Couldn’t see a thread on this already, what do people think of this that could be happening?
Meant to help people who don’t bother to switch after the introductory rate, but the SEAR probably would mean the rate is set at like 0.5% so the firm isn’t losing anything from the change from the people who don’t bother switching after they start cutting the rate down.
Year 1 - 0.5% plus a bonus 0.7% = 1.2%
Year 2 onwards - 0.5%
From what I understand is that they wouldn’t be able to ever reduce that 0.5% if that’s what was chosen.
I can’t see what would stop them doing this either:
Year 1 - 0.1% plus a bonus 1.1% = 1.2%
Year 2 onwards - 0.1%