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Bank / Building Societies – Notification of Interest Rates

Comment 17th August 2010

It should be mandatory for the saving institutions to mark clearly upon a customers statements both paper and inetrnet, the current rate of interest being paid and if it is gross or nett.

Also that they clearly mark on the statement under which license they are operating and who are the other banks under this license.

Why does this matter?

Prior to the crisis the majority of people simply placed their savings with one institution. Now with the limit of compensation at 50k, one has to check which bank is under what license.

Nat West E Bank varies its rate but it also depends upon when you first opened the account.

I asked Nat West to confirm if I was receiving tax nett or gross and the rate of interest. From their computer in the bank they were unable to ascertain the rate and when they did eventually find the information, several days later, it was incorrect. 

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