Daft question about reinvestment for higher interest rate.

[JohnRoss]

Not really French Finance but may I ask what might seem to be a daft question. Our meagre off-shore savings account is only paying 0.75% just now. The same bank offer a similar account at 2.76%. The only important criteria seems to be that it cannot be opened with money held in another account in the same bank. So what is to stop you pulling your dosh out of the low interest account and into an existing account in another bank not in the same group and then after a week or so back into the higher rate account in the original bank? I said it was a daft question!......JR  

[parsnips]

[quote user="JohnRoss"]Not really French Finance but may I ask what might seem to be a daft question. Our meagre off-shore savings account is only paying 0.75% just now. The same bank offer a similar account at 2.76%. The only important criteria seems to be that it cannot be opened with money held in another account in the same bank. So what is to stop you pulling your dosh out of the low interest account and into an existing account in another bank not in the same group and then after a week or so back into the higher rate account in the original bank? I said it was a daft question!......JR  [/quote]

Hi,

     Why don't you phone and ask. When my Nationwide International Tracker account dropped 1% at the end of the first year (as a "premium" account) I phoned to ask if I could withdraw and reinvest in a new "premium" account, and the very helpful young lady there said "No problem, now that you have asked I can upgrade it immediately--but we are not allowed to offer information about this facility". Rather than possibly lose your business your bank may well do the same.

[JohnRoss]

Ok and worth a try I guess so thanks for the suggestion.....................JR