Should I be cheeky on this one?

Mishomeister

Me and my flatmate opened an ISA each some time ago. Whilst his was opened without any problems there were a few issues with opening of mine.
This has therefore resulted in mine being opened about 2 weeks later than his. At this time the bank has already lowered their ISA rates.
They have however agreed to honor the old, better rate(that my mate has got). A couple of months ago my mate has received a letter saying his ISA rate will go down soon as the bank has reviewed it's rates.
I did not get that letter myself at all.

They have now reduced the rates for both me and my mate.

Now I have a few questions and need some ideas or suggestions.

1. I understand the banks have to provide something like a 1 month notice if they are to reduce the savings rate. What is the exact term?
What if they did not do it?

2. Because of the initial problems at the time when my ISA was opened where I believe they needed to make some manual amendments. I think there is a good chance that due to an IT fault I was never sent a letter about the reduction of the rate.
Would it be a good idea to hang on until something better than my old rate comes up on the market and then make a complaint that I have never received a 'Your Rate is changing' letter and demand they pay all the difference to me however long it has taken between the rate change and my complaint?

3. Have anyone successfully complained and received any money from the banks for not advising of the rate change?

Thanks a lot

Archi_Bald

I reckon there is a good chance that the drop in rate was in the T&Cs when you took out the ISA, and no further notification was necessary (seeing that you had 12 months notice already by accepting the T&Cs).

What is the ISA? What are the T&Cs?

Mishomeister

Archi_Bald wrote: »

I reckon there is a good chance that the drop in rate was in the T&Cs when you took out the ISA, and no further notification was necessary (seeing that you had 12 months notice already by accepting the T&Cs).

What is the ISA? What are the T&Cs?

Why has my flatmate received a letter notifying of the rate change then?

Don't want to be naming the bank in case they are reading this but this was an online variable ISA product.

tell_it_how_it_is

IF you were lucky - which I highly doubt you would be - you might get a small amount, but if I was you I wouldn't really concern myself with it.

Mishomeister

tell_it_how_it_is wrote: »

IF you were lucky - which I highly doubt you would be - you might get a small amount, but if I was you I wouldn't really concern myself with it.

The idea here is not getting a compensation fro complaint etc. but hence I was not notified formally about the change of the contract I expect an old contract to be honored and therefore to receive a rebate of the interest I've lost due to a rate change when the time comes.