Investment and my bank

[Deleted User]

itsme999 said:

Hi
I am not happy with this situation, what are my options? 
I am thinking of the lines of complaining to the bank and say either full refund or I move bank, can I go further to the FCA? Or I have no case?

itsme999 said: I am not looking for sympathy, I invested only a small slice less than inflation rate, won't lose my sleep if lose it all.

End off.

Hi,

so what's the panic, make your mind up.

Thrugelmir

itsme999 said:

What do you call this email??? I didn't ask for any sort of advice.

"

Dear Mr xxxxx,

 I hope that all is well with you.

We met in June across Zoom and I note that you still have £k sitting in your XXXXXX Saver account earning 0.05% gross which equates to just £x per month in interest which is terrible when you consider that inflation is now in excess of 3% and shrinking the value of these funds by around £xx every single year. The disparity between inflation and savings interest rates has never been greater so please do seriously consider my suggestion from my last email to you below (highlighted section) even for a small slice of your funds as at least you will be providing an element of your cash with the opportunity of longer term growth and potentially beating inflation. Leaving it where it is certainly will not and it is so very important in the current climate to explore ways of making your money work harder for you.

 

I attach the most up to date xxxxxxx fund fact sheets. They are very impressive! We even have two funds that are specifically designed for cautious investors! (funds 1 and 2)

 

Would you like a 5 minute chat about this? Would that help in any way?

 

Kind regards,

"

You omitted to provide your response. 

Aretnap

Audaxer said:

itsme999 said:

What do you call this email??? I didn't ask for any sort of advice.

"

Dear Mr xxxxx,

 I hope that all is well with you.

We met in June across Zoom and I note that you still have £k sitting in your XXXXXX Saver account earning 0.05% gross which equates to just £x per month in interest which is terrible when you consider that inflation is now in excess of 3% and shrinking the value of these funds by around £xx every single year. The disparity between inflation and savings interest rates has never been greater so please do seriously consider my suggestion from my last email to you below (highlighted section) even for a small slice of your funds as at least you will be providing an element of your cash with the opportunity of longer term growth and potentially beating inflation. Leaving it where it is certainly will not and it is so very important in the current climate to explore ways of making your money work harder for you.

 

I attach the most up to date xxxxxxx fund fact sheets. They are very impressive! We even have two funds that are specifically designed for cautious investors! (funds 1 and 2)

 

Would you like a 5 minute chat about this? Would that help in any way?

 

Kind regards,

"

That does seem a very pushy email for a major high street bank to send if the OP had already clearly stated he did not want to invest his money. I agree with highlighting that 0.05% is a terrible interest rate, but I would have thought they would have suggested moving to an account with a better interest rate. I know rates are low but I would be surprised if the bank doesn't have any accounts offering even a slightly better interest rate.

TBF if we're talking about NatWest or HSBC I wouldn't bet on it - they tend not to have any accounts paying worthwhile rates of interest, certainly not on the amounts of money that someone eligible for a Premier account is likely to have lying around. Think NatWest do a 2 year fix at 0.1% - whether that's any better than instant access at 0.05% is rather debatable...

The correct suggestion of course would be "move your savings to another bank", but no bank is going to send spam Emails to their customers encouraging them to do that. 

t0rt0ise

My son, who is not wealthy was with one of these banks, think it was HSBC, and they kept phoning with what they called courtesy calls. They were marketing calls. As he's a nurse, working a mixture of days and nights, the calls sometimes woke him up. So, he moved his account to a bank that makes no calls at all. I really suggest you do the same.

Chris_English

t0rt0ise said:

My son, who is not wealthy was with one of these banks, think it was HSBC, and they kept phoning with what they called courtesy calls. They were marketing calls. As he's a nurse, working a mixture of days and nights, the calls sometimes woke him up. So, he moved his account to a bank that makes no calls at all. I really suggest you do the same.

Or he could have just amended his contact preferences to remove phone contact.