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why don't the bigger banks offer better rates?
stringer_bell
Posts: 414 Forumite
Hi,
I always wondered why banks like Barclays/HSBC don't offer rates like 3% instant access etc Is this simply because they don't need too? Not sure how the banking system works
I always wondered why banks like Barclays/HSBC don't offer rates like 3% instant access etc Is this simply because they don't need too? Not sure how the banking system works
0
Comments
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Yes, you're right they don't need to. We could say the same about any company. Why dont companyx sell/offer that product for £x instead of £x. Banks are businesses0
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stringer_bell wrote: »Hi,
I always wondered why banks like Barclays/HSBC don't offer rates like 3% instant access etc Is this simply because they don't need too? Not sure how the banking system works
yeah, they don't need to.
Plus these types of accounts are small fry for them.0 -
People are more likely to get divorced than change their current account. So when a major bank has got you as a customer they don't feel as if they need to do much work to keep you.
The smaller banks on the other hand have to offer the higher rates to try to tempt people away.0
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