Britannia BS punishes savers again

martinman3

Following the recent 0.25% cut in base rate, Britannia Building Society has informed its savers of the new rates.

The rates on most accounts seems to have fallen by 0.3 or 0.35%, when rates were increasing they sometimes failed to pass on the full increase. They have always favoured their borrowers over savers but this is strange behaviour considering other societies are putting more value on savers deposits now that money markets are depressed.

They make a big deal about their 'Membership Reward' but last year, after adding the reward to the interest, the result was still mediocre and recent reports indicate that the reward next year will be much smaller.

Interestingly, one account which only fell by 0.25% was the 30 day notice TOISA, one of their few accounts which used to have a good return but doesn't allow partial transfers out. I will be advising my mother, who has a large sum in this account to open another account with £100 and transfer the TOISA to a better provider and I don't think that she will be the only one.

manic_saver

I haven't got an account with britannia, but more and more banks are doing this without the customers realising. Just last month when the BOE decided to drop the interest rate, so did my interest on my isa by 0.4%. It should of been 0.25 but they will try anything to keep there money as finiancial issues are tight right now. I decided to go to the halifax and get a better rate, which i did get. To be perfectly honest i will be looking around for a better isa when it comes nearer the end of the tax year.

RayWolfe

manic_saver wrote: »

ITo be perfectly honest i will be looking around for a better isa when it comes nearer the end of the tax year.

You don't have to wait. Do it now!