I regret switching my TSB account

In September 2016 I received notification that the interest rate on my TSB Advantage Saver account was to be cut to 0.05pc.

After considering alternatives with TSB an Easy Saver with a bonus at 0.45pc for one year seemed appropriate. During the account opening process I signed a waiver that it was my decision and I understood what I was doing. MN, STIRLINGSHIRE

You only realised when you got home and studied the documentation that interest rates for the old account were tiered. Had you topped up the balance it would have been 0.5pc for up to £10,000 with no restrictions. You said you were devastated.

You phoned TSB the following day asking that the old account be reinstated. It said the product had been withdrawn from sale in 2013 and so is no longer open to new business.

The next month you received a letter stating there had been some misinformation in the new account’s paperwork and mentioning a 30-day cooling-off period. On the back of this you rang the call centre and again asked that the old account be reopened. You were told that the cooling-off period only applied to opening an account, not changing your mind about one you had closed.

Then you spoke to the local branch which offered to increase the interest rate to 0.5pc for the year on the new account. After that it said other options could be considered.

Since then the rates of the Easy Saver have changed and may do so again by the time the anniversary comes around.

After I spoke to it TSB sent £10 as a goodwill gesture for the upset caused. This does not alter the fact that the account still cannot be revived in the way you want.

You are not alone in ruing a hurriedly made investment decision. Sometimes such matters just have to be accepted.