Complaint Review: Citizens Bank

I have been customer of Citizens Bank for many years. Ever since they have been taken over by Royal Bank of Scotland (RBS), they have run a tricky maneuver, in which they offer high interest rates on certain MM accounts with the undisclosed intention of lowering the rate and abolishing the type of account within a fairly short period thereafter. Usually there is fairly large minimum deposit.  This is not technically illegal, as far as I can see (interest rates on MM accounts are usually adjustable), but I think it is what might be called "sharp practice" inappropriate for mainstream "reputable" banks.

For example, I currently have a so called "Performance Money Market Account" which I opened a couple years ago paying about 1%. Slowly month by month they decreased the rate until it is now (November 2012)  about .10% (one tenth of the original)!  Some months ago they abolished the name "Performance Money Market" for new accounts --although keeping me enrolled at the low rate-- and then instituted a new product called labeled "Money Market Savings" offering 1%.

My option now is to close the current account, withdraw the money, open a new account, and redeposit it! The reason I am sure that this bait-and-switch a few-months-later is deliberate is the fact that in the last ten years or so I have had to do this account changing several times, as the bank comes up with new product names for essentially unchanged products.

I have been a customer with Citizens for at least thirty years with high balances. A truly reputable bank acting in good faith would guarantee their better customers the highest rate they pay without putting the customer through the trouble of having to open and close accounts every few months. This nonsense started after Citizens was acquired by Royal Bank of Scotland. RBS is currently  rumored  to be in trouble.