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MSE News: Post Office cuts rates, but only tells savers after

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Comments

  • Dicky wrote: »
    If you have had the account for less than twelve months, then your interest rate will be 3.17%.

    Have they guranteed it for the full twelve months?

    Or until they send the notification out properly this time?
  • innovate
    innovate Posts: 16,217 Forumite
    10,000 Posts Combo Breaker
    Dicky wrote: »
    If you have had the account for less than twelve months, then your interest rate will be 3.17%.

    Yes sure - - until they decided to cut it to 2.67%. he AER on this account has always been variable.

    The only Q seems to be now exactly what date they have decided to implement the cut on. Officially, it it still Jan 17 2013.
    http://www.postoffice.co.uk/interest-rates#Online Saver Issue 5 - annual interest
  • Dicky
    Dicky Posts: 70 Forumite
    Part of the Furniture Combo Breaker
    innovate wrote: »
    Yes sure - - until they decided to cut it to 2.67%. he AER on this account has always been variable.

    The only Q seems to be now exactly what date they have decided to implement the cut on. Officially, it it still Jan 17 2013.
    http://www.postoffice.co.uk/interest-rates#Online Saver Issue 5 - annual interest
    No that isn't correct, my rate is still 3.17% until I am informed otherwise by email 14 days before it is changed.
    WrexhamPCRepairs.co.uk
  • roddydogs wrote: »
    Yup 2.7%...............still better than you can get elsewhere for I.A.

    Thanks for that............I got my email on 23rd January, but the War Office got hers 3 days before, and she opened her account after me. It's a disgrace! ;)
    If in doubt - do something. (With fond memories of Harry Chapin)
  • roddydogs
    roddydogs Posts: 7,478 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 January 2013 at 7:56AM
    Dicky wrote: »
    No that isn't correct, my rate is still 3.17% until I am informed otherwise by email 14 days before it is changed.


    So your saying that if you havent recieved an e-mail, its still 3.17%?, so how come the majority of us got the e-mail late, yet the reduction is from th 17th Jan? Or is it still 3.17 for us all?
  • roddydogs wrote: »
    So your saying that if you havent recieved an e-mail, its still 3.17%?, so how come the majority of us got the e-mail late, yet the reduction is from th 17th Jan? Or is it still 3.17 for us all?

    I've just called up. They have confirmed that ALL Online saver 5 accounts are still on 3.17 due to 'not giving enough notice'. This 'may drop in the future though'.

    Great news
  • roddydogs
    roddydogs Posts: 7,478 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 January 2013 at 9:54AM
    Good news, its just that im a bit wary about what someone says "On the phone"!, also online still shows the reduced rate.
  • veryintrigued
    veryintrigued Posts: 3,843 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 31 January 2013 at 10:54AM
    roddydogs wrote: »
    Good news, its just that im a bit wary about what someone says "On the phone"!, also online still shows the reduced rate.

    The adviser I spoke to said he's only been made aware today. Whatever that means.

    I guess it'll take some time for the IT team to reverse the changes on the website and I guess the Post Office will be deciding how long the rate will stay at this level before they make the changes?

    Right - how to shuffle some money back now.......for a bit
  • Windows
    Windows Posts: 48 Forumite
    edited 31 January 2013 at 10:45AM
    I have just phoned Post Office Savings Account (I have online saver i5) to make a formal complaint. However I was told that the interest rates on all accounts has been put back to as it was (back dated to 17th Jan) as they recognize that sufficient notice was not given. :j

    I was told their T&C's state 14 days and that all customers would get at least that notice when they change their rates again. :)

    So good for now, but bet it is only a temporary fix. :smiley:

    Also told that no communication will be sent out to let us know about the U turn.
  • I'm one of the many (or few!!) that received notification of the rate change by email on the 21st January. As I don't buy, and don't read, newspapers their advertisement placed in the papers was missed by me.

    As it's an Internet serviced savings account I do not see any reason why the PO could not have contacted active savers via the Internet media. Their excuses (i.e. adverts placed in Newspapers) are just not acceptable when the account is an Internet service; If you remember ICESAVE tried to go down the route of savers having to write in and make a claim, but after a furore all savers were refunded using the Internet media.
    It has taken about 4,500,000,000 (4.5 billion) years for the Earth to form as it is now .........
    and it'll only take about another 100 years for mankind to really **** it up!!!!
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