Easy Access Savings

meggymoo51

BEWARE of SHAWBROOK BANK easy access savings accounts . I opened an easy access account in May 2022 when I was earning 0.67% interest rate. I was regularly notified by email of interest rate rises up to 28.10.2022 when my money was earning 2.3%.
I only realised today that I had not heard from them for some time when I noticed on Money Savings Expert that Shawbrook Bank Easy Access Savings interest rate was 3.59%. I checked my account and it stated I was still only earning 2.3% so I rang them.
I was told that the onus is on me to ring up regularly "twice a month" to REQUEST to be put on any increase in interest rate !!! Not sure how I am supposed to know when there has been an increase in their rate unless I check on a daily basis. 
They increased my rate to 3.59% as from today, but it seems I have lost any interest I could have earned between October 2022 and today when there had been minor rate increases. I'm pretty sure when interest rates go down I will not have to notify them !!!
There must be quite a number of people that in the same situation as me, that should be notified.
Could Money Saving Expert let people know please.

jaypers

Known issue and fairly common in the industry. Onus is on you, the customer. Personally don’t use Shawbrook as it’s a pain constantly having to contact them, especially with the regular rate changes in current times. 

george4064

A lot of banks operate this way, generally people need to be pro-active when trying to get their money working for them rather than expecting things to be handed to them without any effort.

SJMALBA

It's your money and therefore your responsibility to monitor and manage it as you see fit; Shawbrook, in common with other banks, sometimes raise rates of previous account issues, sometimes they don't.

Their T&Cs will detail the notice they will give you in the event of a rate reduction.

SJMALBA

More recently, I've noticed that some banks (e.g. Charter, Kent Reliance) have increased the rates of older issues but not more recent NLA or the current issue (presumably trying to retain customers?), so again something to keep an eye on.

Pompeydave1967

Yes it is a bank you have to keep your eyes on with regards to issue number increases . Some of my a/c’s with Shawbrook automatically increase to next issue number some I have to send a message. Same with wifes a/c’s. But I find customer service excellent and have had no issues over the last few years.

Band7

It's the norm rather than the exception that savings providers bring out new issues which have different rates than existing issues.

In a rising interest rate environment, the difference can be at the detriment to savers.

In a dropping interest rate environment, the difference can be at the advantage to savers.

It is really easy these days to know of the best rates, e.g. by checking Moneyfacts  or similar sources, at a frequency that suits your requirements. Anyone with savings can reasonably be expected to be aware of at least some of the now eleven successive BoE interest rate hikes since December 20 2021, as this was very widely publicised. It is down to you whether you want to assume responsibility for your own affairs or whether you want to be nannied. 

Band7

There's also a great, active, easy access thread on here, with 2.7m views and a very active community of contributors. 

https://forums.moneysavingexpert.com/discussion/596724/the-top-easy-access-savings-discussion-area#latest

Exodi

meggymoo51 said:

Could Money Saving Expert let people know please.

It does.

If you go 'Banking & Savings', then 'Best Savings Accounts', then scroll down to the first section 'Best easy-access savings', the second paragraph states:

MoneySavingExpert said:

you might even find your existing provider is offering a higher rate on a different account or new version.

The reality is that most banks want to avoid paying more money to people who are already saving with them. As other have said, the onus is on you to check. There are even savers earning 0.1% AER interest on old savings accounts (I'm aware of several members of my family who are).

ranciduk

Yep it’s a nightmare 

i DO wish they would stop raising the rate over and over again!

just leave it be for crying out loud

but seriously it is not a ‘pain’

they either raise it for you automatically - or sometimes you need to fire off a quick secure message and they swap it over in an hour or so 

that’s it

Middle_of_the_Road

Whilst It is something you should be aware of when choosing where to put your savings, I think providers who operate this way do so to have the potential to catch out those who are not constantly monitoring rate changes.

Savings providers in 2023 have systems to report when rates change. They don't have to notify rate increases, and that's fine when increases are applied automatically, but not notifying when increases have to be requested, I feel is a deliberate tactic. 

Through reading this board, I've been made aware of such practices, and choose not to use these type of products. If I had been caught out, I'd not continue giving them my business. 

Also.
Those who felt it necessary to include sarcastic or insulting comments. A sure way to deter a new poster from ever coming back.