Visit your bank and check if you can get a better rate on your savingsaccount

Visit your bank and check if you can get a better rate on your savings account.

If you do not monitor your current savings account interest rate, then you might be left behind with a lower interest rate.

I went to one of my bank branch and tell them that I am not happy with the current interest rate of my savings account (2.75%) compare to the newly advertise promoton for newly open account which is about 4.40%.

I told them that if I do not get a better interest rate, I will be force to move my savings account to somewhere else which provides a higher interest rate.

I was hoping that they will just change the details of my interest rate but said that they cannot do that. (a bit surprised).

Asked for options they can give:

They told me that I should close my current savings account and open a new one to get the current insterest rate of 4.40%. Ok, I agree if that is how I can get a better interest rate.

So I agree to close my account and transfer it to a new savings account with new account number to get the higher interest rate.

Still, I do not understand their purpose of doing such process. It takes more process and a bit of discomfort as they have to give you a new account number.

Process involve:
1. Open a new savings account
2. Transfer all my money from old to new savings account
3. Close old savings account
4. Provide customer a new account number

- If ever you are using this account for auto debit transactions, this would cause a lot of pain to change account number.

I told them that why not just change my interest rate. That way, it will proably take only one step (change interest rate) and then I keep same account number.

Now, I know that I have to keep track of the interest rates of my bank account and what are their new offers.