Great News! Leeds B/Soc Online Saver

Liz_the_Whizz

I got an e-mail this am telling me the great news that from 1 September 2007, my Leeds Building Society Online Saver will continue to receive a "great rate of interest".

Only problem is that it is the same rate of interest (5.55% gross) that it was paying before the Bank of England increase back in July:mad:

So, after all that waiting, no increase at all. Dismal, in fact shoddy and underhand. The timing suggests it's a ploy to delay so long since the BoE rate change, then try and rely on the fact that many people don't know what rate of interest they were receiving anyway.

Well, my Online Saver won't continue to receive this allegedly great rate of interest as next stop is the Leeds website so I can close it.

Aegis

Yeah, 5.55% gross just isn't that great when the BoE base rate is higher than that!

Stavros_3

I've 20k with them, they were one of the last to raise it last time, well when the interest comes next month out it goes to my new Sainsburys account,

bristolleedsfan

Stavros wrote: »

I've 20k with them, they were one of the last to raise it last time, well when the interest comes next month out it goes to my new Sainsburys account,

why do u wait for the interest to get paid, if u close the account you would get the interest paid on closure and a better rate at sainsburys sooner.

Stavros_3

Because the interest is paid on the anniversay of account being opened i.e 30th Sept

baby_boomer

Liz_the_Whizz wrote: »

Dismal,shoddy and underhand.

Thanks for the useful information.

But why the anger / surprise about another financial institution doing exactly what the other 100 financial providers all do after opening top accounts?

Building societies are businesses like the rest of them.

McSaver

Another ING type of email, trying to foil customers over thinking they are getting a great rate of savings without actually following a base rate increase.

bristolleedsfan

pun elsewhere was that they didnt realise that leeds online saver was a fixed rate account. :rotfl:

Rafter

It is just how financial services works.

If everyone had a best buy savings account and a best buy mortgage then the banks would make negative interest and go bust.

Instead 'loyal' customers pay a higher interest rate for their mortgage and get a 'great rate of interest' but not as great as it once was.

If everybody switched to the best deal then new and existing customer rates would be much closer together, which would be a lot fairer but would mean that the more financially astute members of this site would be worse off.

R.

Liz_the_Whizz

I know business is business, and also that the only guarantee on the account was that it would be at least 5% till 1 September - not a fixed rate, but a safety net.

What I object to is the "good news" e-mail designed to mislead.

I have e-mailed my objections to the Leeds and closed my account.

bristolleedsfan

Liz_the_Whizz wrote: »

I know business is business, and also that the only guarantee on the account was that it would be at least 5% till 1 September - not a fixed rate, but a safety net.

What I object to is the "good news" e-mail designed to mislead.

I have e-mailed my objections to the Leeds and closed my account.

"fixed rate " remark was a joke, in that being as rate didnt get increased was as if it was a fixed rate.