Savers Rights: Name & Shame Accounts which hide interest rates

lostweekender

Hey Martin great i've been mumbling about this for months now

Considering I have internet access I have to call Ing to find out my rates

Barclays Tax Haven Isa - well hardly considering they couldn't cough up the 6.5% for 3 weeks after thet took my money

Maybe I should send them a letter containing my charges !

:rotfl: well what else can you do!!

starlet10

SHAME: First Direct eISA - the rates for these are usually fixed for a year after opening and then it drops drastically. You can find the rate for the matured ISAs and for new ISAs on the website. However, if like me, you can't remember what the rate was on the date you opened last year's ISA account, it is impossible to find online what the current rate for your ISA account is. You have to contact customer services.

PRAISE: Halifax - very clearly shown for each savings account. :T

boobbby

I think Egg is the best and here is a regular typical email I received the other day. Which other account gives 1% cashback and further instant cashbacks from some retailer up to 10%. When my 12 months 6.3% rate finishes I will pay the money onto my Egg credit card which gives 4% interest when in credit. (I dont think this cashback credit card is available at present)

Dear Mr Robert Brown

As you may already know, the Bank of England recently decreased the Base Rate from 1.50% to 1.00%. Following this, we've decreased the underlying internet rate by 0.25% as shown below.

The rate below is applicable after 12 months from account opening: BalanceUp until
19 Feb 2009From
20 Feb 2009Underlying Internet Rate (variable)£1+1.50% gross pa/AER1.25% gross pa/AERPlease note:
This notification does not affect the rate payable on your Egg Savings Account (internet) during the first 12 months. The introductory interest rate is fixed and therefore remains at 6.30% gross pa/AER for 12 months from account opening.

Click the link below to find out more about our Egg Savings Accounts and to get a summary of our current and previous savings rates.

opinions4u

boobbby wrote: »

I think Egg is the best and here is a regular typical email I received the other day. Which other account gives 1% cashback and further instant cashbacks from some retailer up to 10%. When my 12 months 6.3% rate finishes I will pay the money onto my Egg credit card which gives 4% interest when in credit. (I dont think this cashback credit card is available at present)

Dear Mr Robert Brown

As you may already know, the Bank of England recently decreased the Base Rate from 1.50% to 1.00%. Following this, we've decreased the underlying internet rate by 0.25% as shown below.

The rate below is applicable after 12 months from account opening: BalanceUp until
19 Feb 2009From
20 Feb 2009Underlying Internet Rate (variable)£1+1.50% gross pa/AER1.25% gross pa/AERPlease note:
This notification does not affect the rate payable on your Egg Savings Account (internet) during the first 12 months. The introductory interest rate is fixed and therefore remains at 6.30% gross pa/AER for 12 months from account opening.

Click the link below to find out more about our Egg Savings Accounts and to get a summary of our current and previous savings rates.

I think you have totally missed the point.

1) You can't see the savings rate specifically for your account on screen, you have to translate a long list off differing interest rates that change depending on the date you opened an account. So to know what rate you are getting you have to remember when you opened it!

2) You got your email above around 3-4 weeks AFTER they reduced your rate. That doesn't really make them "one of the best".

As for cashback credit card, 6.3% fixed accounts and 4% credit interest on Egg Money, that's fabulous and I love it. Shame no new customers can get near any of it!!

JRG

My current and savings accounts are with the Halifax.

For the current account the interest rate is shown on each monthly statement. However, now I've changed it to the new Reward accounts this doesn't really apply.

For the savings accounts the interest rates are shown on the online banking screen. However, I have to check the date they changed by going to the interest rate pages on their main website.

Primrose

A "thumbs down" to the Britannia who only pay out a Loyalty Bonus on a maximum of £20,000 savings, whether it's held in single or joint names. Maybe things will change once they've fully merged with the Coop but I haven't read much about that recently since the original announcement and what the new conditions/dividends, etc will be.

MrsMillar

I find A&L really difficult. Especially the rate at which they close their latest eSaver only to open another. You go to their "closed accounts" page and there are loads of different accounts, and then different rates within each account depending on when it was opened.

Why an internet account can't simply either display the rate, or have a link to the rate applicable to that particlar account, I've no idea.

opinions4u

MrsMillar wrote: »

Why an internet account can't simply either display the rate, or have a link to the rate applicable to that particlar account, I've no idea.

Because the internet is fast.

You spot you're getting a poor rate, you go to a comparison site and open a new account with a higher paying provider and you use faster payments to shift your money from "A" to "B".

If they don't tell you the rate, you're less likely to follow any of the other steps outlined above and the provider makes bigger profits. If you have to make a phone call or go in to a branch there is also far less chance that you'll be bothered to do anything about it.

moneysense_2

the Halifax shows interest rate for most, but not all its acccounts when you; access them online but BEWARE the rate may not apply if you haven't (perhaps even unknowingly) met all the requirements! I have even phoned to ask if the interest shown does actually apply but have been told that it may not but they couldn't even check themselves to tell me!!
PLEASE COULD THE CURRENT ACTUAL INTEREST RATE BE SHOWN ON ALL STATEMENTS AND EVEN MORE IMPORTANTLY IN THE ACCOUNT INFO SHOWN ON THE INTERNET WHEN YOU ACCESS YOUR ACCOUNT.

rb10

moneysense wrote: »

the Halifax shows interest rate for most, but not all its acccounts when you; access them online but BEWARE the rate may not apply if you haven't (perhaps even unknowingly) met all the requirements! I have even phoned to ask if the interest shown does actually apply but have been told that it may not but they couldn't even check themselves to tell me!!
PLEASE COULD THE CURRENT ACTUAL INTEREST RATE BE SHOWN ON ALL STATEMENTS AND EVEN MORE IMPORTANTLY IN THE ACCOUNT INFO SHOWN ON THE INTERNET WHEN YOU ACCESS YOUR ACCOUNT.

You are talking about the Guaranteed Saver Reward. They can't show a definitive rate at any one time, because the rate received in any one month depends on whether you pay £1k into a current account during that month. Of course Halifax can't check whether you might at some stage later this month pay £1000 into a current account because you haven't (necessarily) done it yet!

But, they have got around this in a very good way - they show online the variable rate that you would get if you didn't meet the extra requirements. The higher rate is fixed anyway, so that will always be the same. So they are generally actually showing a rate that is lower than the rate you will receive.