Investigated and identified what financial services most banks offer to the public, I will be identifying the suitable financial services for a student. For a student the types of service the banks provide are:
- Bank account
- Overdraft facilities
- Loan maintenance
- Credit card
These are the services the banks provide to the students with these services both the students is gaining time and a quality service, while the bank’s are gaining more customers. The most useful service the student will demand for is the overdraft facility the reason being is because the students will be in a rough patch while studying. The reason I never chose the remaining four services was because I thought that if a student applied for a higher purchase, the student will struggle to pay back the money owed and will stuck in mud afterwards at a young age. The reason the other three was not chosen is because they are suitable for house owners only.
Having selected the range of products for the student, now I will be choosing the most convenient product for the student by investigating the costs and the level of customer care provided.
Starting with the bank account, credit card, and loan maintenance I will be looking at HSBC, Abbey, and Barclays to see what bank is the best service provider for a student with interest rates etc.
Banks Int Rates
13.9% APR Credit C
HSBC 5.8% APR Loan M (Interest rates changes according to the amount withdrawn)
- Bank A
10.9% APR
Abbey 5.7% APR
-
14.9% APR
Barclays 6.7% APR
-
The reason I have chose these three products is because these are the main services which are used by all kind of people i.e. business men, students, families etc. investigated and identified the products prices and convenience the most suitable service provider is ‘Abbey’ it has the cheapest interest rates within the three products which proves that it is suitable for students. Getting hold of these products used to be time consuming and stressful because they would of have to fill forms, sign several documents etc. now getting hold of these services would only take a day when applied online, it shows how convenient it is to apply for these services. The cost for these three products changes according to the amount of money taken out.
Knowing that families have more members in the house hold there will be more demand for bank services, for example bank account, overdraft facilities, content insurance etc.
These are following services I have identified which the banks provide to the families and which I find suitable for a family house hold:
- Bank account.
- Overdraft facilities.
- Loan-Maintenance.
- Content Insurance.
- Car Insurance.
- Higher-purchase.
The reason I have chose these products for a family household is because most families intend to have a family account which they put their family funds in. overdraft facility may be needed when purchasing presents in special days i.e. Christmas and content insurance may be the mostly demanded by family households for protections of their households items. The reason I never chose the following services ‘Pension Scheme and Credit Card’ is because these services are not always required by a family.
Banks Int Rates
13.9% APR Credit C
HSBC 5.8% APR Loan M
- Bank A
10.9% APR
Abbey 5.7% APR
-
14.9% APR
Barclays 6.7% APR
-
Having investigating these products supplied by the bank the most appropriate price for a family is ‘HSBC’ even thou the interest’s rates are high. The reason I have selected HSBC as a first choice supplier is because they provide a better service with extras i.e. when money is loaned the pay back time is more flexible they offer a helping hand and advice which other banks don’t do which shows the level of customer care given by the banking institution. Speaking about the convenience it is quite convenient because the products can be in your hands in a day or two when applied online.
Business men intend to use the bank services mostly every day, the services the banks provide are really useful for the business men in all ways. The reason being is because the services are time consuming, secure etc.
The services the business men intend to use are:
- Overdraft facilities.
- Loan-Maintenance.
- Content Insurance.
- Car Insurance.
- Higher-purchase.
- Company credit card.
- Business bank account.
The reason I have recommended these services to a business men is because it will decrease the weight off their back and it is time consuming.
The reason I recommended these services are:
- Overdraft facility; not always a business will have the correct fee to pay bills, or credit notes. Instead of running about looking for money and wasting your time. They will be able to save time and have secure money in their hand.
- Loan maintenance; a business will always needs the loan facility because if the business plans to invest in the business they will need money which can be borrowed from the bank.
- Business bank account; a business bank is needed because it is needed for the day to day transaction and keep the businesses funds in a safe hand.
The reason I never included ‘pension scheme’ in the business mans bank service requirements is because a business men won’t need a pension scheme if they are insured.
Banks Int Rates
13.9% APR Credit C
HSBC 5.8% APR Loan M
- Bank A
10.9% APR
Abbey 5.7% APR
-
14.9% APR
Barclays 6.7% APR
-
Knowing that a business men is frequently using the services the bank provides the most suitable bank is Barclays because provide the best possibilities for business men with the cheapest and most convenient within the hole of the bankers. Applying for these services is quite convenient the reason being is because applying online is the most efficient method. The customer care level within the bank towards business men is in a really high standard, the bankers intend to provide a greater service towards the business men because they are a large share towards the bank.
