Yorkshire Building Society wrote to me in January to tell me all direct debits, standing orders and the cash card would be cancelled on my offset mortgage savings account this June. They’ve decided that they don’t want the cost of providing these, despite the terms and conditions stating that the savings account provides them.
YBS told me in branch this affects all offset accounts that have these features so others here may be facing the same issue and could try getting compensation.
They offered £300 compensation which arrived in my account before the letter arrived in the post.
I complained to the financial services ombudsman and have been awarded an additional £2250 compensation due to having to keep a float in a current account at another bank to cover bills which will reduce the amount of interest I would have saved over the remaining term of the mortgage.
I’m happy with the outcome and all told the ombudsman complaint took 3.5 months.