Not upheld: failure to provide guidance on savings options and complaint about fluctuating interest rates complaint against National Westminster Bank Public Limited Company (NatWest)

Decision detail

Summary

Miss D opened a savings account with NatWest in 2018 with over £200,000 and gradually withdrew funds over several years. She complained that NatWest failed to help her maximize her savings despite multiple branch visits and phone calls requesting guidance, and that her interest rate fluctuated. NatWest offered £120 but did not uphold her complaint. The ombudsman found that NatWest met its regulatory obligations by making product information available online and, after the Consumer Duty was introduced in July 2023, proactively advising Miss D about higher-yielding accounts. The ombudsman did not uphold the complaint, finding the firm's conduct was fair and reasonable throughout the complaint period.

The Ombudsman's reasoning

The ombudsman found that NatWest's obligations for cash savings accounts are to provide sufficient information for customers to understand whether their account meets their needs, not to recommend suitable products. Before 31 July 2023, NatWest made all necessary information available online and Miss D accessed her online banking regularly, so the firm acted fairly. After the Consumer Duty was introduced, NatWest proactively wrote to Miss D advising her that she could earn more interest on a different account and recommended she review rates. The ombudsman was satisfied NatWest met its regulatory obligations throughout the complaint period.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website