Savers Rights: Name & Shame Accounts which hide interest rates

boobbby

freebonzo wrote: »

I too pledge my vote for the A&L and their careful way of burying "historic" interest rates as far down the website as possible (5 keystrokes are needed - if you can find your way through all the advertising guff). Then when you get (near) there you find that the account that you thought was unique is actually one of a range of (obscure) flavours - where the rate depends on the account number, the phases of the moon and its inside leg measurement.

Some while ago this incensed me to such an extent that I ungratefully) dared to suggest to A&L that this could - er - be improved. I received the usual customer-un-focused set of reponses:- 1 - ooh noone has ever suggested that before; 2 - their priority is transparency and any other method of displaying this info would be loathed by their customers; 3 - I was probably barking mad for making such a wicked suggestion; 4 - they know best about such things (this was before the masses all suddenly realised that everyone else also shared the same opinion about Bankers) ; 5 - the world would probably come to an end if they were to adjust their websites to produce this info more readily; - oh yes and - 6 - ooh - no other banks do that. (with the implied worry that - were they to do so - they might get slung out of the Total Bankers Union.....)

All these responses bore an uncanny similarity to the experience you often have when you take a car into a garage for a fault to be repaired.....?

So - good on you Martin for highlighting this issue. My one gripe is that so many websites actually play along with the Bankers approach. There must be dozens who report frequently about the rates for brand new deposits. And very clever and helpful they are.

BUT - and please correct me if I'm wrong - I have found none - nor any piece of software - which provides that info on "legacy" accounts. I know that part of the banks approach is to create so many that its impossible to keep tabs on particular ones - and that this would thus make it more difficult to produce this info - than from the glossy figures that banks produce for new accounts.

But with all the ingenuity and strong feelings that there clearly are about this iniquity - surely somebody out there could create some sort of service where you could insert your own details just once and would then receive an automatic report each time one of the Good Old Boys thought it safe to reduce the rate on those accounts still further? I for one would even be prepared to pay for such an important service. (Mmm - well - perhaps thats going just a bit too far.....!?

I find Alliance and Leicester the quickest of all to find the interest rates on any of their accounts

Once you open the Alliance and Leicester window it takes one click on the Quick links / Interest rates.. then just put in the first 3 digits of each account you want to see the interest rate. Takes only seconds!!

freebonzo

Not wishing to bang on about A&L but...... Along with many other posters to this thread I really cannot accept such a benevolent view of them.

1 - Surely the most "transparent" or customer useful place to put interest rates is as part of the on-line banking service for that particular account. Is that asking too much? A&L do not do that.

2 - Instead you have to exit that account and enter through their normal website. Then hit "savings", then hit interest rates.
You are then confronted with the following:-

"Find your current interest rate
To find the interest rate on your savings account with us simply enter the first 3 digits of your account number and select 'Find'
Previous rates and rates that are no longer offered to new applications can be found in closed issue accounts."

Since most of the targeted accounts that do concern punters are indeed short-lived closed issue accounts - where to now? Well if you can stick with it down the list - at the bottom of the page of live accounts you are invited to go to the list of closed accounts. So hit another key. If you can then still manage to recall the account number of the particular flavour of your direct saver or ISA or whatever - then yes - you have at last arrived! Hooray for A&L. So the Spirit of Transparency and Accountability truly does rule OK in A&L Land. Or does it........?

boobbby

freebonzo wrote: »

Not wishing to bang on about A&L but...... Along with many other posters to this thread I really cannot accept such a benevolent view of them.

1 - Surely the most "transparent" or customer useful place to put interest rates is as part of the on-line banking service for that particular account. Is that asking too much? A&L do not do that.

2 - Instead you have to exit that account and enter through their normal website. Then hit "savings", then hit interest rates.
You are then confronted with the following:-

"Find your current interest rate
To find the interest rate on your savings account with us simply enter the first 3 digits of your account number and select 'Find'
Previous rates and rates that are no longer offered to new applications can be found in closed issue accounts."

Since most of the targeted accounts that do concern punters are indeed short-lived closed issue accounts - where to now? Well if you can stick with it down the list - at the bottom of the page of live accounts you are invited to go to the list of closed accounts. So hit another key. If you can then still manage to recall the account number of the particular flavour of your direct saver or ISA or whatever - then yes - you have at last arrived! Hooray for A&L. So the Spirit of Transparency and Accountability truly does rule OK in A&L Land. Or does it........?

If you see the months of problems people had last year transfering ISA's from one provider to another moving money in A & L was a doddle. I opened 2 new accounts for the wife (she wanted to keep her bank account with A & L) one saving and one and ISA and although both are only 3% this is better than her older A&L accounts. Next day checked the internet and found the new accounts had been added so moved the rubbish interest older accounts to the new acounts. I admit this take a phone call as she wanted to close the older accounts and move the money and all the up to date interest. Okay!! I realise both accounts will be succeeded by accounts giving better rates in the future so she will have to change again!!

imp_3

RBS - Shame
We transferred our Cash Isa when they were offering a large bonus. BUT They mislaid our forms and we didn't know where we stood for 3 months. We know when the money went into our accounts but not when they processed our forms which is the important date. It could mean bonus of 2% at best or zero at worst. We have written to ask what rate we are getting but they didn't even acknowledge the letter.

flyingswan

I have banked with Alliance & Leicester for nearly 25 years (OK it was Girobank for half that time). They are very efficient in administering a current account and I have no gripes about that.

BUT BUT BUT They AREN'T interested in Savers, and are the worse company I know for hiding their interest rates........check out their e-Saver Issues 2, 3 and now 4 ! you sign up for what looks like an good rate.....then when the BofE rate drops (again) they suddenly create a new e-Saver 'Issue', currently issue 4 and immediately start dropping the interest rate of previous Issues...........AND they dont even have the guts to inform their investors !!!!!!!! And despite these accounts being E- accounts, advertised as being maintainable online, it is virtually impossible to determine what interest you are getting on a previous issue......instead youhave to pay an expensive 08-blaa blaa blaa line

Avoid A&L ....they dont treat savers well and dont deserve your money !!!!!

Join Savers on Strike before you get ripped off by this evil international corporate scam to rob decent not-in-debt savers like me

elektra

flyingswan wrote: »

I have banked with Alliance & Leicester for nearly 25 years (OK it was Girobank for half that time). They are very efficient in administering a current account and I have no gripes about that.

BUT BUT BUT They AREN'T interested in Savers, and are the worse company I know for hiding their interest rates........check out their e-Saver Issues 2, 3 and now 4 ! you sign up for what looks like an good rate.....then when the BofE rate drops (again) they suddenly create a new e-Saver 'Issue', currently issue 4 and immediately start dropping the interest rate of previous Issues...........AND they dont even have the guts to inform their investors !!!!!!!! And despite these accounts being E- accounts, advertised as being maintainable online, it is virtually impossible to determine what interest you are getting on a previous issue......instead youhave to pay an expensive 08-blaa blaa blaa line

Avoid A&L ....they dont treat savers well and dont deserve your money !!!!!

Join Savers on Strike before you get ripped off by this evil international corporate scam to rob decent not-in-debt savers like me

I agree that it is very irritating when they keep opening new issues/accounts but as others have posted it is EASY to find interest rates on previous accounts.

https://www.alliance-leicester.co.uk/savings/interest-rates.aspx

baby_boomer

Not so easy as to stop A&L - and others - continuing to play these games .

Still, who are we to complain? It's the savings mugs who indirectly enable more expert MSErs to get the highest rates .

What is Martin doing campaigning to get banks to adopt best practices ?

max2002ad

I have just emailed my MP to ask him to sign the Early day motion by vince cable on this subject. There is a website to find out who your mp is but i found it easier just typing my city and mp in to a search engine. Below is what i said to my MP, Could it have been put better ??

Dear ...........
I am writing to enquire if you are planning to support the early day motion put forward by the Liberal Democrat Vince Cable.
The idea of this motion is simple and would greatly help me to monitor the interest rates I receive from my savings.
I am aware that a possible counter argument to this motion is that it would be hard to put in place. However there are many banks that already provide this information such as Halifax and Sainsbury's Bank.
I do hope that you will support this motion as it will have a wide and positive effect on many millions of people in this country.

Thanks for your time

Primrose

Well done Max. I'm writing to my MP too. If you don't know who yours is (or who your local councillors or MEP are), use this useful website: http://www.writetothem.com/

Type in your postcode and it will bring up the information. Just add your name and address and it will automatically bring up a template for you to write your message in, which is then e-mailed to your MP.

I've used this many times. I reckon my MP must know who I am by now, but I always get a meticulous reply, even if sometimes it takes him months to get the information I need out of some government department or other. This whole issue of non transparent savings is a huge problem for millions of savers so I do hope everybody will contact their MP to let them know their feelings on this matter. Don't forget that Council and European elections are coming up this June, with a General Election next year, so MP's will be looking over their shoulders and worrying about votes.

Primrose

For everybody's information, this is Vince Cable's Early Day Motion:

SAVINGS SUMMARY BOX
02.04.2009


Cable, Vincent
That this House recognises that recent cuts in interest rates have led to a significant loss of income for many savers; condemns the fact that most savings statements do not clearly indicate the correct current interest rate of the account and that Bank of England interest rates have changed dramatically over the last six months, leaving many savers confused about the level of interest which they are receiving; notes that there is no technical barrier to publishing a bespoke rate; calls on the Financial Services Authority to give savers the same protection as credit card holders by mandating savings account providers to include a savings summary box in every online and paper statement; further calls on the Financial Services Authority to require that this summary box include the current bespoke interest rate, bonus rates including expiry date, penalties for withdrawal and lay out what institution the account is linked to for the purposes of the Financial Services Compensation Scheme; and anticipates that this simple step will greatly improve the transparency of many savings accounts, enabling hard-pressed savers to ensure they are maximising their savings.