Bank didn't notify me when they cut savings rate

staggered

I've had an RBS account for several years. I was getting 3% interest this time last year. I just checked the website, and the rate's been cut to 0.5%. It wasn't a short-term bonus, 3% was the headline rate.

To be honest, I'm surprised it wasn't cut earlier. I'm annoyed, though, because they didn't notify me before they did it. Their T&Cs say that they'll notify you if they cut rates in a way that are "materially to your disadvantage". 3% to 0.5% surely falls into that category.

When I rang them, they said there was a note on the account saying that all correspondence regarding the account should go to my branch and that that was why I never got any letters telling me rates were being cut. They couldn't explain why it was there, and thought it must have been a computer error.

I'm going to complain about it and ask for compensation. What would be "reasonable" to ask for? I'm going to tell them to pay the 3% up until today. They didn't tell me it was no longer 3% (which their T&Cs say they must do) so that's the rate I should have continued to get.

Have I got any chance? I've searched for similar cases but can't find any, interested in any views.

opinions4u

Which RBS account was paying 3%? What was your balance?

When you complain to RBS about the mail redirection make absolutely sure you ask them for a clear explanation of why this happened. If they say you requested it insist that they evidence the claim.

(Yes, you have a chance although I suspect you may need to go to the FOS to succeed. If that's the case, be sure of your facts and expect any compensation award to be the difference between 0.5% and market best buy).