Closed petition end the bonus interest scam

Closed on 17 December 2013

Building societies and banks often include a 'bonus' percentage in the interest paid on newly opened savings accounts, which is removed after one year. Then the interest rate drops, typically to a derisory level. Savers are not usually warned when a bonus is about to be removed, which seems to be a deliberate ploy to exploit those with poor memories or who have other difficulties managing their financial affairs.

This is not a fair or justifiable business practice.

Savings institutions should be legally required to notify customers shortly before any reduction in the interest rate paid on any account. And it should be illegal to reduce any interest rate below that which would be available to a customer by moving their money to one of the institution's other instant-access savings products.

Also, all online account statements should be legally required to include the interest rate currently applicable and the dates of any scheduled changes.