Reinvestment rate lower than advertised on website
1
As one of Charter Savings Bank's best savings customers, I am angry that CSB have policies in place that serve to disadvantage reinvesting clients, giving those clients reinvestment rates that are lower than those advertised on the CSB website on the day of fixed rate maturity. All of the other savings providers I use offer a "rate guarantee" that if the savings rate goes up on the day of a fixed rate bond maturity, they will HONOUR AND AUTOMATICALLY APPLY the higher rate. CSB's policy, whereby they apply a significantly lower rate than the advertised website rate for the same product, is both unfair and unreasonable. They also offer no 14 day cooling off period, so make it impossible to get your money if you're unhappy with the rate applied. As a result, I will not be renewing my existing bonds with CSB when they mature and will move my money elsewhere. This isn't a good way to treat a loyal customer.
Reviewed on: 8th May 2023
