Lies, lies and more lies!

[stevensfo]

Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers

https://uk.finance.yahoo.com/news/co-op ... 25845.html

“What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.
For example, the bank has a one-year fixed-term savings account with 3.46% annual return rate, and an instant access saver with a 1.5% return rate – with its savings rates set to rise again from Wednesday.

Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.

Yes, their savings accounts have always been dismal, but we are not forced to use them.

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.

Yet if we were to do the same, all hell would break loose!


Steve

[Lootman]

You are lucky. My HSBC savings account pays just 1.2%.

[Arborbridge]

Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers

https://uk.finance.yahoo.com/news/co-op ... 25845.html

“What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.
For example, the bank has a one-year fixed-term savings account with 3.46% annual return rate, and an instant access saver with a 1.5% return rate – with its savings rates set to rise again from Wednesday.

Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.

Yes, their savings accounts have always been dismal, but we are not forced to use them.

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.

Yet if we were to do the same, all hell would break loose!

What is an "annual return rate"? Is this some new phraseology? What happened to APR? Whenever I see writers using unusual expressions I wonder if they are trying to mislead me - at the very least it wastes time puzzling about it.



Arb


Steve

[stevensfo]

Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers

https://uk.finance.yahoo.com/news/co-op ... 25845.html

Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.

Yes, their savings accounts have always been dismal, but we are not forced to use them.

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.

Yet if we were to do the same, all hell would break loose!

What is an "annual return rate"? Is this some new phraseology? What happened to APR? Whenever I see writers using unusual expressions I wonder if they are trying to mislead me - at the very least it wastes time puzzling about it

Arb


Steve

Ditto with APR. Surely 'annual return rate' suggests to me that this is what you get after one year. At least it's not an abbreviation.

I can never remember what APR stands for or how it's calculated.

Just that when you see it on credit card statements, you reach for the nearest gin bottle.

Steve

[pje16]

Ditto with APR. Surely 'annual return rate' suggests to me that this is what you get after one year. At least it's not an abbreviation.

I can never remember what APR stands for or how it's calculated.

Just that when you see it on credit card statements, you reach for the nearest gin bottle.

Steve

Annual percentage rate

The APR provides a consistent basis for presenting annual interest rate information in order to protect consumers from misleading advertising.
An annual percentage rate is expressed as an interest rate. It calculates what percentage of the principal you’ll pay each year by taking things such as monthly payments and fees into account

[swill453]

APR is used for loans, credit cards etc.

For savings it's the AER (Annual Equivalent Rate) that allows comparisons between accounts.

For the record my instant access Kent Reliance savings account has been pretty good at raising interest rates recently, it's now at 3.25%. Not open to new subscribers, unfortunately.

Scott.

[GoSeigen]

Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers

https://uk.finance.yahoo.com/news/co-op ... 25845.html

“What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.
For example, the bank has a one-year fixed-term savings account with 3.46% annual return rate, and an instant access saver with a 1.5% return rate – with its savings rates set to rise again from Wednesday.

Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.

Yes, their savings accounts have always been dismal, but we are not forced to use them.

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.

Yet if we were to do the same, all hell would break loose!


Steve

Pardon but where do you allege the lie is?

GS

[stevensfo]

Co-op Bank’s profit rises fourfold as boss boasts rate rises for all savers

https://uk.finance.yahoo.com/news/co-op ... 25845.html

Don't get me wrong. I've had a Smile (Co-Op) account for over 20 years and they've always been amazing.

Yes, their savings accounts have always been dismal, but we are not forced to use them.

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items or indeed, anywhere.

Yet if we were to do the same, all hell would break loose!


Steve

Pardon but where do you allege the lie is?

GS

Having looked again, you are correct in that they do seem to be increasing certain rates from today.

However, they speak of an 'an instant access saver'. Where do you see this:

https://www.smile.co.uk/products/savings/

If you follow the 'No notice savings' link, you will find:

https://www.smile.co.uk/products/saving ... e-savings/

Only when you you follow the link to changes, do you find the other name 'Instant Access':

https://www.smile.co.uk/pdf/smile/savin ... oducts.pdf

Then there's the clever advertising: “What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.

Sorry, but I'm always complaining that the worst rate available to me is with Monzo at 3.55%:

https://monzo.com/features/savings/

But even that is better than Smile:
https://www.smile.co.uk/products/saving ... m-deposit/

1 year fixed 3.46%
2 year fixed 3.62

As for AJBell:

1 year fixed 4.20%

Yes, yes, I know it's just clever advertising, but if I did the same thing, I'd probably run foul of the AML rules and have my accounts frozen.

One rule for them, another for us?

Steve

[DrFfybes]

But this sort of statement is just yet another example of anyone being able to spout bullsh*t because there is no right of reply any more on the Yahoo news items

Isn't Yahoo News just clickbait these days?

From another thread..

A nice Yahoo news bite:

UK house prices slump to 11-year low

https://uk.finance.yahoo.com/news/uk-ho ... 02847.html

But it's not true. For most of the time, house prices have been going up at ridiculous rates!

Then you read more.....

February’s negative annual price growth of 1.1% was the weakest seen since November 2012, Nationwide added.

So it's growth rate, NOT house prices.

Sloppy reporting, writing?

I think the correct term is "Clickbait

[GoSeigen]

Pardon but where do you allege the lie is?

GS

Having looked again, you are correct in that they do seem to be increasing certain rates from today.

However, they speak of an 'an instant access saver'. Where do you see this:

https://www.smile.co.uk/products/savings/

If you follow the 'No notice savings' link, you will find:

https://www.smile.co.uk/products/saving ... e-savings/

Only when you you follow the link to changes, do you find the other name 'Instant Access':

https://www.smile.co.uk/pdf/smile/savin ... oducts.pdf

Then there's the clever advertising: “What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.

Sorry, but I'm always complaining that the worst rate available to me is with Monzo at 3.55%:

https://monzo.com/features/savings/

But even that is better than Smile:
https://www.smile.co.uk/products/saving ... m-deposit/

1 year fixed 3.46%
2 year fixed 3.62

As for AJBell:

1 year fixed 4.20%

Yes, yes, I know it's just clever advertising, but if I did the same thing, I'd probably run foul of the AML rules and have my accounts frozen.

One rule for them, another for us?

Steve

When you make accusations of lying it would help to be scrupulous with the truth yourself. There is no "clever advertising". What you are quoting is a reporter rewriting the copy of a PA reporter who interviewed or got a statement from the chief exec. If you find anything misleading here (which I don't) then an assumption of good faith would put that down to the usual difficulty in speaking off the top of one's head, or a misquotation, or faulty paraphrasing. It certainly is not lying advertising copy.

As for the reference to "instant saving accounts" and "annual return rates" these are terms used by the Yahoo! or PA reporter, not the bank itself -- at least if it's the article's text you are complaining about. Your accusation of lying if that is what it is should really be aimed at the publisher of your news source.

I'm no great fan of Co-op Bank and have nothing to gain from defending them but I do resent having to read this sort of bad-faith, borderline defamatory commentary only to find upon enquiry that there is no real substance to it.


GS

[Redmires]

Smile are paying 2.09% from tomorrow (2nd) to existing Smile customers for instant access. Not the best but not terrible.

[GoSeigen]

After my sense of humour failure, I should probably suggest that if people really think banks are so good at lying and screwing their customers for their own profit then for goodness' sake stop being a bank customer and start being a bank shareholder!

GS, happy holder of far too many bank shares.

[stevensfo]

Having looked again, you are correct in that they do seem to be increasing certain rates from today.

However, they speak of an 'an instant access saver'. Where do you see this:

https://www.smile.co.uk/products/savings/

If you follow the 'No notice savings' link, you will find:

https://www.smile.co.uk/products/saving ... e-savings/

Only when you you follow the link to changes, do you find the other name 'Instant Access':

https://www.smile.co.uk/pdf/smile/savin ... oducts.pdf

Then there's the clever advertising: “What we have done is we have passed on rate rises to both on-sale and closed book products, so to all our customers, because we think that’s the right thing to do." He stressed that it is better to keep savers loyal than to have to “win them back” if they are finding better rates elsewhere.

Sorry, but I'm always complaining that the worst rate available to me is with Monzo at 3.55%:

https://monzo.com/features/savings/

But even that is better than Smile:
https://www.smile.co.uk/products/saving ... m-deposit/

1 year fixed 3.46%
2 year fixed 3.62

As for AJBell:

1 year fixed 4.20%

Yes, yes, I know it's just clever advertising, but if I did the same thing, I'd probably run foul of the AML rules and have my accounts frozen.

One rule for them, another for us?

Steve

When you make accusations of lying it would help to be scrupulous with the truth yourself. There is no "clever advertising". What you are quoting is a reporter rewriting the copy of a PA reporter who interviewed or got a statement from the chief exec. If you find anything misleading here (which I don't) then an assumption of good faith would put that down to the usual difficulty in speaking off the top of one's head, or a misquotation, or faulty paraphrasing. It certainly is not lying advertising copy.

As for the reference to "instant saving accounts" and "annual return rates" these are terms used by the Yahoo! or PA reporter, not the bank itself -- at least if it's the article's text you are complaining about. Your accusation of lying if that is what it is should really be aimed at the publisher of your news source.

I'm no great fan of Co-op Bank and have nothing to gain from defending them but I do resent having to read this sort of bad-faith, borderline defamatory commentary only to find upon enquiry that there is no real substance to it.


GS

Well, I still think it is misleading in the picture it paints of how they appear to be generous to their customers. The average person simply does not have time to divide articles into what is written by whom, about whom and why, chief execs being quoted by unscrupulous reporters and bits reported on Yahoo etc.

However I accept your point. Calling it all lies was clearly wrong and a mistake on my part.

Steve