Shawbrook Text

les_hudson

Shawbrook set me a text saying my interest rate increased today on my easy access account issue 36 up to 4.95%. When looking on my account is says 4.84%. I rang to ask why the increase rate was showing 4.84% not 4.95%. The advisor openly said they had got the rates the wrong way around. The fact is the increase is only 0.02% from the original rate of 4.82%. Bit of a waste of time so I put in a complaint. The advisor said what would be the resolution i would expect. I said the rate put up to 4.95% as per the original text. I am sure you know how that is likely to go and i should expect a response to my complaint between 2 and 8 weeks. 
If this a real bank then mistakes like this should not happen after all its only our money they are dealing with  

happybagger

I wonder if this is another of those monthly-instead-of-annually interest options queries we get
4.84% gross paid monthly = 4.95% AER

housebuyer143

Yes, it is 4.95% but monthly it's 4.84%. it didn't go up much at all. 

JGB1955

A complaint will be a waste of everyone's time - it's 4.95% for annual interest, 4.84% for monthly interest.  
Easy Access Savings Accounts | Our Best Rates | Shawbrook

ranciduk

This has happened to me a while back

they increased my rate, but accidentally also changed my account from monthly interest- to yearly (I only realised when my monthly interest payment neve surfaced!)

anyway, after reporting this to them they changed me back to monthly - and I got two months interest instead the following month

plus £10 compensation, as it was their mistake

i now make a point of logging into my account every time they increase rates to check they didn’t do it again!

Richard1212

 Shawbrook can do no wrong as far as I am concerned. They are outstandingly efficient and competitive over a long period---I have kept around £100,000 in a Joint Account for about a year or two now. And they seem to be increasing interest rates slowly and surely very frequently lately.
4.95 is a good deal from a good bank. THX to Shawbrook.

ranciduk

Strange they are obviously reluctant to go to the 5% mark yet

maybe after next BOE meeting...

Richard1212

ranciduk said:

Strange they are obviously reluctant to go to the 5% mark yet

maybe after next BOE meeting...

Yes please