First Direct Regular Saver query

numbercruncher

Does anyone know if the banks are required to give you notice of 14 days when they reduce the rates available on regular saver account? I know that I have always received notice before they change normal savings accounts but First Direct did not give me any notice that they were changing the rate on their regular saver. Mine matured on 19/11 and they refused me access online to open a new one until 23/11 after they reduced the rate.

YorkshireBoy

The rate was reduced on 24/11 so you should be on 2.75% if you opened it 23/11.
But to answer your question, you didn't have an account so they didn't need to notify you.
Your beef is that their systems prevented the application for a follow on account (which I seem to remember is an ongoing issue, but can be circumvented?...maybe by opening via phone?). This wasn't deliberate...it's a 'feature' of the account!

VXman

Didn't know what the present rate was - 1%!! Don't think I'll be bothering again when my present one ends.

SFindlay

numbercruncher said:

Does anyone know if the banks are required to give you notice of 14 days when they reduce the rates available on regular saver account? I know that I have always received notice before they change normal savings accounts but First Direct did not give me any notice that they were changing the rate on their regular saver. Mine matured on 19/11 and they refused me access online to open a new one until 23/11 after they reduced the rate.

They never changed the rate of the product you have (saver maturing on 19/11) as that was a fixed rate product when you opened it so they can't change it. They have changed the rate for any new accounts being opened so no reason to have to give anybody any notice!! 

ctdctd

Mine matured 21/11 and the system let me open a new one on 22/11.

Showed up online 23/11 and it shows 2.75%