Ripped off by bank?

Mark A

Mark A

Mark A

Soldato
Joined
19 May 2005
Posts
18,225
Location
Lancashire
Hi,

I got a very disappointing letter today informing me of my interest earned for the tax year 2006 - 2007. I have a Internet based direct saver account with the Royal bank of Scotland and just stick cash into it every now and again.

Ive used the online growth calculator and it comes out at over £400 but the amount Ive been paid is £84 after income tax. If anyone could confirm that Ive been paid the correct amount that would be a great help.

I'm going to go to the bank and sort it out but id like to make sure I'm not just getting it wrong before i go. Its 2 bus rides into town and I'll have to book a day off work as they don't open Saturday :rolleyes: , so i want to make sure I'm right or wrong i don't go for nothing.

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These are the interest rates for my savings account.

I had 10,000 in there last April and then Ive saved some to bring to total to around 14,000. Ive taken small amounts out every now and again but it says its free withdrawals.

Thanks in advance
 
If you've had £10k+ in there for a year at those rates (were they always that high, they haven't gone up from something silly like 0.5% have they?) then that's definitely not the right amount of interest.

Do you know when they pay the interest? Perhaps that sum doesn't represent the amount of interest over the whole year, only a small part of it?

Either way I wouldn't bother going and seeing them, just ring them up and sort it out over the phone.
 
Thanks for the reply. Will they be able to help me over the phone?, i have a feeling they will just tell me to visit the branch. Also this internet only savings account is based in Glasgow and my branch is in Burnley.

The interest rates have been about the same since i opened the account in 2005. I think they did go up slightly recently due to the bank of England base rate going up or something?. I opened the account on15th november 05 and from then till the 5th april i had 7k in there, i think i got around £75 interest in the short time which is why i was expecting a lot more this time.

The interest is calculated daily and then payed shortly after receiving this letter once a year. I'm really annoyed at the moment as this amount is only slightly more than what Ive spent on my current account charges of £6 a month :mad: .
 
Difficult to say without knowing the bank's justification. Any bank should be able to help you with that over the phone I would have thought but then I've only had experience with Abbey and First Direct, both of which have been excellent.

Never needed to go into the branch. Can't hurt to ring first and try and get some explanation after setting out the facts as you see them.
 
Call Direct Banking - 08457 24 24 24. They should be able to arrange for the branch to look into it and call you.
 
OK thanks, I'll give them a ring tomorrow if i get home early enough. How can a bank get this sort of thing wrong?, no doubt they will tell me Ive been payed the correct amount. If that is the case I'll be closing all my accounts with them.
 
Vixen said:
Call Direct Banking - 08457 24 24 24. They should be able to arrange for the branch to look into it and call you.
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Just rang them and apparently i have to be a direct banking customer.
 
Mark - no point going into the branch - while I'm sure they'll be able to help, they'll probably just ring the online banking helpdesk anyway.

Call Digital Banking on 0845 600 8212 - you should get an answer tonight and you won't need to take time off work.

Have you tried logging into Digital Banking to check how much interest you've been paid?
 
Mark A said:
Just rang them and apparently i have to be a direct banking customer.
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Daft question I appreciate, but are you SURE it's the Direct Saver account. All Digital Banking customers get Direct Banking too by default.
 
Mark A said:
Just rang them and apparently i have to be a direct banking customer.
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How can you have an online account and not be a direct banking customer? Online banking and telephone banking use the same security systems, so your direct banking log in is the same as your online one.
 
Vixen said:
How can you have an online account and not be a direct banking customer? Online banking and telephone banking use the same security systems, so your direct banking log in is the same as your online one.
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Exactly - although you can have just Direct Banking and not Digital Banking but not the other way around.
 
Well i definitely am an online customer and its definitely the Direct saver account. The guy asked me for my 10 digit customer number and i didn't think i had one but now Ive just realized i have. So its the same number that i use for digital banking, DOH.

Ill give them a ring and see what they say then, its probably like markyp23 says and something in the small print. Still annoying though.
 
ESP/BSS said:
Have you tried logging into Digital Banking to check how much interest you've been paid?
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Ive had a look but theres been no payment made yet, do you think i should wait for it to be payed before ringing them?.
 
Mark A said:
Ive had a look but theres been no payment made yet, do you think i should wait for it to be payed before ringing them?.
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Just phone them. They will tell you if there's a payment going in soon.
 
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