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Interest on my login page isn't what was advertised on website.

2 replies

beachcomber70 · 28/10/2022 15:30

I opened a fixed rate savings account yesterday. I was able to log in to my account today. The interest quoted on the building society's website yesterday was 0.7% higher than the rate which appears on my internet webpage when I log in.
I have the basic [lowest] state pension to live on, supplemented by any interest I can get from my savings [inheritance]. That's it. So the money I would lose isn't huge but would pay for a couple of annual bills which will help.
I've emailed them, as waiting times on phone helpline are long and cost. But I see I have to wait 3-5 days for a reply.
In the meantime can anyone reassure me that I am entitled to the advertised rate on the website on the day I applied for the bond? [The bond has been withdrawn today I see, as probably fully subscribed].
Thanks.

OP posts:
MrsGamgee · 28/10/2022 15:36

Have you funded it above the minimum balance? Sorry that's the only thing I can think of, in my job when people apply for a new account the interest rate shows as much lower until the account has been funded above the minimum balance.

If that's not it and they have changed your rate then I would assume that you would be entitled to the rate the account was when you opened it. Did you download a copy of the account T&Cs at all so you can double check them for the interest rate?

beachcomber70 · 28/10/2022 16:35

Hi. I was waiting for money to come into my bank yesterday so sent the first payment to them today. I don't expect it will show on their side until tomorrow. I opened the account yesterday and the application was accepted. Maybe I have not sent 1st payment early enough, but saw no warning that it had to be put in immediately...just within 7 days.

I did not download the T&C's. I can't recall seeing anything which said the interest would change within hours of opening account though.
Not sure where I stand on this but thanks for your reply.

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