Charter fixed account

clowning

Hello.
On the evening of 29th June, I opened a Charter 1 year fixed account offering an interest rate of 6%. I funded it with £5K and selected interest paying back into the account annually.
I have logged in today and noticed the account is showing as opened on 30th (obviously the next working day) but the interest rate is showing 5.67%

I have sent a secure message querying this but I don't know how long it will take for them to reply.
Has this happened to anyone else?
Thank you

Pompeydave1967

Mine is showing 5.84% gross with monthly interest , aer should be 6% for both monthly / yearly interest.

VNX

Mine showing 6.1 on two year annual interest 

clowning

Thanks for the replies. Very weird. I hope they respond tomorrow

jaypers

Phone them. It’s happened before where people have opened accounts on the day the rate changes where the old rate has been incorrectly applied. They tend to update their fixed rates at 5pm on a Thursday. Sure they will fix it. 

clowning

I haven't had chance but I will ring tomorrow. Still no reply to my message. Thanks

A._Badger

It's almost certainly that they are showing you the gross interest rate as opposed to the AER.

eskbanker

A._Badger said:

It's almost certainly that they are showing you the gross interest rate as opposed to the AER.

Gross should be identical to AER for OP's "1 year fixed account [with] interest paying back into the account annually"....

A._Badger

eskbanker said:

A._Badger said:

It's almost certainly that they are showing you the gross interest rate as opposed to the AER.

Gross should be identical to AER for OP's "1 year fixed account [with] interest paying back into the account annually"....

Yes, you are correct, it should be. I have subsequently checked with Charter and it seems they have a problem (or are being very sneaky).

I opened an account on 29th June when they were offering 6.1% for 2 years fixed. However, when I checked online the account showed it was paying only 5..69%. When I queried this by phone they told me that the time of opening was so close to the rate change that  the old rate had been incorrectly applied. They say this will be corrected and the 6.1 rate will be paid. Needless to say, I will be checking to see that it is!

I'd urge anyone else affected to check which rate they are actually being paid and not just assume, as I had, that it would 'sort itself out'.  

clowning

Just to update, I rang Charter Bank today. Took 30 mins to get through. The person I spoke to asked if I applied for the account after 5pm on the 29th (which I did) and I pointed out that the account showed the opening date as 30th. He simply said that I was correct and the account should show interest as 6%. He would amend it but it would take a few days to apply, however, I would receive 6% from the opening date. No explanation as why this had happened. I'll check it next week.