We sold our house last year and were forced into rented.
I split the money between various savings accounts and opened a Sainsbury's Savings account at 3.3%. I understood that you couldn't make any withdrawals otherwise the interest rate would go down to 0.5%
However, I went to close the account today (the 12 months bonus was up) and had only been paid less than £500 interest, not the £3,500 I was expecting.
Apparently this was because the limit on the account was £100,000 and I had mistakenly put in £110,000. Apparently if you exceed the amount the interest plummets on the whole amount.
They didn't inform me that I had exceeded the limit, or that my interest rate was going down, and there was no way of knowing that this had happened until the interest entered my account 12 months later, as the interest was only paid annually.
Now I'm sure it was in the small print somewhere but do I have any redress at all! I would have expected them to close my account or refuse the transfer if it exceeded their limits - not just choose not to pay me the interest.