Putting money under the bed is a great idea

 

Long-term readers will recall my rage at discovering that my savings account – which, admittedly only contained a couple of hundred pounds – had been changed behind my back to pay interest of 0.1 per cent.

The account with Lloyds had been called something like Super-Duper Special Gold Loyalty account, so I had stupidly assumed that the rate paid would be reasonably competitive.

It was a stupid assumption because I have often written about the tricks that banks use to rip us off, such as by paying hugely attractive introductory rates but then offering paltry returns.

But the account I had opened hadn’t offered an introductory bonus or any other such  gimmick. Which is why I fell into the trap of wrongly believing that the rate paid would remain half-decent. More fool me, you might say.

But I’m not the only one. Millions of savers have been equally hit by the big banks’ shabby practice of deliberately penalising loyalty by paying peanuts. Such as i reader James Simpson who’s RBS Isa had its interest rate slashed last week.

James, understandably angered by the “change”, said: “I am seriously thinking of keeping my money in a box under my bed.”

His tongue-in-cheek idea has been taken up by another i reader who proposes that we all do so, but not yet. Instead Robert Johnson reckons we should wait until the cheap government money dries up – provided through the Funding for Lending scheme – and then act.

“Hopefully it will be before the general election,” Robert writes. “If so, why don’t we all decide to put our savings under the bed? Just temporarily. But do it in a co-ordinated way, forming queues such as happened with Northern Rock to make the withdrawals.

“If it isn’t illegal, I have a feeling it would make more than the banks sit up,” he concludes.

I agree. The banks have taken us for mugs for far too long. Let’s not wait for the City Watchdog to force them to play fair but take action ourselves.

Power to the people and freedom for savers!

s.read@independent.co.uk

Twitter: @simonnread

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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