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Deposit Accounts with Variable interest rates

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  • 02-01-2013 5:03pm
    #1
    Usjes
    Registered Users Posts: 326 ✭✭


    Hi,

    Does anyone know if banks are obliged to inform you of changes to variable interest rates ? I have a deposit account with 'An Post' (now NTMA I think) and as far as I was aware the rate was 3% variable. Was just about to make a further deposit but itsyourmoney.ie indicated that the rate on my account is now only 1%. When did it change? I have no idea and there doesn't seem to be anyway of finding out either. Are banks not obliged to notify customers of changes like this ?

    Thanks,

    Usjes.


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    #2
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    The rate changed in December 2012.

    Banks do not have inform customers of rate changes. Some bank T&C's, but not all, oblige the bank to place a press notice.

    Switch your account. KBC pay 3.00% variable and give instant access.


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    #3
    Usjes
    Registered Users Posts: 326 ✭✭Usjes


    Yes, I had already sent off an application to KBC when I noticed the rate change on the NTMA account, I am still shocked that they are premitted to do buisness in this fashion. Every individual is supposed to check the rates every day to make sure they're not being ripped off? Such mickey-mouse carry on is really ridiculous. To add insult to injury this NTMA account is actually a 30-day notice account. 1% for 30 days notice or 3% for instant access !


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    #4
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    Agreed, banks should be obliged to inform customers of variable rate changes via electronic means.


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