I have some savings for Uni in a 3% interest bank account - the best I can get on that amount of money.
However, today (12th of May) I received a letter, from the bank, saying that the interest rate would be decreasing to 2.5% as of 1st June (21 days away). The letter was dated 30th April.
I now want to move my money because that bank account has some restrictions on money access (the interest decreases if I remove any) and I can get 2.5% elsewhere.
Unfortunately, I have 5 exams for my AS Levels before that date and another 6 after. I'd rather not have to run around town trying to transfer money right now.
To that extent, is the bank allowed to do this? 21 days seems very short notice to tell me this information. Can I do anything?