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[MSE Martin]

Does your savings account HIDE the interest rate?

Why don't savings accounts statements tell us the exact interest rate we're earning? Even online accounts seem incapable; at best, clicking check current rates provides a list of scores of accounts; not your specific interest rate, leaving many mistakenly thinking they get more than they do.

With rates changing so rapidly, knowing your current interest is crucial. There's no technology barrier to doing this, so it must be deliberate obfuscation, to keep people in poor paying accounts.

Time for a Savings Summary Box.

Credit cards must provide a summary box, listing all the key info. With base rates nearing 0%, it's time the regulator, the FSA, gave savers similar protection. It should list the current interest rate, any bonuses, withdrawal penalties, the savings safety situation & more. So I'm starting a campaign, this is a small change, so there's no obstacle...

Sign the No 10 Petition:
Savers Rights: Savings Summary Box

Name & Shame (or Praise) your account

Reply below to name & shame (or praise) your account and help us find the honest dealers and worst offenders. How easy or tough it is to find your current interest rate?

Further reading: Instant Access Savings, Cash ISAs, Regular Savers, Savings Safety

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[ozzage]

Excellent idea. Signed.

[nzseries1]

EGG - shame! When you visit the "interest rates" page, you are met with literally hundreds upon hundreds of accounts (if you opened between this date and this date, if it was this product or this product, if it was a Friday or a Monday). Why can't they just tell you what your interest rate is on a separate internet banking screen? Martin's right - because they're trying to be deceptive. In their defense, they do send you a letter, but usually only weeks after the rate change.

TESCO - they send letters too but are usually more prompt. Plus they only have one interest rate across the board, you just have to remember whether or not you have a bonus rate as well.

[Natti_A]

Petition Signed! Yay

[libra10]

Great idea. Signed, sealed, delivered.

[touch*my*food*feel*myfork]

Allience and Leicester - SHAME - just a page online showing latest rates for many different accounts, it must be easy enough to have your interest rate attached to your account

[Baldur]

Originally Posted by touch*my*food*feel*myfork

Allience and Leicester - SHAME - just a page online showing latest rates for many different accounts, it must be easy enough to have your interest rate attached to your account

A&L are actually one of the better ones, if you enter the first 3 digits of your account number here, you are shown the rate for your specific account.

[rb10]

HALIFAX: Praise. Although there's no full summary box, each account does give the current interest rate applying to your account when you log in to internet banking.

NATIONWIDE: Shame. They don't give you the current interest rate inside internet banking (except, curiously, for the now unavailable Members' Reward Bond). However, in their favour interest rates are very easy to find on the main site (you just have to hunt them out).

[Milarky]

I think Lloyds are poor - possibly typical - because they publish rates after they have already changed - taking full advantage of the 'three working days' they are permitted under the toothless Banking Code after any change to update their website - let alone get the posters into branches etc.

So I'm actually more concerned with the datedness of interest rate data rather than saying "it needs to be HERE! in 16 point print at all times..."

The Banking Code is really the problem, ladies and gentlemen, as its provisions do not create a positive onus on banks to keep their customers intimately informed on interest rates in particular. The FSA takes over the Banking Code on 1 December. The FSA therefore needs a good 'roughing up' by banks' customers between now and then on this - and all banking related failings - so they get the message, loud and clear, that we will now put up with any more of their milk-toast in the name of consumer protection. If they don't want to do the job properly let them hand it over to a real public-interest body.

[eeja]

Shame on : Nationwide Isle of Man.

They do not show the interest rate on their customers' online banking page .
They refused to do so when the issue was raised with them claiming 'too complicated' to do this !
A garland for Anglo Irish who do give the interest rate on their online banking page clearly and visibly.

[elektra]

Birmingham Midshires : Half PRAISE - current interest rate is displayed as well as tax status (gross interest) when you login to account. However I'm not sure I receive emails telling me of interest rate change.

[D1zzy]

Halifax - praise interest rates against each account (best of all!!)
A & L - praise - enter first 3 digits of account to dispay rates
Natwest - praise easy as long as you know your account name
ING - impossible to find the bonus rate applying (worst of all)
LTSB - buried in the "non marketed accounts"

Its is now also essential to know the exact name and issue no of you account - (EG LTSB - Online Saver replaced by Internet Saver replaced by E-saver as each became "non-marketed"

[ScarletBea]

Natwest - SHAME - like somebody said, you need to remember when you opened the account to see if you had bonus, and what type of bonus... why can't it be accessible from your own online banking???

Yorkshire building society - PRAISE - inside the online banking pages, clear indication of the rate

[Consumerist]

EGG again - SHAME

and

ICICI - SHAME (But at least they do send emails when rates change - if you can keep up with them)

Petition signed.

[SnowMan]

Bradford and Bingley: SHAME in capital letters with brass knobs on and lots of other bright and jangly dangly bits attached. Not only can you not see the rate when logging in but when you identify your account and look it up it doesn't even tell you when the current interest rate applies from. They seem to have scanned the weak banking code in minute detail to disclose absolutely nothing they don't have to.

And don't get me onto their continually superceding accounts by newer accounts with higher interest rates and cutting the rate on the old account. I have had to move from internet saver 1 to internet saver 2 to internet saver 3 to e saver 6 and to e saver 7. What a disgrace.

First Direct, Tesco, Nat West: Shame , can’t see the rate for your account when logging in. At least Tesco is a single rate for all (1.5% bonus aside)

Birmingham Midshires: Praise As mentioned earlier rate shows clearly when you log in

[savetilibleed]

Good
Yorkshire Building Society - display current interest rate for account as soon as it changes, also a link for interest rate history and to interest paid, gross and net, in past tax years. But emails to notify changes 2-3 weks after event.
Saga - displays current interest rate - no emails though.

Bad
Bradford & Bingley & very late with emails
Northern Rock - no display (but always send email a few days before change happens-good)
Abbey - no emails or display
Coventry BS - no interest display (don't know about emails-have fixed rate accounts)
ING - get letter about 2 weeks later, or phone then to ask mine

(Edit: BTW Petition signed)

[withnell]

Big praisse for Anglo irish, who as well as stamping in the account activity every time the rate changes, also displays accrued gross and net interest to date

[poppy10]

Bradford and Bingley make it nice and easy:
http://www.bradford-bingley.co.uk/sa...ings-rates.asp

[2BlUeCaR4U]

I have difficulty finding the interest rates at the following, in no particular order :-
Alliance & Leicester
Bradford & Bingley
Birmingham Midshires
Egg ( the worst )
Tesco
Cahoot
Coventry Building Society

[eeja]

Originally Posted by withnell

Big praisse for Anglo irish, who as well as stamping in the account activity every time the rate changes, also displays accrued gross and net interest to date

Agreed...this is one excellent feature with this otherwise much maligned and crticised Irish bank.
Credit should be given where credit is due ...