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Savers Rights: Name & Shame Accounts which hide interest rates

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Savers Rights: Name & Shame Accounts which hide interest rates

edited 30 November -1 at 1:00AM in Savings & Investments
148 replies 18.8K views
MSE_MartinMSE_Martin MoneySaving Expert
8.3K posts
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edited 30 November -1 at 1:00AM in Savings & Investments
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. [FONT=&quot]

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... [/FONT]

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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Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Replies

  • ozzageozzage Forumite
    518 posts
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    Excellent idea. Signed.
  • nzseries1nzseries1 Forumite
    2.2K posts
    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.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • Natti_ANatti_A Forumite
    190 posts
    Petition Signed! Yay
    Credit Card 6.9% - £0/£2800
    Graduate OD 19.9% - [STRIKE]£1000[/STRIKE] Paid off Sept 11 :beer:

    Sealed Pot Challenger #598
    Pay off as much as you can 2012 #69
  • libra10libra10 Forumite
    13.7K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
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    Great idea. Signed, sealed, delivered.
  • touch*my*food*feel*myforktouch*my*food*feel*myfork Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
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    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

  • BaldurBaldur Forumite
    6.6K posts
    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.
  • rb10rb10 Forumite
    6.3K posts
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    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).
  • MilarkyMilarky Forumite
    6.3K posts
    Part of the Furniture 1,000 Posts
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    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.
    .....under construction....
  • eejaeeja Forumite
    374 posts
    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.
  • elektraelektra Forumite
    1.4K posts
    Cashback Cashier
    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.
This discussion has been closed.

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