Savers Rights: Name & Shame Accounts which hide interest rates

Nomad25

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).

What that man said with knobs on. In fact, Nationwide seem hell bent on alienating their customers these days - they are doing all sorts of poopy things.

Smithills

SHAME- Lloyds TSB. I have a current account- Classic Plus (from memory)- am I still on the bonus rate, or the normal rate. And what rate are either of those?

Too hard. Why do we have to struggle? Off to sign the petition now- thanks Martin!

zannie_2

I am annoyed with Egg they have just informed me that the interest rate is going down but backdated to february. this is very unfair practice I think and will move my account now

zannie_2

PRAISE - Smile Account they send emails each time they change the rate so at least you know what you are going. Saying that the ISA rate now is rubbish

loopy_monster

halifax really good on the main page of your savings accoount current transactions pg. on the net

Roger_Rampant

firstTimeBuyer wrote: »

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!

Only because people let them get away with it, people in the UK are more likely to change their partner (i.e. divorce) than they are to change bank! :rotfl:

Egg always send me a letter telling me of the interest rate changes, which I file and can look at whenever I want to know what rate they are currently paying me. Not exactly rocket science.

DT1_3

With email notifications becoming more common, why do banks/building societies take so long to notify changes in their interest rates to savers ?

e.g. Yorkshire Building Society:-
1) Rate changed 28 Dec 08 - notified 23 Jan 09
2) Rate changed 1 Feb 09 - notified 12 Feb 09
3) Rate changed 22 Feb 09 - notified 12 Mar 09

Granted they delayed changing their rates following falls in the base rate but surely they could have geared up for email notifications to go out promptly.

misterfish

Yes - this is an excellent idea.

We have several savings accounts and it is always difficult to find actual rates. What I find difficult is to be sent to a page of accounts with lists of interest rates only to not find what I'm looking for. Usually there is a very small piece of text (with hyperlink) to 'other accounts' or 'accounts no longer available'.

The other annoyance is that interest rates change without any notification. We had cash in an Abbey 'Postal only' mini cash ISA that was giving good rates. After following the suggestions on this site I spent time trying to find the current interest rate and was horrified to find that it had dropped really low without any warning. When we transferred the cash to a better ISA all we got was a letter to say that it had been done but no indication of the transferred amount. On the phone they told me the amount but then said that they did not send out closing statements; we are expected to trust them but have no method of checking the details. We have registered a 'complaint' and the 'relevant department' are due to get back to us.

This is just another of the banks' obfuscation techniques. They should inform customers of all changes and details of account holdings.

Misterfish

phased

gingergirl21 wrote: »

I got my application in for my Tesco saving account on 7 Jan (deadline for bonus rate).

When I got my forms back a leaflet was enclosed with the current rate but by the time I got the forms it was Feb.

I telephoned to check what interest rate I would get and an automated message said that all applications received on or before 7 Jan were eligible for bonus rate - however I can't remember what this is and it does not say anywhere.

My account is now open and my savings are in there but how do I know that I am actually getting the right rate? What do I do if I don't? I never got any confirmation of my application and the letter enclosing the paperwork did not say when the application was received.

I just feel very uncertain about it and don't know how to check other than ringing them - but I should I have to go this far?

Exactly my own situation!
Tried phone line several times but held in queue too long and gave up!
Included note requesting confirmation of Bonus Rate at each postal stage following online application but no replies!
Many weeks delay between stages!
Absolutely useless communication and not worth the hassle ~ so, without knowing Interest rate I have not made any further Deposits into account despite it looking a good deal IF the bonus is included (probably not that good if not!).
Have put money back into Ing Direct (having taken all out after Kaupthing Edge collapse) and also Citibank ~ both being quick, efficient and communicative.
Tesco Savings needs to be taken to task, particularly since it featured as top product for many weeks in Martin's best deals at the time of the promised bonus and gained many new customers from this powerful free advertising!

b4stan

Hurrah, hurrah, hurrah, AT LAST a petition for interest rates to be shown on our accounts, I've been asking the bank to do this for ages - keep up the good work Martin, or should it be David against Goliath? And please don't give up!:T:beer: