Savings accounts where interest does not remain stuck at start rate?

cretaceous

I opened a savings account with Shawbrook Bank last year.

Once or twice, as the bank rate improved, they sent me an update to say the interest rate had gone up.

I realised recently I hadn't had any updates and sure enough there I was on 2.28% even though their savings account on the home page shows as 4.35%

After I asked for some clarity they have now very generously (sarcasm) moved me to the new rate.

Are there ANY of the better savings rate offers where the institution treats it's customers ethically and with respect, or they all out to get you however they can?

I will be leaving Shawbrook ASAP, I think it's contemptible behaviour and Martin Lewis needs to add notes on how companies update their rates.

Yes, I do realise "savings rates can go up and down".

r6mile

Coventry BS have been pretty good with this I think. I was on their limited access ISA, which went from 3.25% to 3.5% to 4.1% as the BOE rate increased. Equally their Four Access Saver went from 4.0% to 4.5% as well.

Occasionally you get a savings account that "tracks" the BOE rate - I have the Newcastle BS which tracks the BOE rate at -0.7% so currently pays 4.3% - however not sure if any are available now.

Slinky

Don't go to Cynergy then, they keep opening new accounts with new savings rates so you end up having to keep closing and re-opening a new account. It's not difficult, but they don't inform you new rates are available, and I've finally tired of playing their games and closed mine, even though the new rates are always pretty good, if you can remember to keep going and looking for them.

Rich1976

Shawbrook seem atrocious for doing that. I don’t understand why they get such good reviews.
we use Ford Money and Secure Trust bank and neither have tactics like Shawbrook do. Everybody gets the same rate, new and existing customers and when the rates change it applies to everyone .

Qyburn

Sainsbury and Paragon are worse. You have to literally open a new account to get updated rates (which means a new account number to be referenced when transferring in). Ten you needcto transfer the balance fromthe old account.

Bigwheels1111

I love Chip and Virgin money at the moment.
Chip can be a bit slow with their rate rises, but when they do it tops the charts.
Virgin seem the same, but with the 14 day cooling off shuffle you can keep changing your ISA to the new rates
as they appear.

Barkin

You're potentially going to have this "problem" with anybody whose accounts have incrementing issue no's. 

WRT Shawbrook - who I like - I just look at the website from time to time and check the latest issue no. 
If the rate is different to my account, I log in and send a secure message to get my account changed to the latest issue. There's a specific form for this in the drop-down.

Takes literally a couple of minutes, which is fine by me. 

An alternative is somebody like Investec, who don't use different issue no's. Just a single account, and everybody gets the same rate.
They're currently at 4.2% IIRC, vs 4.52% at Shawbrook. 

KevinG

Barkin said:

WRT Shawbrook - who I like - I just look at the website from time to time and check the latest issue no. 
If the rate is different to my account, I log in and send a secure message to get my account changed to the latest issue. There's a specific form for this in the drop-down.

I too have done this and, as you say, it was easy, but today they have increased the rate on their latest issue without the need to move to a new one. Inconsistent.

Barkin

It's always been inconsistent, so at least they're being consistent... 

MX5huggy

Chase have been fairly consistent in pushing their savings rate up (currently 3.8%) on easy access and have not left anyone behind, they’ve even introduced 1% on the current account balance. 

Emmia

Chip moves their rates up and applies them to the account automatically - no need to keep closing and reopening.

Currently 4.51% on their cash instant access account.

https://www.getchip.uk//savings-accounts