Is it worth talking to my bank or just switching?

la-moi

Hi everyone,

I am going to open a savings account for the first time, and am able to deposit a minimum of 500 pounds a month.

If I understand correctly from reading the info on this website, First Direct is by far the best savings account to have with 5% interest. You need a current account first.

My question is: Should I talk to my current bank about why I want to switch in hopes that they will offer me the same deal or should I switch without hesitation? Do banks work the same way like for example every time I threaten to leave my internet provider I get a better deal?

BoGoF

No point in talking to your current bank. If they don't have a 5% regular saver then they aren't going to magic up one for you.

BoGoF

You should also note that the maximum you can pay into the First Direct regular saver is £300 per month.

masonic

You can't deposit £500 per month into First Direct's regular saver (limit is £300 per month). You'd need to also open a current account at HSBC or M&S bank to make use of their regular savers for the remainder.

Banks will not invent new savings products to offer to customers wanting to take their business elsewhere, so there isn't much hope of getting the same deal unless you bank with HSBC or M&S already.

la-moi

I do bank with HSBC but have no idea what you just said.

la-moi

You should also note that the maximum you can pay into the First Direct regular saver is £300 per month.

Oops I assumed the limit was a minimum...and just realized how dumb that sounds.

Alexland

la-moi wrote: »

I do bank with HSBC but have no idea what you just said.

5% regular saver if you are a Premier or Advance customer?

https://www.hsbc.co.uk/savings/products/regular-saver/