Transparency on interest rates and better customer service top the charts in our competition to come up with one rule that will improve banking.
If you could come up with one rule that would change banks for the better, what would it be? Consumers from across the UK have been suggesting their very own banking rules, and it seems that many of their requests are things the banks should be doing already.
Interest rates on savings accounts
Many customers are frustrated that loyal savers are losing out on interest rates, as banks favour headline rates for new customers, a problem Which? highlighted during the Great British Savings Scandal.
One competition entrant suggested ‘offer existing savers same interest rates as they offer new customers, not keep in low paying accounts.’ Another urged banks to ‘tell customers in plain English when interest rates change.’
Improve customer service
With poor interest rates and useless insurance products on offer, customers could at least expect to get a decent level of service. But according to competition entrants, customer service is often one of the most frustrating things about their bank:
‘Banks should let you deal with real people in branches, not machines or call centres,’ suggested one Twitter follower.
Another suggested that customer-facing bank staff should not be paid bonuses based on sales, but on customer service.
Over-selling has also featured as a real problem, with one follower asking banks:
‘Stop trying to sell contents insurance when I phone you. Especially when I already have it from you!’
Win an Amazon Kindle
If you’d like to join in the competition, and suggest your own rule, all you need to do is follow @WhichAction on Twitter and tweet using the hashtag #bankrule. On the 29 March we’ll choose our five favourite rules and put them up to public vote. The winning rule will win a Kindle.
Shape the future of banking
Even if your rule doesn’t win, we’ll take your ideas to Consumers International (CI) World Congress in May to explain the issues facing UK consumers and offer our recommendations to fix them. Getting your views heard here could help to shape the future of international banking.