News today that both RBS and Nationwide are to simplify savings accounts, including dropping introductory bonus interest rates. Although our statistics show that 11 per cent of people have opened an account to get a good introductory rate, more than half of those surveyed have held their accounts for more than five years, showing that the majority don't switch and are likely to be receiving much lower rates.
Nationwide has also said that the new savings accounts it is introducing will be available for online and traditional savers. Louise Lovelock, their head of customer savings says "our members tells that they want simpler, more flexible products that can be accessed both online and in branch" - echoing our research which showed that 76 per cent of people actually like a combination of paper and online bills and statements.
Keep Me Posted's chair Judith Donovan says, “We hope that today’s move is a strong sign from financial providers that they are listening to their customers’ need for transparency and clear communication. Two thirds of UK savings account holders want to be notified of any change to their account via paper, a number that grows amongst older people. As Nationwide and RBS examine what they offer to customers, we urge them to think not just of the products they offer, but how they communicate with those they are set up to serve.”