Nationwide: Savings products should be transparent

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Nationwide: Savings products should be transparent

Providers of savings products should let customers know when initial deals are set to come to an end, according to Nationwide Building Society.

Many savings providers use favourable deals to attract customers, then change the rate after a limited period of time, Nationwide Building Society claims.

Matthew Carter, director for savings at Nationwide, explained that the building society believes provders "should play fair"

"Some providers seem more interested in boosting profit and achieving best buy status than actually offering long-term good value to their customers," he added.

Mr Carter suggested that not communicating propertly with savers could lead to them not having all the information they need to make informed decisions.

Providers already tell mortgage holders when their deals are set to change, he remarked.

Last month, Nationwide Building Society announced that customers would be able to access their accounts on their iPhones.
ADNFCR-323-ID-18416385-ADNFCR

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