Bank promotional activities have one goal – to attract new customers. The branches themselves do not hide it. But where are the customers who already have accounts at a given bank? Can they expect the same treatment? Unfortunately, no. Many offers are prepared exclusively for people who have just signed a contract with the bank. Promotions are often short‑term and come with many conditions. All this is to ensure that sometimes the customer does not gain too much.
6% on a deposit
Eye‑catching ads, high interest rates and the illusion that you can earn a lot in a short time. All of this describes the ads that aim to encourage customers to take advantage of a particular bank’s offer. Among the proposals you can find, for example, deposits with interest rates of 6 or even 7%. That’s a lot and can really catch attention. In such promotions there are many clauses that limit the customer’s profit. Offers are often short‑term. After three months the interest rate can drop significantly. Sometimes the offer is valid for a year, but then there is a limit on the amount that can be deposited into such an account, for example 20,000 PLN.
Since such enticing offers are given to people who have just signed contracts with a given bank, one might expect that loyal customers have a real eldorado. After all, bank staff almost always assure loyalty, benefits and long‑term cooperation that simply pays off. Unfortunately many of these words are empty. In practice the reality is quite different. People who have had an account at one branch for a long time can be called “fraudsters”, who only lose on it. It is not about offending anyone, but simply to highlight that they are treated unfairly. So, one can say that it is enough to carefully analyze the contract, which shows that the interest rate will fall, but the question should arise: should it be so? Shouldn't loyalty to one company be rewarded? After all, we give the bank our money, which is often earned through hard work.
Unfortunately, promises of future benefits can often be dismissed as fairy tales. The reality is that the interest rate on a standard savings account that is no longer subject to any term promotion is only 0.10%. Of course there are higher rates, but they come with additional requirements, such as regular deposits, having an account at the bank or using a credit or debit card. Then the interest rate can be between 0.3 and even 1.5%. That is still much less than what is offered to new customers.
Banks break the rules they set themselves
The behavior of banks is, to put it mildly, far from ideal. The Financial Ombudsman Dr. Michał Ziemiak also criticized the way banks conduct promotions and how they treat loyal customers in an interview with Bankier.pl. This does not fit into the Code of Good Practices of the Financial Market, which was created, among others, by banks operating in Poland. Among the institutions that developed it is the Polish Bank Association, which includes, among others: PKO BP, Pekao, Credit Agricole, Erste Bank, ING Bank Śląski and mBank. In total, the document was created with the participation of thirty organizations. Unfortunately, as it turns out, its provisions are not followed.
Unfortunately, this happens because customers allow it. Most of the criticism about too low interest rates does not go beyond the walls of the homes or apartments of savings account holders. And those who are legally entitled can demand a higher interest rate from the bank if they notice that other customers receive significantly better offers. In practice, there are almost no such requests or complaints. The Financial Ombudsman also confirmed this on Bankier.pl, saying that not many such cases reach him. He has tools for intervention.
Banks are one, but unfortunately not the only example of using such unfair, or more precisely unwanted, practices by customers. Similarly, mobile phone networks, satellite TV, or cable networks promote new customers, often offering very little to those who have been loyal to the company for years. In the end, I will leave the question open: should it be like this? Should loyalty and attachment to a certain brand not be valued and rewarded? Perhaps if companies gave bonuses not for acquiring new customers but for retaining existing ones, the situation would be different.
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