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TECHNOPHOBE

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All reviews (18)

Review of the Family Building Society, Savings:

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IT'S GOING DOWN!

For those of us who stayed loyal to the Society's Windfall Bond during its uncompetitive days when the interest rate fell to 0.1% (being paid at Bank Rate), what a disappointment it is (now that the bank rate has risen substantially) that the Society is giving itself the right to pay less than bank rate from October, and that notice of this rather major change is tucked away towards the end of the second page of it's advisory letter. We lost out at 0.1% knowing that the bank rate would eventially rise, but I'll predict will not gain for long on its return to a competitive rate thanks to this rather disappointing, unecessary, change! Family values? I'll be checking and reporting future changes on here. Reviewed on: 22nd July 2024

Reply from Family Building Society Dear customer We're sorry to hear that you’re unhappy with our updated Windfall Bond T&Cs. The Windfall Bond has always had potential to pay less than Bank of England Bank Rate, and this isn’t a new change within this cohort of T&C changes. What we have changed is when we are able to review the linkage to Bank of England Bank Rate. Previously this was constrained to an annual review every November, which we have now changed, so it could be any time (from 1st October onwards). It’s also been a number of years since the Bank of England Bank Rate was at 0.10% (2020 to 2021). The Windfall Bond has been paying 5.25% since 1st September 2023 (reflective of the Bank of England Bank Rate changing to 5.25% in August 2023). Although you may be concerned about the interest rate paid, Windfall Bond savers also have the opportunity of winning a prize of up to £50,000 each month. The monthly free prize draw (and therefore the chance of winning a prize) continued throughout the period when Bank of England Bank Rate was at its historic low in 2020. Whilst we have made several enhancements to the monthly free prize draw (in addition to changing when we are able to review the product’s linkage to Bank of England Bank Rate), if you are unhappy with the new changes, you can give us notice and close your account before the new T&Cs are effective on 1st October. Please contact us by telephone if you wish to set notice to close your account. Kind regards Family Building Society Response date: 25th July 2024

Review of the Buckinghamshire Building Society, Savings:

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STILL NO APOLOGY FROM BUCKS BUILDING SOCIETY!

Still no apology for trying to pay me c.£40 interest less than I was due.. Very poor customer service. Reviewed on: 20th April 2024

Review of the LV (Liverpool Victoria), Car insurance:

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Disappointed

LV were to advise me of claim made against me before considering paying as I was suspicious of the circumstances. They didn't and it was only subsequently I found out that that had paid out thousands without contacting me, and now that claim counts against me! Reviewed on: 24th August 2023

Review of the Nationwide, Cash ISA:

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Martin Lewis wouldn't be impressed!!

Opened a new 1 year fixed rate ISA yesterday at 5.1 %, which seems good compared to recent returns. However, I asked what happens at the end of the year if I don't contact them (I am old and could find myself in hospital then etc.etc.) The answer is that the money goes into a holding "Maturity Account". After further enquiry, I establish that the maturity account would pay 1.4% interest "as instant access". Martin Lewis, in his weekly MSE newsletter says that we shouldn't be accepting less than 4% on instant access accounts. I like the local Nationwide very much, but, come on Nationwide, is this fair and good practice??? And how much investors money are you holding at this derisory rate? Reviewed on: 14th July 2023

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Review of the Leeds Building Society, Savings:

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FEELING REALLY BULLIED BY LEEDS BS

After a review on Trustpilot revealing Leeds BS instant access savings rate was 1.9% and between 2 and 3 times that available elsewhere; Also that Martin Lewis stated if getting less than 4% "ditch and switch", Leeds have demanded review be taken down! Clearly bothered at people being given this information! I've been with Leeds BS for nearly 30 years and feel that, rather than being treated as a loyal customer, I've lost out substantially on interest and now feel they are trying strong arm tactics versus an OAP to hide their awful approach to loyal customers/long term members. Reviewed on: 30th June 2023

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