Which Banks Notify Customers about Interest Rate Changes?

bluesky on 01/05/2016 - 20:30
Last edited 02/05/2016 - 11:55

I often learn of interest rates changes from OZB posts, rather than the banks themselves, thanks to vigilant OZB members. E.g yesterday's ING Savings Maximiser Rate Drop.

This begs the question: which banks actually inform customers of rate changes via email? If they don't, we, the customers, will have to be vigilant, and monitor/poll the rates every so often.

I seem to recall RAMS did send out an email about interest rate drop in the past.
But this is probably the exception rather than the norm.

I know Commbank does not.

What are your experiences with the other banks, especially the big 4?
Do they inform you of rate changes?

Thanks,
bluesky

Edit: Initial post subject was "Which Banks Email Customers", changed to "Notify Customers". Snail mail, SMS and any form of individual notification included, just not general website or newspaper announcement.

Financial

Comments

  • [Deactivated] on 01/05/2016 - 23:21

    For savings accounts:

    • If rates are going up > some banks
    • If rates are going down > no banks

    For loans:

    • If rates are going up > no banks
    • If rates are going down > some banks
    • bluesky on 02/05/2016 - 02:45

      Rational behaviour :-)

    • kipps on 02/05/2016 - 03:28
      +1

      Bankwest sends out letters for my loan when home loan rate goes up or down.

      • altomic on 02/05/2016 - 08:00
        +1

        Wankbest

  • lukey159 on 01/05/2016 - 23:24
    +1

    For Saving accounts Westpac don't email you at all.

  • bluesky on 02/05/2016 - 02:47

    Oh yes, now I recall - Rabodirect also did email about rate changes in the past.

  • greyeye on 02/05/2016 - 10:05
    +1

    may be off topic, but ANZ does send out a letter (yes snail mail)

    • bluesky on 02/05/2016 - 11:50

      Thanks. Not off topic at all, the intent of my post was actually whether customer was notified individually at all, as opposed to mere website or newspaper announcement.

  • robbyjones on 02/05/2016 - 19:41
    +1

    I was so incensed at the lack of notification from CBA I moved my business to another bank. They didn't give a monkeys.

    • bluesky on 02/05/2016 - 21:19

      Yeah, they are big, so they don't care. And their rates aren't particularly good either, compared with the smaller players.

      Did you manage to find a friendlier bank, which does notify of rate changes? Thanks.

      • robbyjones on 02/05/2016 - 21:25
        +1

        Yeah went with ING Direct in the end and you know I didn't even think to ask them if they notify however the app tells me how much interest I have accrued/owe so I wont get caught again, hopefully

        • bluesky on 02/05/2016 - 21:38

          Good choice, I am generally happy with ING, the user interface is good, and the 2% paypass discount a bonus.

  • squeeb on 08/05/2016 - 17:30
    +1

    I have had emails from Rabodirect and RAMS of changes (both increases and deceases) to their interest rates.

    The banks deliberately bait people with the lure of high interest rates and then drop the rates without notification. You have to be vigilant in keeping up with the changes. The banks know that they can expect high churn when they drop. They don't care about providing decent customer service unfortunately. It should be compulsory that customers are notified of interest rate changes.

    • bluesky on 08/05/2016 - 17:38

      So far, just from what I can gather, CBA, Westpac and NAB do not notify customers. ANZ does.

      Seems like the smaller online players , RAMS, Rabodirect (but not ING unfortunately), who will notify customers about impending interest changes.

      ING is useful regardless, due to the 2% paypass discount, so I doubt they will lose customers from it.

      • robbyjones on 08/05/2016 - 18:01

        I received an email about the recent rate changes from INGDirect.

        • bluesky on 08/05/2016 - 18:03

          Really, you did? Hmm, perhaps I haven't correctly register for notifications then. Quite a few people have said they didn't receive notification.

          Thanks a lot for the heads-up. Must go and investigate.

        • bluesky on 08/05/2016 - 18:19

          Just investigated. I think I know what you mean now.

          There is a message in the messages area, after logon to the ING account. But it is not an email to the usual email address. (Please tell me if I am wrong).

          Even so, it is dated 6 May, retrospective to the 1st May drop.

          Which is not that useful, as I imagine many, like me, do not logon regularly into a bank account to check for messages.

        • robbyjones on 08/05/2016 - 18:59

          @bluesky: Yeah I got that message too however I also received an email advising of the change, sent Wednesday 4/5 at 5.37pm, rate change is effective 20/5.

        • bluesky on 08/05/2016 - 19:35

          @robbyjones: Thanks. So looks like they send to some, but not all. (Nothing in the settings suggest you can turn this on/off). I do get notifications of online statements from them.

        • ucd12345 on 13/05/2016 - 12:21

          @robbyjones: if it's effective 20/5 then you must be talking about the loan rate, not the savings rate which went into effect immediately.

  • Euphemistic on 08/05/2016 - 18:20

    Got an and from westpac a few days ago. Maybe they are changing their policy.

    • bluesky on 08/05/2016 - 18:23

      That is good to know. Thanks.

      • Euphemistic on 08/05/2016 - 18:27
        +1

        Stupid auto correct: got an SMS.

        For a mortgage though, not saving acct.

  • DeafMutePretender on 08/05/2016 - 23:00
    +1

    The only ING savings rate change email I can find is one from 2014 notifying me that the savings interest rate went up to 4%. So they are at least consistent in their non-notification. Still, if they can send me emails and online messages about updating/improvements of their website, they can just as easily tell me about changes in interest rates. ME Bank is also guilty.

    On the other hand, I have lots of emails from RaboBank regarding savings rate changes.

    • bluesky on 08/05/2016 - 23:53

      Exactly, get lots of mesgs with no consequence from ING, just not interest rate changes.
      So far, Rabodirect is good in terms of such notification.

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