Bradford & Bingley ISA

Last year I took out a fixed rate ISA Issue 1 with the B & B at 5%. I have just enquired about the rate and am advised that it is now an Easy Saver paying only 4.55%. They have a Capital Saver paying 5.05% which they could have asked me if I wanted my old one transfered into it. Not looking after existing customers!
So I will transfer to the Beverley BS (5.3%) or the Nationwide Members Isa (5.15)
I also have an ISA with the Kent and Reliance BS. They have not dropped their rate, it is now at 5.11%.
They seem to look after their members, just like the Nationwide.
Fortyfoot

Comments

  • rinoa778
    rinoa778 Posts: 196 Forumite
    Are you sure the fixed rate wasn't just for a year? Isn't there something in the terms and conditions that tell you what they do to your savings after the fixed term is up?
    Lurker extraordinaire! no. 4950

    Food Shopping & Groceries is my favourite board.
  • lipidicman
    lipidicman Posts: 2,598 Forumite
    Exactly what I was thinking - and a reminder to me to check when my Portman 45 day ISA will revert to the standard rate - read the T&Cs!
  • Fortyfoot
    Fortyfoot Posts: 1,954
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    Yes it was for one year fixed term. The point I am trying to make is that they could have transfered to their 5.05% ISA and not the one paying a lower rate!
    The Mutual BS's seem to look after their members better than the others.
    Fortyfoot
  • MarkyMarkD
    MarkyMarkD Posts: 9,912
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    You chose a one year fixed rate account, and on maturity you left the money with them. So they transferred it into their no-penalty, instant access, ISA account.

    I can't see how you expected them to transfer you into their 90 day notice (and penalty) three year term account. You'd be quite rightly mad with them if you needed the money tomorrow!

    As the other posters have said, you need to read the terms & conditions and most (all?) banks and building societies will tell you which account the money rolls to on maturity.

    My building society TESSAs and ISAs have all been treated in exactly the same way - they have rolled to a rubbish rated account and I've had to move the money myself to a better rate. That's how life is.

    I don't get your "they've not dropped their rate" either. You had a one year fixed term rate - and now you are on a variable, no penalty rate. The two aren't comparable and it's not surprising the new rate is (slightly) lower. If you wanted to move to another fixed term account on maturity, it's up to you to ask them to do so.
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