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Abbey 10% ISA!!!!!
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abbeylover
Posts: 35 Forumite
Contrary to what Martin said on his show on 5 tonight, Abbey are offering a 10% ISA. Abbey are the best high street bank out there. Anyone else agree?
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Comments
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To have the 10% you also have to be putting the same amount or more into a Qualifying Ivestment Product.
So every £100 you put in, you need to put £100 in an investment, which some people won't want to do
However, I have never banked with Abbey so can't say if they are any good or not.0 -
Totally disagree, i wouldn't go near Abbey after the mess they made of trying to transfer my ISA.
By the way the 10% ISA is only available if you invest the same amount into a Guaranteed Growth Plan as you put into cash - this investment is rubbish and to be avoided with a barge pole.0 -
The rate is fixed for 13 months but it then drops to a very mediocre 5.something%. You also need to invest the same amount in a guaranteed equity bond for 5 (???) years. I dont know the specific details of the current offering from Shabbey but they are rarely good value even at the best of times.
just my opinion!
DYOR
:beer:God save the King!
I'll save Winston Churchill, Jane Austen, J. M. W. Turner and Alan Turing.0 -
the 10% Abbey product is rubbish. As others have said, you have to stick money in their awful investment product linked ot it. It is part of the commission their earn on that which they are using to increase the rate on the other.
It is much better value to get a decent investment product either on proper advice basis or DIY if you prefer. Dont buy this product unless you want to leave this board and join Moneywastingexpert.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It is much better value to get a decent investment product either on proper advice basis or DIY if you prefer. Dont buy this product unless you want to leave this board and join Moneywastingexpert.
Have you got a link? I've never heard of Moneywastingexpert, although I can imagine, I am a pro at that before this site :-D0 -
I'm not disputing that it's linked to other sevices that Abbey offer, however this ISA is still the highest available. Does anyone on here have any horror stories about Abbey? I think they are the best bank out there!!!!0
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Have you got a link? I've never heard of Moneywastingexpert, although I can imagine, I am a pro at that before this site :-D
Not sure about a link but lets send Abbeylover there I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
abbeylover wrote: »I'm not disputing that it's linked to other sevices that Abbey offer, however this ISA is still the highest available. Does anyone on here have any horror stories about Abbey?
How about this one;
Applied to transfer my ISA and my son's ISA mid April last year. Received paperwork for mine within 5 days. After 14 days still nothing for my son - they had lost his application but not the transfer form even though they had been stapled together. He had to apply again - this time they managed to lose the transfer form, so had to fill out another one. Meanwhile not just one Abbey card arrived for him but three!
Mid June ISAs finally opened with Abbey but still no transfer despite the rules saying it has to be completed within 30 days. According to Abbey the 30 days start from when they send the transfer form to the other provider so it doesn't matter when they get around to sending it. Other provider meanwhile says they have never received anything from Abbey.
At the end of June I have had enough of chasing Abbey. It takes at least 40 minutes to get through to them on the phone. Even Abbey's own staff in one of their branches could not get through to them on the phone.
My son and I then wrote to Abbey to cancel the transfer. Just as well we also phoned our current provider as we are still waiting on Abbey to bother replying to us! We also wrote a letter of complaint about the service which took them 12 weeks to "investigate". At the end of the "investigation" they told us they didn't know what happened but sent us £50 each instead.
My son received another 3 Abbey cards after cancelling making 6 in total.
I have since transferred to another provider. It took 14 days in total from first application to funds being in my new ISA - now that's good service!I think they are the best bank out there!!!!
God help us. :eek:0 -
I had a Direct ISA with Abbey last year, which was transferred out this year.
I had no problems with Abbey, and they have been more efficient than Barclays.
However, I would say that the so-called 10% isa is a bit of a red herring as the 10% is likely to be seriously eroded by a poorly performing investment isa which you are obliged to have. Most people say steer clear.
Abbey's Direct ISA on the other hand is very good, but you will have to transfer out after 1 year (when the bonus runs out), which is the same as most of the other top-rated isas out there.0 -
I think if you want the highest paying cash ISA, you have to go to Alliance and Leicester. Their ISA allows transfers in with similar conditions to Abbey's investment ratio, but new money can go straight into the cash ISA with no requirements other than to have a Premier Current account, which is free if you put more than £500 in each month.abbeylover wrote: »I'm not disputing that it's linked to other sevices that Abbey offer, however this ISA is still the highest available. Does anyone on here have any horror stories about Abbey? I think they are the best bank out there!!!!I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0
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