This is not an overall rate change. The 1.6% rate is the rate that you receive after the 1 year "bonus term" has expired. It is still 3.5% for those in their 1st year of the account.
You may want to note as well that I was advised by my local branch that there's nothing to stop you from closing the old Flexi Saver and opening a new one to benefit from the bonus rate again.
Not sure if this is uniform across all branches... I do have significant dealings with my branch so they know me well.
You may want to note as well that I was advised by my local branch that there's nothing to stop you from closing the old Flexi Saver and opening a new one to benefit from the bonus rate again.
Discovered last saturday that my bonus period expired end March 2009 and I am now on 1.6%. They posted me out the forms (all pre-filled out) and asked me to send them back with a cover note requesting the balance be transferred to the new account.