Nationwide Interest Rate online

opinions4u

CLAPTON wrote: »

OK a gentle little challenge

I have a tesco internet saver that was opened in 26th Jan 2009
what is my interest rate?

Love it!

Logic would say 1.25%.

I suspect you are about to tell me otherwise .

Especially as I doubt you'd have kept an account at that rate.

CLAPTON

opinions4u wrote: »

Love it!

Logic would say 1.25%.

I suspect you are about to tell me otherwise .

Especially as I doubt you'd have kept an account at that rate.

I only keep a small amount in the a/c but the rate is 2.6% .. I only know this because they wrote to me in January saying they were offering a bonus of 1.35% until Jan 2012, but I can't find anything on their website or indeed within my online account details.

I see absolutely no reason why it should be a regulation that the current interst rate is clearly shown on both paper and online statement.

alanq

I recall hearing (on BBC Radio 4 Moneybox?) that regulations were being changed to require interest rates to be shown on statements but the banks were being given a couple of years to implement the necessary changes. I have searched but have been unable to find a reference for this information.

opinions4u

CLAPTON wrote: »

I only keep a small amount in the a/c but the rate is 2.6% .. I only know this because they wrote to me in January saying they were offering a bonus of 1.35% until Jan 2012, but I can't find anything on their website or indeed within my online account details.

I see absolutely no reason why it should be a regulation that the current interst rate is clearly shown on both paper and online statement.

So they had clearly communicated the rate to you, and you remain aware of what the rate is.

alanq wrote: »

I recall hearing (on BBC Radio 4 Moneybox?) that regulations were being changed to require interest rates to be shown on statements but the banks were being given a couple of years to implement the necessary changes. I have searched but have been unable to find a reference for this information.

Fairly sure it's by the end of this year for paper statements or online statements where no paper statements are issued.

CLAPTON

opinions4u wrote: »

So they had clearly communicated the rate to you, and you remain aware of what the rate is.
.

Yes of course, the point to my mind is that

a. it's obviously technically extremely easy to show the rate on statement
b. the sole reason for not doing so is because many people aren't well organised to remember when the bonus runs out and they hope to keep the business on the inertia / ignorance principle
c. in the case of Tesco, it's an online a/c so it's clearly reasonable for the rate to be easily available on line

caveat_emptor

Sceptic001 wrote: »

I agree that with monthly statements, it was difficult to miss the demise of the FlexAccount from a market leader paying a top rate of interest to an also-ran.

Very droll as the Flexaccount doesn't even get to the starting post.

dal5band

CLAPTON wrote: »

Yes of course, the point to my mind is that

a. it's obviously technically extremely easy to show the rate on statement


I agree - it is a matter of policy that they don't show you the interest rate - on paper or online. As to the regulator giving them nearly two years to show interest rates - seems to me the banks have managed to manipulate the situation to delay as long as possible.

dal5band

Have you complained to your bank yet ???

alanq

alanq wrote: »

I recall hearing (on BBC Radio 4 Moneybox?) that regulations were being changed to require interest rates to be shown on statements but the banks were being given a couple of years to implement the necessary changes. I have searched but have been unable to find a reference for this information.

I have found a Which? article from October 2010 which makes no mention of a change in regulations so I wonder if I have confused this issue with another. Some banks will be making changes in 2011. However, "The British Bankers Association (BBA), the trade body that represents the UK’s banks, would not commit to a wholesale shift in communicating interest rates to consumers."

http://www.which.co.uk/news/2010/10/12bn-savings-scandal-banks-reaction-234089/

Contact your MP
http://conversation.which.co.uk/money/savings-scandal-get-your-mp-to-take-action/