Which accounts do you need to request new interest rates?

c129876

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!

Bigwheels1111

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 accounts 

Reddleman79

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 (see 

section 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

jaypers

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. 

sheslookinhot

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 (see 

section 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

Luckily we have kind posters on here who advise us of Sainsbury rate changes. I’ve never had an advisement from Sainsbury’s of a rate increase 🤷‍♂️

ForumUser7

https://forums.moneysavingexpert.com/discussion/6463439/accounts-with-consistent-rate-increases#latest

c129876

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?!?

Richard1212

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!

You should have looked at the forum threads over the past couple of weeks , as everyone is talking about Shawbrook , suddenly interested in the Top Easy Access Savings Interest Rate bank ( as at  few days ago---the top spot changes every day or two !). My advice to you is to simply check your account online every time there is an increase by a savings bank.......and not trust any bank to automatically increase the rate on your existing savings' accounts ( as even the best banks/BSs can have glitches due to huge sudden demand. That way , you can never get in a mess. Shawbrook have always increased my interest rate every time they have raised it------because they are one of the very best home for savers IMHO. If they fail you due to a mistake or sheer overwhelming volume, you just need to phone them straightaway ( they answer immediately) and will make sure your new interest is applied whilst you are still on the phone. Once again, I highly recommend Shawbrook as one of the top 5 saving banks over the past year or more and I am delighted with their efficiency, helpfulness and continual competitiveness.

ForumUser7

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?!?

Some of the accounts where they state ‘issue’ have different rates on different issues at different times. It isn’t a hard and fast rule though, so best just to look on these boards.