Stop! Isa thieves campaign

bagsacash

Savers with fixed-rate cash Isas need to move their money when their deal ends - or they could end up earning as little as 0.1 pc.
If you fail to act when your fixed-rate deal runs out, some banks and building societies move your money into an account where you earn a pittance.

Or you have to give them a month's notice that you want your money back. a move to a poor account means that your interest will plummet from as much as £580 a year to just £10 on £10,000 savings.


http://www.dailymail.co.uk/money/article-1265839/Avoid-misers-trap-Isa-deals.html

BEWARE the theiving banks are always trying to rip YOU off!

rb10

You can tell that was written by the Daily Mail

RayWolfe

Any petitions out their to MAKE savers take responsibility for their own affairs?
What does the DM want? More laws, more red tape? Surely not.

bagsacash

What does the DM want? More laws, more red tape? Surely not.

It look as if the DM want petitions to educate people what the banks are up to, then those people can take their money from the theiving banks and put it into batter paying ones. No need for red tape.

HouseHuntr

bagsacash wrote: »

Savers with fixed-rate cash Isas need to move their money when their deal ends - or they could end up earning as little as 0.1 pc.
If you fail to act when your fixed-rate deal runs out, some banks and building societies move your money into an account where you earn a pittance.

Or you have to give them a month's notice that you want your money back. a move to a poor account means that your interest will plummet from as much as £580 a year to just £10 on £10,000 savings.


http://www.dailymail.co.uk/money/article-1265839/Avoid-misers-trap-Isa-deals.html

BEWARE the theiving banks are always trying to rip YOU off!

Yawwwwnnnn! Been a little slack with your own accounting have you and now trying to blame the banks for your own misgivings? Must have hurt you losing out on so much interest!

pressuredrop_2

Fixed-rate ISA's become variable-rate ISA's at the end of the term.

Whoda thunk it.

I love the banks me.

bagsacash

Yawwwwnnnn! Been a little slack with your own accounting have you and now trying to blame the banks for your own misgivings? Must have hurt you losing out on so much interest!

It hasn't happened to me but I know a few old age pensioners who have been devistated by this nasty little trick the banks pull on them. Does that make you feel better about yourself?

glider3560

What do you want the banks to do? "We'll fix your rate for 12 months, plus we'll then give you the same rate for another month whilst you decide what to do with the money."

Get real. It is made clear when you open the account what will happen at the end of the term. Nevertheless, you can arrange a transfer before the maturity date with instructions to transfer on the date of maturity.

RayWolfe

bagsacash wrote: »

It look as if the DM want petitions to educate people what the banks are up to

So how, exactly do petitions "educate" people?
I thought education educates people.
Then again, I thought the sole purpose of newspapers was to sell newspapers ... except when they are owned by rich people who want to get politicians to change laws to suit themselves.

"BEWARE the thieving newspaper owners are always trying to rip YOU off!" To quote a well known phrase or saying!

premierfella

There is good reason for a campaign relating to ISAs, but this isn't it (the issue the DM is trumpeting here applies equally to other non-cash ISA savings accounts as it does to cash ISAs and requires financial education and awareness only, not any change to business practices IMO).

DM should concentrate their efforts on a campaign to tighten the timescales financial institutions are allowed for transferring cash ISAs and introducing automatic financial penalties for those who are unable or unwilling to abide by tighter timescales.

bagsacash

What do you want the banks to do?

No, no, why not something simple like putting the money into their highest paying ISA they have at the time instead of leaving it in the lowest paying ISA.

You know treat the customer fairly, or is that asking too much from the banking industry?