I ask because my bank set up an account for me on the condition that I payed in a large five figure sum which was left to me by a member of my family that passed away and the remainder saved by myself, they said that they could give me preferiential rates on my money and I noticed that I'm doing really well out of them... well at least in these times of poor interest rates and no other bank could match these rates with the accounts that they've got advertised at present.
I checked their account interest rates for savings and investments and their best savings/investment account is only paying 0.60% per annum whilst mine is paying much, much more than that. Does it mean they think highly of me as a customer for the bank manager to offer me special rates or are they only trying to part me from my money? I'm just surprised to have such high rates that aren't advertised by the bank xxxx
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A lot of banks have different types of accounts that earn higher interest rates if you carry a balance over a certain amount. Most likely that is what you have going on.
The bank I am in gives and extra 1% on money market accounts with more than $25K in them, and 1.25% or something if you have more than $50K.
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the rate u quote 0.6% is just for normal savings accounts, if u have a lump sum to invest then u will get a higher rate we have just reinvested the money from sale of my mum s house as she is in a care home last yr we got 6% and now we have got 3.50% but we cant touch it for a year. it depends on the amount u have the interest rate they offer u.
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Keep an eye on that rate. They may have given you a nice introductory rate to gain your account which may be reduced down the road. It's happened to me. Good luck.
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premium rate over 25000
Is it normal for banks to give you "special" accounts?
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