banks and information (or lack of)

cm1179

cm1179

cm1179

Soldato
Joined
30 Sep 2009
Posts
3,626
is it just barclays who does stuff like this?

about this time last year, i opened my ISA with a rate of about 3% which included a 1% BONUS for 12 months.

last week, i got a letter from them, telling me how my bonus period/12 month term was coming to and end then there was a sub title saying 'what do i have to do?' to which they gave the answer 'nothing. we will automatically transfer you onto the 2% rate'

ha

anyway, i just got an e-mail from moneysupermarket and i followed a link to the ISA section to see barclays offering an ISA with a rate of 3.05% for 12 months, 1% of which is a bonus. that's 1% more than the rate they are automatically going to move my current ISA onto.

why didn't they move me onto the 3.05% one, instead of the 2% one? hardly great customer service imo.

i don't have the time to keep completely up to date with their rates but it would be nice if they would move me to the best deal when the opportunity arose. i have had a similar situation with a savings account when i went in branch to put some money in and was informed i wasn't on the best rate and the clerk said she would set me onto the newer account which gave a better rate. as a side note, i'd been into the branch and moved a lot of things around less than 10 months before to be on the best rates.

i understand things change but why not put customers onto the best rate automatically and keep them informed about the best rates?
 
cm1179 said:
why didn't they move me onto the 3.05% one, instead of the 2% one? hardly great customer service imo.

i understand things change but why not put customers onto the best rate automatically and keep them informed about the best rates?
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Because it costs them money to give you the higher rate, and most people won't do anything when it comes to renewel time because they blindly believe that the banks have their best interests at heart.

If you could get away with paying someone less, but still getting the same from them; you would.
 
Ahleckz said:
Because it costs them money to give you the higher rate, and most people won't do anything when it comes to renewel time because they blindly believe that the banks have their best interests at heart.

If you could get away with paying someone less, but still getting the same from them; you would.
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yes i understand it costs them more but it's not giving the best customer service or giving what's best for the customer is it? that's why i've asked if other banks do this as my faith in barclays isn't great but i think most banks are the same...
 
This will be the same for all banks its how its always been done, same with insurance or anything else of a similiar nature, they are "introductory" deals to get new customers so unless you go the hassle of starting up a new ISA (and you will need one that allows you to transfer in from another ISA without penalty) you won't get the new account rates.

Never had a problem with Barclays personally always just worked no frills no problems for me.
 
All of them do it, the reason why? Why pay someone 3% when you could potentially get away with 2%. They are a business after all.
 
cm1179 said:
i understand things change but why not put customers onto the best rate automatically and keep them informed about the best rates?
Click to expand...



No idea why you are annoyed TBH.

The new ISA is just that a NEW product whereas your current ISA is not. It's like getting upset because the bank didn't automatically put you on a better mortgage rate when your current deal runs out.

Do you still need someone to hold your hand crossing the road? :confused:
 
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