Viewing up-to-date interest rates on accounts

Savaholic

Could anyone please explain to me why it would be so difficult for Banks and Building Societies to display the current interest rate on each of your accounts when you view your on-line balance or statement?
It seems to me that this is the second most important piece of info you need (next to the actual balance). They seem to make it very difficult to find the actual interest rate on your account without going backwards and forwards to check, and even then you can't really be sure, as accounts have such similar names, or the name is the same but the number it begins with means the interest rates are different.
As a canny saver, it would be so useful to know the current rate of interest at any point in time on my accounts. I can't believe it would be so difficult to make that info available on the page. Does anyone else agree?

KeithEssex_2

Savaholic wrote: »

Could anyone please explain to me why it would be so difficult for Banks and Building Societies to display the current interest rate on each of your accounts when you view your on-line balance or statement?
It seems to me that this is the second most important piece of info you need (next to the actual balance). They seem to make it very difficult to find the actual interest rate on your account without going backwards and forwards to check, and even then you can't really be sure, as accounts have such similar names, or the name is the same but the number it begins with means the interest rates are different.
As a canny saver, it would be so useful to know the current rate of interest at any point in time on my accounts. I can't believe it would be so difficult to make that info available on the page. Does anyone else agree?

Yes - it would be really useful.

The Halifax and the Yorkshire Building Society already do this on their Websaver / Internet Saver accounts.

Savaholic

Thanks, Keith. Good for the Halifax and Yorkshire. I wish the others would follow suit. 'A and L' is really bad, likewise Lloyds TSB.

BruceyBonus

This website is also quite handy for interest rate changes - but you need to check it often
https://www.emoneyfacts.co.uk/news/savings-news.aspx

martinman3

KeithEssex wrote: »

Yes - it would be really useful.

The Halifax and the Yorkshire Building Society already do this on their Websaver / Internet Saver accounts.

In fact YBS do it on all the accounts which are visible from their on-line banking. They also print it on the statements for a Cash Transactor account, not sure about others.

Moggles_2

KeithEssex wrote: »

The Halifax and the Yorkshire Building Society already do this on their Websaver/Internet Saver accounts.

Originally Posted by martinman3
In fact YBS do it on all the accounts which are visible from their on-line banking.

Whereas interest rates on the Hally's current accounts are not displayed, for some
reason

trashcan_2

I just closing a Virgin deposit account. But one thing in there favor is they always write to you every time there is an interest rate change.

Savaholic

Yes, that's good. But I would still like to see the interest rate I am getting at this point in time when I check my accounts online. It all gets very confusing with so many changes - I just think it would help us savers make decisions as to when and where to put our money. It appears that banks and b.socs generally don't want to be that helpful, otherwise they would as it can't be that difficult to connect rates to the accounts and change them as and when necessary. I suppose from their point of view it would make it too easy for savers to compare rates and those paying poor interest wouldn't keep people's money.