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In the era of high loan prices, it is worth considering changing the bank, because there is a chance to find more favorable loan terms. Although loan prices are generally high, differences between individual banks can be significant. Moving to another bank can bring savings in the form of lower interest rates, lower fees or better repayment terms.
Before deciding to change the bank, it is worth carefully analyzing the offers of other financial institutions, comparing credit conditions and consulting a financial advisor.
Also read: Cleaning the facade - what you need to know
From the results of a recently conducted study Consumer Council shows that 23% of us decide not to change banks because we think there is not much to gain. Consumer Council director Inger Lise Blyverket says: "Switching banks can be time-consuming." However, as examples presented in the media show, interest in a new bank can bring benefits.”
We read about the case of Nikolai, who expects to save NOK 35 a year after switching banks. Another example is the married couple Siv Johanne and Ole Martin, who traveled the world using money that was originally intended to pay off a mortgage.
23 percent of us do not decide to change banks
However, not everyone has the same conviction about switching banks, according to the latest Consumer Council study on changing people's habits in terms of banking, insurance and pension services. The survey found that a quarter of people gave up on renegotiating a loan or switching banks because they thought it wouldn't result in significant savings.
Inger Lise Blyverket says: "For many people, negotiating with a bank seems like too much effort, but our advice is clear: see if it's worth it. It's about paying less for the same product, not paying less for an inferior product." Even if Norges Bank raises a key interest rate, it doesn't automatically mean your bank has to do the same.
If you're sticking with your bank for loyalty reasons, you could miss out on sizable sums each month
The Consumer Council is concerned that banks take advantage of customer loyalty, assuming that for many consumers, transferring both loans and deposits is a high effort. Inger Lise Blyverket points out that if you stay with your bank for loyalty, you could miss out on big savings every month.
“Our research also shows that a quarter of people choose to stay with a bank because they feel connected to their bank through good customer relationships. There's no reason to be loyal to your bank," says Blyverket.
How much can you save?
According to the survey, nearly 20% of those who renegotiated or switched banks in 2022 believe they will save more than NOK 10 a year.
The study also shows that some of us still refrain from changing banks because it is too burdensome. 12 percent say they stick with their bank because changing bank takes too much a lot of time. It can still pay off big, Blyverket says.
The money you can save by transferring your loan obviously depends on the loan amount and other factors. However, it can be assumed that a loan of NOK 3 million with an interest rate that is 0,5 percentage points lower can equal savings of approximately NOK 15.
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Source: forbrukerrådet
