Deposit Interest Rates falling?

G

Goddammit

Guest
Does anyone know if Banks are required to inform you if they decrease the deposit interest rate on your savings account?
 
Usually they are covered in their Terms & Conditions to allow changes to interest rates, provided they publish a notice in 2 national newspapers giving notice of the change.

It would depend on the type of product it is- ie does it have a rate promise, is it fixed or variable?

I have only every heard of Northern Rock who write to their customers to tell them of rate changes but not sure if even they do this still
 
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