher interest on savings accounts and lower interest on loans because they don't have as much overhead invested into their establishment. After all, they're just an online presence. There's no need for a building or front line salespeople to take your cash. It's all electronic and automated!
When Was Your Bank Established?
If you have a fairly new bank, it doesn't necessarily mean that they're bad. But, without a history to go by, it certainly is more of a gamble. For me and my heard-earned money, I would rather deal with a bank that has been around a long time and knows what to do when the next financial storm hits (which might not be far off by the way).
Take a guess when Clydesdale Bank was started. Would you even believe me if I told you that this bank originated in 1838? That's right. If you're in the market to switch banks, I would strongly recommend them. Or, if you're looking at loan rates, be sure to take a look at the rates on Clydesdale Bank loans. They offer competitive rates, and they've been in business for almost 200 years!