Shocked at annual interest on savings

Birdynumnum wrote: »

I was not born with this knowledge

Nor were any of us

it has not been imparted to me

Most of the posts above are trying to do just that

how then in the absence of relevance may I possess it

You could read your statements and correspondence at a minimum

have the trolls finished feeding yet?

That is quite uncalled for and if you stop to think about it you know it too

I too am out of this thread

I also fell for this - old isa with nationwide, recommended by my mum , incorrectly assumed they were trustworthy and i would get a good deal.

Money languished for several years before iirealised, particularly as i wasnt paying in i didnt really look

I can remember being really !!!!ed off at the time as they were advertising much higher rates in the branch. All i had to do was transfer.

I asked why they didnt sutomatically transfer me to new and better products - apparently they wrote to me

Any way - i learned its my responsibility to stay on top of this now. Not exactly how it should be but lesson learned for me and OP now by the looks of things

Hear everything you're sayingvand disagree with none of it.

However i would say the example here is a bit different, for banks etc each year to launch new isa s which are no different from the old ones apart from rate and require you to proactively move from old to new is a bit snidey imo

I think it would not be a bad move for a bank to offer to do that automatically or better still not launch new products. I for one would be more inclined to stay with the same bank for .25 / .5 % interest less just to avoid the faff of moving (adkittedly low sums at the moment)

Like any enterprise i get that its a way they make money just relying on the ignorance / apathy of customers - energy companies with better tariffs no exception.

However that experience (and another bad experience ) with nationwide means that as of april next year they will have lost me as a customer for both a cash isa and my childs trust fund.

Also on my advice my mum is no w ditching t hem for her retirement fund.

My car is lucky if it get washed once a year and i clothes shop once a year if im lucky

I am a single parent, work 70 hours a week and on average sleep 3 nights a week in my own bed if im lucky.

Tomorrow i will be putting 3 separate pieces of luggage in my boot to see me through the next week and a half of work travel and fun weekend away.

Filling in a form IS alot of faff for me.

Sermon understood though - im on top of things now: lot least my having my finances manageable on line.

Get your point on nw re emotive decisions, t hey peed meoff but the biggest driver is rubbish service and poor rates

Fyi the nail in the coffin was when they asked into branch for a financial review after i expressed an interest in s+s isa with them.

Had an appointment with a fa they provided, i had emailed a lll my details in advance, copy bank statements, payslips, pension mortgage the works.

She wast e d an hour of my time sat morning asking me again for all t hiis info while filling in a form with info she already had then another hour looking at my risk attiitude despite me explaining many times that different elements of mymoney. C a n be risk profiled in different ways ie. I already have a pension so would gamble more wi t h s+s isa etc

End of it all she recommended a basket of funds i could have picked myself and then wanted over 500 quid cash upfront as mgt fee to set this up and a further review meeting in a months time to finalise my investments after analysing my risk profile.

Waste of my time and frilustrating as there is no mention of upfront fees on the website (go have a look)

I think i got grounds to ditch them on this basis.

Incidently thats when i ended up coming here

Thanks mse for doing what nationwide couldnt and doing it for free

masonic wrote: »

It's quite unusual to end up here without at least browsing around the main site or signing up to the weekly email and MSE has been banging the drum about the need to switch savings accounts regularly to avoid ending up with poor interest tirelessly for the last decade or so. So, there tends to be an expectation that posters here would know at least that much. In that situation, going on to mention the possibility of getting compensation is likely to play on frustrations.

A post asking for help to avoid it happening again is likely to get a much better response that one asking for compensation and not accepting any blame for making mistakes.

I think there are plenty of ideas here for learning and acting to improve the interest you earn. If it wasn't for reading MSE then I wouldn't have known about the TSB accounts and been able to put cash in them.

I'm just glad the vast majority of my money is in S&S ISAs so I don't need to worry about the yearly churn that cash seems to need.