Money helpdesk: RBS left me feeling I didn't matter when it came to Isa bonus deals

I MADE the mistake of not managing my own money as, silly me, I thought RBS might communicate with its customers.

I had decided to check online how my cash Isas were performing. On reading the interest rates, I was shocked to find that no bonus payments were being awarded. To qualify I had to invest for tax year 2008-09 and 2009-10 with the investment for the latter being made by 30 April last year. I qualified for the 2008-09 payment.

However, due to no other reason than not being near the bank, my investment for 2009-10 was not made until July last year. I have more than 32,000 invested.

On contacting the branch, (Broughty Ferry), the most obvious thing was that product knowledge was poor. I asked why I had not been informed of the conditions of the bonus and was shocked when they informed me that locally they new nothing of bonus payments until October/November 2009, some six months after the final date for investment. No chance for the customer then.

It was also suggested that customers were only being randomly selected for postal notification if they met the criteria. In other words even if you qualified it was to be a matter of luck if you were to be selected. A matter of discrimination, make up your own mind.

I suggested to the bank that customers should be treated in a far more professional manner. Banks are keen to do sales calls. Why do they not watch their own customers' accounts and inform them of changes to conditions? In cases like this it would generate business.

And finally, I still await the manager's call. Talk about communications. I remain frustrated by this.

AC

Michelle Slade of Moneyfacts writes:

If a savings account comes with a rate guarantee then the provider has a requirement to advise you when it ends. Unfortunately, at present, the same requirements do not apply to temporary bonuses.

The onus is on the saver to remember when a bonus ends or to adhere to any requirements to qualify.

If you feel unhappy with the service you received then your best course would be to make a formal complaint to RBS in writing, as it then have a legal requirement to respond.

However, as an unregulated area, there is no requirement for RBS to fully advise you on a savings product, like there is with a mortgage. But it does make for good customer relations.

With Isa season now getting into full swing, it may be a good time to look at moving yours (see page 7).