Bank of Scotland accounts - small print

DFC_2

Hi
I have had a current account with BOS for several years. A couple of years ago I received some correspondence from them notifying of the introduction of a 'high interest current account'. The booklet then provided indicates 'if you make payments of at least £1000 a month into your account you will automatically qualify for higher credit interest rates and lower arranged overdraft interest rates'.

As per the above, I understood that the bank would switch over my account to the higher interest one if I qualified. It was silly of me never to phone the bank to confirm that that would happen. I called the bank yesterday and they told me that I had to request my account to be switched over, which I did over the phone in just a few minutes.

My question is if someone else understands the sentence from the bank's booklet in the same way and whether I would have the chance to make a successful claim for 'interests lost' over the last 2 years. Yes, I have been pretty busy and only now have the chance to look at money matters :-)

Thanks for your advice.
DFC

nzseries1

I think unless the original correspondence stated explicitly that you would automatically be changed over, then your chances of reclaiming "interests lost" is miniscule to none at best.

JohalaReewi

The 'automatic higher credit interest rates and lower arranged overdraft interest rates' apply to the high interest current account.

It's not telling you that you will automatically switch to the high interest current account if you do this in you current account.

Chance of recovering 'lost' interest = zero.