FedGroup responds quickly to our outcry

After last week's post "FedGroup's misleading 11.3% 'Effective' Rate 😡😡😡" I would like to give you an update.

FedGroup's Damian van Rooyen - their content manager - responded as follows:

"I am Dimeon van Rooyen, the content manager at Fedgroup and would like to clarify why we advertise our rates in the way we do. [...]

We are [..] in the process of revising how we advertise this rate, and we will make the necessary changes ASAP.

Thanks for being vocal about this. [..] "

FedGroup changed the misleading term 'effective interest rate' (it is not an effective interest rate!!) to 'mature interest rate'.