Charter Savings Bank anyone heard of a rate reduction yet?

SallySunshine

Every day it seems there are letters arriving from various banks/ building societies about the rate reduction.

Heard nothing yet from Charter, I have accounts with them from 2015/16 when the 90/120 day interest was 1.75/1.95%, put lump sums in and left them.

These issues were variable but then closed.

I wasn't sure if they could or would be reduced now as they are closed.

charlieboycat

They dropped some rates for new accounts on 4th August, but chose not to reduce rates on existing accounts. Full current rates list available at http://chartersavingsbank.co.uk/Help/InterestRateSummary

Of course, they could drop variable rates at any time, but looking at their rate table for older issues it seems they have a history of not doing so.

SallySunshine

Many thanks for the Interest Rate Summary.
From that It looks like they won't drop the interest for the old closed accounts, that makes a refreshing change:)

Lulu58

Charter Savings bank dropped their rates today. See this thread: https://forums.moneysavingexpert.com/discussion/5514081

SallySunshine

Thought it was too good to be true, however I'm sure if a change in rates happens you can withdraw your money immediately without having to wait 90/120 days without penalties.
Just got their e-mail this a.m. and the reduction has immediate effect.

Its still not a bad rate at 1.5/1.7% so will probably leave it in for now.

Just got e-mail from Shawbrook,, existing accounts will not be reduced:T