Fixed Rate Bond - Cheshire Building Society

Realmil38

I know there has been a similar post in the past but let this be a warning reminder.

My 82 year old mother visited the Cheshire last week upon the maturity of a fixed rate bond. She was invited to re-invest her money and did so on a one year fixed rate bond. On informing me, I researched the interest rate and told her she could get a better deal elsewhere. I checked out the terms and conditions, reading to where I felt appropriate and told her that she had a 14 day cooling off period in which she could cancel. Ufortunately, I didn't read to the end of these conditions and it appears that the 14 day cooling off period does not apply to fixed rate bonds. She is now tied in for 12 months and cannot close the account. Here is the paragraph concerned: ( I didn't read beyond the part I have put in italics)

What happens if I change
my mind?

If you are not happy with your choice of savings account you
can cancel it within 14 days of opening it. We will help you to
transfer to a different type of Cheshire account or give you your
money back with interest. Interest earned will be at the interest
rate applicable to the specific account for the duration of the
investment. The interest received will depend on the number
of days you invested and whether it was a cash or cheque
investment. For cheque investments, the funds cannot be
withdrawn until the cheque has cleared. There is no cancellation
period for fixed rate accounts where the interest rate is set when
you open the account. Except for our fixed rate cash ISA where

the 14 day cancellation period applies.

Whilst I agree, it is there to see, I feel that the first part of this paragraph is misleading.

psychic_teabag

Someone else is going through something similar with skipton - see https://forums.moneysavingexpert.com/discussion/2871478
and https://forums.moneysavingexpert.com/discussion/2868870