MSE News: Savers could get texts or email alerts when rates drop

I'd welcome it, and also welcome a requirement to put the current interest rate at the top of every on line statement as some organisations already do, as opposed to having to search out a pdf somewhere 3 or 4 clicks away for withdrawn accounts.

Flobberchops wrote: »

You mean, make banks explicitly display the miserable rates their customers have been duped into accepting through migrated or post-bonus account schemes, making it easier for the customer to compare potential earnings across several providers and thus take their business where they get the best return!? Are you mad, sir!?

Well there are some shocking interest rate cuts out there. Take this one. You transfer in between £30,000 and £45,000 to a best buy instant access ISA expecting to receive 1.6% yet within two months that best buy rate will be cut to 0.1% (one 16th of the previous rate). Shouldn't there be laws against that?:D

Rate cuts fine - but there are limits!

http://www.danskebank.co.uk/en-gb/Personal/savings/Savings/Products/Pages/isa.aspx

Rates at 18 July 2016
Danske Cash ISA - total balance Current Rates (Variable)
Interest AER /Tax-free
Under £20,000 0.40% (Variable)
£20,000 to £29,999 0.40% (Variable)
£30,000 and over 1.60% (Variable)

From 18 September 2016 the Danske Cash ISA product rates will reduce to:

Under £20,000 - 0.10% AER/Tax-free
£20,000 to £44,999 - 0.10% AER/Tax-free
£45,000 and over - 1.00% AER/Tax-free

talexuser wrote: »

Well, we're supposed to be in a free market economy depending on competition for maximum efficiency, and since the regulators take eons to get round to address basic common sense things like this... maybe I am!

If you look at the time the average person spends on their phone or social media compared to the time they look for the best financial deals then I think it's completely pointless.

Yesterday I received two letters about forthcoming changes in September (year up on my monthly saver and year up on promotional introductory rate, not changes common to everyone's accounts).

I'm fairly sure I've had notice on other accounts in the past. And some text messages related to one or two accounts. And emails to say there is a message for you, log in to your account to see it.

So I'm not sure what the problem is supposed to be.