Two-chord specialists Dire Straits sang about getting ‘money for nothing’. They could have been economists, as more and more banks are doing just that. They take our money and give us sweet FA in return.
More than half of all current accounts don’t pay interest to their customers. Instead they squirrel your cash away and invest it in the stock market.
After the battering they’ve taken over the last couple of years, you’d think banks might be willing to try harder in order to win back our trust. Perhaps this is on their list of priorities, but it’s definitely well below the lining of their pockets with the returns they get from our dosh.
It’s a sorry state of affairs when major banks like Barclays, HSBC and Santander act like they don’t give a damn about their loyal customers by paying no, or next to no, interest on some accounts.
But the dagger goes deeper. Taxpayer-backed Royal Bank of Scotland and NatWest have recently stopped paying interest. We bail them out, they shaft us. Gordon Gekko would be proud.
Beat the banks at their own game
Needless to say, Which? thinks this situation is appalling. We’ve noted that fee-paying accounts are on the rise, meaning that more people will be in the position of handing banks a nice little safety net they’re clearly happy to take.
So, rather than fund their malaise and greed, why not kick back? Here are some ways to get started:
- There are some providers who are still on our side, which you can find out about on Which? Money.
- Why not switch your loyalty to a better bank? It’s easier than you think.
- Tell us how your bank could be better – we’re taking your complaints and suggestions to the Financial Services Authority. If you haven’t already told us what’s wrong with your bank, see this Conversation on better banks and tell us now.
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