Most banks and building societies offer a range of products which you can buy direct from them either in branch, online or over the phone. Some sell their own products, others sell them on behalf of, or in partnership with other companies.

You may feel more comfortable buying through your bank or building society as you already have a relationship with them, or because they are a known and respected institution. These are valid feelings when you’re thinking about where to put your money, but there are lots of factors to consider before you take what you think may be the safe option, such as costs and charges.

Pros

• The comfort of dealing with a company you know and trust.
• Face to face contact (or at least the option to speak to someone on the phone).
• You’ll get help choosing from the range of products on offer.

Cons

• The products you’ll be offered may be limited to the bank's own or those that they sell on behalf of other companies.
• They might not have a product that’s exactly right for you.

If you really want to deal with a company you already know, this may be the most comfortable option for you. But it really is worth shopping around and seeing what the competition is offering before you commit.

There are, of course, benefits in that you know what time the branch is open if you need help and you can deal with a person rather than a machine, but you will be limiting your options to the products offered by that bank or building society.

You can pop into your nearest branch and pick up some information or make an appointment to speak to an adviser. Any leaflets you pick up or information from the staff in the branch should tell you what you’ll need to get set up.  Alternatively, some Banks and Building Societies offer telephone, postal and online services for accounts which don't have to be opened in person.

You can usually pay a visit to their website for more information before you decide.

Do your homework – make sure you know what you’re buying before you sign.

Shop around – have a look around and see what else is out there – you may find something even better.

Use your influence – check out whether you get better rates if you’re an existing customer.