Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • MSE Martin
    • By MSE Martin 2nd Mar 09, 10:30 AM
    • 8,116Posts
    • 42,302Thanks
    MSE Martin
    Savers Rights: Name & Shame Accounts which hide interest rates
    • #1
    • 2nd Mar 09, 10:30 AM
    Savers Rights: Name & Shame Accounts which hide interest rates 2nd Mar 09 at 10:30 AM
    Does your savings account HIDE the interest rate?

    Why don't savings accounts statements tell us the exact interest rate we're earning? Even online accounts seem incapable; at best, clicking check current rates provides a list of scores of accounts; not your specific interest rate, leaving many mistakenly thinking they get more than they do.

    With rates changing so rapidly, knowing your current interest is crucial. There's no technology barrier to doing this, so it must be deliberate obfuscation, to keep people in poor paying accounts.

    Time for a Savings Summary Box.

    Credit cards must provide a summary box, listing all the key info. With base rates nearing 0%, it's time the regulator, the FSA, gave savers similar protection. It should list the current interest rate, any bonuses, withdrawal penalties, the savings safety situation & more. So I'm starting a campaign, this is a small change, so there's no obstacle...

    Sign the No 10 Petition:
    Savers Rights: Savings Summary Box

    Name & Shame (or Praise) your account

    Reply below to name & shame (or praise) your account and help us find the honest dealers and worst offenders. How easy or tough it is to find your current interest rate?

    Further reading:
    Instant Access Savings, Cash ISAs, Regular Savers, Savings Safety

    This Forum Tip was included in MoneySavingExpert's weekly email

    Don't miss out on new deals, loopholes, and vouchers

    Last edited by Former MSE Dan; 18-03-2009 at 9:38 AM.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.

    Don't miss out on urgent MoneySaving, get my weekly e-mail at

    Debt-Free Wannabee Official Nerd Club: (Honorary) Members number 000
Page 4
  • blondedate
    Hidden interest rates
    As far as I am concerned, they are ALL guilty of this:confused::rolleyes: and it's ironic that this email came today as I had read something in the paper about checking when fixed accounts were coming to an end as the interest could fall from 5% to as little as 0.1% without much warning. But I was also aware that, even trying to search the internet for rates on Halifax etc, they are a maze and I can never fathom out what the rate is. When I ring (and am on the phone on stupid 0845 numbers for 20 minutes!) trying to find out what the current rate is for my account , it is ALWAYS different to the one I thought it was. If the PM is reading this PLEASE PLEASE get this sorted to give us savers a fair deal at least.
    • markw5
    • By markw5 18th Mar 09, 3:50 PM
    • 59 Posts
    • 30 Thanks
    NATIONWIDE: Shame. They don't give you the current interest rate inside internet banking (except, curiously, for the now unavailable Members' Reward Bond). However, in their favour interest rates are very easy to find on the main site (you just have to hunt them out).
    Originally posted by rb10
    Signed - great idea

    Nationwide have cancelled interest on the Flexiaccount - or so it seems - can anyone tell me? It's not on their site. I'm in the process of moving all my savings from them. They used to be good but now they are taking advantage of the recession and punishing the savers who have been with them for years - at least 20 yrs in my case.
    • D1zzy
    • By D1zzy 18th Mar 09, 4:24 PM
    • 1,482 Posts
    • 628 Thanks
    But you just need to login and it gives you the rate against your account
    • Primrose
    • By Primrose 18th Mar 09, 4:25 PM
    • 8,752 Posts
    • 30,742 Thanks
    Signed and have asked everybody in my e-mail address book to sign too.
  • dragonwood
    Name and Shame on the interest front
    Abbey - don't get me started! I am so pleased to read that I am not the only one who thinks that to have the current interest rate on an account somewhere easy to access should be normal practice. I had to phone to ask for mine, waited for several long minutes (even when I had got through the automated malarky!) while a real person tried to search for the answer. Then it was incorrect, I think, who knows, maybe the person in the branch office was incorrect! Someone was anyways. Have since changed my accounts.
  • Terry D
    As others have said Halifax are easy to see using on-line banking for all savings and current accounts, not for credit card accounts but I'm sure everyone on this forum pays off in full every month anyway . Only thing is they don't tell you when they are going to or even if they have already changed variable rates - I got a right shock when I checked my on-line ISA recently . I can understand why they might not want to spend huge amounts on posting out this information but an email sent to on-line customers would cost them diddly squat!

    Sainsburys good too.
    • Impet Limpet
    • By Impet Limpet 18th Mar 09, 5:30 PM
    • 688 Posts
    • 310 Thanks
    Impet Limpet
    PRAISE - variable internet direct websaver thingy mabobbie account the interest rate is displayed on the top right of the page when you check the account. It also displays historical interest amounts for that account.


    BAD - No notification of the rate change so it was a shock to see it was now only 1%. a quick email or Online paper communication would have been nice (although probably prompted alot of ISA transfers!)
    • Impet Limpet
    • By Impet Limpet 18th Mar 09, 5:34 PM
    • 688 Posts
    • 310 Thanks
    Impet Limpet
    Terry D

    RE: Halifax CC Thats odd as on my online statement for my one card it shows the promotional balance, when its due to expire and what it will change to. I do appreciate that many accounts may be different though.

    This is off topic but Goldfish paper statements used to give a typical rate and "promotional rates may apply to this account call ********* for details" so you didn't know when 0% BT ended.
    • pluggy
    • By pluggy 18th Mar 09, 5:42 PM
    • 2 Posts
    • 2 Thanks
    I rang the telephone banking line for my insant access a/c , with all my a/c details, and no-one can tell me which of their various interest rates I receive..35 mins. and two phone calls later and a visit to the branch, and I'm none the wiser..that must almost be illegal.
  • opinions4u
    As others have said Halifax are easy to see using on-line banking for all savings and current accounts, not for credit card accounts but I'm sure everyone on this forum pays off in full every month anyway .
    Originally posted by Terry D
    Terry, have you registered your credit card online with them?

    It gives up to date (yesterday) transactions and clearly states the rates in a summary box in the online statements as well as the paper one you get through the post.
  • camilleah
    ICICI pretty quick to find interest rates if you know what sort of account you have; there aren't many different accounts. but when you lock your money in a fixed term savings account, with no easy access, they don't tell you what the penalties are for early withdrawal; just tell you you have to be in debt or going bankrupt to withdraw. but their rates are very good so far.
  • Nomad25
    NATIONWIDE: Shame. They don't give you the current interest rate inside internet banking (except, curiously, for the now unavailable Members' Reward Bond). However, in their favour interest rates are very easy to find on the main site (you just have to hunt them out).
    What that man said with knobs on. In fact, Nationwide seem hell bent on alienating their customers these days - they are doing all sorts of poopy things.
  • Smithills
    SHAME- Lloyds TSB. I have a current account- Classic Plus (from memory)- am I still on the bonus rate, or the normal rate. And what rate are either of those?:confused:

    Too hard. Why do we have to struggle? Off to sign the petition now- thanks Martin!
    Won Mulberry Bag Jan 09
  • zannie
    I am annoyed with Egg they have just informed me that the interest rate is going down but backdated to february. this is very unfair practice I think and will move my account now
  • zannie
    PRAISE - Smile Account they send emails each time they change the rate so at least you know what you are going. Saying that the ISA rate now is rubbish
  • loopy_monster
    halifax really good on the main page of your savings accoount current transactions pg. on the net
    total savings(1/02/09)-3655
    occupation - math student/shop worker
    • Roger_Rampant
    • By Roger_Rampant 18th Mar 09, 10:32 PM
    • 3,109 Posts
    • 26,599 Thanks
    Too right, when it comes to banks they seem to get all the handouts going, and still get to rob their customers as they always have done!
    Originally posted by firstTimeBuyer
    Only because people let them get away with it, people in the UK are more likely to change their partner (i.e. divorce) than they are to change bank!

    Egg always send me a letter telling me of the interest rate changes, which I file and can look at whenever I want to know what rate they are currently paying me. Not exactly rocket science.
    Thanks to all who post constructively.
    ave an A1 day!
  • DT1
    With email notifications becoming more common, why do banks/building societies take so long to notify changes in their interest rates to savers ?

    e.g. Yorkshire Building Society:-
    1) Rate changed 28 Dec 08 - notified 23 Jan 09
    2) Rate changed 1 Feb 09 - notified 12 Feb 09
    3) Rate changed 22 Feb 09 - notified 12 Mar 09

    Granted they delayed changing their rates following falls in the base rate but surely they could have geared up for email notifications to go out promptly.
    • misterfish
    • By misterfish 19th Mar 09, 7:23 AM
    • 89 Posts
    • 49 Thanks
    Yes - this is an excellent idea.

    We have several savings accounts and it is always difficult to find actual rates. What I find difficult is to be sent to a page of accounts with lists of interest rates only to not find what I'm looking for. Usually there is a very small piece of text (with hyperlink) to 'other accounts' or 'accounts no longer available'.

    The other annoyance is that interest rates change without any notification. We had cash in an Abbey 'Postal only' mini cash ISA that was giving good rates. After following the suggestions on this site I spent time trying to find the current interest rate and was horrified to find that it had dropped really low without any warning. When we transferred the cash to a better ISA all we got was a letter to say that it had been done but no indication of the transferred amount. On the phone they told me the amount but then said that they did not send out closing statements; we are expected to trust them but have no method of checking the details. We have registered a 'complaint' and the 'relevant department' are due to get back to us.

    This is just another of the banks' obfuscation techniques. They should inform customers of all changes and details of account holdings.

  • phased
    Tesco Savings
    I got my application in for my Tesco saving account on 7 Jan (deadline for bonus rate).

    When I got my forms back a leaflet was enclosed with the current rate but by the time I got the forms it was Feb.

    I telephoned to check what interest rate I would get and an automated message said that all applications received on or before 7 Jan were eligible for bonus rate - however I can't remember what this is and it does not say anywhere.

    My account is now open and my savings are in there but how do I know that I am actually getting the right rate? What do I do if I don't? I never got any confirmation of my application and the letter enclosing the paperwork did not say when the application was received.

    I just feel very uncertain about it and don't know how to check other than ringing them - but I should I have to go this far?
    Originally posted by gingergirl21
    Exactly my own situation!
    Tried phone line several times but held in queue too long and gave up!
    Included note requesting confirmation of Bonus Rate at each postal stage following online application but no replies!
    Many weeks delay between stages!
    Absolutely useless communication and not worth the hassle ~ so, without knowing Interest rate I have not made any further Deposits into account despite it looking a good deal IF the bonus is included (probably not that good if not!).
    Have put money back into Ing Direct (having taken all out after Kaupthing Edge collapse) and also Citibank ~ both being quick, efficient and communicative.
    Tesco Savings needs to be taken to task, particularly since it featured as top product for many weeks in Martin's best deals at the time of the promised bonus and gained many new customers from this powerful free advertising!
    Last edited by phased; 19-03-2009 at 8:41 AM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,241Posts Today

6,901Users online

Martin's Twitter