HSBC are offering 5.75% interest on their online saver for new customers. Existing customers will get 5.25%. Is this kind of thing common around the world? I am familiar with banks offering attractive packages just for the first few months but this appears to be a longer offering.
It is a shame that the banks are banking on their customers to be loyal enough to stay. Do they not think that satisfying their existing customers will be more beneficial than luring new customers using unfair tactics.
I feel that if banks offer a package that improves over time would be better. For example, if you stay with us for a year, we will offer you 0.25% above the Bank of England rate. If you stay two years, it will be 0.5% above Bank of England rate. Do you not think that this would attract more customers?
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