Banks failing to inform customers of savings rate changes

High street banks are not informing customers of interest rate changes to their accounts, according to consumer magazine Which? Money. Out of the 12 banks and building societies investigated, only four personally told customers about savings rate changes. Other savings providers, such as HSBC, used adverts in newspapers to notify customers of small cuts and fluctuations but this was only if the rates were cut to more that 0.25 per cent or 0.5 per cent over the course of the year.