Abbey ISAs rubbish

Annakavana

I took out 2 ISAs with Abbey after taking advice from one of their financial advisors that they were good performing ones. I took one out with £5000 in the year 2000, I wanted low risk but year after year it went down slightly and when I would phone the helpline they were very unhelpful and one of them even said I had only put £3000 in! I have given up on it as it has only made £13 interest in 8 years as of last week. I also had another ISA with £5000 with them, a 5.5 year plan which was guaranteed 4% over that time and guess what, after that time it had only gained 4% no more. Still better than the 1st one I spose.

I had another one with Perpetual, the whole family has and it has done so well I can't recommend them enough. I think cash ISAs with banks are great but the risky ones, especially with Abbey are not so great. I don't know whether to close this one down or wait till it may go up again. Guess I should close it.

freddysmith

£13 in 8 years?
Change your financial advisor and do the research yourself.
You will have lost money when taking inflation into account.

I take it these are stocks and shares ISA's and I hope Abbey have sacked their Fund Managers
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Annakavana

Originally I just wanted a long term savings account like a bond not necessarily an ISA but one of Abbey's financial advisors recommended a stocks and shares ISA to me. I have recently complained to them not that it will do me any good for my savings but I think I was wrongly advised and their phone help was of no use which is why I left it there for so long. Learn by your mistakes I suppose.

dunstonh

I took out 2 ISAs with Abbey after taking advice from one of their financial advisors that they were good performing ones.

You mean you bought a product from a sales rep who told you it was good but you saw no independent research to show that

I had another one with Perpetual, the whole family has and it has done so well I can't recommend them enough.

Inv Perp funds are going to be mostly higher risk risk (they do have some low risk funds but nothing guaranteed). Although they have been a good fund house for some time now.

I take it these are stocks and shares ISA's and I hope Abbey have sacked their Fund Managers

They are bank funds. Mostly passive managed, run by computer or trainee/low skilled managers. With a few exceptions, when someone says they have investments from a bank you know the quality is going to be poor.

In this case, it sounds like Annakavana has GEBs rather than funds or has 100% invested into a FTSE tracker or UK growth fund.