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C&G Fixed ISA Interest
Alancon
Posts: 2 Newbie
My Mum took out a 4% 2 year Fixed Rate Cash ISA from Cheltenham & Gloucester in Feb 10, depositing £5,000.
A statement arrived last week, showing that £160 had been credited on the anniversary of the account.
Surely 4% interest would give £200, not £160? The account is an ISA, so no tax deduction.
We had some similar problems with NatWest on their 2 year Fixed Rate Bond, they changed the interest rate shortly after my Mum opened the account.
Unfortunately we didn't have specific confirmation of the rate applicable until after they changed the rate. This time with C&G we do. I have written to them asking for an explanation.
Any one else had similar problems with C&G?
A statement arrived last week, showing that £160 had been credited on the anniversary of the account.
Surely 4% interest would give £200, not £160? The account is an ISA, so no tax deduction.
We had some similar problems with NatWest on their 2 year Fixed Rate Bond, they changed the interest rate shortly after my Mum opened the account.
Unfortunately we didn't have specific confirmation of the rate applicable until after they changed the rate. This time with C&G we do. I have written to them asking for an explanation.
Any one else had similar problems with C&G?
0
Comments
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C&G phoned my Mum to apologise for the error. Said that they confused the rate with another bond she has with them.
But she doesn't have any other savings with C&G!
She does have a FRB with Lloyds, but this is at 3.9%, not 3.2%.
Will see if I can get them to reply in writing. How many other people have had a similar experience with them?0
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