Skipton Cash ISA - warning to current savers

FridaysVictim

Hi,

I religiously check the rates I receive on all of my accounts .

I was checking http://www.skipton.co.uk/savings_and_investments/isas/cash_isa/ to make sure the rate hadn't changed on my "Cash ISA" .

Your paper statement will say "Cash ISA" , when you log onto your account it will say "Cash ISA" but in reality you may have a "Cash ISA (182)" account on which they have changed the interest rate twice in the last year (now 1.60%) .

If you have a Cash ISA with Skipton Building Society please check the interest rate you are receiving .

Nothing but corporate fraud .

I know I'm not the only one caught out by this .

Perelandra

http://www.savingschampion.co.uk is a good site for keeping track of your savings- you can check the current rates without registering, or register and they'll send you emails if things change.

baby_boomer

Yes. The 0.4% reduction meant they didn't have to notify anyone as it was in the 0.5% limit.

And they have the cheek to send you a letter when you transfer this account wondering why you could have possibly moved and expounding their mutual virtues :rotfl:

FridaysVictim

As per normal my point is missed (I thought is was quite obvious but it appears not to be) .

To refresh :

We have paperwork which says the account is a "Cash ISA" account .

That is the account name and title of the account .

If I check the rate paid (per my previous link) it states that a "Cash ISA account" pays 2.0% .

I have only ever checked the rate on the "Cash ISA" account as that is what I have , as that is what the paperwork says I have .


Yet Skipton say that (even though all paperwork states the title of the account is "Cash ISA") it is actually a "Cash ISA (182) account paying the lower rate of 1.60% .


A bit like owning a Bank Bond , coloured orange with the words "This is a bank bond on Orange paper" printed all over it .

And then the bank says "That's blue paper that is , where'd you get the idea it was orange!" .

Dig it ?

Probably not .

stuartm100

I had my Cash ISA (182) changed to the Super Cash ISA - interest rate now back at 2% and still unlimited withdrawals/deposits (up to the limit)

baby_boomer

Nice one FV.

It would seem that there may be grounds for complaint and I'll certainly complain.

When I updated my passbook the staff at my local branch were certainly embarrassed by the situation and keen to offer me their better deals - which were all rejected.

Perhaps this was a way of getting back at those who got the brilliant 6.5% fixed rate ISA before interest rates fell because this is the account where they would have ended up.

opinions4u

stuartm100 wrote: »

I had my Cash ISA (182) changed to the Super Cash ISA - interest rate now back at 2% and still unlimited withdrawals/deposits (up to the limit)

Wouldn't you prefer to get 3% or more elsewhere?

stuartm100

opinions4u wrote: »

Wouldn't you prefer to get 3% or more elsewhere?

Don't want an account with a short term bonus which I'd have to move again; had a terrible experience a few years ago when all my ISA savings went missing mid-transfer and disappeared for 18 Months.

I like having a passbook as well, makes it more difficult to make withdrawals

thor

baby_boomer wrote: »

Nice one FV.


When I updated my passbook the staff at my local branch were certainly embarrassed by the situation and keen to offer me their better deals - which were all rejected.

Does anyone else feel sorry for some of the staff members at banks and building societies who have to take the flak for the dire rates their superiors have deemed to punish their customers with?
Especially as building societies like to boast they have no shareholders to pay out to, I have found that some of them cannot look me in the eye when I question them about their saving rates. Nowhere did this happen more than the Britannia Building Society who must be one of the worst offenders out there.

FridaysVictim

In my experience the staff (not only Skipton) try their best to obfuscate any reply they make inorder to wear down any form of retribution .

Really !!!!es me off to be honest .

I actually received a letter from a Skipton manager (Claire Davey) who said "We only have one ISA called Cash ISA" .

When obviously they have more than one as they have given me multiple statements calling my account a "Cash ISA" yet now say it's a "Cash ISA (182)" . Paying a lower rate .

Thieves and scoundrels !!

bigfreddiel

FridaysVictim wrote: »

I actually received a letter from a Skipton manager (Claire Davey) who said "We only have one ISA called Cash ISA" .

When obviously they have more than one as they have given me multiple statements calling my account a "Cash ISA" yet now say it's a "Cash ISA (182)" . Paying a lower rate .

Thieves and scoundrels !!

seems to me the names "Cash ISA" and "Cash ISA (182)" are different - for what its worth.