Castletrust Bank 1 year fix 6.2% complaint

fabsaver · 27 July 2023 at 10:39AM

The same thing has happened to me. I'm sure it must be an error as I am still within the 14 day funding window.

The Summary Box document for this account specifically states "if we reduce rates don't worry, you will still receive the same rate that you applied for"

They do seem to be making a lot of errors and it isn't inspiring me with confidence. It took them three attempts over three separate emails to decide on their own sort code when I first opened the account

Liberty1234 · 27 July 2023 at 11:34AM

same here!
I opened three Fixed Rate accounts as the interest rate offered was 6.20% for a 12 month contract

then emailed today to say I had benefitted from an increased rate on my 3 accts.
However they'd reduced my rate not increased it!!

I applied and funded three 1 year Fixed Rate accts as the rate offered was 6.20% on each occasion.
Today it's been changed it to 5.98%

This is not acceptable and not what I agreed to when I applied and funded the three Fixed Rate accounts

These accts were opened/funded 12th, 18th and 21st July 2023 all at the Fixed Rate 1 year term at 6.20%
Additionally, the first acct was opened 15 days ago so I can no longer cancel the contract

From the date of opening all three 1 Yr Fixed Rate accts were showing that they were getting the agreed 6.20% interest - until I logged onto my account this morning and was shocked to see was now only getting 5.98%

gwiddecommbe · 27 July 2023 at 11:58AM

fabsaver said:

The same thing has happened to me. I'm sure it must be an error as I am still within the 14 day funding window.

The Summary Box document for this account specifically states "if we reduce rates don't worry, you will still receive the same rate that you applied for"

They do seem to be making a lot of errors and it isn't inspiring me with confidence. It took them three attempts over three separate emails to decide on their own sort code when I first opened the account

That's very worrying indeed and doesn't inspire confidence. Fingers cross it will all be resolved soon. I have put in my complaint so will see what comes of it. At least it is fscs protected.

Liberty1234 · 27 July 2023 at 12:15PM

Opened 3 Fixed Rate accts 1 was 15 days ago so now locked in. The other 2 were more recently opened. All were opened at 6.20% rate but now showing at reduced to 5.98%

I have emailed a complaint to Castle Trust Bank and commented on TrustPilot

This is the email I received earlier this morning

Dear xxxxxxx Your account xxxxxxx has benefited from our ‘Best Rate Promise’, which means we have applied an increased interest rate to your account. This increase has been applied automatically, please log in online or through the mobile app to view these changes. All other terms of your account remain the same. Kind Regards,

Caroline Angland

Head of Customer Experience

Castle Trust Bank

Curriewasmagic · 27 July 2023 at 12:29PM

Me too & I've sent a secure msg asking them to revert back to 6 2%

TiVo_Lad · 27 July 2023 at 12:40PM

Castle Trust have confirmed this was an error and they're in the process of putting it right. See the Fixed Interest thread for more information.

gwiddecommbe · 27 July 2023 at 12:46PM

Just received below email so looks like it's being sorted

Dear Mr Xxxxx

We’ve contacted you by email recently to advise that the interest rate on your new 1 Year Fixed Rate e-Saver account has been adjusted in line with our Best Rate Promise.

Please note that this communication was issued in error, and you will receive the interest rate of 6.20% AER as previously confirmed. Your online account may currently show a different interest rate, but we are working to correct this and will update your records as soon as we can.

There is no need to contact us in the meantime; we will contact you again once we are able to confirm the correction has been applied.

We apologise for any concern or confusion caused.