Once, introductory savings bonuses were rightly called a scourge. Yet with UK interest rates at 0.5%, these days they effectively provide a cast-iron rate guarantee. So while the sentiment of the Sunday Times call for banks to stop offering them is fine, I worry the timing is dire.
The papers money section front page was emblazoned with the headline Banks: give us a fair deal on savings, (this link goes to a paid firewall) with a five-point plan for savings providers. Most of the points are the type weve supported for years, like “dont limit withdrawals” and “make accounts simpler”.
But the first point concerns me. It calls on banks and building societies to…
Offer clean easy-access savings rates that do not include an introductory bonus that will be withdrawn after a set time.”
Why this could be dangerous right now
It assumes clean accounts pay consistent rates. Yet
“Detroit Knows Cars” automobile fine art show is making its premiere in Detroit! The exhibit will open January 7 at 6 p.m. in the Chase Tower Building lobby (611 Woodward Avenue). This free fine art show features members of the Automotive Fine Art Society and artists who have exhibited at Concours d’Elegance, the finest classic and collector car events in the country.
