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Campaign to make savings account rates clearer
January 13, 2012
By Liz Parks

This is Money has launched a campaign for savings rates to be published clearly on all online banking pages.

The publication argues that at the moment banks and building societies make savings rates very difficult for customers to find, with them often having to do the legwork themselves. They say this is a problem because providers often attach temporary bonuses to their deals to make them attractive and customers may not realise when these have expired.

This is Money says, “As much as 95 per cent of the headline rate can be made up of a sweetener that typically drops off after a year”. It adds, “Savers are often left languishing on pitiful, sub-one per cent returns. Some Isa savers, for example, earned just 5p per £1,000 stashed away in 2011 thanks to the ruse.”

So far RBS and NatWest have supported the campaign by agreeing to include interest rates on all paper and online banking statements. This is Money is calling on all banks and building societies to do the same and to go further by showing round-the-clock rates on online banking accounts.

The publication points out that savers should also take some responsibility themselves by making a note of when bonus rates expire.