Banks attacked over rates policy

Published on: 09/01/2008

The Nationwide has criticised some banks and building societies for keeping customers in the dark when special savings deals are about to end.
The UK’s biggest building society said many customers were lured by high rates of interest which put savings accounts at the top of “best buy” tables.
But the Nationwide said many customers were not told when the initial rate of interest was about to drop.
It said all customers should be told in advance when initial rates were cut.
Matthew Carter of the Nationwide said it made no sense for customers to constantly switch their savings accounts.
“Some providers seem more interested in boosting profit and achieving best buy status than actually offering long term good value,” he said.
“With many savings accounts, with introductory deals launched last year, savers could soon be languishing in accounts paying lower rates having enjoyed potentially high returns,” he added.


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