House Price Crash forum: Bargaining With A Bank Or Bs Over Isa Or Bond Rates - House Price Crash forum

Jump to content

powered by
Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

Bargaining With A Bank Or Bs Over Isa Or Bond Rates anyone tried?

#1 User is offline   juvenal 

  • I live on HPC!
  • PipPipPipPipPipPipPip
  • Group: Members
  • Posts: 10,297
  • Joined: 21-February 08

Posted 15 March 2012 - 08:12 PM

I've a large fixed rate bond maturing shortly with a High St BS. Has anyone every tried 'doing a deal' in such places?

Such as. 'I will reinvest my money with you if you match the current Best Buy table leader's rate. Otherwise my dough goes elsewhere.'

Anyone ever tried this, and what was the outcome?
'And while I live, no fool or noble knave
Shall walk this world, in credit, to his grave..'

'The pension system has been a very nice gravy train for all of those involved except for those paying into it.'

'Let's see if we can get it for the asking price..' Kirstie Allsop

"Be under no illusion. You will not escape the net..." S'rAlan Sugar

Sex, drugs and sausage rolls...

The House of Lords: 'The Ermine Vermin....'

#2 User is offline   Quiet Guy 

  • HPC Regular
  • PipPipPip
  • Group: Members
  • Posts: 347
  • Joined: 17-August 07

Posted 15 March 2012 - 08:43 PM

View Postjuvenal, on 15 March 2012 - 08:12 PM, said:

I've a large fixed rate bond maturing shortly with a High St BS. Has anyone every tried 'doing a deal' in such places?

Such as. 'I will reinvest my money with you if you match the current Best Buy table leader's rate. Otherwise my dough goes elsewhere.'

Anyone ever tried this, and what was the outcome?


I suspect you're on a hiding to nothing. All bank and building society savings products are controlled by central computer systems. There is nothing the staff in the branches can do. Even if you persuaded the bank or building society staff to match a competitors rate, how are they going to reason with their computers?

#3 User is offline   Sir Sidney Ruff-Diamond 

  • HPC Regular
  • PipPipPip
  • Group: Members
  • Posts: 962
  • Joined: 15-July 08

Posted 15 March 2012 - 10:02 PM

View Postjuvenal, on 15 March 2012 - 08:12 PM, said:

I've a large fixed rate bond maturing shortly with a High St BS. Has anyone every tried 'doing a deal' in such places?

Such as. 'I will reinvest my money with you if you match the current Best Buy table leader's rate. Otherwise my dough goes elsewhere.'

Anyone ever tried this, and what was the outcome?


"But you getta free pen from da bank when you invest with us isn't it, mister?"


I'm not joking, that is how they differentiate their product to make up for the fact that their rates are rubbish. Its even funnier though when they don't have any 'differentiator', such as exchanging travel money.

Then you just get to laugh in their faces when they say "We take a flat fee of 5 for up to 100 exchanged and then a percentage of 5% (for all the extra work we put in ... counting it. And stuff isn't it)"

This post has been edited by Sir Sidney Ruff-Diamond: 15 March 2012 - 10:03 PM

Quote

"Anyone thinking of buying in any of the housing markets that this survey has identified as bubbling should wait until prices have fallen"

Economist, May 31st to June 6th 2003

#4 User is offline   Tiger Woods? 

  • HPC Guru
  • PipPipPipPipPipPip
  • Group: Members
  • Posts: 6,091
  • Joined: 10-May 07

Posted 15 March 2012 - 10:46 PM

View Postjuvenal, on 15 March 2012 - 08:12 PM, said:

I've a large fixed rate bond maturing shortly with a High St BS. Has anyone every tried 'doing a deal' in such places?

Such as. 'I will reinvest my money with you if you match the current Best Buy table leader's rate. Otherwise my dough goes elsewhere.'

Anyone ever tried this, and what was the outcome?


This is certainly doable in Australia, but I'd suspect you would be on a hiding to nowhere in the UK.
"I would offer congratulations were it not for this tentacle gripping my leg." - Jack Vance

#5 User is offline   Russe11 

  • HPC Regular
  • PipPipPip
  • Group: New Members
  • Posts: 719
  • Joined: 03-March 11

Posted 15 March 2012 - 11:05 PM

why compare it to rates you could get for holding sterling only, why not ask them to match interest rates in other currencies?

#6 User is offline   koala_bear 

  • HPC Veteran
  • PipPipPipPip
  • Group: Members
  • Posts: 1,810
  • Joined: 24-June 10

Posted 16 March 2012 - 08:16 AM

View Postjuvenal, on 15 March 2012 - 08:12 PM, said:

I've a large fixed rate bond maturing shortly with a High St BS. Has anyone every tried 'doing a deal' in such places?

Such as. 'I will reinvest my money with you if you match the current Best Buy table leader's rate. Otherwise my dough goes elsewhere.'

Anyone ever tried this, and what was the outcome?


Most of my family have had success doing this.
Halifax seem to have been the most receptive (worked everytime with all of us!) suspect you need 25-30k min and need to threaten to move else where (Lloyds group funding issues anyone?)
HSBC / first direct have moved at times (2008-09) but weren't particulary receptive 3 weeks ago when my mother tried.
Skipton have usually been receptive in the past.
You effectively need the branch manager to overide the computer. The seems to be a good procedure froceedure for this at the halifax.
(This is on top of the usualy scaled IRs)
If the amount is over 100k to 250k depending on the bank (non recommended as over the compensation limit) you might want to try negoating with them on money market (i.e. commercial) basis for a fixed period.

Page 1 of 1
  • You cannot start a new topic
  • You cannot reply to this topic

1 User(s) are reading this topic
0 members, 1 guests, 0 anonymous users