Variable Rate Savings: Does your bank inform you by letter or email of rate changes?

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ajapale

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Does your bank inform you by letter or email of rate changes?

I had a ufirst savings account with UB for years and only recently became aware that the interest rate was reduced to below 0.25%. I phoned the branch and they said that it was not bank policy to inform individual customers of rate changes. It is done by notices in the national papers.

Ive set up a UB esaver acccount and they have reassured me that I will be informed by email and letter of rate changes.

It might be interesting to produce a list of banks and accounts who indulge in this sneaky practice! (syestmatically reducing rates with only ads in the national newspapers)
 
Re: Does your bank inform you by letter or email of rate changes?

banks will give notice of rate increase to ensure customers have funds available e.g. for regular electronic transfers of mortgage repayment

i think the notice in the press for rate decrease is pretty standard approach. i'm with aib and have not received any formal/personal notice of mortgage rate reductions
 
Re: Does your bank inform you by letter or email of rate changes?

"i'm with aib and have not received any formal/personal notice of mortgage rate reductions "

Strange igloo, for the last few rate reductions i've recieved a letter from aib stating the new rate and reduced payments :)
 
Re: Does your bank inform you by letter or email of rate changes?

@ajapale: I think only rate changes for credit agreements must be notified to the customer. I have had formal notifications in relation to every rate change on tracker mortgages (even though obviously I know the rate that will apply!), and the rates applying to credit cards are specified on each bill. But on three different savings accounts across three institutions, I've received nothing although all those rates have also dropped.
 
Re: Does your bank inform you by letter or email of rate changes?

PTSB give me a letter each time
 
Re: Does your bank inform you by letter or email of rate changes?

I receive documentation from EBS re interest rate changes on my mortgage. I don't receive anything from them regarding the rate changes on my savings account - I never have (and the account is open for many years).

Don't get anything from Halifax either - I only found out about the reduction on their current account interest rate from the radio ads!
 
Re: Does your bank inform you by letter or email of rate changes?

Just to be clear here I'm not talking about the mortgage rate. Im always informed in writing about that.

I'm talking about the interest rate on savings accounts.
 
Re: Variable Rate Savings: Does your bank inform you by letter or email of rate chang

Northern Rock always write.

Most others (including AIB) only record rate changes as a "transaction" on account statements, and don't send out a special notification of changes.

When you say UB eSaver, do you mean eSavings?

It's good practice to review your savings accounts at least once a year. I use the Best Buys to keep track of my rates.
 
Re: Variable Rate Savings: Does your bank inform you by letter or email of rate chang

I always get a leaflet through the post, usually with my statement
 
Re: Variable Rate Savings: Does your bank inform you by letter or email of rate chang

Which account / bank?
 
Re: Variable Rate Savings: Does your bank inform you by letter or email of rate chang

Sorry, ulster bank. For any changes to do with my current account, savings, credit card and loan.
 
Re: Variable Rate Savings: Does your bank inform you by letter or email of rate chang

ajapale said:
Ive set up a UB esaver acccount and they have reassured me that I will be informed by email and letter of rate changes.
Click to expand...

I have a UB eSavings & eSavings Plus account, they cut the rates significantly earlier this week - I didn't receive any notice yet - they have my email & address details.
 
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