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raybeech Forumite Posts: 1
Eighth Anniversary Combo Breaker
Dear MSE Team
I have a Shawbrook account (easy access) with a considerable sum in it (£150,000 plus)
They changed me from monthly interest payments to yearly without my permission and ive just found out that I am still on 3.84% instead of the 4.63 advertised now.
I phoned them today and they have updated me but i've lost around 5 months interest difference over that period
I joined them with a PROMISE of AUTOMATIC UPDATES. Nothing of the sort has happened. Not even an email saying rates are rising and do I wish to update.
You should be waning people that they do not get auto updates. Apologies if you already have. 
In my humble opinion it can be for no other reason than to increase there take at my expense


  • eskbanker
    eskbanker Forumite Posts: 27,417
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you can demonstrate that Shawbrook haven't acted in compliance with the terms of the account, and refuse to rectify the matter properly, then lodge a formal complaint with them, and escalate to the ombudsman if they continue to evade their obligations.

    Is the account a joint one?  If not, then keeping over £85K in there is an easily-mitigated risk....
  • Bigwheels1111
    Bigwheels1111 Forumite Posts: 1,830
    1,000 Posts First Anniversary Name Dropper
    How could you not have checked the rate you are getting.
    You have worked hard to save and then trip up at the last step.
    It could be there fault, but you are to blame also.
    I know the rate I should be getting on over 20 savings and bank account that I have.
  • Barkin
    Barkin Forumite Posts: 184
    100 Posts Name Dropper
    raybeech said:
    Dear MSE Team
    I have a Shawbrook account (easy access) 
    I joined them with a PROMISE of AUTOMATIC UPDATES. 
    Can you cite a reference for that, because I very much doubt it to be true?
  • Richard1212
    Richard1212 Forumite Posts: 338
    100 Posts Third Anniversary Name Dropper
    I totally agree with Bigwheels. How could you not keep your accounts checked regularly. You are to blame. Shawbrook is one of the three best savings banks IMHO and my interest rate was automatically updated a few days ago when % rate went up to the Top Spot of 4.63. I highly recommend Shawbrook for easy savings accounts and, indeed , any account. They are excellent. But customers should alwaays check in case of glitches---it is just common sense.
  • redmalc
    redmalc Forumite Posts: 1,429
    Part of the Furniture 1,000 Posts Combo Breaker
    I had a similar issue, always received the e mail advising o the increased rates until a couple of months ago when I realised I had not received the last two rate increases so I called them and now the matter is resolved and I receive the new rate of 4.63%
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