Smart Banks

[Kauri]

My wife put some money into a local bank (6 months back) on 24 month fixed term at around 6.5%, with an advertised provision that at anytime during the 24 months she could, once, use what they called a "trade up" to shift the rate to the current rate. Last week off we went to the same branch to do just this... a dapper gum-chewing banker told us that she only had an ordinary term deposit and it didn't apply... and after I explained the advertised deal he asked me if I had it in writing.. smugly... ( he obviously didn't realise how close he was to not being able to chew his gum anymore at that stage!! ) ... after a couple of minutes of...... discussion.... he went to see the manager, after 5 minutes a young girl came out and apologised, yes the trade-up did apply... and if we wanted my wife could avail herself of the generous rate offered for the remaining 18 months... 3.something%.... and when I asked for that spectacular offer in writing, so as I could post it on the internet for all to see, for some reason they declined....
ah well, I guess they have to make up their losses somehow.... (and when I asked for an 18 month personal loan at a rate commensurate with the rate they were offering for 18 months they surprisingly declined.. )

against my better judgement I havedeclined naming theaugust institution..
Lifes hard, then you die...
...............................Kauri

 

[trishan9390]

Theres only one bank worth being a client of. Which bank? None other. I haven't paid any fees since I became a client at age 11 and won't have to pay any fees until I finish uni. More money for beer. :bier:

 

[Bill M]

Kauri, if I was in your wife's shoes I would pull out of that term deposit and lose a small bit of interest (check how much first) then open an account with another institution.

Right now the RaboPlus is offering 8% for 3 Months fixed and Suncorp eOptions flexi rates are offering 8.3% for 12 Months. I myself use RaboPlus, no fees and very easy, all online too.

 

[lusk]

Theres only one bank worth being a client of. Which bank? None other. I haven't paid any fees since I became a client at age 11 and won't have to pay any fees until I finish uni. More money for beer. :bier:

Sounds great but how likely are you to change banks when you start paying fees? The majority of people that fall for this scheme l would assume stay with the bank because of the hassle of switching.