Barclays 'Withdrawn' Savings Accounts

[JamesBooker]

I had £1000 in a Barclays 'Instant Savings' account for the last year and noticed I'd only been paid £0.59 interest.

 

I opened this account in 1999 and the interest rate was 4.5%.

 

When I asked where the interest was they said the 'Instant Savings' account had been withdrawn 4 years ago and it now only paid 0.15%!

 

I asked them why they hadn't written to me or upgraded my account but they said adverts were put in the national press and that was all they were required to do.

 

After all the con jobs Barclays have pulled on me (rip-off bank charges, unrequested additions account upgrades, unrequested PPI added to loan) I guess I shouldn't be surprised but I actually am.

 

Has anyone else had experience of this? Any thoughts welcome

[welshcakes]

Hi James

 

No expert but I would have thought that at the very least, they had obligation to inform you when they withdraw a product (ie The Instant Savings Account) - they can't simply swap you onto a different product attracting a substantially different interest rates without notification.

 

Tell me James, was there anything different about the statements eg a different Account name?

 

Edit:

 

Have edited edit for shorter post. Interest rates on withdrawn products - Savings - Barclays links to withdrawn Savings accounts including the Instant Savings A/c.

 

Also on their website is :

 

Changes to our interest rates

Whenever there's a change to our rates you'll usually find them printed in the Daily Telegraph and Daily Mail, by calling 0845 603 0845* or by checking this page. (Lines are open 8.30am-5.30pm Monday to Friday and Saturday 9am-1pm, except Bank Holidays. To maintain a quality service, we may monitor or record phone calls).

[JamesBooker]

Thank you for taking the time to reply Welshcakes - much appreicated. I'm waiting for their reply to my compaint so I'll update here in case anyone else is interested.