I’m Disappointed by Charter Savings Bank

Written by Karen Bryan

I’ve generally been happy with Charter Savings Bank. At times, they have offered market leading interest rates on their savings account. I have also found them to be very efficient.

However, I am disappointed by their recent actions.

I had £1,000 in a two year fixed rate savings account which was due to mature earlier this month. Around three weeks before maturity of that account, I received an email from Charter Savings Bank asking me if I would like to transfer the proceeds of my soon to mature savings account into a new fixed rate account with them.

I decided to opt for a 13 month fixed rate account paying 1.91%. One of the main reasons why I decided to go for the transfer was to keep my online banking live. I reckoned that as it was likely that Charter Savings Bank would offer some decent savings accounts in the near future, it would be much easier to open a new account, if my details were still live on their system.

After the recent 0.25% increase in the Bank of England Base Rate, Charter Savings Bank were quick off the mark to offer a 12 month fixed rate savings account paying 2.01%  on 3 August 2018.

As my two year fixed rate bond matured the following day on 4 August, I was disappointed that Charter Savings Bank didn’t increase the rate paid on my 12 month bond to match that 2.01%.

In a similar situation with Secure Trust Bank, when they offered me the option to transfer a maturing fixed rate account into a new fixed rate account, Secure Trust Bank had stated that if rates paid on their fixed rate product did increase in the interim, that I would receive that increase.