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Interest Rates

(29 Posts)
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annsixty Mon 12-Jan-15 12:02:19

I have just received a letter from my bank informing me that the interest rate on an Easy Access account I hold is going down to 0.2%. It currently has about £4000 in it. This will bring in £8 a year. I have used this year's ISA allowance and at my age do not want money tying up for years.
I feel like withdrawing most of it and going to the shops and buying any special offers on cleaning products, household goods etc. for a year.I think I would save much more than the interest lost. Storage space of course is another matter.

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Liz46 Tue 13-Jan-15 13:38:13

I think it is very easy to switch if you close your old account and just transfer everything to Santander as they will then do it for you.

I chose to keep my old account open (being a cynical person) and just transferred to Santander the direct debits that would give me cashback. This meant that I had to change the direct debits and pensions myself but that was not too difficult.

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Charleygirl Tue 13-Jan-15 16:52:16

Liz46 I agree with you. I have been with RBS since 1962 and I do not intend to abandon them but I cannot look a gift horse in the mouth.

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jeanie99 Fri 23-Jan-15 22:29:33

The days of being loyal to one bank have gone.

Move money around to where you get the best interest it's your money make it work for you.

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