THE SAGA CONTINUES

I write this in the interest of the public. I have been investing in a savings account with ABSA specifically to earn interest. In May last year, ABSA suddenly stopped paying any interest. I began querying this in June 2020 and, despite numerous emails, was not been able to resolve my query. It was, it seems, only after posting a complaint on this platform that my query is being treated seriously. I have now received an email from WK of ABSA with some kind of " explanation". The reason why no interest was paid from May 2020 to October 2020, is because the interest rate was 2.5% and the prime rate dropped by more than 3%. Unfortunately, this "explanation" doesn't hold water. Is ABSA saying that the funds were lying idle in the savings account; that they did not use the funds and, therefore, did not earn a return? If this is what ABSA is saying, it is hardly acceptable! I have now asked ABSA to provide me with the following:- 1. ABSA's rules on savings accounts; 2. The reason(s) why I was not informed of the changes to the investment; 3. The prime rates and the interest rates on their savings accounts ....for the whole of 2020. I look forward to ABSAs response .... with interest (pardon the pun!)!!!