Earlier this month we launched our campaign to free people from the savings trap. Through your comments on Which? Convo and via our online petition, we’ve collected more than 10,000 pieces of feedback.
We’re using your comments to convince savings providers to make key changes to the savings market – ensuring your money is in an account that is more Zumba than Zombie.
David thinks that savings providers should be more upfront about the rates they’re offering:
‘Why should we have to continually check our savings to see if the rate has remained competitive? I recently discovered a Lloyds Bank savings rate reduced from 1.2% to virtually nothing. If places such as the Coventry Building Society direct me to decent returns when an account matures why can’t others?’
Put customers first
Veronica is calling for banks to put their customers first:
‘There is no correlation between rates for savers and rates for loans anymore as the gap widens and the banks make bigger profits and pay higher bonuses. If only 60+ savers like myself and young people saving for their first home could make their money work for them in the way that our money works for the banks!’
And perhaps Christopher’s feelings will be all too familiar too you?
‘My 4-year fixed Cash ISA has expired and they have not contacted me. They send other rubbish but not the things we need.’
Transparency in the savings market
Vickie thinks we need more transparency in the savings market and suggests we could learn from interventions in the energy market:
‘I feel the banks should be transparent about their products and advise customers when their savings are not getting the best rates of interest. The energy companies have been “brought to book” about their lack of transparency and the banks/building societies should be treated in the same way.’
Vynor Hill thinks that, in addition to clarity on rates and communication, savers should shop around:
‘I agree that banks are opaque and don’t readily give out information, but it’s down to us to move accounts.’
And Liz’s comments have helped us with our campaign and helped her to take action:
‘Only convenience stops me from shopping around. I’m not in a position to lock my meagre (in their terms) savings away but, after reading this petition, I plan to make an appointment to discuss the matter. Thanks for the heads-up.’
Have you shared your experiences of the savings market? What can banks and building societies do to help you get more bang for your buck?