1 YEAR FIX - AL RAYAN BANK 2.11 %

soulsaver

A cooling off period has become common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

masonic

soulsaver said:

A cooling off period is common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

I don't think it is. "More than half of the 25 best buy fixed-rate accounts offered with terms of between one and five years now have no cooling off period, a study for This is Money by independent website Savings Champion has unearthed." - https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Do you have data to suggest this position has changed in the last few years?

Edit: Also, in the key product information for the fixed term products, it states "Can I withdraw money? You will not be able to close the account or withdraw any of your funds before the date of maturity. During the fixed term, you cannot add additional funds to your account." and in the headline information "No withdrawals until end of term". Within the T&C, "6. Your right to withdraw money: 6.1 Money deposited into your account will be invested for a fixed term as set out in the account special conditions and will not be withdrawn prior to the expiry of the term of the investment."
Couldn't be clearer in my view.

Winchmore_Hill_Shot

masonic said:

trickydicky14 said:

Charter 2.05% via Raisin, Kent Reliance 2.05% via HL

Interesting, the Charter product is also available direct, whereas KRBS is not (at least not yet).

KRBS was available directly yesterday afternoon when I signed up.

soulsaver

masonic said:

soulsaver said:

A cooling off period is common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

I don't think it is. "More than half of the 25 best buy fixed-rate accounts offered with terms of between one and five years now have no cooling off period, a study for This is Money by independent website Savings Champion has unearthed." - https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Do you have data to suggest this position has changed in the last few years?

Edit: Also, in the key product information for the fixed term products, it states "Can I withdraw money? You will not be able to close the account or withdraw any of your funds before the date of maturity. During the fixed term, you cannot add additional funds to your account." and in the headline information "No withdrawals until end of term". Within the T&C, "6. Your right to withdraw money: 6.1 Money deposited into your account will be invested for a fixed term as set out in the account special conditions and will not be withdrawn prior to the expiry of the term of the investment."
Couldn't be clearer in my view.

I'm well aware of the terms - I checked before I opened the account and before I spoke to them.

Why I feel justified in the circumstances is the fact is they dragged their feet opening the account, and eventually did at 1.96% on the same day they offered 2.11%.

And in those circumstances they could have opened it a 2.11 and got a commendation from me.


 

bristolleedsfan

soulsaver said:

masonic said:

soulsaver said:

A cooling off period is common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

I don't think it is. "More than half of the 25 best buy fixed-rate accounts offered with terms of between one and five years now have no cooling off period, a study for This is Money by independent website Savings Champion has unearthed." - https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Do you have data to suggest this position has changed in the last few years?

Edit: Also, in the key product information for the fixed term products, it states "Can I withdraw money? You will not be able to close the account or withdraw any of your funds before the date of maturity. During the fixed term, you cannot add additional funds to your account." and in the headline information "No withdrawals until end of term". Within the T&C, "6. Your right to withdraw money: 6.1 Money deposited into your account will be invested for a fixed term as set out in the account special conditions and will not be withdrawn prior to the expiry of the term of the investment."
Couldn't be clearer in my view.

I'm well aware of the terms - I checked before I opened the account and before I spoke to them.

Why I feel justified in the circumstances is the fact is they dragged their feet opening the account, and eventually did at 1.96% on the same day they offered 2.11%.

And in those circumstances they could have opened it a 2.11 and got a commendation from me.


 

Had rates reduced on same day which rate would you have expected them to apply ???
Which date did you start earning interest on the deposit, date fixed rate was increased for new applications or earlier date ???

masonic

soulsaver said:

masonic said:

soulsaver said:

A cooling off period is common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

I don't think it is. "More than half of the 25 best buy fixed-rate accounts offered with terms of between one and five years now have no cooling off period, a study for This is Money by independent website Savings Champion has unearthed." - https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Do you have data to suggest this position has changed in the last few years?

Edit: Also, in the key product information for the fixed term products, it states "Can I withdraw money? You will not be able to close the account or withdraw any of your funds before the date of maturity. During the fixed term, you cannot add additional funds to your account." and in the headline information "No withdrawals until end of term". Within the T&C, "6. Your right to withdraw money: 6.1 Money deposited into your account will be invested for a fixed term as set out in the account special conditions and will not be withdrawn prior to the expiry of the term of the investment."
Couldn't be clearer in my view.

I'm well aware of the terms - I checked before I opened the account and before I spoke to them.

Why I feel justified in the circumstances is the fact is they dragged their feet opening the account, and eventually did at 1.96% on the same day they offered 2.11%.

And in those circumstances they could have opened it a 2.11 and got a commendation from me.

I don't think they actually were at liberty to do that unilaterally due to the rate being specified in the agreement. They would have needed cancel your application and invite you to apply again, or put it on hold while they get in touch with you, but this would entail more delay and the rate could change again during that period (it's been changing very frequently of late). Given that the rate was increased on the same day as you received confirmation that your account was open, it is not clear that the new rate was available at the time of your application being processed or later the same day. Even if there was a short period of overlap, it doesn't seem reasonable to expect that they should halt all ongoing applications at the lower rate and try to contact each customer to learn of their preference. While it is in their gift to modify the terms of the contract with your agreement, it is not in keeping with the T&Cs or principles of a fixed term account, and while feeding back your dissatisfaction is a reasonable course of action, expressing an intention to take the matter to the Financial Ombudsman Service seems vexatious.

soulsaver

I'm a pragmatist: If I feel I didn't get what I think is excellent customer service I'll complain and see where it goes.  

soulsaver

bristolleedsfan said:

soulsaver said:

masonic said:

soulsaver said:

A cooling off period is common practice for FTBs.

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

I don't think it is. "More than half of the 25 best buy fixed-rate accounts offered with terms of between one and five years now have no cooling off period, a study for This is Money by independent website Savings Champion has unearthed." - https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Do you have data to suggest this position has changed in the last few years?

Edit: Also, in the key product information for the fixed term products, it states "Can I withdraw money? You will not be able to close the account or withdraw any of your funds before the date of maturity. During the fixed term, you cannot add additional funds to your account." and in the headline information "No withdrawals until end of term". Within the T&C, "6. Your right to withdraw money: 6.1 Money deposited into your account will be invested for a fixed term as set out in the account special conditions and will not be withdrawn prior to the expiry of the term of the investment."
Couldn't be clearer in my view.

I'm well aware of the terms - I checked before I opened the account and before I spoke to them.

Why I feel justified in the circumstances is the fact is they dragged their feet opening the account, and eventually did at 1.96% on the same day they offered 2.11%.

And in those circumstances they could have opened it a 2.11 and got a commendation from me.


 

Had rates reduced on same day which rate would you have expected them to apply ???
Which date did you start earning interest on the deposit, date fixed rate was increased for new applications or earlier date ???

I'd expect them to give me the higher of the two ... as I do now, good customer service.

refluxer

Fixed saver rates are going up on a weekly (sometimes daily) basis, so it's definitely tricky knowing when to jump in at the moment.

Ford Money offer a 'best rate guarantee' where they will give you the higher rate if it increases after you apply, but only up until you've made your first deposit. As the window for deposits is fairly generous (14 days) then it's easily possible to hold off for a week or so in case rates go up. It's just a shame they aren't as competitive as they used to be.

bristolleedsfan

soulsaver said

If it is  'AR policy' that there is none, it would be good practice to be clear in their terms that there isn't; not hide it by omission. 

Let's see if the ombudsman shares the view.

.............