Move It!

I got an e-mail from my savings account provider yesterday. No, not a scam email from our friends in Africa or Russia, a real honest to goodness email from a bank telling me they were about to commit daylight robbery upon my savings.

Get this, they're cutting the interest rate on their top savings account. Now, unless you've been living under a rock for the past week you'll know that inflation in the UK took a huge jump and consequently a interest rate rise is a certainty next month to at least 5.5% and tipped to hit 6% by the end of the year. Despite this they've decided to cut the rate! B*stards, they probably think we'll forget this cut so they can announce a rise after the Bank of England raises rates next month. Or maybe they won't even raise it again relying on the public's inertia. Hmmm... to say I was pissed off is to put it mildly.

So, come Monday morning I'll be shifting my savings to a different provider with a higher interest rate who also guarantees to be at least over the base rate by 0.25% until 2009. Naturally, I'll keep my existing account open with a glorious £1 just to get my own back on the scum as it'll cost them the same to manage £1 as £100,000 (not that I've got that much mind). Losing my custom will hardly shake the foundations of the company but if enough of their customers bite back and march away then maybe they'll be a bit more inclined to stay competitive. Thanks to web based accounts, shifting money from one account to an other is a breeze. Take a few minutes and check how your existing rate compares with the market leaders, and then move your cash!

B*stards!

Category:

• Money
• Personal