MSE News: Post Office delays cuts after not alerting savers in advance 8 February 2013 at 6:49PM in Savings & investments 17 replies 2.6K views

Former_MSE_Helen

"Some Post Office savers' rate cuts will be delayed from 17 January until 25 February, but not all are so lucky..."

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Post Office delays cuts after not alerting savers in advance



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LealeaV

I am absolutely appalled by the customer service of the Post office on their recent interest rate drop!

After a rather long winded phone call to their customer service team, and after being told to "buy the Daily mail each day" which I find rather an expensive option to find out how much interest my savings account is paying.

An alternative which they have suggested is that I click onto the website - but even the guy I spoke to had trouble trying to find the rates on the website, I eventually found it myself - only to find the link to my particular account not working!!!

I then somehow (please dont ask me how) managed to find the whole list of accounts and their interest rates - only to find that they havent been updated since 17th Jan, which means that already they are out of date! As there has been another drop since then!

I really expected more from the Post Office to be honest - I only opened the account back in November 2012 - and am now regretting it - lack of communication, lack of respect for their customers and their customer team leave a lot to be desired!

blindman

LealeaV wrote: »

I am absolutely appalled by the customer service of the Post office on their recent interest rate drop!

After a rather long winded phone call to their customer service team, and after being told to "buy the Daily mail each day" which I find rather an expensive option to find out how much interest my savings account is paying.

An alternative which they have suggested is that I click onto the website - but even the guy I spoke to had trouble trying to find the rates on the website, I eventually found it myself - only to find the link to my particular account not working!!!

I then somehow (please dont ask me how) managed to find the whole list of accounts and their interest rates - only to find that they havent been updated since 17th Jan, which means that already they are out of date! As there has been another drop since then!

I really expected more from the Post Office to be honest - I only opened the account back in November 2012 - and am now regretting it - lack of communication, lack of respect for their customers and their customer team leave a lot to be desired!

Post Office premier Cash Isa (opened before 21/11/12)


Minimum balance
Including 18 month bonus from account opening £100 2.76%
After 18 months rate reverts to underlying rate £100 1.50%

Current rates effective 17/01/2013.

zerog

I don't care about the rate as my PO savings balance is £2.50, seeing as I only use it for one of the Halifax DDs.

gizz_mo

I'm also a bit miffed at this.

After receiving the notification a couple of weeks ago that the rate has already dropped, I moved my savings out of the post office into an account which was paying slightly more than the reduced rate the post office account was now paying.
(Post office was 3.01% dropped to 2.51% and I moved it to an account I already had open paying 2.8%)
Now I find out that I have lost out on 0.21% of interest on approx £50k for the period from when I moved it out until the revised date of 25th Feb.
Now I am not sure whether I should move it all back until the 25th or not. It took a day to move last time as the post office apparently don't support faster payments, so if i move it back until the rate changes and then move it back out again I could lose 2 days interest.

If I move it back - will the post office recompense me for lost interest including the overnights I lost out on?
Or should I just leave it where it is and see if the post office will pay me the difference until the 25th Feb?
I'm not sure how much 0.21% on 50k equates to as a BR taxpayer...any ideas?
Is it worth the effort to make a fuss with them?
Thanks

ColdIron

About £84 pa or 23 pence a day?

innovate

gizz_mo wrote: »

If I move it back - will the post office recompense me for lost interest including the overnights I lost out on?
Or should I just leave it where it is and see if the post office will pay me the difference until the 25th Feb?

By default, they will only pay you interest for the amount of money and number of days in your account.

Don't move your money back, just complain (by recorded letter) that you have lost out because you believed that they were dropping the interest on 17 Jan, as they had said.

They will grudingly pay you the difference, and may be a bit more (I am promised about a tenner more than the actual delta on £46K).

The money won't make your rich, but out of principle, you shouldn't let them get away with it.

gizz_mo

innovate wrote: »

Don't move your money back, just complain (by recorded letter) that you have lost out because you believed that they were dropping the interest on 17 Jan, as they had said.

Thanks - I called and first they tried to persude me to move the money back which I told them I was not keen on doing since it takes them a day each time to apply it. They then said I should write and state exactly what compensation I want, and they will consider it. So I will do that. At 23p a day its about £8.00 from the date I moved it to the 25th Feb.

So I will write the letter, as I also believe its the principal of it that counts. I'll let you know how I get on.

silvasands

I am furious with The Post Office. I have to give them 30 days notice before I can move my money without losing any interest, however, they can drop the interest rate they pay me with what is to me, no notice. Yes I rang them . I asked if the 30 days of notice still applied, especially as they hadn`t bothered to give me , written notice of the drop in the rates. They said that I still had to give the notice. I asked what papers they had advertised the rate drop in....The Daily Mail & The Daily Telegraph, neither of which I take so was blissfully unaware of the rate drop. Had I been aware, I would have given notice, immediately and moved it to my Santander account (3+%).I am lucky enough to have £22,000 in the account and unlucky enough to have to keep it there for the 30 days!
The financial services need to reign in companies which `catch` you like this. A statutory number of days notice should be given by law. banks are STILL a law unto themselves!:mad:

SYLVIA2036

M&S are doing the same - although they are giving reasonable notice. I opened an account in December last year at 1.35% plus bonus of 1% (obviously I would swap at the end of the term). However, two days ago they wrote to say that they were changing the rate to 0.35% down 1% (percentage-wise that's about 77% reduction) and I could still have the bonus of 1%. I'm extremely annoyed and I'm in the middle of composing a stinking letter to them! I accept that the rate was variable but to change from 1.35% to 0.35% - please.!

badger09

SYLVIA2036 wrote: »

M&S are doing the same - although they are giving reasonable notice. I opened an account in December last year at 1.35% plus bonus of 1% (obviously I would swap at the end of the term). However, two days ago they wrote to say that they were changing the rate to 0.35% down 1% (percentage-wise that's about 77% reduction) and I could still have the bonus of 1%. I'm extremely annoyed and I'm in the middle of composing a stinking letter to them! I accept that the rate was variable but to change from 1.35% to 0.35% - please.!

You've now posted an almost identical complaint in 3 different threads, though strangely, not in the one dedicated to the M&S rate cut :cool:

You're upset by the rate cut - understood (x 3)

But its a variable rate account and they've given you notice.

Move your money elsewhere.