Club Lloyds and BOS dropping rates to 1.5% on 1st July

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  • Richchad
    Richchad Posts: 534 Forumite
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    eskbanker wrote: »
    So you had at least twelve accounts with the same banking group, presumably to exploit the opportunity to maximise interest earnings, but it's the banks that are greedy?!

    You have to play their game.. :rotfl:

    I sort of knew someone would make a comment like that. :p
  • System
    System Posts: 178,090 Community Admin
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    supremetwo wrote: »
    The issue with all these offers perhaps lies in the MSE instructions re. automation from one account to another.

    When so many are doing this, the banks will not be making the profit on these accounts that they have predicted.

    The same can be said for best buy tables.

    As soon as a provider puts its head above the parapet, it will be inundated. Ulster bank is a recent example.

    Highlighting loopholes on MSE does have tendency to result in them closing.

    I used to buy nuts, seeds and dried fruit more cheaply in the baking section (of the major supermarkets) rather than the healthy eating/ snack sections.

    Once highlighted in MSE all the big supermarkets raised their prices to the point that there is virtually no price difference.

    Make of that what you will ;)
  • EachPenny
    EachPenny Posts: 12,239 Forumite
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    Heng_Leng wrote: »
    Make of that what you will ;)

    It is nuts. ;)
    "In the future, everyone will be rich for 15 minutes"
  • MarkFromCornwall
    MarkFromCornwall Posts: 885 Forumite
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    Richchad wrote: »
    So these greedy banks ...

    If you believe that the banks are greedy why not invest in some bank shares so that you are on the receiving end?
  • Richchad
    Richchad Posts: 534 Forumite
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    eskbanker wrote: »
    So you had at least twelve accounts with the same banking group, presumably to exploit the opportunity to maximise interest earnings, but it's the banks that are greedy?!

    I am not sure why some are thinking I am greedy, as I did mentioned our accounts, these were all opened within the rules at the time.

    So not greedy just smart really, while it lasted.
  • eskbanker
    eskbanker Posts: 30,883 Forumite
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    Richchad wrote: »
    I am not sure why some are thinking I am greedy, as I did mentioned our accounts, these were all opened within the rules at the time.

    So not greedy just smart really, while it lasted.
    My post was intended as mildly tongue-in-cheek rather than critical - obviously many on here go for multiple current accounts where permitted by the Ts & Cs, but equally those who play that game are typically less likely to subscribe to the lazy stereotypical tabloid narrative of banks being greedy, so it could be argued that there's a whiff of hypocrisy here, although that's probably too strong a term really.

    However, if you're defending your actions as not being greedy on the basis of being within the rules, are you therefore contending that rate cuts by banks aren't being carried out within the rules?
  • Richchad
    Richchad Posts: 534 Forumite
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    eskbanker wrote: »
    However, if you're defending your actions as not being greedy on the basis of being within the rules, are you therefore contending that rate cuts by banks aren't being carried out within the rules?

    My point was that it seems the banks drop their rates prior to a possible increase in the BOE rates just to raise them again and look like they are doing the right thing following the BOE rate increase.
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    Richchad wrote: »
    My point was that it seems the banks drop their rates prior to a possible increase in the BOE rates just to raise them again and look like they are doing the right thing following the BOE rate increase.

    Accepting your premise for the moment (which I don't really), why is this wrong, given that it is "within the rules" and that was your justification for opening so may accounts with the same bank to maximise your gain?

    Why do you think the banks should increase their interest rates in line with the base rate? There is not a direct relationship between the two. The banks set rates as a business decision wherein they try to balance attracting depositors, while ensuring that they make a profit (as is their fiduciary duty to shareholders). The Bank of England sets the base rate as a mechanism for controlling inflation. While the base rate may affect what banks can afford to offer there is not a direct relationship.
  • Bluefire
    Bluefire Posts: 476 Forumite
    Debt-free and Proud!
    Taking this as a sign that we should spend a big chunk of our savings on house renovations this year after all. It was only the other day I was considering holding off for another year due to the interest. Conservatory here we come!
    Mortgage: [STRIKE]08/13 £28,896.49[/STRIKE] 01/18 £0
  • Emily_Joy
    Emily_Joy Posts: 1,228 Forumite
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    To my knowledge Club Lloyds is the only account which gives half-price access to top business airport lounges, so I will keep it...
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