Savers Rights: Name & Shame Accounts which hide interest rates

MSE_Martin · 2 March 2009 at 12:30PM

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. [FONT=&quot]

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... [/FONT]

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

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ozzage · 17 March 2009 at 5:20PM

Excellent idea. Signed.

nzseries1 · 17 March 2009 at 5:22PM

EGG - shame! When you visit the "interest rates" page, you are met with literally hundreds upon hundreds of accounts (if you opened between this date and this date, if it was this product or this product, if it was a Friday or a Monday). Why can't they just tell you what your interest rate is on a separate internet banking screen? Martin's right - because they're trying to be deceptive. In their defense, they do send you a letter, but usually only weeks after the rate change.

TESCO - they send letters too but are usually more prompt. Plus they only have one interest rate across the board, you just have to remember whether or not you have a bonus rate as well.

Natti_A · 17 March 2009 at 5:49PM

Petition Signed! Yay

libra10 · 17 March 2009 at 5:55PM

Great idea. Signed, sealed, delivered.

touch*my*food*feel*myfork · 17 March 2009 at 5:55PM

Allience and Leicester - SHAME - just a page online showing latest rates for many different accounts, it must be easy enough to have your interest rate attached to your account

Baldur · 17 March 2009 at 5:59PM

touch*my*food*feel*myfork wrote: »

Allience and Leicester - SHAME - just a page online showing latest rates for many different accounts, it must be easy enough to have your interest rate attached to your account

A&L are actually one of the better ones, if you enter the first 3 digits of your account number here, you are shown the rate for your specific account.

rb10 · 17 March 2009 at 6:02PM

HALIFAX: Praise. Although there's no full summary box, each account does give the current interest rate applying to your account when you log in to internet banking.

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).

Milarky · 17 March 2009 at 6:13PM

I think Lloyds are poor - possibly typical - because they publish rates after they have already changed - taking full advantage of the 'three working days' they are permitted under the toothless Banking Code after any change to update their website - let alone get the posters into branches etc.

So I'm actually more concerned with the datedness of interest rate data rather than saying "it needs to be HERE! in 16 point print at all times..."

The Banking Code is really the problem, ladies and gentlemen, as its provisions do not create a positive onus on banks to keep their customers intimately informed on interest rates in particular. The FSA takes over the Banking Code on 1 December. The FSA therefore needs a good 'roughing up' by banks' customers between now and then on this - and all banking related failings - so they get the message, loud and clear, that we will now put up with any more of their milk-toast in the name of consumer protection. If they don't want to do the job properly let them hand it over to a real public-interest body.

eeja · 17 March 2009 at 6:44PM

Shame on : Nationwide Isle of Man.

They do not show the interest rate on their customers' online banking page .
They refused to do so when the issue was raised with them claiming 'too complicated' to do this !
A garland for Anglo Irish who do give the interest rate on their online banking page clearly and visibly.

elektra · 17 March 2009 at 6:45PM

Birmingham Midshires : Half PRAISE - current interest rate is displayed as well as tax status (gross interest) when you login to account. However I'm not sure I receive emails telling me of interest rate change.

Savers Rights: Name & Shame Accounts which hide interest rates

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