Fecking Banks

[The_Munchmaster]

Yesterday I get an email from HSBC telling me that as I'm such a "valued customer" they are offering me the opportunity (for a limited time only) to open a 1 year fixed rate saver account (min £25K) paying 2.75% interest. Now as their best rate is currently about 0.5% and on general accounts they only pay 0.1% I'm interested.

 

But there's a catch, it's only avaialble to "new" money, i.e., money that I don't already have in another account with them!

 

So here's me thinking all I have to do is open the account and shift some dosh into it from another account but oh no, cannot. Have to use "new" money.

 

So much for being a "valued customer" of 12 years. Better to be a brand new customer with no years loyalty.

 

Fecking cnuts.

[Dexi]

These days staying put with 1 bank or account usually means poor rates....2.75 for a 1 yr. fix is ok but better deals exist ( 3.05% 1 yr )...

[cavanami]

These days staying put with 1 bank or account usually means poor rates....2.75 for a 1 yr. fix is ok but better deals exist ( 3.05% 1 yr )...

Where?

[Dexi]

From my research on Thisismoney.co.uk..............Northern Rock 1 yr.bond 3.15%......Norwich and Peterborough 1 yr.bond 3.15% ( £1 k min. )......3.05% is available from Skipton or Barnsley B.socs...............................................................................................on a 2 yr fix 3.65% is on offer from the Post Office,although this is provided by one of the large Irish banks ......rates are poor when you consider inflation is around 4 % also tax @ 20%........

[simie]

Munchie, that seems to be very much standard practice with the greedy banks these days. (Relatively) attractive rates for new customers but shit on the old ones. Apart from a small amount for emergencies I really can't see the point of putting it in a savings account these days, where rates are actually below inflation. Personally I'd just put some in a FTSE Tracker fund. Many have no initial fee and being trackers the annual charge should only be 0.25-0.30%. You'll get about 2.6% in dividens and I think the FTSE should go up considerably over the next year or so? But obviously its a bit of a gamble as with any equity investment.

Simie.

[Redbaron]

Shop around Munch. I moved all my accounts to ING some years ago. 5% interest (paid monthly) on my savings (no minimum), no ATM fees EVER - any ATM in Oz, many overseas (min $200 withdrawal, they rebate any fees paid) and no fees at all. Bonus interest for first 6 months (extra 1 or 2% I think but that's long gone), plus 50c credit whenever I use cashout at supermarkets etc. Currently running a xmas promotion, use the card like a credit card 5 (ie push the credit button so they don't pay fee, even though it's my money) 5 times and get an extra $25 dropped in.

Not sure what their credit card rates are like as I don't have one.

[The_Munchmaster]

I've been looking around and for instance Alliance and Leicester International are offering 3% and 3.6% for 1 year and 2 year deposits. However the hassle to actually open an account these days with all the certified proof of this and proof of that needed is quite offputting.

[Nervous God]

Ghana is offering I think 15%

[chuckwoww]

In Nigeria they will even help you transfer the money.

[Flashermac]

A colleague got pissed off at his bank here and switched about 9 million baht to another. That got their attention.