Shocked at annual interest on savings

Birdynumnum

chucknorris wrote: »

They've done you a favour, you are now far more alert to making sure that you get the best return for your money. I remember when I meant to transfer £165k from one savings account to another within the same building society, but I accidently sent all the cash back to my current bank account, and I had to wait almost 2 weeks before I could get the money back into a decent savings account. I set myself the task of being much more diligent about getting better savings rates, so that I would recover my lost interest due to MY incompetence.

I'm inclined to agree, for a relatively modest sum of money I've discovered that banks are about as far from moral or decent as it's possible to be ( this applies I'm sure to any commercial institution ) they only obey the law when they have to and often they don't do that and their primary purpose is to make money by any and all means available, we are fodder for their consumption.

The principal point I've tried to make here beyond establishing that I have no entitlement to compensation is that I am not one of you, I'm Mr average who happened to come into some money and in so doing made assumptions that proved grossly incorrect and was shocked by the discovery.

You are financially astute people, I'm the guy that stepped off the boat and was conned on my way down the gang plank, I feel like I've stepped into The Matrix.

Seriously thanks for the advice and I genuinely apologise for some of my churlish comments regarding trolls, it's been steep curve, I'm gonna be fine providing no one tells me that Santa isn't real!

mollycat

Birdynumnum wrote: »

I'm inclined to agree, for a relatively modest sum of money I've discovered that banks are about as far from moral or decent as it's possible to be ( this applies I'm sure to any commercial institution ) they only obey the law when they have to and often they don't do that and their primary purpose is to make money by any and all means available, we are fodder for their consumption.

The principal point I've tried to make here beyond establishing that I have no entitlement to compensation is that I am not one of you, I'm Mr average who happened to come into some money and in so doing made assumptions that proved grossly incorrect and was shocked by the discovery.

You are financially astute people, I'm the guy that stepped off the boat and was conned on my way down the gang plank, I feel like I've stepped into The Matrix.

Seriously thanks for the advice and I genuinely apologise for some of my churlish comments regarding trolls, it's been steep curve, I'm gonna be fine providing no one tells me that Santa isn't real!

Still not convinced that after 3 pages of debate that you've picked up that your loss of interest is due to you, rather than any poor behavior by any one else. (?)

Unless your trolling of course :)

If so, excellent first effort!

I look forward to future rants about your misfortunes :rotfl:

Either way, good luck.

robatwork

Birdynumnum wrote: »

I'm inclined to agree, for a relatively modest sum of money I've discovered that banks are about as far from moral or decent as it's possible to be ( this applies I'm sure to any commercial institution ) they only obey the law when they have to and often they don't do that and their primary purpose is to make money by any and all means available, we are fodder for their consumption.

Bank directors are of course obliged to make profits for their companies. Banks aren't in business to provide a public service and I have no idea why people think they are some sort of financial NHS.

That's why the question recently about the morality of switching accounts purely to make the £100 bonus was specious - we owe it to ourselves to maximise *our* profit.

dunstonh

You are financially astute people, I'm the guy that stepped off the boat and was conned on my way down the gang plank, I feel like I've stepped into The Matrix.

How were you conned?

What actually happened is that you failed to read the documentation sent to you (i.e. statements, certificate of interest, interest rate updates etc).

Newly_retired

We are not all experts on here. Most of us have learnt a huge amount by coming on here, first to read the articles, get links to items to research, read and lurk on the Forums. In doing this I have learnt a huge amount, so that when I came into some money I was well versed in what to do with it.
Newbies are always welcome. We all have to start somewhere, but there is so much information available that there is no reason to remain financially uneducated.
Happy saving!

mgdavid

Newly_retired wrote: »

We are not all experts on here. Most of us have learnt a huge amount by coming on here, first to read the articles, get links to items to research, read and lurk on the Forums. In doing this I have learnt a huge amount, so that when I came into some money I was well versed in what to do with it.
Newbies are always welcome. We all have to start somewhere, but there is so much information available that there is no reason to remain financially uneducated.
Happy saving!

Spot on! :beer:
Some of us (most?) were where you are only a short time ago. Give it a few months and you will be one of us. The hard bit I suspect is turning a sweet innocent trusting personality into a suspicious cynical grumpy git !

eskbanker

Birdynumnum wrote: »

I was told the interest rate fell in year 2 from 1.5% to 0.1% 15 times less than the previous year. The bank said they had written to me to inform me of this but I recall no such communication. I said given the difference in interest rates, some 1500% I would have thought it incumbent upon them to speak to me or perhaps write with a requirement that I sign something to say I was aware of the change as letters do get lost in the post.

You've probably already had enough preaching but just for the record, going from 1.5% to 0.1% is a change of 93%, so even though 1.5% could notionally be expressed as being 1500% of 0.1%, that's not a particularly useful or relevant number to be throwing at them!

enthusiasticsaver

As sad as it is banks and insurance companies rely on peoples' financial apathy and I am sure you are not the only one not to realise that the majority of financial institutions suck you in with a high or bonus rate for a year then reduce to a pitiful amount. Just chalk it down to experience and move to a better paying account tomorrow! Same goes for insurance - compare every year not just take the deal your existing company offers you.

masonic

enthusiasticsaver wrote: »

Same goes for insurance - compare every year not just take the deal your existing company offers you.

Same goes for gas, elec, phone contract, broadband and anything else you buy from a company on an ongoing basis. It isn't just financial institutions.

MadMat

masonic wrote: »

Same goes for gas, elec, phone contract, broadband and anything else you buy from a company on an ongoing basis. It isn't just financial institutions.

Indeed, Compare the Market recently gave me a quote for car insurance that was over £100 less than the renewal figure I was sent from the same company!

Mat