Cooling off period for online saving accounts

TheGoldfish

I've considered the Investec One Year account that has an online opening process. Their T&C's state there is no 14 day cooling off period once the account is opened. I thought any online savings account had to give at least 14 days cooling off by law. A quick google search suggested this is covered by the Financial Services Regulations 2004 

MDMD

AIUI there is no right to cancel fixed rate accounts, see rule 6.1.2

https://www.handbook.fca.org.uk/handbook/BCOBS/6/1.html

masonic

No, fixed term accounts are not required to give a cooling off period. There are sometimes ways around this, such as delaying making your opening transaction, or paying in a small initial amount if they permit further deposits within the first couple of weeks.

Lack of cooling off period has been raised in the financial press in the past, for example: https://www.thisismoney.co.uk/money/saving/article-4271248/Does-fixed-rate-savings-deal-cooling-period.html

Daliah

If this is an issue for you, you should raise a formal complaint with Investec. 

wiseonesomeofthetime

To complain about what exactly?

masonic

Hopefully the OP has read the T&Cs before opening the account. It appears so from what has been written. In which case an informed choice can be made as to whether to accept the terms or exercise freedom to pick an alternative offering.

TheGoldfish

OK thanks, that explains it.

Malchester

I recently opened a fixed rate ISA with UBLUK. After funding the account they increased the interest on new accounts. I spoke to them on the phone and they moved my funds to the new rate there and then while I was on the phone with no hassle at all. Have been very impressed with UBL so far.