What to do after introductory offer ends?

MM2002

Hi All,
Once the introductory rate has expired(ie 5% with nationwide and 3% with Tesco for 12 months on £2K) and you are reverted to standard rates, is it a good idea to return any monies to your main account, and close these so to be eligible for future offers? Is there any reason to keep them open?


My credit rating is very good, and I wont be looking to remortgage or get a loan any time soon.


Thanks in advance



MM

[Deleted User]

You don’t have a credit rating first of all.

And Nationwide do not offer the 5% rate again having had an account previously with them already paying that rate.

badger09

MM2002 wrote: »

Hi All,
Once the introductory rate has expired(ie 5% with nationwide and 3% with Tesco for 12 months on £2K) and you are reverted to standard rates, is it a good idea to return any monies to your main account, and close these so to be eligible for future offers? Is there any reason to keep them open?


My credit rating is very good, and I wont be looking to remortgage or get a loan any time soon.


Thanks in advance



MM

There is no point moving the money into your main account, by which I assume you mean main current account, unless that pays interest. Better to move to a savings account, or drip feed into Regular Savers.

Many would advise keeping those 'redundant' accounts open with a small balance, for use as donor accounts when the next switching incentive is offered.

If you don't want to do this, I would switch them elsewhere using CASS. That way, if any random payments arrive, they will be forwarded automatically.

xylophone

If you wish to keep the money as savings, you look for the best rate that you can get?

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

You could look at regular savers.

https://forums.moneysavingexpert.com/discussion/5776240/regular-saver-thread-new-and-restarted

MM2002

Thanks for the replies all.

I may close a few just to tidy up then, but no other reason.
Shame after 12 months you cant re-apply or get opening incentives if offered.


Thanks again


MM

MDMD

MM2002 wrote: »

Hi All,
Once the introductory rate has expired(ie 5% with nationwide and 3% with Tesco for 12 months on £2K) and you are reverted to standard rates, is it a good idea to return any monies to your main account, and close these so to be eligible for future offers? Is there any reason to keep them open?

Tesco don’t do a 3% introductory rate (or any 3% rate for that matter). It was cut back in June for everyone.