Which? finds savers uninformed about rate changes

Savers may be missing out on money as many account providers do not inform consumers when rates are changed.

This is according to a study by Which? magazine that found just a handful of financial services firms notified customers when the account's rate was amended.

The publication pointed out that matters were even more confusing for people who bank with Bank of Scotland, Halifax or HSBC, as these companies stated that they may or may not inform consumers about small rate changes.

HSBC said it would announce rate changes via advertisements in the media.

Which? chief executive Peter Vicary-Smith said: "Our rigorous research shows that outdated and inconvenient methods of notice on interest rate changes are keeping savers in the dark for longer, at a time when they need greater disclosure than ever before."

He added the results of the research are another example of how badly financial services providers treat their customers.

Moneysupermarket.com recently found Britons could be losing out on almost £10 billion by not switching to a savings account with a better rate.

Britannia International Ltd 28-07-2010

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