ISA wrong interest rate

skea56

Hi everyone
Hi received my annual statement for my Santander ISA stating the interest on the balance is 2.75%, not bad you might think, but the thing is I changed (or thought Id changed this) in my branch last year to the Rory McIlroy Major ISA at 4.1%.

Have spoken to the branch today (the man I had dealt with last year was not there, but I've made an appointment to see him next week) and they said that as it did not mature until June 2012 it therefore could not be upgraded to the Major ISA with the higher interest rate.

The advisor told me I should have received confirmation paperwork, which I did not, though I have found a copy of the documents I signed in the initial meeting, including a print screen with all my accounts listed and the relevant interest rate noted beside it. In this it states quite clearly that the mature date was June 2012.

I'm wondering have I any comeback here with regards to the interest rate I thought I was getting for the past year?

Any help or suggestions for questions I should be asking net week

sk56

ceejayblue

I think you should contact then again and tell them that you aren't satisfied and you want to raise a complaint. At the very worst you will be told that it is as they say, at best you will get the rate increased and compensation. Worth trying.

skea56

Thanks

I've looked through the paperwork in more detail and it clearly states that I was supposed to have been transferred onto the 4% rate and locked for 2 years. Appointment made for next Thurs so I'll go armed with all my documentation and put my angry face on.

sk56

skea56

Quick half hour today and all was sorted.

Advisor held up his hands and acknowledged his mistake, apparently he had put a reminder in his diary to revisit the account in June 2012 when it was to mature and change it but an upgrade to his computer deleted alot of his calendar details and reminders around that time.

He is to calculate the interest lost and have it credited to my account within a week. The only thing is he couldn't lock it until 2014 as originally planned but have fixed it with the new 123 Major account til 2015 instead, lower rate I know, and I spose the wedding can wait until we can dip into then, but better than nothing.

Great service after my initial complaint and had the whole thing fixed up in a short time.

sk56

ceejayblue

As they've admitted the mistake, despite setting up the new account for you and re-calculating the interest, they should offer some form of compensation. NatWest gave me £180 plus the interest when they mucked up my 2012/13 account.

skea56

Received full interest yesterday, plus some compensation for my troubles, so am almost £700 better off today. As that ISA was locked, they couldn't deposit it there, but I sent it straight to my other ISA as I spotted a divine pair of shoes last week, and they may have had to be purchased

Anyway, great service from Santander, with regular updates received since the initial meeting.

sk56