If there is not a
penalty clause involved in withdrawing funds from the first
provider (a thing we ought to have already investigated prior
to committing in the first place) it may make sense to pull
them and to invest them with a different provider which is offering
a similarly attractive opening deal.
it isn’t just other banks that may be able to offer us
a more attractive alternative to our current contract. How many
times do we receive mailshots from a broadband provider offering
us an incentive to switch to them which is far more generous
than the deal we, loyal customers, already have with the same
company? In much the same way our own banks may be touting for
new customers secure in the belief that their existing clientele
are already “in the bag”, and offering sweeteners
that we ourselves may feel inclined to ask for in order to continue
giving them our business. You will never know until you’ve
It sounds far fetched,
but in fact many credit card customers manage to spend on credit
all the year round without paying a penny in interest charges
because they switch from one card to another whilst taking advantage
of short-term 0% interest deals. It is not unreasonable that
a similar principle should be applied to savings accounts.
to take advantage of an established savings comparison site
to compare savings accounts and thereby to maximise returns.