Banks cut savings rates without telling customers

Notices or not, interest rates are a scandal at the moment.

Perhaps they could start by advising users with email addresses, the cost for which is virtually nil. They could even put the rates (+short history) at the top of their online savings accounts, instead of hiding them elsewhere.

The BBA are treating customers as idiots when suggesting they would need to send a letter to everyone. Thought and imagination generally finds a cost effective solution to many things, but of course the truth is the banks do not wish to keep us informed!

All financial documents should have a short prominent "key" information section which clearly states critical information. Then in law, a case brought by a financial organisation that relies on something the court considers 'key' and is not in this section, would fail! Transparency and clarity is what we all want

i have recentyly found that not only do banks not notity clients of the change in rates they also degrade existing accounts to lower rates of interest with out notice to their clients.I fnd that this attitude of playing fast and loose with clients money verging on fraud . I am not sure what individuals can do about this as all the banks seem to the same, so simply moving the account is not an answer, I feel that this can only be remidied by government action to insist that banks and building societies do not gain from this ruse and invest clients money for their own profit

That is because they know people do not read newspapers anymore.

in addition to the above...try CLOSING some accounts...it takes weeks of detective work to find out how to do it...YET to OPEN an account just press a button...!!!!!.... doh !! ...now my blood pressure is up again !!

I have an online account with Sainsburys and I they have a close account button on my account page. I was pleasantly surprised and thought it was a very good.

Shrewed banks. They know folks don't read the zillions of adverts for the dysfunctional banks especially when rates are so low, we just gloss over them / ignore them. As said, they SHOULD put the current rate on the front page of every online account / paper statement by law. But will they? No. FORCE THEM TO LEGISLATORS!

Why do we have to put up with this type of legal fraud the new government should pass a law telling these cowboys to notify there customers of any rate changes they would soon find a way to do it then if there was a threat of fines or legal action. Come on Mr Cameron and Co, you say you want to be fair with us so pull your fingers out and proof it.

The BBA are talking rubbish. All the banks have to do is email out the rate changes. Northern Rock do it, why not the others?

If customers were notified of all interest rate changes the costs to the environment, economy, banks and ultimately the customers would be 'considerable', says the BBA. They have, of course, left out the vast bonus- generating cash bonanza the banks will enjoy by slicing a bit off interest rates. As usual the High St conglomerates cheat us and come out smiling. As for "trees" mentioned by the BBA how many millions are felled to produce glossy "take out a loan" flyers? Many of such MAILSHOTS offer to lend money at as much as 9.5% above bank rate. No talk of costs, the economy, environment, and what the customer pays emanates from the mealy-mouthed BBA hypocrites then. Surely it is time to set some really strict controls over the operations of Banks, especially since they are using our money.

This person's arrogant attitude towards the banks' customers is an absolute disgrace.

Instead of shedding crocodile tears about the environment they should be hanging their head in shame about the interest rates that they pay on savings and the practice of cutting even these without making sure that customers are kept fully informed.

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A spokesperson for BBA however said Which's claim that savers are kept in the dark is 'groundless' and that if customers were notified of all interest rate changes the costs to the environment, economy, banks and ultimately the customers would be 'considerable'.

The only solution I can suggest is to create a scarcity of loanable funds. Earnings on deposit are now so low especially after tax is deducted at 20%, that it makes no sense to leave funds with lending institutions other than for safekeeping. Obtain a safe-deposit box at your bank, deposit your funds there and ensure that the bank knows that it will be held liable for the security of the contents. If enough of us remove bank liquidity, then interest rates will improve. Make sure that your MP knows that if the Bank of England attempt to circumnavigate the shortage of liquidity by printing money, then their seat at Westminster will be the first casualty at the next General Election. The other advantage to savers, is that although we are denied a return on our deposits pityful though they be, the Govt won't get any tax revenues either.

I agree with Graham Hacker. We have had 2 recent bonus rate removals from separate ISAs. We heard from M and S money well in advance, but Halifax were silent, as they have been so far to my letter of complaint. I expected better behaviour from an established financial institution, and we are now voting with our feet!

Alliance a Leicester are currently paying 0.10% on my wife's ISA, which was paying a reasonable rate. No notice of interest rate change, no surprises!!

Is this customer service? Don't think so!

Egg E-Savings do not want to offer me a new account @ 2.8% [not a king's ransom] from an existing E-Savings account which has just expired to a pitance. Only will accept 'NEW' money. So will move savings to another co. Where is the logic?

Savers are getting a raw deal, but we know this only too well