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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
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  • VickiBVickiB Forumite
    13 posts
    I signed up for the SAGA tracker easy-access account as it tracks the top 5 easy access accounts (excluding any super-high ones). Fine. After 3 months I wanted to know what the rate currently was but couldn't find any reference on the website. I phoned them and the guy had to go off for ages to find out. The trick is to select a different account and then click on historic rates where you will find the current rate for this account - the process involves 8 clicks & none except the last refer to this account. If you didn't know you'd never work it out! Hardly intuitive!
  • JayDJayD Forumite
    570 posts
    Part of the Furniture 500 Posts Combo Breaker
    ✭✭
    Baldur wrote: »
    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.


    The point is YOU SHOULDN'T HAVE TO!

    I am an A & L customer who is also very unhappy with the lack of openness regarding interest rates.

    Why can't the current interest rate being paid to you (or charged to you) be on the same page as your current statement - be it online or on paper?

    Why do we have to search it out?

    It is wrong - whether it is one hoop, several hoops or an impossible maze that has to be negotiated.

    It is wrong not to inlcude that very important piece of information with the rest of your current statement details.

    I hope the peition gets so many signatures that it can't be ignored.
    But then this governement is very good at ignoring things no matter how loudly we shout - and very good at giving huge rambling 'justifications' (wool over eyes waffle) as to why ....
  • Great petition idea!

    PRAISE - Halifax - always have the rates on the top of the internet banking screen for each account.

    SHAME - Lloyds TSB - you have to search for 5 mins or so to find the rate, and it is not always which rate applies to your particular account.

    WORST SHAME - A&L - even though it claims you can find the rate if you put in the first few digits of your account number, the rates then shown may not be correct!
    The best advice you can give your children: "Take responsibility for your own actions...and always Read the Small Print!"
    ..."Mind yer a*se on the step!"
    TTC with FI - RIP my 2 MC Angels - 3rd full ICSI starts May/June 2009 - BFP!!! Please let it be 'third time lucky'..... EDD 7th March 2010.
  • JayD wrote: »
    The point is YOU SHOULDN'T HAVE TO!

    I am an A & L customer who is also very unhappy with the lack of openness regarding interest rates.

    Why can't the current interest rate being paid to you (or charged to you) be on the same page as your current statement - be it online or on paper?

    Why do we have to search it out?

    It is wrong - whether it is one hoop, several hoops or an impossible maze that has to be negotiated.

    It is wrong not to inlcude that very important piece of information with the rest of your current statement details.

    I hope the peition gets so many signatures that it can't be ignored.
    But then this governement is very good at ignoring things no matter how loudly we shout - and very good at giving huge rambling 'justifications' (wool over eyes waffle) as to why ....


    Too right, when it comes to banks they seem to get all the handouts going, and still get to rob their customers as they always have done!
  • savetilibleedsavetilibleed Forumite
    1.4K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    ✭✭✭
    [snipped]
    ING - they have an easy-to-spot link to "Interest Rates" when viewing account transactions. This opens a new window with a choice of 4 accounts to check the interest rate for. Only straightforward because of the small number of accounts listed.
    [snipped]
    Ronnie
    ING do indeed have the link you mention. But as my ING Direct account has only been open only a few months, and still has the bonus that applied when I opened it, when the underlying rates changes I have to remember what the bonus was to work out my gross. So much better it was displayed on the account view.
  • Most of the accounts I use don't make it easy to check the interest rate but the worse is Alliance & Leicester. Not only do they keep closing and reissuing new accounts with very similar names but it's nearly impossible to find current rates of closed accounts. They also have a very irritating permium rate number for enquiries and don't take emails.

    The Principality and ICICI are quite good in that they always send you an email when your rate changes.
    :beer:
  • Full marks to NORTHERN ROCK. The only institution I know that publishes IN ADVANCE changes to their interest rates. Tesco did it for their February change but not for their March change.
    How many of us have chased an enticing rate and when all the paperwork is settled and the transfer is made the rate has dropped. And the bank doesn't know this....
    So why can't we see banks forced to publish interest rate changes two weeks IN ADVANCE. This should be published on their website, on your logon screen, and they should send you an email all two weeks in advance.
    Please sign the petition.
  • AndwynnAndwynn Forumite
    6 posts
    rb10 wrote: »
    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.

    They do if you are looking at a web saver account, maybe some others, but my current account with them never has shown up. At the moment I have both a High Interest current account and a Reward account (which is different, cos they just give you a fiver a month - which is quite a nice deal atm, although I'm curious how the tax situation plays out on that one!), but when I had a 'normal' current account, that didn't, either. It's possible the 'overdraft limit' line replaces the interest rate line on current accounts.
  • I heavily criticise ABBEY for keeping rates as hidden as they possibly can
    I have 2 joint Postal Savings accounts which only receive quarterly statements so it was not until 3 months after receiving a previous statement that showed a reasonably high interest rate that I noticed a small interest debit and when I worked it out it is only 0.1% - yes the decimal point is in the right place!!
    Having taken out these accounts as long term savings for retirement planning with a high interest rate why should they not HAVE to inform me that they are cutting the rate so drastically. They are only too keen to boast about the high rates to get you hooked in the first place
  • steveandelsteveandel Forumite
    247 posts
    Baldur wrote: »
    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.

    I agree. A&L are one of the easiest ones, all you need to know is the first 3 digits of your account number.
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