Saving rates

keeleyw24

Hi all!

Just wondering if anyone can help me. I opened my first savings account in August 2008 (YAY ME! Lol!). BUT...when I opened it I was told there was an agreed minimum amount to stay in there for 9 months of £500. I have stuck to this. In return for keeping my end of the bargain it was agreed to have a 6.5% interest rate on the account. However, every time the base rate has been cut since then, my savings account rate has been cut also. Is this correct?

I know it might be a silly question, but I didn't know if this was a contract that could be changed as I'm rubbish with numbers, and don't know if this is a base rate cut to be shown on all accounts everywhere even if a contract has been agreed upon???

I hope I made sense with all that!! Ha!

Any advice will be greatly appreciated, thanks you lot!

Keeley x

P.s-what lovely weather it is today!!! Shame I'm at work :cool:

whu

Welcome to the site - if it was not a fixed rate savings account (which it sounds like it isn't) then the rate could go up or down

Trying_to_be_good

Keeley

Well done on getting into the savings habit - do you know the name of the account and where it's held? Sounds like a misunderstanding on the terms and conditions of the account, but we'll try and help work out where that's happened.