Bloody Banks a cautionary tale
Discussion
So I've had this e-saver account with a big name <name removed to meet name and shame rules> for several years, reasonable interest rate with good access. Dont have a lot of money in there ~£6k, used to pay for holidays and car stuff.
Now I havent checked the account for a year and I take the blame for not noticing but the f
kers have changed the interest rate from 3% to 0.1% about 12 months ago. Instead of getting ~£16 a month interest (ok its not much but it adds up to a nice evening out after a year) I've found that the bds have only paid me ~30p per month for the last year.
Called the Indian call centre , gosh they were helpful. Apparently the interest changed to 1.9% a while back. But Im not getting that says I. Dont know why that is says the tt in the call centre. Anything else I can help you with ? hang on you moron you havent helped me with the original question ! Pressed for an answer that clearly isnt in their fking script all I kept getting was 'I dont have that information'
Not worth wasting my time for such a small amout of money so just hung up and closed the account a few minutes later.
In future I shall keep an eye on the slippery bds.
Ok not a very good rant but makes me feel a bit better
Now I havent checked the account for a year and I take the blame for not noticing but the f
kers have changed the interest rate from 3% to 0.1% about 12 months ago. Instead of getting ~£16 a month interest (ok its not much but it adds up to a nice evening out after a year) I've found that the bds have only paid me ~30p per month for the last year. Called the Indian call centre , gosh they were helpful. Apparently the interest changed to 1.9% a while back. But Im not getting that says I. Dont know why that is says the t
t in the call centre. Anything else I can help you with ? hang on you moron you havent helped me with the original question ! Pressed for an answer that clearly isnt in their fking script all I kept getting was 'I dont have that information'Not worth wasting my time for such a small amout of money so just hung up and closed the account a few minutes later.
In future I shall keep an eye on the slippery b
ds.Ok not a very good rant but makes me feel a bit better
Edited by bigdods on Thursday 25th March 13:41
Banks/Building societies have a habit of creating new, shiny, heavily marketed savings accounts, which offer competitive interest rates - initially.
In the small print with monthly/annual statements they eventually 'discontinue' the accounts, and you have to move to the next shiny new one to get good interest rates... but with inertia, they end up with lots of customers with large deposits and pay them bugger all until they notice.
Been there, done that...
In the small print with monthly/annual statements they eventually 'discontinue' the accounts, and you have to move to the next shiny new one to get good interest rates... but with inertia, they end up with lots of customers with large deposits and pay them bugger all until they notice.
Been there, done that...
Sounds like you're with Barclays. Word to the wise they always seem to update their savings range in the build up to the end of the tax year and the old accounts will quickly drop their rate to circa 0.10%. If you have a More for More account then get your money shifted to an Essential Saver sharpish. If you have a E Saver then move it to an E Saver Reward. Ongoing ALWAYS read the insert which will have been sent to you or go in for an annual review where they can tell you what accounts offer what rates.
......or pay attention,I monitor my accts monthly, run a spreadsheet to ensure interest received equals what was supposed to be earned, net result I know when the rates move and can make a value judgement as to whether I should move funds or not.
PS....
Did I mention I work for a bank?
PS....
Did I mention I work for a bank?
Deity said:
1. What type of account did you think you had? A fixed rate deposit account?
2. How does the call centre being located in India effect the interest rate. Or the fact you didn't know the workings of the account?
It was fixed rate deposit and as I already said its my fault for not noticing when they dropped the rate to 0.1%. 2. How does the call centre being located in India effect the interest rate. Or the fact you didn't know the workings of the account?
The call centre being in India is relevant as I couldnt make the call centre operative understand what I was talking about. Trying to explain things in single syllable simple words doesnt work well in these situations. Its not a dig at them particularly, any time you try to conduct a financial discussion with someone whos first language is not english its going to be a challenge, and when you go off script its a generally going to fail.
bigdods said:
Deity said:
1. What type of account did you think you had? A fixed rate deposit account?
2. How does the call centre being located in India effect the interest rate. Or the fact you didn't know the workings of the account?
It was fixed rate deposit and as I already said its my fault for not noticing when they dropped the rate to 0.1%. 2. How does the call centre being located in India effect the interest rate. Or the fact you didn't know the workings of the account?
The call centre being in India is relevant as I couldnt make the call centre operative understand what I was talking about. Trying to explain things in single syllable simple words doesnt work well in these situations. Its not a dig at them particularly, any time you try to conduct a financial discussion with someone whos first language is not english its going to be a challenge, and when you go off script its a generally going to fail.
You have to keep moving to the new rate and assume they only last 12 month.
I have today shifted money from the old issue 5 which was paying the full rate with a bonus, but is now paying nowt, to issue 7 which I opened last week which is paying 2.5%. Come next April it will no doubt be issue 9 paying the extra 2% amd I will have to move it again.
I notice my business account is only paying 0.1% now on a 30 day deposit account and nothing else is much better.
No doubt the clever people are elsewhere but I am not that clever.
I have today shifted money from the old issue 5 which was paying the full rate with a bonus, but is now paying nowt, to issue 7 which I opened last week which is paying 2.5%. Come next April it will no doubt be issue 9 paying the extra 2% amd I will have to move it again.
I notice my business account is only paying 0.1% now on a 30 day deposit account and nothing else is much better.
No doubt the clever people are elsewhere but I am not that clever.
Four Cofffee said:
You have to keep moving to the new rate and assume they only last 12 month.
I have today shifted money from the old issue 5 which was paying the full rate with a bonus, but is now paying nowt, to issue 7 which I opened last week which is paying 2.5%. Come next April it will no doubt be issue 9 paying the extra 2% amd I will have to move it again.
I notice my business account is only paying 0.1% now on a 30 day deposit account and nothing else is much better.
No doubt the clever people are elsewhere but I am not that clever.
I am think that paying off my brother in laws car loan for a sghare of the savings could be a better bet as he is paying about 9.9%.
I have today shifted money from the old issue 5 which was paying the full rate with a bonus, but is now paying nowt, to issue 7 which I opened last week which is paying 2.5%. Come next April it will no doubt be issue 9 paying the extra 2% amd I will have to move it again.
I notice my business account is only paying 0.1% now on a 30 day deposit account and nothing else is much better.
No doubt the clever people are elsewhere but I am not that clever.
I am think that paying off my brother in laws car loan for a sghare of the savings could be a better bet as he is paying about 9.9%.
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