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Check % before you transfer
Reaper
Posts: 7,357 Forumite
Just a little warning to make sure what interest rate you are getting before you decide to transfer.
I have a Cheshire TOISA and, after looking at their web site discovered they are paying a poor 4.55%, so I decided to transfer to M&S.
But at the last moment I decided to double check and called Cheshire. It turns out that 4.55% is for new business only. My existing TOISA rate is not printed because it is not available any more, and its 5.79%!!! That's much better than anything on the market and I nearly lost it! Phew.
Traditionally old accounts get poor interest and this had me puzzled until I read the small print. It turns out my TOISA is linked to their standard variable mortgage rate, and of course these days lenders ramp up their SVMR to pay for all those special deals.
;D
I have a Cheshire TOISA and, after looking at their web site discovered they are paying a poor 4.55%, so I decided to transfer to M&S.
But at the last moment I decided to double check and called Cheshire. It turns out that 4.55% is for new business only. My existing TOISA rate is not printed because it is not available any more, and its 5.79%!!! That's much better than anything on the market and I nearly lost it! Phew.
Traditionally old accounts get poor interest and this had me puzzled until I read the small print. It turns out my TOISA is linked to their standard variable mortgage rate, and of course these days lenders ramp up their SVMR to pay for all those special deals.
;D
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