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anonymous 1234

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Review of the Charter Savings Bank, Fixed Rate Bond:

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Bad maturity experience

I fell in to the trap of pre-selecting a maturity option several weeks before the maturity date. I was then caught out by a rate rise in the selected bond 3 days before the maturity date. Guess what, I now have the matured bond reinvested in the older lower rate, and the bank say that is fine as I indicated that I wanted to invest in a 2 Year fixed rate, so I have the rate at the date I indicated my re-investement options. But I should not expect a rate rise to be applied to my new fixed rate account that was not opened until 3 days after they increased there rate. I should have ignored their maturity options and opened a 2 year bond a few days before maturity at the old rate, then after maturity check the current tare and if it is better, open a second bond at the higher rate and manually transfer the matured funds into the higher rate account. So it is all my fault!!! Reviewed on: 17th September 2017

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