Why not make Banks show the interest rate on statements ?

KeithEssex_2

Banks and Building Societies should be compelled to display the interest rate that they are paying customers on bank statements/passbooks and the current rate on their Online Banking systems:-

This would be an easy thing to do at the end of the statement for variable accounts. Some people don't have internet access and it can be difficult for them to find out if the rates have changed.

Interest Rates Applied
01/06/08 - 14/06/08 5.75% AER (includes 0.25% bonus)
15/06/08 - 30/06/08 5.50% AER

Fixed Rate accounts could be simply included in the Interest Received entry.

To be fair some banks already show the current rate on their online banking software (e.g. HALIFAX).

What a shame they don't ALL do it though !

Milarky

Many already will tell their customers through the issue of a general leaflet listing all accounts and rates throughout the year every 12 months. I don't think they want to get into the business of putting this onto statements automatically since occasional mistakes will then be made and customers ruffled..

..however there's a chicken and egg situation almost - with most people posting in this site not being particularly clear even how interest is calculated. What is the usefulness in always being told the rate then?

Calchas

Milarky wrote: »

with most people posting in this site not being particularly clear even how interest is calculated. What is the usefulness in always being told the rate then?

Clear or not, we still know that, for example, five is a bigger nuimber than three. :j

KeithEssex_2

Milarky wrote: »

Many already will tell their customers through the issue of a general leaflet listing all accounts and rates throughout the year every 12 months. I don't think they want to get into the business of putting this onto statements automatically since occasional mistakes will then be made and customers ruffled..

..however there's a chicken and egg situation almost - with most people posting in this site not being particularly clear even how interest is calculated. What is the usefulness in always being told the rate then?

A lot of people have no idea what the current rate of their account is receiving. The more information that is provided the less likely people are to be being ripped off by Banks taking advantage of people who are slow to move accounts (also known as "loyal customers").

I think the system needs to be more transparent (particularly for the elderly and their poor paying passbook accounts).