Changes to ISA interest rates

[mrochester]

Hi all

An ISA my dad holds has recently had the interest rate reduced. However, he was only notified of this rate change 5 weeks after it had occurred. Are the bank legally required to tell him in advance of a change to interest rates to his detriment?

Thanks!

Michael

 

[leaskovski]

They will most likely inform their members by the use of media, ala news papers and not sending the change notification via post. Most Banks/Building Socs do this.

 

[Immsy]

Unless its a fixed deal they can change the rates whenever they want to.