Interest rates are a very complicated calculation?!

26th April 2012
Doing the usual ring round to providers to check up on rates, I called an un-named provider today looking for confirmation on its fixed bond rates. Its website stated the rates for annual income but not for monthly income and highlighted “account is available for annual and monthly income. Call us to confirm these interest rates”. Sounds easy. Me “can I have the monthly income rate please to update our systems” Them “sorry I can’t give that to you as it’s a very complicated calculation” Me “So what do you tell customers if they ask what interest rate they will be receiving? That it’s complicated” Them “yes” If it wasn’t so dreadful it would be funny!

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