Charter Savings Bank

[Deleted User]

Just received the following email from Charter Savings:-

"Dear
The interest rate on your Notice account is reducing.
Following the Bank of England's decision to reduce the Bank Base Rate by 0.25%, we've carefully reviewed our savings accounts and have taken the difficult decision to reduce the interest rates payable on our Notice accounts by the same amount.
The change affects Notice accounts only - if you hold any Fixed Rate Bonds or Easy Access accounts these will not be changing.

When are the rates changing?
The new rates are effective from 22 August 2016, and we expect them to remain competitive in the market place."


I have a 120 day notice account opened in July 2015 with substantial funds. It has been paying 1.90% (variable) since the start. It is now going down to 1.65% which I think is still quite competitive. At least the rate has not dropped more than the base rate drop.

I'm wondering if I can close the account without giving notice (I've had a quick look at the T and C's but am still not sure). Can anyone advise what happens in notice accounts with variable rates where the rate drops with no notice given?

[Deleted User]

Apologies! Please ignore above. I've just seen ongoing discussion on this on another thread. Should pay more attention!