Interest rate change - Notice ?

Apr 22, 2006 1 Replies

Hi,



Wonder if anyone knows who to contact regarding First Direct savings account notice periods.



First Direct informed me on 18/04/06 stating that the Interest rate had been reduced as of that day (No Notice)



Their terms and conditions state they will notify me "within" 30 Days, presumable up to 30 days "After" the change.



They are clearly getting away with this, but should they be allowed too?



I would not mind too much, but they have a penalty clause to get out of the account, so I lose either way.


If the penalty is applied immediately after an interest rate change it is an unfair condition and can safely be disregarded.

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