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Do you change ISA/Savings accounts every year??
I_luv_cats
Posts: 14,458 Forumite
I have to switch ISA accounts with Santander to get 1.50% more interest!!
All that effort for Santander n me BUT 1.50% is 1.50% !!!! (always told to try to keep up with RPI, as your ££ has spending power depreciation)
Do you have to do the same each year after the first year bonus expires???
All that effort for Santander n me BUT 1.50% is 1.50% !!!! (always told to try to keep up with RPI, as your ££ has spending power depreciation)
Do you have to do the same each year after the first year bonus expires???
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Comments
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No, I transfered to a 3 year fixed rate"A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
Ride hard or stay home :iloveyou:0 -
Of course you dont "Have to" if your happy with a derisory rate....they rely on a certain amount of people "Forgetting" their year is up any staying on the low rate.0
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Of course you dont "Have to" if your happy with a derisory rate....they rely on a certain amount of people "Forgetting" their year is up any staying on the low rate.
Not all accounts will automatically drop at the end of the year (I'm still getting 3.26% on my instant access NatWest e-ISA from last year, for example). I try to avoid these 'one year bonus' type accounts as the interest lost in the time taken to then transfer at the end of the year cuts into the bonus, so they're not as good as they sound.0 -
I've got most in a 4 year and chase the rest around every year or so.
I've never really bought this argument - the amount of interest you lose in the week or so that it is homeless as part of the transfer process is tiny compared to the extra interest you could be earning on it for the rest of the year - e.g. by my maths - as long as the uplift on the new rate is >0.05%, then it costs-in to lose a weeks interest and make the transfer. Even if the transfer goes horribly wrong and your money spends 6 weeks in-limbo, you still "only" have to get an uplift of 0.3% on the rate for the year to cover it.p00hsticks wrote: »I try to avoid these 'one year bonus' type accounts as the interest lost in the time taken to then transfer at the end of the year cuts into the bonus, so they're not as good as they sound.0 -
make sure you diary the end of the bonus/term, and look around again, a few weeks before.0
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I keep all the dates in my head, no prob. My mistake has been to to just start looking round now the bonus has expired. It seems to take so long now to activate an online account, or is it just me???????0
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I've heard nowt from Santander, no acknowlegement by post or email! (or an ISA transfer form) I applied the end of July 2010.
It is weird that they have paid me interest though in the last couple of days!!
When I opened the ISA in 2009 they fcuked it up then by opening 2 accounts and sending 2 sets of log ins but I had to try all different combo's to log on to my account as they couldn't tell me which was which!0
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