New business - lower rates

[e_drizzel]

Hi Folks, as an existing customer of a bank that offers lower variable rates to new business what's the best way of approaching them with a view to getting the same rate or a compromised rate? I suppose a simple threat to switch will not be sufficient...

 

[Sarenco]

I'm afraid that threatening to switch providers is the only leverage you have.

If that doesn't work, well then you should carry through on your threat and go ahead and switch (assuming obviously that you are in a position to do so and that switching would get you a better deal).

That's how competition works.

 

[e_drizzel]

Thanks

Who should I speak to - would there be a manager for my account or something?

 

[Brendan Burgess]

Bank of Ireland will probably reduce the mortgage rate for existing customers who threaten to switch.

KBC won't. Danske won't.

Brendan

 

[eamonnbill]

BOI didn't reduce mine when threaten to leave..... I'm currently switching.