Variable Rate Term Bond - This made me laugh

They say:

>>>>>>>>>>>>>
I would advise that changes in all the Society's variable interest rates will tend to follow movements in the official Bank Rate, but there may be exceptions to this, for example, due to a change in the competitiveness of a product or its underlying profitability.

However, any changes in our savings rates that represent a material deviation from the movement of the official Bank rate, whether up or down, will be considered to have had a disadvantageous effect on the interest paid on Members. 'Material' is defined as:
A reduction of 0.25% or more relative to the official Bank rate in any one
rate change, or
A cumulative reduction of 0.50% or more relative to the official Bank Rate
in the previous 12 months.
If you have a variable rate savings account with £500 or more in it and a change in your interest rate is a material deviation from the movement in the official Bank Rate, we will contact you personally to tell you:
When the change will take place
About other savings accounts available and offer to help you to switch to
one of these accounts if you want to
That you can withdraw all the money in your account, and
That you have 30 days from the date you receive notification to switch to
another account or withdraw the money without any notice period or
charges.
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So they have to give you access if they drop the rate, unless it is because base rate has dropped as well. Does that make it better than a fixed rate bond or an access account? Not really.

But it does mean that you shouldn't be scared of notice accounts I suppose (if you can get a higher rate than for instant access) - if they drop the rate, notice accounts become instant access for 30 days. I think this is true for all institutions now due to FSA regulations, not just Progressive.