Are savings IRs always non-negotiable?

grahamgoo

Do banks ever give increased IRs to keep business?

For example, my Nat West savings account is dropping from something like 2.85% down to 1% at the end of its bonus period.

Today I had a letter from Halifax to say my ISA will drop from 3% to 0.5%

These banks probably have better products in their ranges, but even better rates are available to me elsewhere.

Is there any point even asking them if they rate match other banks or is this a complete waste of time? I've got a nasty feeling that I'm am doomed to opening and closing savings accounts and transferring my ISA all over the place to get the best rate, but wondered if anybody had successfully negotiated a better rate to keep their money where it is.

BoGoF

Never heard of them doing that, would be way too expensive for them to tailor rates to individuals wants.

That said, you don't ask you don't get.

dunstonh

Most accounts are set up with centrally controlled product codes which the branch has no ability to adjust.

bobthedambuilder

I have some money in an instant access savings account with Lloyds, which had a 1-year bonus rate. I went into my branch after this period was up, intending to close it and open a new account, and the cashier said she would just renew (roll over) the bonus entitlement. She did it there and then on the screen.

I have to say I haven't seen the actual interest payment for year 2 coming through yet, but surely the cashier isn't going to blatantly lie to my face?

ceegee

bobthedambuilder wrote: »

I have some money in an instant access savings account with Lloyds, which had a 1-year bonus rate. I went into my branch after this period was up, intending to close it and open a new account, and the cashier said she would just renew (roll over) the bonus entitlement. She did it there and then on the screen.

That is exactly what Lloyds did with my ISA when the bonus rate expired. I asked if they could transfer it over to the new ISA and they transferred it over to the new one, there and then. It wasn't in April either, it was at the end of May, so not even coinciding with the new tax year.

Very obliging of them, I thought!

If you don't ask, you don't get....and all that!

lisyloo

but surely the cashier isn't going to blatantly lie to my face?

No, but this was an option already available on the cashiers computer.
He/she didn't do a special deal for you, they don't have that sort of power.

Saints2011

Failing that Halifax do have a retentions department .

opinions4u

Saints2011 wrote: »

Failing that Halifax do have a retentions department .

Will they offer under the counter deals though?

I think not.

dunstonh

Very obliging of them, I thought!

If you don't ask, you don't get....and all that!

Lloyds can change the account from one type to another without changing your account number. All she would have done is change the account type code from the old product to the new one. It wasnt some unique or special thing for you. Yes you have to ask a lot of the time to get your account updated but you were put on the normal retail offering at that point.

Saints2011

opinions4u wrote: »

Will they offer under the counter deals though?

I think not.

Nope but it you call up and have over £2500 in savings they can open a Internet based account over the phone to keep the business.

It's the same with Lloyds and the e-savings. It can't be opened over the phone by the normal savings line but retension can.

Source > part of training HBOS in bank accounts / savings accounts & lending through integration from a Lloyds training background