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MSE News: Ditch old cash Isas as banks slash rates

This is the discussion thread for the following MSE News Story:

"Providers are quietly slashing returns on older, Isas so savers should wise up and switch where necessary ..."

Comments

  • dillydilly
    dillydilly Posts: 171 Forumite
    I did everything that's suggested here - carefully noted the end date of the 'bonus rate', contacted Santander to transfer to a new rate, received confirmation that the transfer had been made, but of course you don't get statements until the year is up. On receiving the statement a year later I discover that the new 'bonus rate' had not been applied at all. I have contacted Santander asking what's happened and await a response. How many people actually go to the effort of actually checking they got the rate they were expecting ? It should be made law that banks clearly show the interest rates they are paying on savings, particularly with the huge growth in the 'bonus rates' tactic in recent years. As the article says - merely publishing hsitorical rates doesn't cover the bonus rate element as this will depend on when the account was opened.
  • The article lists Santander's flexible ISA issue 1 as now paying 2.5% instead of 3.5%

    It actually pays 0.5% but with a 2% bonus for a further year if your balance is over £8.5k so if you only have 1 year's allowance in it will be paying 0.5% (hence why mine quickly winged its way into my local Halifax branch on expiry of the bonus)
    If you don't like what I say slap me around with a large trout and PM me to tell me why.

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  • Thankyou Gordon, will keep a careful eye in future. Regards, Richard
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