Interest rates go down but not up

penninigill

I have a Sainsbury's ISA and they wrote to tell me in February that the rate had gone down to 0.75%. Today I looked for a better deal and found Sainsbury's have one at 1.6%. I phoned to complain - the woman I spoke to said she would put my interest rate up to 1.6%. I said this should have happened automatically, without me having to find out what it should be now. She offered me £30, which was the amount by which I was out of pocket, if I would close the complaint. I said no - I still want a response on why the system is that the rate goes down automatically but not up. This penalises existing customers compared with new ones, unless we constantly check what the rate should be. AND they bribe individuals with payments to avoid having to address the complaints about the system.

xylophone

Today I looked for a better deal and found Sainsbury's have one at 1.6%. I phoned to complain - the woman I spoke to said she would put my interest rate up to 1.6%.

https://www.sainsburysbank.co.uk/savings/sav_cashisa_cisa_skip

1.06 for balances over £500?

And when you are advised that your rate is decreasing it is up to you to check whether the current/another provider has a better deal on offer?

xylophone

And see

http://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Alexland

Absoloutley they sent you a letter in advance and you should have reappraised the market. The whole savings market is geared to reducing rates on existing deposits while getting new deposits with headline rates. That's how you have been getting access to better than base rate deals. Don't waste effort complaining about the system but work it to your advantage.

penninigill

I don't agree. You would have to KEEP checking the market over and over again. Some of us have a life! If it's a variable rate ISA, the rate should vary up as well as down.


As I refused the £30 bribe to shut up I had a call from someone from the Customer Service department, who said he gets lots of complaints about this, and clearly had some sympathy although he couldn't say so. I'm still getting the £30, plus info about how to complain to the Ombudsman.

veryintrigued

penninigill wrote: »

I don't agree. You would have to KEEP checking the market over and over again. Some of us have a life! If it's a variable rate ISA, the rate should vary up as well as down.


As I refused the £30 bribe to shut up I had a call from someone from the Customer Service department, who said he gets lots of complaints about this, and clearly had some sympathy although he couldn't say so. I'm still getting the £30, plus info about how to complain to the Ombudsman.

'Getting a life' clearly consists of getting to the situation where a complaint has to made to the ombudsman for something you have missed?

Another example of people being unable to accept when fault lies within.

Alexland

Even if the person you called sounded sympathetic its probably just their way of avoiding an argument (they have a life too) and doesn't mean you are right. People need to be told that they are responsible for taking action when they are given notice of changes. Its a hard but important message. To earn good rates you need to be ready to move around.