Tandem Fixed Saver

isalachi

Tandem just told me my Fixed Saver matures in one month. I've no intention of re-investing with them (much better rates now available) but noted their e-mail included the following. Anyone know if this constitutes breach of contract on their part?

"Your original Savings Agreement stated that if we didn’t hear from you before your fixed period ended, your account would automatically continue and stay live but at a lower rate of interest.

However, due to system updates, we are unable to offer this option. Hence, please share your maturity instruction with us no later than two working days (excluding weekends and bank holidays) before your Fixed Saver matures. If you do not, your savings plus interest will be automatically withdrawn to your linked current account."

kaMelo

They're allowed to make changes to the terms and conditions relating to your account. Depending upon the changes the notice given can vary. They've given you a months notice, what is it you want to achieve.

I don't understand this part;

isalachi said:

"Your original Savings Agreement stated that if we didn’t hear from you before your fixed period ended, your account would automatically continue and stay live but at a lower rate of interest.

Stay live but as what type of account? By definition it can't continue as is as the original account has a maturity date when it ends and the interest rate will be different also, in essence it's a different accout.  Can't you just move the money there yourself or give them maturity instructions to that effect?


Edited to add;
you have no plans to stay with them anyway. As their default position is to transfer to your current account what is the problem?

refluxer

This change makes no difference to you because you don't wish to continue saving with them anyway.

If anything, the default of transferring the proceeds to your linked bank account actually makes things more convenient for you, but I would log in and confirm your maturity instructions anyway, just to be sure everything is properly set up as you want it.