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Bank charges: Savers kept in dark over rate changes

UK savers are often not properly notified about changes in interest rates, according to new research.

Consumer magazine Which? has revealed that only five of the 12 banks investigated guarantee to personally inform their customers of all savings rate changes.

The majority of firms use adverts in newspapers to alert customers to small rate cuts and rises, or they simply declare the change to account conditions when a customer visits a branch.

Only Cheltenham & Gloucester, First Direct, Co-op, Barclays and ING Direct promise to notify savers by email or letter of any rate cuts.

Most of the remaining seven banks only guarantee to let customers know if the rate cut is more than 0.25 per cent or if smaller reductions add up to 0.5 per cent over a year.

Peter Vicary-Smith, Which? chief executive, claimed banks are using outdated methods to notify customers of rate changes.

He said: "This is just another example of banks treating their customers badly. As our latest savings satisfaction survey shows, once again it's the smaller players that offer better service and have happier customers."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800007690-ADNFCR

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