GoSeigen wrote:stevensfo wrote:Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers
https://uk.finance.yahoo.com/news/co-op ... 25845.html“What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.
For example, the bank has a one-year fixed-term savings account with 3.46% annual return rate, and an instant access saver with a 1.5% return rate – with its savings rates set to rise again from Wednesday.
Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.
Yes, their savings accounts have always been dismal, but we are not forced to use them.
But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.
Yet if we were to do the same, all hell would break loose!
Steve
Pardon but where do you allege the lie is?
GS
Having looked again, you are correct in that they do seem to be increasing certain rates from today.
However, they speak of an 'an instant access saver'. Where do you see this:
https://www.smile.co.uk/products/savings/If you follow the 'No notice savings' link, you will find:
https://www.smile.co.uk/products/saving ... e-savings/Only when you you follow the link to changes, do you find the other name 'Instant Access':
https://www.smile.co.uk/pdf/smile/savin ... oducts.pdfThen there's the clever advertising:
“What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.Sorry, but I'm always complaining that the worst rate available to me is with Monzo at 3.55%:
https://monzo.com/features/savings/But even that is better than Smile:
https://www.smile.co.uk/products/saving ... m-deposit/ 1 year fixed 3.46%
2 year fixed 3.62
As for AJBell:
1 year fixed 4.20%
Yes, yes, I know it's just clever advertising, but if I did the same thing, I'd probably run foul of the AML rules and have my accounts frozen.
One rule for them, another for us?
Steve