The Top Easy Access Savings Discussion Area

Bridlington1

ForumUser7 said:

soulsaver said:

@ForumUser7 Have you got a link to the page you posted re Principality. Those rates are incorrect, unless they are planning reductions. I suspect you've found your way to a work-in-progress. 

@soulsaver It's on their homepage - so I think it is just literally a series of mistakes as opposed to a work in progress... The same thing actually happened with their Learner Earner last time, and CS were unsure so it was escalated into a complaint after which it was also corrected on the website. Hoping they can rectify it without a complaint this time.

On the 3 November 2022, the Bank of England increased the bank rate from 2.25% to 3.00%.

We’ve now worked through what this means for our savings Members.

We’ve reviewed our variable rate savings and taken the decision to increase the rates on the majority of our savings accounts, by 0.50%, from 17 November 2022.

Details of these savings accounts, including the rates, can be found here.

https://www.principality.co.uk/-/media/PBS/Savings/PDFs/Savings-Rate-Change-Branch-Notice-September.pdf?la=en&hash=FF1880F9839E9C2DCF3163ED1B3715DD

For anyone that looks at that link, I know the url says September but the document is headed November. I think it is like for their Christmas Regular Saver when they misnamed that document compared to the header.

What they appear to have done is put the document for the interest rate rises before the last rise on the website, with the date changed. I recognise the interest rate on their first home steps issue 2 and the document in general looks very familiar to me.

Band7

The Principality list is distinctly underwhelming. Leaving aside that it seems to be just their variable, not their fixed, rates, none of the instant access rates are exciting, unless I am missing anything

flaneurs_lobster

"Just literally a series of mistakes" ?

This document is possibly their most important customer-facing marketing material, let alone any consequences of publishing a rate which it turns out they cannot honour. 

Does it not concern people that an organisation that is asking people to trust them with their money has such a slap-dash attitude to the administration of published information? 

Or are such "mistakes" to be expected in any financial organisation?

Bridlington1

flaneurs_lobster said:

"Just literally a series of mistakes" ?

This document is possibly their most important customer-facing marketing material, let alone any consequences of publishing a rate which it turns out they cannot honour. 

Does it not concern people that an organisation that is asking people to trust them with their money has such a slap-dash attitude to the administration of published information? 

Or are such "mistakes" to be expected in any financial organisation?

If I refused to bank with every bank/building society that has made an error like this there would be no banks or building societies left in Britain to bank with.

dekkard

Has anyone contacted them about their mistake? Might speed up the correction...

Equally, people earlier saying MSE haven't updated their top accounts table. They do tend to update things if you let them know via email.

ForumUser7

Band7 said:

The Principality list is distinctly underwhelming. Leaving aside that it seems to be just their variable, not their fixed, rates, none of the instant access rates are exciting, unless I am missing anything

@Band7 - that list appears to be incorrect. I would imagine after being corrected it'll still be underwhelming, but hopefully much less so.

Bridlington1

ForumUser7 said:

Band7 said:

The Principality list is distinctly underwhelming. Leaving aside that it seems to be just their variable, not their fixed, rates, none of the instant access rates are exciting, unless I am missing anything

@Band7 - that list appears to be incorrect. I would imagine after being corrected it'll still be underwhelming, but hopefully much less so.

I don't know about that. If they are putting most of their interest rates up by 0.5%, then there's a good chance their double access saver (currently 2.5%) will rise to 3%, becoming the top easy access account currently available to all.

southone

YBS new rates from 9 Dec pdf is on their site now too

ForumUser7

flaneurs_lobster said:

"Just literally a series of mistakes" ?

This document is possibly their most important customer-facing marketing material, let alone any consequences of publishing a rate which it turns out they cannot honour. 

Does it not concern people that an organisation that is asking people to trust them with their money has such a slap-dash attitude to the administration of published information? 

Or are such "mistakes" to be expected in any financial organisation?

I completely agree with you. These kind of mistakes regarding interest rates I don't think I've ever experienced anywhere else. But mistakes are unfortunately very commonplace with lots of larger organisations.

'Just literally a series of mistakes' was just me comparing it to the possibility that it is a work in progress. It is awful that it has happened

veryintrigued

ToTP - YBS Rainy Day and online Rainy Day up to 3% on 9/12