MSE News: Faster switching on the horizon for savers

Former_MSE_Helen · 23 July 2015 at 11:04AM

Providers may also be forced to alert customers to changes in interest rates - something which MSE has long called for...

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Faster switching on the horizon for savers

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KTF · 23 July 2015 at 11:44AM

"Of course a clarity over interest rates will leave many people shocked about the spitworthily low rates they are achieving."

I very much doubt that. If people were that bothered, they would already have checked the rate on their account and moved it.

A few extra details on a statement that most of the 'lazy' customers probably don't read anyway will make no difference at all.

Reaper · 23 July 2015 at 12:56PM

Martin: "It is staggering that it's taken this long before someone finally tells banks they need to clearly tell customers what interest rate they're getting on statements."

I completely agree BUT nothing in the rest of the article says anything about putting the interest rate on statements. If the customer still has to pro-actively visit the web site to discover their interest rate it is not going to make much difference, even if it is no longer hidden away in a cupboard in the basement with a sign saying "Beware of the Leopard".

michaels · 23 July 2015 at 1:08PM

I wanted to change the interest payment date on three accounts (one for each of my kids). This involved closing the accounts (in branch only), waiting 24 hours for the IT system to update and then spending an hour with an advisor going through all the same FCA carp that I had to go through 6 months ago when I first opened the accounts. It is a savings account not a mortgage, why does it take an hour of mine and the advisors time including watching the same videos all the way through 3 times, one for each account? It is no wonder they can't afford to pay more than a pittance in interest.

talexuser · 23 July 2015 at 1:09PM

I agree it is frustrating to keep track of rates if they are hidden 6 clicks (and a lot of searching of small print) from your statement. Halifax has the current rate shown on statements, and I can't see why all institutions cannot follow suit. However as a rate tart myself if everybody moved to the best rates being aware of their current pitiful rates, maybe there would be no more best rates out there?

Oblivion · 23 July 2015 at 5:34PM

"Quicker and easier switching. Introducing a new rule requiring firms to provide a "prompt and efficient" service so customers can switch to a better account offered by the same firm."

This is what I'm looking forward to, if it ever happens.

masonic · 23 July 2015 at 7:22PM

All the accounts I have savings in already have 7 day switching.

Vortigern · 23 July 2015 at 7:42PM

Which bank will be the first to offer an incentive for using the faster switching service for savings accounts?

Should I be setting up some savings accounts to use as donors?

colsten · 23 July 2015 at 8:16PM

michaels wrote: »

I wanted to change the interest payment date on three accounts (one for each of my kids).

Which savings accounts are we talking about that allow the account holder to change the date interest is paid? Can I be nosy and ask why you wanted to do that? And did you succeed?

colsten · 23 July 2015 at 8:25PM

masonic wrote: »

All the accounts I have savings in already have 7 day switching.

You and me both, and a whole bunch of others if this forum is anything to go by.

Only time I have ever used a switching service is because I got paid £100+ for using it. If we are promised more of these sorts of enticements, bring it on!

verybigchris · 24 July 2015 at 8:53AM

MSE_Helen wrote: »

Providers may also be forced to alert customers to changes in interest rates - something which MSE has long called for...

I think a lot of MSEers will be unhappy about the change, albeit for selfish reasons.

The people who get caught out by a falling rate are effectively subsidising higher rates for those who pay attention and switch when needed - I'm sure a large proportion of the people on MSE will fall into the second group.

Although it's all a bit moot anyway, given that savings accounts with a bonus still aren't getting close to current account rates.

MSE News: Faster switching on the horizon for savers

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