Out with one of my BDM's and spotted this

What do you think - I know it's not the best branding

Travel Money Cards

Whilst out yesterday, I had a lightbulb moment. You may already have though of this, but thought I would share.

As the Over 500 rate has been withdrawn on cash, obviously we want deal of the day cards promoting TC/TMC rate.

Customers coming in, should still be advised of the higher rate regarding amount they want.

Customers who choose cash, and are wanting over 500 could be recommended to take TMC as an upload of 600 Euros would save them over £16.

E.g. Rate of 1.0816 (taken of internet today) = 600 Euros on TMC = £554.73

Rate of 1.05 (guessing that will be rate today on currency) = 600 Euros in cash = £571.42

Difference of £16.69, if they take TMC covered on insurance and when arrive in destination take out 2 amounts in hole in wall (ATM) costing them 6 Euros, still better off by £11.

Just a thought.
Let me know what you think

ISA sales day

Last Thursday we had an ISA sales day , as April is a key time for customers to look for this type of product and last year we only introduced the ISA half way through the year.
We actually achieved 177 sales on the day (with only a very small amount as a £1 deposit)
This shows that there really is the demand for this savings product!

One of our team - Rachael - did some mystery shopping following on from some feedback at her branch in Thornaby

As discussed mystery shopped both Barclays and Halifax today as Thornaby girls practically pounced on me that both were offering a better rate when I walked in the door.

Barclays
3.61% Golden ISA (advertised in window)
Variable rate and includes a 1% bonus for first 12 months.
CANNOT transfer existing ISA into scheme.
£1 initial deposit
Do not need a Barclay's account
Future deposits can be made in branch.

However if you are not an existing customer - you need to book an HOUR appointment to open one and produce I.D. in form of passport/ driving licence.

Halifax
3% AER (advertised in window)
Guaranteed for one year Halifax ISA Direct Reward
Open from £1,000 (must pay in at least £1,000 in first 60 days of account opening)
Open in branch/ phone/ online
Subsequent payments cannot be made in branch - over phone/ internet only.
£1,000 must remain in account for full 12 month reward period, or will drop to standard variable currently 0.50% (will NOT return to 3% if balance goes back above £1,000)
4 withdrawals permitted throughout the year, 5 or more result in the account reverting to standard variable rate currently 0.50%.

On asking about their ISA offer, I was advised she would need to look on computer as interest rates are changing daily. I asked about 3% in window and was advised "for that you've got to open with a minimum of £1,000 and who's got a spare £1,000 these days" - Great selling technique!!! (Or maybe I just look poor) On asking if I could open the account in branch, I was advised no as it is an ISA Direct account, however brochure says I can so not so good on product knowledge or closing the deal!!

I asked about other ISA if I don't have £1,000.

As I'm a Halifax customer I could apply again DIRECT and would qualify for 0.50%
Alternatively I can open one in branch which attracts a staggering 0.10%

No mention of their fixed rate ISA, again she probably presumed I didn't have the £500 to open one. (I had a suit on too)

So basically moral of the story - No competition to Thornaby and they should focus on what they've been doing in last few weeks.

Quite an interesting find though, neither bank tried to close the deal, and halifax just didn't seem interested in doing anything in branch. Whilst I was stood in the queue a lady tried to pay £500 into her ISA, the cashier passed it back through and asked is it a direct account customer didn't know, asked if set up on line customer advised yes and was told well I can't take your money it's got to be done over the phone or on line - little bit difficult when she had cash in hand!!


So ISA's are a really strong product for us - 171 customers in one day can't be wrong!!

Bureau tips to get that sale

Two branches with a different approach to getting a sale

This from one of our BDM's Nick Moriarty

BARNOLDSWICK branch will offer a free travel first aid pack or free
suitcase strap to try to clinch a currency sale where necessary. The first
aid pack and straps both sell in his branch for £2.75, however they only
cost the SPMr about 75p. It has worked as the decider to keep several
transactions when a customer would have looked elsewhere.

ACCRINGTON branch, when I was there last Friday I was serving from the
Bureau position (giving the staff the benefit of my expertise), customer
came in asking for the Euro rate. I did the usual chat, got him talking
about where he was going, how long, who with, been before? etc. He was
after £1000 of Euros and I can't remember the rates exactly, however when I
explained how many Euros for how much (and he did only want to spend £1000)
he asked what the rate was for that, I told him and he said that was lower
than Althams (pur competitor) and he would go there. I asked him to hang on a second and I
spoke to the Subpostmaster to see if he would agree to round down the sterling
equivalent (which was about £4.48), who agreed.
I went back to the customer and told him we could knock off the £4.48 to bring
it down to a round figure and he agreed and took it.

In reality, the better Althams offer would have given him about 20 Euros
more than us, maybe he didn't quite realise how much the difference was, or
he was pleased with the service but he stayed with us.

I realise the agent had to agree to a reduction in his remuneration, but
this time it worked.