Possible to negotiate savings rates?

markhod

Hi,

Has anyone experience with negotiating with banks on savings rates?

I have seen a different bank to mine offering a far higher interest rate to current-account holders and a £100 bonus to switch. Rather than actually switching I wonder what the chances of negotiating with my bank for comparable terms to keep my custom is? If so what is the best way to go about it - go in person to a branch or just email etc?

Thanks!,

Mark

gadgetmind

All the bank will be able to do is move you to a better account, if they have one.

freezspirit

I remember years ago that certain bank would sort of match the interest rate but to be honest I don't think they do it anymore.

Last time I tried I was told to take my business there then - we only follow what the headquarters give us. Another time the cashier told me thanks for the information she will go an open the account in the lunch hour at the different bank. So no loyality there then.

jimjames

lippy1923 wrote: »

Not a chance. That would go against the whole "treating customers fairly" rule

And a huge logistical headache if 1million customers all had individual terms and conditions that the branch can arrange let alone the scope for fraud.

Gromitt

I tried this as I got an auto response saying "Transferring your savings elsewhere? Speak to us, we may be able to help.". What I got was basically "If we gave everyone decent interest rates we wouldn't be able to survive in the current market conditions - look at all the other banks losing money and requesting money from tax payers". Admittingly, it was a bit more diplomatic than that.

So my current account is with a bank, and my savings are in various building societies. I keep a £400 float in my current account and move money from an instant savings account when I receive a bill. So the lowest interest I get is 3.1% compared to my banks 0.25%.