1. Home
  2. UK Finance Discussions
  3. Hi-save

Hi-save

I have a Hisave account - fixed rate for one year. - opened just over a year ago.

I had stated autorenewal at start - but had been told I would be told when the year was up and the interest would be transferred to my nominated bank account - I could cancel autorenewal at that time.

Today I realised that I had not been told it had ended - I knew it was about now - I look at the account details and found that the year was up two weeks ago. They had opened a new current account for me (I found the email when they told me this) - into which they had transferred the interest earned.

BUT they had not told me that they had autorenewed and what the new interest rate was - I see I can get better elsewhere.

I am not happy and told them I want to close the account with immediate effect - forgoing any interest since the anniversary date.

They have said I cannot do this.

Any comments?

Reply to
Richard Trent
Loading thread data ...

They have arranged a new current account and here is what you can do with it. Here's what the email to me and onee to my wife says.

What this change means to you:

Shortly before your HiSAVE Fixed Rate Account matures we will contact you with a selection of reinvestment options.

***If we don't hear from you, or if you choose not to reinvest the maturity proceeds into a HiSAVE Fixed Rate Account, we will transfer the proceeds to your new HiSAVE Savings Account when your account matures.****

Once in your HiSAVE Savings Account:

You will have the flexibility to move your money into new HiSAVE Fixed Rate Account(s) instantly

Your money will still be working hard for you as the HiSAVE Savings Account is voted the most consistent easy access savings account over the past 36 months by moneysupermarket.com

You can move your maturity proceeds from your HiSAVE Savings Account to your nominated linked current account with no notice periods or withdrawal penalties.

I have marked a paragraph above with *****. Are you saying that this didn't happen in your case?

Reply to
brightside S9

I got this email - BUT I did NOT get the email telling me that the account had matured - that is my point.

They did not hear from me as they had not told me that the account had matured.

When the account matured - they transferred the interest in to the new account they had opened rather than the original linked account - and they did not tell me that they had done this.

Again - if the interest had been transferred in to my external current account that would have effectively told me that the account had matured.

I get fed up with banks telling you that they are changing the status quo.

Ideally the customer should have to positively agree rather than just having to accept that they have been told.

So the fact that they did not tell me after they had said "Shortly before your HiSAVE Fixed Rate Account matures we will contact you with a selection of reinvestment options." - is that grounds for me to pursue the matter and insist that they release my money rather than hanging on to it for a further year.

Unfair contract?

Reply to
Richard Trent

I'm not sure if it would help but there is some information on different sortes of contracts here, I havn't read it all but it might help.

formatting link

Cheers Rich

Reply to
Meadsy

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.