Which accounts do you need to request new interest rates?

c129876
Forumite Posts: 33
Forumite

Currently have some savings in Shawbrook, and it's the first time I've encountered a savings account whereby the customer has to request to be moved onto the higher interest rate, as opposed to being automatically moved (I appreciate this is just my lack of knowledge!).
I have always used MSE to guide me on the highest savings account rates, and unless I'm missing it, I've never seen this being mentioned on there.
So my question is, where can I check whether it is an account that requires you to do that or not? Presumably it's in the T's and C's, but wondering if there is somewhere that might take a few hours less reading to find it out? Are they always the accounts that mention "Issue" numbers?
So surprised I've not stumbled across this before!
Thanks for any guidance to my lack of knowledge!
I have always used MSE to guide me on the highest savings account rates, and unless I'm missing it, I've never seen this being mentioned on there.
So my question is, where can I check whether it is an account that requires you to do that or not? Presumably it's in the T's and C's, but wondering if there is somewhere that might take a few hours less reading to find it out? Are they always the accounts that mention "Issue" numbers?
So surprised I've not stumbled across this before!
Thanks for any guidance to my lack of knowledge!
0
Comments
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Look for other Shawbrook posts, people moan about it all the time.
Find the posts and you will see which banks do and don’t raise the interest or make you open new accounts1 -
Sainsbury's 'Variable' rate cash ISA is one of those. It's very tedious having to log in every few days to check up on the rates then having to ask them for the higher rate.
From their T&Cs-
In the event of interest rates falling, We will give you 14 days’ notice.If you’re not happy with this change you can:- transfer your balance to another Cash ISA with Sainsbury’s Bank (if available);- transfer your balance to another ISA provider (see section 5.2); or- close your account and withdraw your money without incurring any costs or charges (seesection 9). Your money will lose its tax free status if you do this.If you don’t contact us, your account will stay open and we’ll reduce your rate.In the event of interest rates rising, We can increase your interest rate without giving you advance notice. We will let you know within a reasonable period of time after the increase has taken effect.
They have a strange definition of 'reasonable' I've never seen an automatic rate change
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Charter Savings seem to be doing a ‘Shawbrook’ again now after a period of increasing previous issues. Had to bin off my Issue 28 for their Issue 42 last week paying 4.55%, which they have just pulled too.0
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Reddleman79 said:Sainsbury's 'Variable' rate cash ISA is one of those. It's very tedious having to log in every few days to check up on the rates then having to ask them for the higher rate.
From their T&Cs-
In the event of interest rates falling, We will give you 14 days’ notice.If you’re not happy with this change you can:- transfer your balance to another Cash ISA with Sainsbury’s Bank (if available);- transfer your balance to another ISA provider (see section 5.2); or- close your account and withdraw your money without incurring any costs or charges (seesection 9). Your money will lose its tax free status if you do this.If you don’t contact us, your account will stay open and we’ll reduce your rate.In the event of interest rates rising, We can increase your interest rate without giving you advance notice. We will let you know within a reasonable period of time after the increase has taken effect.
They have a strange definition of 'reasonable' I've never seen an automatic rate changeMortgage free
Vocational freedom has arrived2 -
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.1 -
Still not really sure where to find out whether the savers account you're looking at is one of these accounts...surely this information is "front summary page" kind of information?!?0
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c129876 said:Currently have some savings in Shawbrook, and it's the first time I've encountered a savings account whereby the customer has to request to be moved onto the higher interest rate, as opposed to being automatically moved (I appreciate this is just my lack of knowledge!).
I have always used MSE to guide me on the highest savings account rates, and unless I'm missing it, I've never seen this being mentioned on there.
So my question is, where can I check whether it is an account that requires you to do that or not? Presumably it's in the T's and C's, but wondering if there is somewhere that might take a few hours less reading to find it out? Are they always the accounts that mention "Issue" numbers?
So surprised I've not stumbled across this before!
Thanks for any guidance to my lack of knowledge!0 -
c129876 said:Still not really sure where to find out whether the savers account you're looking at is one of these accounts...surely this information is "front summary page" kind of information?!?
If you want me to definitely see your reply, please tag me @forumuser7 Thank you.
N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.2
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