Cheshire Fixed Rate Cash ISA - 3%

suziewuzie

I had a letter from Cheshire as my ISA matures on 31st Dec. They offered me a transfer to a new a/c fixed ISA at 2.75% interest. I was a bit disappointed about this as better rates are available - I was about to set up a transfer to M&S, but had a couple of queries about it. Went into Cheshire branch and explained I wanted to transfer . She asked me what rate I could get elsewhere. When I replied '3%' she whipped out a piece of paper from under the counter and said, 'well, we're offering 3% too - you should've had a letter about it'. I showed her my letter which said clearly 2.75%. Anyway, I set up the transfer for a new Fixed rate ISA with them (Chesh) at 3% maturing on 31st Dec 2011.

Why do these banks/building socs make it all so confusing?

martinman3

As all these old fixed rate ISAs will be maturing at the same time they must have had all the letters printed in advance. Unfortunately, for whoever made this decision, the 2.75% product was replaced on 14/12/2010 so no-one could have opened one.
https://www.emoneyfacts.co.uk/news/savings-news.aspx?newsarticleid=201069

If I were them I would be sending out new letters pronto before the rush of transfer requests come in.