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  • FIRST POST
    • MSE Martin
    • By MSE Martin 2nd Mar 09, 10:30 AM
    • 8,116Posts
    • 42,298Thanks
    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

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    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.

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Page 1
    • ozzage
    • By ozzage 17th Mar 09, 3:20 PM
    • 516 Posts
    • 310 Thanks
    ozzage
    • #2
    • 17th Mar 09, 3:20 PM
    • #2
    • 17th Mar 09, 3:20 PM
    Excellent idea. Signed.
    • nzseries1
    • By nzseries1 17th Mar 09, 3:22 PM
    • 2,144 Posts
    • 1,851 Thanks
    nzseries1
    • #3
    • 17th Mar 09, 3:22 PM
    • #3
    • 17th Mar 09, 3:22 PM
    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.
    You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.
  • Natti_A
    • #4
    • 17th Mar 09, 3:49 PM
    • #4
    • 17th Mar 09, 3:49 PM
    Petition Signed! Yay
    Credit Card 6.9% - 0/2800
    Graduate OD 19.9% - 1000 Paid off Sept 11

    Sealed Pot Challenger #598
    Pay off as much as you can 2012 #69
    • libra10
    • By libra10 17th Mar 09, 3:55 PM
    • 11,906 Posts
    • 277,513 Thanks
    libra10
    • #5
    • 17th Mar 09, 3:55 PM
    Mrs
    • #5
    • 17th Mar 09, 3:55 PM
    Great idea. Signed, sealed, delivered.
    • touch*my*food*feel*myfork
    • By touch*my*food*feel*myfork 17th Mar 09, 3:55 PM
    • 1,341 Posts
    • 16,985 Thanks
    touch*my*food*feel*myfork
    • #6
    • 17th Mar 09, 3:55 PM
    • #6
    • 17th Mar 09, 3:55 PM
    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
    • #7
    • 17th Mar 09, 3:59 PM
    • #7
    • 17th Mar 09, 3:59 PM
    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
    Originally posted by touch*my*food*feel*myfork
    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
    • #8
    • 17th Mar 09, 4:02 PM
    • #8
    • 17th Mar 09, 4:02 PM
    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
    • By Milarky 17th Mar 09, 4:13 PM
    • 6,291 Posts
    • 2,209 Thanks
    Milarky
    • #9
    • 17th Mar 09, 4:13 PM
    • #9
    • 17th Mar 09, 4:13 PM
    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.
    .....under construction....
  • eeja
    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
    • By elektra 17th Mar 09, 4:45 PM
    • 1,325 Posts
    • 808 Thanks
    elektra
    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.
    • D1zzy
    • By D1zzy 17th Mar 09, 5:30 PM
    • 1,482 Posts
    • 628 Thanks
    D1zzy
    Halifax - praise interest rates against each account (best of all!!)
    A & L - praise - enter first 3 digits of account to dispay rates
    Natwest - praise easy as long as you know your account name
    ING - impossible to find the bonus rate applying (worst of all)
    LTSB - buried in the "non marketed accounts"

    Its is now also essential to know the exact name and issue no of you account - (EG LTSB - Online Saver replaced by Internet Saver replaced by E-saver as each became "non-marketed"
    Last edited by D1zzy; 17-03-2009 at 5:35 PM.
    • ScarletBea
    • By ScarletBea 17th Mar 09, 5:47 PM
    • 2,788 Posts
    • 4,163 Thanks
    ScarletBea
    Natwest - SHAME - like somebody said, you need to remember when you opened the account to see if you had bonus, and what type of bonus... why can't it be accessible from your own online banking???

    Yorkshire building society - PRAISE - inside the online banking pages, clear indication of the rate
    Being brave is going after your dreams head on
    • Consumerist
    • By Consumerist 17th Mar 09, 5:58 PM
    • 5,226 Posts
    • 2,610 Thanks
    Consumerist
    EGG again - SHAME

    and

    ICICI - SHAME (But at least they do send emails when rates change - if you can keep up with them)

    Petition signed.
    Last edited by Consumerist; 18-03-2009 at 12:11 AM.
    • SnowMan
    • By SnowMan 17th Mar 09, 8:36 PM
    • 3,188 Posts
    • 5,944 Thanks
    SnowMan
    Bradford and Bingley: SHAME in capital letters with brass knobs on and lots of other bright and jangly dangly bits attached. Not only can you not see the rate when logging in but when you identify your account and look it up it doesn't even tell you when the current interest rate applies from. They seem to have scanned the weak banking code in minute detail to disclose absolutely nothing they don't have to.

    And don't get me onto their continually superceding accounts by newer accounts with higher interest rates and cutting the rate on the old account. I have had to move from internet saver 1 to internet saver 2 to internet saver 3 to e saver 6 and to e saver 7. What a disgrace.

    First Direct, Tesco, Nat West: Shame , can’t see the rate for your account when logging in. At least Tesco is a single rate for all (1.5% bonus aside)

    Birmingham Midshires: Praise As mentioned earlier rate shows clearly when you log in
    I came, I saw, I melted
    • savetilibleed
    • By savetilibleed 17th Mar 09, 9:16 PM
    • 1,348 Posts
    • 326 Thanks
    savetilibleed
    Good
    Yorkshire Building Society - display current interest rate for account as soon as it changes, also a link for interest rate history and to interest paid, gross and net, in past tax years. But emails to notify changes 2-3 weks after event.
    Saga - displays current interest rate - no emails though.

    Bad
    Bradford & Bingley & very late with emails
    Northern Rock - no display (but always send email a few days before change happens-good)
    Abbey - no emails or display
    Coventry BS - no interest display (don't know about emails-have fixed rate accounts)
    ING - get letter about 2 weeks later, or phone then to ask mine

    (Edit: BTW Petition signed)
    Last edited by savetilibleed; 21-03-2009 at 10:41 AM. Reason: addition
  • withnell
    Big praisse for Anglo irish, who as well as stamping in the account activity every time the rate changes, also displays accrued gross and net interest to date
    • poppy10
    • By poppy10 17th Mar 09, 10:38 PM
    • 6,191 Posts
    • 7,497 Thanks
    poppy10
    Bradford and Bingley make it nice and easy:
    http://www.bradford-bingley.co.uk/savings/previous-savings-rates.asp
    :confused:
    • 2BlUeCaR4U
    • By 2BlUeCaR4U 18th Mar 09, 6:14 AM
    • 9 Posts
    • 19 Thanks
    2BlUeCaR4U
    Does your savings account HIDE the interest rate?
    I have difficulty finding the interest rates at the following, in no particular order :-
    Alliance & Leicester
    Bradford & Bingley
    Birmingham Midshires
    Egg ( the worst )
    Tesco
    Cahoot
    Coventry Building Society
  • eeja
    Big praisse for Anglo irish, who as well as stamping in the account activity every time the rate changes, also displays accrued gross and net interest to date
    Originally posted by withnell
    Agreed...this is one excellent feature with this otherwise much maligned and crticised Irish bank.
    Credit should be given where credit is due ...
    Last edited by eeja; 18-03-2009 at 6:40 AM.
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