Kaupthing Rate reduced by 2%

Baldur

dealseeker wrote: »

I still haven't received an e-mail about this although I spotted it was reduced when i started this thread. What does the 30 days mean. Does this mean they have 30 days to tell us about a rate change that has already taken place?

AFAIK, the latter, the 30 days is a Banking Code requirement:

Changes in interest rates
4.4 We will keep you informed about changes in the interest rates on your accounts and we will tell you
about the ways we will do this.
The requirement to ‘keep you informed of changes to the interest rates on your accounts’ will be fulfilled by either:
• telling customers personally within 30 days of the change (subject to the provisions of ‘Interest variations on
savings accounts’ below); or
• within three working days of the change, put notices in our branches and in the newspapers we usually use. To
help customers compare rates more easily, our newspaper notices will show clearly the old and new rates.

<Edit> Banking Code complaints: http://www.bankingcode.org.uk/howdo.htm