I received a couple of unexpected but welcome letters this month. Two of my savings account providers contacted me to let me know they would be raising the interest rates on some of my accounts. Its the first time (certainly post 2008) i can remember being contacted in such a way with the offer of an improvement in the rates on existing accounts, with no strings attached or new purchases required. The two institutions are unconnected.
Given the lack of central bank / market moves, i can only imagine these are motivated by local competitive forces. I believe one is related to a product re-launch, the other appears to be more of a short term goodwill gesture.
This was a timely surprise following my recent post Falling rates, i wonder if they read my blog! Coincidentally i had been planning to move funds away from both accounts to better offers, so i'm assuming their marketing teams are monitoring competitor rates as closely as me and recognised the threat of losing funds.
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