Fixed Rate Saver

[tjbx427]

I have a fixed rate saver.the bank have reduced the interest rate.can I remove my money without penelty

[brainiac]

Look at the terms and conditions of the account

[ubasses]

It would be unusual, check the T&C's to make sure there is no get out clauses ie: if the the interest rates drop by x amount they can reduce what they are paying.
Are you sure it is fixed rate and not an account paying a bonus for a fixed term, which would mean they an reduce the rate but must continue to pay the bonus.

[bhg481]

The whole idea of a fixed-rate saver or loan is that the interest rate can't be altered for the duration of the transactipn. I suggest you challenge the bank.

[fiction-factory]

Their letter usually says whether you can take your money out without penalty following such a change. It wouldn't have been a mid-term change to a fixed saver

[ladybirder]

Check how much longer your Fixed Rate lasts to see when you can withdraw your money.

[fiction-factory]

Some are now allowing penalty free withdrawals now if needed due to Covid

[johnk]

If it really is a fixed rate the interest can't be changed until it reaches the end of it's term.