Patrick was disappointed to find that the special ‘top rate’ savings account, where he had deposited £3,000 six years earlier, was now paying less than one per cent interest. He hadn’t been paying attention, but nor had the building society notified him that it had gradually reduced the rates on his type of account while it continued to pay high rates of interest on other, newer accounts.
He asked the Financial Ombudsman (see contacts) to investigate. Patrick did not receive any extra money, but his complaint did result in building societies and banks being required by law to tell their customers when rates of interest change.