Sick to death of interest chasing with same banks

Arthurian

The very last thing we MSE-ers need is a campaign to stop us being one jump ahead of most savers.

treecity

Arthurian wrote: »

The very last thing we MSE-ers need is a campaign to stop us being one jump ahead of most savers.

So you think closing accounts and opening the exact same accounts with the same bank or building society is a good thing?

john_s_2

treecity wrote: »

So you think closing accounts and opening the exact same accounts with the same bank or building society is a good thing?

Yes, if the new account is better than the old one.

baby_boomer

Ste_C wrote: »

People who chase interest rates are idiots and need to get out more.

Where does that leave people who just discuss chasing interest rates on internet sites ?

kingmonkey

All of these arguments are pointless and unwinnable.


Do whatever you want and dont judge other people.

treecity

john_s wrote: »

Yes, if the new account is better than the old one.

It's not a new account, it's the same account.

nilrem_2

kingmonkey wrote: »

All of these arguments are pointless and unwinnable.

Of course it's not pointless, in case you hadn't noticed this is a Forum, AFAIAA a Forum is a place where people come and express their view, discuss and inevitably argue, we may not agree with each other but I think most of us agree that we do gain useful info from reading one persons argument against another, TBH I have quite often changed my view of an issue after reading a thread here whilst reading another posters point of view.

nilrem_2

Ste_C wrote: »

People who chase interest rates are idiots and need to get out more.

So if you see an item you wish to buy in two different shops and in one shop the item is £20 less for the same item you would consider yourself an idiot if you paid the cheaper price? TBH it is beyond me why people will travel miles to save a few pence because something is a bit cheaper there yet will not consider moving their cash to an account that would earn them a lot more interest!

Chasing an half or 1% is pointless. So you might make an extra £10-20 or so a year - whoodee!!!!indoo.

Depends entirely on the amount involved though, I recently moved my ISA accounts from one paying 1.3% to a Fixed rate of 3% (1 year) and will now earn approx £700 per year extra, a worthwhile amount IMHO.

john_s_2

treecity wrote: »

It's not a new account, it's the same account.

If it was the same account it would pay the same interest. If the interest rate is different (or other T&Cs) it's a different account (see edit2 below).

EDIT: I have to confess, I haven't bothered moving (some of) my money out of an account paying <1% as there is 'only' £1500 in there, and as Ste C said above, it's not worth the hassle for an extra £20 or so. However, I'm in a position to add to that now so I'm in the process of reviewing my situation (to paraphrase Fagin).

EDIT2: OK, I stand corrected. My Sainsbury's account is possibly the same account but with different T&Cs. But the higher rate is only available to new customers for the first 12 months. That's fair enough. I'm not a new customer. If I can close it and re-open it again with the higher rate then great. I might just do that. But I'll weigh them up against what others are offering. I don't expect any of them to offer me a table-topping variable rate for more than 12 months or so.

kingmonkey

nilrem wrote: »

Of course it's not pointless, in case you hadn't noticed this is a Forum, AFAIAA a Forum is a place where people come and express their view, discuss and inevitably argue, we may not agree with each other but I think most of us agree that we do gain useful info from reading one persons argument against another, TBH I have quite often changed my view of an issue after reading a thread here whilst reading another posters point of view.

I lost faith in this forum after Martin did a "What newspaper do you read poll?"

_pale_

I have never won an argument with somebody who reads the Daily Mail. Their prejudice is just too deeply ingrained.