cashsave account to regular current account?

  • Thread starter jane jackson
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jane jackson

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I recently went to the bank to change my address. I had a cashsave account.The woman on the desk asked if I wanted to change it to a regular current account. I asked why and she said it would be simpler. I asked if it made any difference and she said no that they were just streamlining.So I said ok assuming she was telling me the right thing. It was only later that I wondered why. As far as I know when I opened the cashsave it was so that there would be some interest on money in the account. Now I find that they no longer allow people to open new cashsave accounts.
 
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If you are unhappy with this decision, write to the Bank and tell them that you want to re-open the cashsave account> Let them know that you were unhappy with the advise given to you and feel that the Official was not fully open with you on the issue. You appear to have a legitimate complaint.
 
Hi Jane,

Welcome to AAM.

I have moved your thread to the correct forum. Please familiarise yourself with AAM to avoid posting in the wrong place in future.

Your use of the word 'scammed' is OTT IMHO. You may have been encouraged but not defrauded. If you look at the + and- of cashsave accounts she may well have done you a favour.

Not sure which bank you are banking with but the change in rules pertaining to cashsave accounts with AIB for example has made them less attractive and it would seem as if their lifespan is limited.

I received a letter from AIB recently informing me that from 31st March, 2012 I would need a separate debit card to access my cashsave ac. and there would a €2.50 or €5.00 Government Stamp Duty charge for same. My current ac debit card will not now work on the cashsave also.

The[broken link removed]and there are fees also. If you do have any significant savings they would be better off elsewhere.

It would probably be easier to obtain free banking on a current account for your day to day banking and earn interest on a higher yielding ac. for any savings.

Just my tuppence worth. You may well disagree with me and as brendan44 says you may well have cause to complain to the bank.
 
I just thought that if interest rates were to go up that I may lose out. i only use a debit card anyway. thanks for the info.
 
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