Secure Trust Bank 183 Day Tracker Account

buffman

The question I really need to answer is what is a just and fair settlement.

(1) Do I ask them to honour the account for a further 1, 2, 5...... years (or pay the equivalent in compensation) or
(2) Tell them that had the account been advertised correctly, I would not have invested but instead would have put my money in a 5 year fixed rate account paying 5% and ask them to compensate me the difference.

Suggestions would be appreciated.

planteria

option 2 sounds very reasonable to me.
that said, if rates rise, in theory you could have been set to do much, much better:think:

atypical

I've received my final response which states that they weren't able to find my call with them where I was told the 3% rate was for the life of the account. They will therefore not honour the rate. They feel their documentation made clear the rate was not fixed. Has anyone received a different response?

Looks like I'll be going to the ombudsman but I'm not sure who the burden of proof falls on. Do I have to prove I made the call? I don't think I would have to.

There's also all the unclear documentation which they are continuing to state was clear.

Careful_ly

Since no one seems to have gotten anywhere complaining to Secure Trust, I have now sent off my complaint to the FO.


I have enclosed a copy of the screen shot I took at the time and a copy of the Moneyfacts article, along with the terms and conditions sent out at the time.


Lets see what the FO will make of this.

jsinc

Did anyone get anywhere with this? They're now closing baserate + 2.5% 120 day tracker accounts. Just as there's a whiff of potential rate rises which was the entire point of choosing this account over a fixed rate bond at the time, 2012 I think.

Careful_ly

The FO couldn't/wouldn't help. I am disappointed, I really thought we would get somewhere with our complaint.


I am not wasting anymore time on this.


If I could rewind time I wouldn't have opened this account. I have actually already lost out on interest against other accounts I could have opened at the time, I thought it was a good long term account. I was wrong, at the hint of a rise in baserate they change the goalposts!!!

jsinc

Thanks for replying.

I agree, it's a bit of a joke. I was told they've been paying well over comparable deposit accounts in the interim. But that's not a fair comparison when the alternative was a longer-term bond with similarly restrictive withdrawal restrictions (and more than 3% at the time). I plan on writing to them, but won't hold my breath then - once again the rules just change and the banks win.