A disclaimer is all very well, but...

ouro_2

I invested my medium term savings with Whiteway Laidlaw Bank last year after seeing them top your lists. Within a week of me opening an account they cut their interest rates to next to nothing, and required 60 days notice to close the account. Additionally they charge a £20 fee to transfer the money to another account electronically - funny there are no such obstacles to opening the account.
It's easy to track which accounts show the highest interest rates, but less easy to trawl the small print, hmm?

leahciM

lol, sorry, you opened an account without doing any due diligence other than seeing it's name on a website and it seems that you're blaming the website?

Lesson learned, no-one is responsible for checking where your money is ending up other than you. The financial services industry makes tens, if not hundreds, of millions every year by people being too lazy to read the terms and conditions. No one to blame but yourself.
:T:T:T

ouro_2

leahciM wrote: »

lol, sorry, you opened an account without doing any due diligence other than seeing it's name on a website and it seems that you're blaming the website?

Lesson learned, no-one is responsible for checking where your money is ending up other than you. The financial services industry makes tens, if not hundreds, of millions every year by people being too lazy to read the terms and conditions. No one to blame but yourself.
:T:T:T

No-one to blame but myself....and this website which sets itself up as the consumers friend. I'm glad I amused you though, it saves you watching 'world's wildest police chases'.

VT82

ouro wrote: »

I'm glad I amused you though, it saves you watching 'world's wildest police chases'.

That literally made me 'lol'.

If it was a 60 day notice account, it would have been shown as a 60 day notice account on the MSE website fairly prominently. They can't just turn it into a notice account after you have deposited money in it.

Also, I'm sure there has been an FSA rule in place for over a year stating that if a bank reduces the rate on a notice account outside of a Bank of England rate change, the customer has to be allowed an option to have a penalty free withdrawl/closure within x days??? Maybe you should query this with them.

Finally, was the amount so large that it was better to pay the £20 fee, than to accept a cheque and lose a bit of interest? Must have been a large sum then.

noh

ouro wrote: »

I invested my medium term savings with Whiteway Laidlaw Bank last year after seeing them top your lists. Within a week of me opening an account they cut their interest rates to next to nothing, and required 60 days notice to close the account. Additionally they charge a £20 fee to transfer the money to another account electronically - funny there are no such obstacles to opening the account.
It's easy to track which accounts show the highest interest rates, but less easy to trawl the small print, hmm?

Was that the one called "60 Day Notice Direct Account" ?
Interest rate 3% variable.

If so the clue is in the title.
The word variable has significance too.

http://www.wlbank.co.uk/withdrawn.asp

talexuser

I once put money in an account called a notice account, and when I wanted it had to wait a notice period. Hope this info helps.

leahciM

ouro wrote: »

No-one to blame but myself....and this website which sets itself up as the consumers friend. I'm glad I amused you though, it saves you watching 'world's wildest police chases'.

At least I can enjoy my trash TV knowing I'm not too dense to actually check things for myself before pouring money into it.

Sticks and stones and all that, but you're the one out of pocket.

*turns police, camera, action up a little louder*