Savers Rights: Name & Shame Accounts which hide interest rates

jcumpsty

I wouldnt be supporting any motion which means extra administration effort for my bank or building society.

Dont people realise that EVERYTHING comes at a PRICE? Nothing is free!

So if we get a motion passed which results in more work for our bank, we pay; through fees, service cuts, lower interest rates, etc. I advocate most actions which are taken in an attempt to save money on this site, however sometimes I do beleive it is a false economy.

If I want to know what my interest rate is I will find out. I dont need to pay someone to print it on my statement each month, which ultimatly is what we will be doing.

Nomad25

IMHO, it wouldn't take any extra effort. In fact it might negate them having to send out '% drop' notification emails every month. Egg have now sent me 6 saying the same.

But I do agree with your sentiments on charging, although they'll get you one way or another.

fullstop

jcumpsty wrote: »

I wouldnt be supporting any motion which means extra administration effort for my bank or building society.

Dont people realise that EVERYTHING comes at a PRICE? Nothing is free!

So if we get a motion passed which results in more work for our bank, we pay; through fees, service cuts, lower interest rates, etc. I advocate most actions which are taken in an attempt to save money on this site, however sometimes I do beleive it is a false economy.

If I want to know what my interest rate is I will find out. I dont need to pay someone to print it on my statement each month, which ultimatly is what we will be doing.

I took out a savings account with ING earlier in the year, one of their many special offers, have lost count of the number of letters that drop through my door at least one every two weeks. offering new accounts and loans, all go in paper bag., so sending out a notice about interest rate changes should be no problem

BruceyBonus

I've just received my current account statement from HSBC in the post. At the bottom, it states the current debit and credit interest rates. Not something I've ever seen on their statements before. This must have had a positive effect on at least one bank!

Don't have a scanner to hand at the moment, but will scan it and upload a copy on Tuesday.

savetilibleed

I just logged onto my ING Direct account today. There is a flash announcing their website is going to change on 11 May. They say "We have listened to Customers". The Log-in button will move to the top right so be easier to spot and the layout will improve. Nothing about displaying interest rates that apply to individual's accounts though.

Given that there have so many bonus offers that available at various times, in that first year there will be different gross interest to different people depending when what offer was on at the time of application. When I complained about this they said they would have to make manual changes to people's pages if current rate applicable were to be a feature.

So don't hold yer breath :rolleyes:

Would be a nice touch though

g3lcs

Alliance 7 Leicester have just announced that their current account(premier direct) is to have an interest rate of 6% !!! Guess what -It's for NEW customers only. They say I cannot close my account and rejoin to get this rate. Funny that. I just did that exact thing with ING to get their 2.75% rate on their direct savings account.

I am scunnered (means !!!! !!!!!! off -- to non Scots people)
Gogs

frivolous_fay

What was the response from 'PM' after the petition closed? I didn't hear about it at the time or I'd have definitely signed

mifster

I wrote to my MP to encourage him to sign the early day motion and he replied saying that he tends not to sign EDMs but he had forwarded my request to the Chancellor.
I received a reply from Ian Pearson MP in the HM Treasury saying that from November 1st 2009, the FSA will assume responsibility for retail banking regulation. New requirements will be laid on banks and building societies under FSA rules. For current accounts and instant access savings accounts, firms will be required to include details of interest rates in the initial contract and provide two months advance notice for any change to interest rates (unless a reference interest rate, such as a link to the base rate, is used or the change is more favourable to the consumer).
Apparently the FSA are planning to consult on the proposals to introduce a rule requiring advance notice of detrimental interest rate changes for all other types of deposit accounts. The new rules will also require that firms communicate appropriate information to consumers in good time, in an appropriate medium and in easily understandable language. While these changes do not contain a prescriptive requirement for a “summary box”, the FSA believes that they will adequately address the concerns we have in relation to consumer awareness of interest rates on savings accounts.