Review Time
Following the Bank of England's interest rate reduction announcement, I was quickly informed by the bank that my tracker account rate would decrease the next day. While I appreciate the promptness, it feels unjust that I wasn't given adequate notice, as most banks typically provide a couple of weeks. It's my own fault for selecting a variable rate account, but once I withdraw my money, I won't be returning or falling for the pitfalls of a variable rate notice account.
Just after the Bank of England's announcement about an interest rate cut, I was notified that my tracker account rate would drop the following day. This feels like a lack of reasonable notice, unlike what most institutions provide. It's my mistake for opting for a variable rate account, but once I withdraw my funds, I won't be returning to this bank or falling for the pitfalls of a variable rate account.
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