Banks like to launch headline-grabbing savings accounts with a great fanfare, rake in the customers, and then bolt the door and turn away new customers. The next step is almost inevitable: the banks start cutting interest rates on these 'dormant' or 'non-marketed' accounts. So, pay attention to your interest rate by checking it at least four times a year. Otherwise, you may find that mouth-watering interest rate could be as low as 0.1% a year before tax.
Tags:
Interest Rate
Non marketed accounts
savings acconts
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