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MSE News: Post Office cuts rates, but only tells savers after

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  • EALSB
    EALSB Posts: 2 Newbie
    Does the Post Office assume that everyone buys a daily newspaper? To make such an announcement such as this in such a way is appalling customer service. I received my e mail from them on the 23rd January.
  • Dicky
    Dicky Posts: 70 Forumite
    Part of the Furniture Combo Breaker
    I've just got off the phone to the Post Office after enquiring what the interest rate on my 'Online Saver Issue 5' had changed to. The woman on the phone told me that it was still at 3.17% as they had revoked the change in interest rates due customers not being informed properly about the change in rates.

    She went on to say that I will receive an email 14 days before any change in the future to the interest rates.
    WrexhamPCRepairs.co.uk
  • SnowMan
    SnowMan Posts: 3,685 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 30 January 2013 at 7:26PM
    Interesting stuff. Worth keeping an eye on their interest rate page to see when that gets updated (currently showing the reduced rate of 2.67% AER).

    http://www.postoffice.co.uk/interest-rates#Online%20Saver%20Issue%205%20-%20annual%20interest

    I think they should credit everyone's account with £1 for not giving enough notice the same as you have to pay as a penalty charge when the sender hasn't put enough postage on a letter.
    I came, I saw, I melted
  • BankMan
    BankMan Posts: 4 Newbie
    First Post
    I sent the PO and email on 14/01/2013. Guess what? No reply!!
  • boo-hoo
    boo-hoo Posts: 34 Forumite
    So glad MSE have reported the Post Office. I sent a letter of complaint and received a curt reply stating they had advertised in The Daily Mail and The Telegraph. I personally don't think adverts in just 2 newspapers constitutes " informing savers". My letter stated if I was unhappy I could close my account. Guess what letter was in post same day.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dicky wrote: »
    I've just got off the phone to the Post Office after enquiring what the interest rate on my 'Online Saver Issue 5' had changed to. The woman on the phone told me that it was still at 3.17% as they had revoked the change in interest rates due customers not being informed properly about the change in rates.

    She went on to say that I will receive an email 14 days before any change in the future to the interest rates.

    Anymore details here please? Was she specific to your account all was she referring to all accounts? Also I guess she didnt any indication for how long this would be at this 3.17 level for?
  • Dicky
    Dicky Posts: 70 Forumite
    Part of the Furniture Combo Breaker
    veryintrigued wrote: »
    Anymore details here please? Was she specific to your account all was she referring to all accounts? Also I guess she didnt any indication for how long this would be at this 3.17 level for?
    I have had my account for less than 12 months and it is the 'Online Saver Issue 5' account so I assume that 3.17% is specific to that account and including the bonus for the first twelve months.

    Give them a call on 0845 602 3409 if you want to know what your rate is.
    WrexhamPCRepairs.co.uk
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Dicky wrote: »
    I have had my account for less than 12 months and it is the 'Online Saver Issue 5' account so I assume that 3.17% is specific to that account and including the bonus for the first twelve months.

    Give them a call on 0845 602 3409 if you want to know what your rate is.

    Yes its specifically this account that I'm interested in.

    There is a long thread about it here:

    https://forums.moneysavingexpert.com/discussion/3982243

    I guesss we need more clarity here. Maybe the MSE guys might be able to give us a hand?

    Thanks for the heads-up - seems a bit more digging is required....
  • Dicky
    Dicky Posts: 70 Forumite
    Part of the Furniture Combo Breaker
    veryintrigued wrote: »
    Yes its specifically this account that I'm interested in.

    There is a long thread about it here:

    https://forums.moneysavingexpert.com/discussion/3982243

    I guesss we need more clarity here. Maybe the MSE guys might be able to give us a hand?

    Thanks for the heads-up - seems a bit more digging is required....
    If you have had the account for less than twelve months, then your interest rate will be 3.17%.
    WrexhamPCRepairs.co.uk
  • Owlie
    Owlie Posts: 6 Forumite
    Im glad MSE has reported this. I got my email on Jan 23rd informing me my rate has lowered effective 17 Jan. How can they just back date it like that?! Well, I guess it isn't back dated, it just appears to be because they sent the email out late and because I was too busy not buying and reading cover to cover the 2 newspapers it happend to place an ad inside.

    In this day and age to use just 2 newspapers to inform customers of a cut in interest is the strangest thing I've heard of. Shall I inform them of my wish to withdraw all funds by taking out an advertisement in 2 womens magazines and see if they take any notice?! Bonkers.
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