Lloyds TSB will publish the interest rate paid on all savings accounts, on customer statements, by the end of this year.
The move is a huge victory for MoneySavingExpert.com's campaign to ensure rates are no longer hidden, particularly at a time when many are plummeting (see the Cash Isas, Isa Transfers and Top Savings guides).
HSBC started displaying rates on all savings statements last month. Barclays says it's published rates on statements "for some time".
Lloyds-owned Halifax, Bank of Scotland, Cheltenham & Gloucester and Birmingham Midshires will only follow in early 2012, with rates published on all savings accounts.
The Lloyds announcement comes on the same day banks and building societies agreed to print rates on cash Isa statements by early 2012, following pressure from the Office of Fair Trading (see the OFT Isa crackdown MSE News story). This goes a step further.
Last year, we sent over 31,000 e-signatures to Downing Street asking for saving rates to be published as part of a savings summary box on statements (see the Thousands Demand Banks Come Clean news story).
Often, savers are completely unaware when rates plummet due to the lack of transparency. To find your rate, you usually need to search through tedious internet pages or booklets.
A Lloyds TSB spokeswoman says: "Later this year, Lloyds TSB will publish savings interest rates on all customer statements whether these are published online or paper-based. This will apply to all savings accounts and not just cash Isas."
Wendy Alcock, MoneySavingExpert.com money analyst, says: "We're pleased to see Lloyds extend the OFT's recommendations for clearer information to all savings accounts and we hope other providers follow suit.
"We'd be even more impressed if it provided a full savings summary box by adding details of bonus rates (and when they end), withdrawal penalties and which other institutions the account is linked to for savings safety."
What are other banks and building societies doing?
- Barclays says it already displays interest rates on all its savings account statements, which it's done "for some time".
- HSBC started displaying rates on all savings statements in May.
- Nationwide says it will display rates on cash Isa statements by April 2011, though it has no current plans to extend this to other savings accounts.
- RBS/Natwest says it will publish Isa rates on statements by the 2012 deadline, while it is "looking to do the same" on other savings products but with no firm implementation date.
- Santander says it will publish Isa rates on statements by the deadline but no firm date is set yet, though it has no current plans to extend this to other savings accounts.
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