BANKING JOBS – COMMON MYTHS ABOUT BANKING JOBS

THE MYTHS:
• About mortgaged banking jobs:
Many people have the notion that mortgage products have the lowest repayment rate (as fixed by APR or Annual percentage Rate). Most of the mortgaged properties are regarded as “best buy” according to APR. However, this does not imply that they offer maximum value for money.

Whether a particular mortgaged property is the best buy for you or not should be judged rationally considering the mortgaged property. APR is not the only measurement to judge the value of the mortgaged property. The factors to be considered are the term of the mortgaged property, the fees that come with the mortgaged property etc. another factor that determines the value of the mortgaged property is the “lock ins” that are associated with the property.

For fixing these issues, you can consult a mortgage advisor who will tell you the true cost of the mortgaged property.
• Most of you carry credit cards. However, it is unfortunate that many of you do not know how credit cards work or you are not fully aware of the best methods to make your credit card work.

Myths related to credit cards are regarding the repayments of credit cards. Some people believe that the most expensive debts that they owe to the bank are paid first. This is just a misconception. Most of the credit card companies derive profits my making you pay off the lowest debt first.

• People have myths related to current accounts. They think that most of the bank accounts are the same and they will not be able to make much profit by switching the type of bank account. People also think that if they make the move of switching bank accounts, it will be an expensive affair and a time consuming affair. These are just misconceptions and neither of them is true.

In UK, those who have current bank accounts are flooded with a number of choices. People can reap a lot of profits. It depends on them what they want to derive from their bank account. If you do not possess an overdraft, opt for an account that gives you higher interest in order to make profits. However, if you have a tendency to draw all the money from the account, then you should opt for such an account that does not punish you heavily for doing so.

If you want to switch your bank accounts, it is an easy and a hassle free process. You just need to fill up a form and the bank will do the needful.

Like all these myths, there are several others related to investment bank jobs, international bank jobs and even entry level bank jobs. But none of them are true so do not go by them.