Interest Rate shown clearly against online accounts

jamesblue

This is an appeal for Martin Lewis to urge the FSA to force banks to to show the interest rate against online accounts, therefore when you look at the account at the top right it will clearly say you are earning this amount of interest.

I had a 18 Month Cahoot bond that ended on 1/2/2011 and only just got around to looking what to do with it. It automatically moved to my Savings account, and i was shocked by looking at their interest rate chart to see that it looked like it was earning .51%, but my current account is 1%.

Anyway got in touch and found out even though it has matured, i am still received a variable rate bonus (for another 12 months) that makes is upto 2.5%, which is not bad.

If i was cynical, i would say banks purposly make it hard to work out what interest you are getting!!!

I have a lot of online accounts with different banks and would just love to be able to login, look at my account and also see a figure for the current interest rate i am earning, that should not be so hard.


Thanks

PS Happy Easter

Lokolo

Why would showing interest rates have changed your situation? You didn't look at it for 2 months so wouldn't have made a difference

jamesblue

Simple, by looking at their own Interest Rate guide for all accounts, i presume i was earning .51% but when i got in touch with them i was actually earning 5 times that, which is good, but it should not be so hard to find that out.

Same goes for loans, credit cards, do you not think it should just say what interest rate you are paying or earning on the same page as you account statement, when you log into your online account?

jamesblue

"I'm a bit baffled as to what you're complaining about now." Not really complaining, i just think it would be nice when you login into your online bank accounts on the same page it shows you the current interest rate you are earning.

I guess by other peoples replies, that they are not bothered either way.

Lokolo

I'm not because I don't find it difficult to find out what interest rate I am earning, not sure if that's just because I have been a savings wh*** for so long or because I am naturally awesome. Who knows.

jamesblue

Lokolo wrote: »

I'm not because I don't find it difficult to find out what interest rate I am earning, not sure if that's just because I have been a savings wh*** for so long or because I am naturally awesome. Who knows.

I like the term savings wh*** and know i need to be more active about, even to the stage of checked them out once a month and make sure i take the time read Martin Lewis emails, because i just seen the loophole for 4.4%, which looks good.

Thanks

Wannabe savings wh***. lol

jimjames

I'm with Cahoot and normally the interest rate is shown when you log in. The savings account isn't as good as the current account so I've not bothered with it.

Also remember that Cahoot is no longer accepting new customers so they won't be particularly bothered if you went elsewhere.

talexuser

I'm with Halifax, who show the interest, and others who don't, am a savings wh**e and diarise everything. It is an inconvenience to redirect to another page and have to look up your account etc, sometimes getting thrown out of your login and then have to login again, so I agree with the original poster. The suspicious might think banks are keen for little obstacles for the forgetful not to realise their rates have fallen. Not really a big deal, but then not too big a deal to show the current interest rate on screen either.

Jake'sGran

Egg show the rate clearly too. I really like Egg because of the easy log in i.e. all info I can remember by heart and the fact that if I have a query the secure message system is quick.
I "park" money with them (2.5% until Sept) whilst I search for good ISA rates etc.

They also allow deposits by debit card. All very straight forward. If only they would offer better rates!