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Bargaining With A Bank Or Bs Over Isa Or Bond Rates


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#1 juvenal

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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?
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#2 Quiet Guy

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Posted 15 March 2012 - 08:43 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?


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 Sir Sidney Ruff-Diamond

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Posted 15 March 2012 - 10:02 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?


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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)"

Edited by Sir Sidney Ruff-Diamond, 15 March 2012 - 10:03 PM.

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#4 Tiger Woods?

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Posted 15 March 2012 - 10:46 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?


This is certainly doable in Australia, but I'd suspect you would be on a hiding to nowhere in the UK.
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#5 Russe11

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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 koala_bear

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Posted 16 March 2012 - 08:16 AM

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.




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