Financial Services (105)

From Facebook like to interest rate hike

From Facebook like to interest rate hike

Fidor Bank from Munich promises their customers they will increase their interest rate depending on the amount of likes they get on their Facebook page. The rate will go up by 0.1% for every thousand fans, though the maximum increase is set at  1.5 per cent in 2012.

Why it matters

The bank is seeking to gain attention, especially from potential new customers via social networks. But apart from this, is this a good way of getting a real return on investment for both customers and the bank?

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