MSE News: Growing number of savers oblivious to interest paid

Wobblydeb

LOL....... you're being stalked by your bank now!

Joe_Bloggs

[FONT=arial,helvetica]@[/FONT]Geoffo M
If you log in to Egg and select view for a specific account from the 'Your Money' page you will see an orange 'see interest rates' field with interest bearing accounts.

If you click on the 'see interest rates' it will display the title 'The current interest on your savings account is' and the appropriate rate followed by a lot of other rates for other accounts that you may or may not have.

Thus Egg can display their current rates on savings accounts as they apply to an individual unlike the Halifax who can display them but choose not to display them.
J_B
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Old_Wrinkly

I note from the list of permitted companies :
http://forums.moneysavingexpert.com/showthread.html?t=781221
that (along with Co-Op Financial Services, Coventry BS and Yorkshire Bank) 'The AA' are listed.
Does anyone know whether this covers their savings account business, or is it just for car-related matters (e.g. insurance)?

I have looked at 'The AA' profile, and they have posted 16 times, but these posts have all been car-related (all in the Motoring, Public Transport & Cycling forum). They haven't posted anything since 18-11-09.

As most of you will know, their savings products are operated by Birmingham Midshires, and as these are part of HBOS (now Lloyds Banking Group), I was wondering whether their online system was going to be 'harmonised' in the way that the Halifax one is.
Yes, I could ask them directly, but if they are already 'stalking' us here , perhaps they would care to let lots of us know at the same time ....
Incidentally, wouldn't it be useful for someone at MSE :money:to have a word with appropriate people at the major savings providers to actively encourage them to respond formally to matters raised in these forum. (If they do not already have someone viewing it, then they are asleep on the job.)

StevieJ

purch wrote: »

Interest Paid :eek: ???

.....as in receiving Interest on a Deposit ????

Wow that's a novel idea !!!

Can't see it ever catching on......

Actually I quite like this banking lark

Mortgage BR +0.95%
2009/10 Cash ISA BR +3.0 %
with the same bank :beer:
Remind me not to invest in them :eek:

Old_Wrinkly

StevieJ,
the balance on your mortgage (money you pay them) is almost certainly bigger than on your ISA (money they pay you). And it's the overall amount of money transferred between you that matters. In addition, with inflation above 3%, that means you will be worse off tomorrow than you are today ...

StevieJ

Old_Wrinkly wrote: »

StevieJ,
the balance on your mortgage (money you pay them) is almost certainly bigger than on your ISA (money they pay you). And it's the overall amount of money transferred between you that matters. In addition, with inflation above 3%, that means you will be worse off tomorrow than you are today ...

OK, so I have a bad deal then

Primrose

I agree that all online savings accounts should show on every statement what interest rate you are earning. Passbook based accounts are more difficult but on every transaction you should be given a slip saying what interest rate you are earning.
I keep a note of all our savings accounts on a spreadsheet and try to update the interest rate regularly. It's easier with fixed term accounts - you know what you're getting but easy access accounts are very sneaky and unless you check every couple of months, you'll probably find that the rate has gone down yet again.
The onerous Money Laundering regulations make it a nightmare to keep moving accounts around to get the best rate. I can't see why we can't all have a one-off Money Laundering Check,(rather like a Criminal Records Bureau check) so that once you're cleared, you appear on a Financial Institution database which is accessible to all institutions so you don't have to continually keep producing documentation. Some institutions do an electoral roll check. If it works effectively for them, why can't others adopt the same process?. They mire themselves down in unnecessary bureauracy and all they do is hinder honest savers. Genuine money launderers are probably clever enough to know how to by-pass the regulations anyway.