Tiered Interest Rates.

1spiral

Periodically I like to check the rates on my "unused" accounts. 
Just logged into Oxbury and noticed my rate is 0% (due to only having £1 in it). Not a problem I thought, other companies do the same and I just need to locate their rates for NLA accounts.
Couldn't locate it so using chat I was advised of the rate for my easy access issue 1 account.
They advised me the rates were available and gave me a link to their currently available accounts.
I pointed out to them that that was issue 2 and my account is issue 1.
Their response was they're both the same.

Why oh why do companies make it so difficult to get the rates on accounts for which you don't meet the minimum balance.

The best one I've come across is Investec, they have a little information icon next to the rate which tells you all of the tiers of rates on that account.

MyRealNameToo

1spiral said:

Why oh why do companies make it so difficult to get the rates on accounts for which you don't meet the minimum balance.

In most cases because they originate from before the days of the internet and self service etc. 

When the CFO decides this years budget for IT investment is £X no one is coming up with a business case that says they will make £3X in additional revenue by putting rates online. Or if they are then the executive dont believe their business case. In a previous life project sponsor's bonus got direct linked to their business cases suddenly we had a massive drop in the number of new project requests.

Additionally it's not a major problem not to have the rates on line but would be a problem having the wrong rates online. As such if the accounts allow for the interest rate to be varied it's creating a significant overhead to invest in the people or processes that ensure the website is updated as and when the changes occur. This can move it from a modest exercise to just add some PDFs to the site to building a full system such that when its changed it automatically flows through but this then increases the amount of additional profit the project has to generate to make it a better proposition than launching a new product or making the sales process more slick or whatever other projects are also competing for the investment. 

Ch1ll1Phlakes

1spiral said:

Periodically I like to check the rates on my "unused" accounts. 
Just logged into Oxbury and noticed my rate is 0% (due to only having £1 in it). Not a problem I thought, other companies do the same and I just need to locate their rates for NLA accounts.
Couldn't locate it so using chat I was advised of the rate for my easy access issue 1 account.
They advised me the rates were available and gave me a link to their currently available accounts.
I pointed out to them that that was issue 2 and my account is issue 1.
Their response was they're both the same.

Why oh why do companies make it so difficult to get the rates on accounts for which you don't meet the minimum balance.

The best one I've come across is Investec, they have a little information icon next to the rate which tells you all of the tiers of rates on that account.

@1spiral On any page of the Oxbury website if you scroll to the bottom and click on Interest Rates Summary (As shown below) you can then chose the relevant accounts section for NLA rates. All issues for all types of Easy Access Accounts are available. Here's the link for the NLA sections Interest Rates Summary | Oxbury 
I can't give you the rate of your account exactly as I don't know the exact type of Easy Access Account you have. 

Oxbury is actually one of the best for displaying rates including those which are no longer available.

1spiral

Ch1ll1Phlakes said:

1spiral said:

Periodically I like to check the rates on my "unused" accounts. 
Just logged into Oxbury and noticed my rate is 0% (due to only having £1 in it). Not a problem I thought, other companies do the same and I just need to locate their rates for NLA accounts.
Couldn't locate it so using chat I was advised of the rate for my easy access issue 1 account.
They advised me the rates were available and gave me a link to their currently available accounts.
I pointed out to them that that was issue 2 and my account is issue 1.
Their response was they're both the same.

Why oh why do companies make it so difficult to get the rates on accounts for which you don't meet the minimum balance.

The best one I've come across is Investec, they have a little information icon next to the rate which tells you all of the tiers of rates on that account.

@1spiral On any page of the Oxbury website if you scroll to the bottom and click on Interest Rates Summary (As shown below) you can then chose the relevant accounts section for NLA rates. All issues for all types of Easy Access Accounts are available. Here's the link for the NLA sections Interest Rates Summary | Oxbury 
I can't give you the rate of your account exactly as I don't know the exact type of Easy Access Account you have. 

Oxbury is actually one of the best for displaying rates including those which are no longer available.

Thanks for this. My, that was simple. It now just begs the question as to why their representative never pointed me to this despite me asking the specific question of "can i see this anywhere" they just gave me a link to https://www.oxbury.com/savings-accounts/ which is their currently available accounts. The link should've been https://www.oxbury.com/interest-rates-summary/ based on what you have told me.

When I queried that this showed issue 2 not issue 1 their answer was "they're the same account" 

Thanks again.

1spiral

MyRealNameToo said:

1spiral said:

Why oh why do companies make it so difficult to get the rates on accounts for which you don't meet the minimum balance.

Additionally it's not a major problem not to have the rates on line but would be a problem having the wrong rates online. 

Although I agree with this it is annoying. Yesterday I wasted 20 mins of mine and their reps time whilst they gained access to my account in order to give me this info. Cynergy and Kent Reliance both manage it and they both have close to 100 easy access accounts, all barring 1 of which are no longer available. Of course the simple solution (if they don't want to make these pages/documents is either to not have tiered rates such that even £1 gets the going rate or operate a same account for all type policy such as I think Ford and Marcus do.