Intelligent Finance Rate Crash

webstersfx

Ive just discovered that the Direct Access Savings account i opened in August 2008 with Intelligent Finance (when it was paying 6.4%) is now paying a miserly 0.9% and that is before any reduction following 5th Feb cut in base rates. When i phoned to ask why i had not had any correspondence about the rate cuts their answer was "they are not obliged to notify every rate cut and at 0.9% we are still above the average" which may be true but i have 10 other accounts with various institutions and they have all informed me of every rate cut and as for the above average rate claim i dont know where they are looking for comparisons. So if Intelligent Finance have a policy of not notifying customers of rate crashes i feel the forum should all be aware

prixon

Some time ago they started a new iSaver account which you can have as another "jar" and is essentially the same as the Saver one but 'internet only'. This is when the Saver rates really started to plummet.
If you had spotted this, you could have been getting much better rates since; iSaver is currently 2.75% AER.
To be fair many other organisations don't tell you every time they change the rate.

lukecrom

Thanks for the warning my wife and i had £100,000 between us which i now realise is only earning 0.9% will be moving it first thing tomorrow and will be keeping closer watch on rates in future as well as reading the forum more often - thanks again