Stop! Isa thieves campaign

Lokolo

bagsacash wrote: »

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?

What if the highest paying ISA is a fixed term for 12 months? The customer is then stuck for the next 12 months.

What if the highest paying ISA allows new money only? How can the bank get around that.

The banks put it in the EASY ACCESS ISA, which just happens to be the lowest rate given.

cloud_dog

I think bagsacash may fall off his horse one day.

Some bank activities are devious and unfair but this thread is just a joke.

Reaper

The only compaign that is needed is to show the current interest rate on your statements & when looking at your account online. It is one Martin started but doesn't seem to be actively pursuing any more and sadly while the parties have picked up on other consumer initiatives to campaign over none of them seem to have picked up on this one.

Once that has been done then savers can easily realise when their fixed/bonus rates have ended and take action, and if they don't that's their problem. The DM campaign is poorly targeted.

bagsacash

What if the highest paying ISA is a fixed term for 12 months? The customer is then stuck for the next 12 months.

What if the highest paying ISA allows new money only? How can the bank get around that.

The banks put it in the EASY ACCESS ISA, which just happens to be the lowest rate given.


Yes, what if the banks STOPPED creating daft T&C/ crazy account rules so their customers dont have to jump through rings of fire to get the best rate on offer.

A strange business banking, not many business offer their customers the cr*ppest product and expect the customer to be happy.


What the masses should do is start shifting their saving to a Post Office account, ok you will get a poor rate of return for awhile, but the more people shift their money, the less the big banks will have. They will have to increase their rates to attract customers back.

glider3560

bagsacash wrote: »

What the masses should do is start shifting their saving to a Post Office account, ok you will get a poor rate of return for awhile, but the more people shift their money, the less the big banks will have. They will have to increase their rates to attract customers back.

You are aware that Post Office accounts are provided by a big bad nasty bank?

Bank of Ireland provide all PO bank accounts. BoI are currently being propped up by the Irish taxpayer.

bagsacash

Bank of Ireland provide all PO bank accounts

That would be great - all that lovely money pouring into an Irish back.

Hungerdunger

bagsacash wrote: »

Yes, what if the banks STOPPED creating daft T&C/ crazy account rules so their customers dont have to jump through rings of fire to get the best rate on offer.

So the bank / Building Society write to you about three weeks before your fixed-rate matures. They tell you what options they have on offer, so that you can look around for a better rate if you want to; they also tell you where they will put your money if they don't hear from you by the maturity date.

Sounds pretty simple to me. Where are the "Crazy" rules and the "rings of fire"?

I really can't see your problem, apart from a dose of Dailymailitis. I'm sure you are able to manage other aspects of your life such as insuring your house and car; maintaining the condition of your house; and I'm pretty sure you'd expect others to do the same. Just what is your problem with taking responsibility for maximising your savings?

dunstonh

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.

Could you imagine a world where people have the knowledge and attitude of a typical Daily Mail reader. It would be hell.

RayWolfe

dunstonh wrote: »

Could you imagine a world where people have the knowledge and attitude of a typical Daily Mail reader. It would be hell.

Arrrrgh! Don't. Please.

LesU

No wonder the banks are doing their best to fool people and trick them out of their money when the only criticism they get for such underhand practices is what I read here.
'Rings of fire' is not the way I would describe the process, more like keeping spinning plates in the air. Every year add a new plate.
We hear a lot from the banks about how ISAs pay less interest because of the overheads. Why then do they introduce products which have such a short life span followed by yet more overheads to transfer the account?
I'm fed up with having to go through the process of perpetually scanning the market. Who will take a transfer in, who won't? Who have I got to (laboriously) transfer out of and to where? What will the interest rates do because I might have to go to a fixed rate to get even a half decent return? Each year it gets worse. End of last tax year I transferred my now useless FD ISA into an M&S variable ISA. I was going to top up with this year's allowance and then transfer most to a 3 year fixed. I'm still waiting after 3 weeks for the transfer, but it doesn't matter now because on the 6th April M&S reduced their fixed rates.
I'm seriously in two minds whether to put any new money into an ISA this year, tax break or no tax break.

Here is an idea. Why can't all ISAs be treated in the same way that Icesave ISAs were transferred. The cheque is accompanied by a certificate that says that this sum of money is from an existing ISA and when it is paid into a new ISA it is treated the same way as a transfer.

A P***ed off Times reader.