Abbey Regular Savings Closure Farce

muddyfox470

i did mine last week, no hassle, altho they did mention the 4.75% rate on the regular savers, or whatever it was, claiming it was competitive, and then said about the current account, 6% offer.

however it was slightly my own fault as i was wondering why the offer was dropped so quickly (the 7% one)

its in my account now so thats ok! and only took me about 5 mins

ian

cloud_dog

Rubybish commented on this on page 1 but, we never received a passbook either. Do you have to go into you local branch to collect it, or was it just posted out to everyone???

Having paid in for 11 months (last payment on 1st Nov) so hopefully picking up a cheque on 1st Dec I need to get the passbook problem sorted.

comments please........

cloud_dog

charlieboycat

cloud_dog wrote:

Rubybish commented on this on page 1 but, we never received a passbook either. Do you have to go into you local branch to collect it, or was it just posted out to everyone???

Having paid in for 11 months (last payment on 1st Nov) so hopefully picking up a cheque on 1st Dec I need to get the passbook problem sorted.

comments please........

cloud_dog

Can't add anything to what I said in reply to Rubybish .... other than that I think you should go into your branch asap and get it sorted.

Kazza242

cloud_dog wrote:

Rubybish commented on this on page 1 but, we never received a passbook either. Do you have to go into you local branch to collect it, or was it just posted out to everyone???

Having paid in for 11 months (last payment on 1st Nov) so hopefully picking up a cheque on 1st Dec I need to get the passbook problem sorted.

comments please........

cloud_dog

When I opened my Abbey regular saver at my local branch in Oct 2004, I was given the passbook there and then. The adviser took my initial £500 deposit, went to the counter, paid it in and returned with it.

It's best to get it sorted out a.s.a.p, as you'll need the passbook when you go along to collect your money. Why not pop into your local branch with some ID. They should be able to sort this out for you.

RubyBish

Having finally read my joining letter after 11 months.
It says that I have to go into the branch to collect my pass book.
Its a valuable lesson in reading the documentation of my accounts!

surfsister

papaya wrote:

Interest paid on this type of account is less obvious, and mine was seriously underpaid.

Apparently Abbey has been so inundated as a result of miscalculations that a separate department has been set up to deal with the mistakes.

I had the proceeds of my RS A/C transferred immediately to my Abbey current A/C. You can also insist on a BACS transfer to an external current A/C.

Of course Abbey would prefer to hold onto your money for longer, by giving you a cheque!

How did you realise you were underpaid? I was never sent a passbook and when i made a fuss was given a passbook just showing the total after 12 months including interest and all. So not sure what to do. Any idea od details of the Abbey dept dealing with errors? thanks papaya!

stevem01

How did you realise you were underpaid? I was never sent a passbook and when i made a fuss was given a passbook just showing the total after 12 months including interest and all. So not sure what to do. Any idea od details of the Abbey dept dealing with errors? thanks papaya!

I haven't closed my account yet so I can't definitely confirm the interest payment. However, if Abbey have paid an interest rate of 7% per annum for a full 12 months period and the monthly deposits have been say £500.00 per month, I reckon the gross interest should be:

500*6.5*0.07 = £227.50

If interest is paid net of tax, then the tax deduxtion will be around £45.50, leaving a net payment of around £182.00.

Obviously if the monthly investment has been less then the interest payment will be less on a pro-rata basis. If the monthly deposit has not been a constant amount and/or the timing of the monthly deposit has been variable then these factors will tend to reduce the average balance and hence the interest payment.

Steve

Innys

I don't agree with Stevem01's calculation.

The interest (net) should be:

£6000/2*0.07*.78.

This works out at around £163.80.

I

charlieboycat

Innys wrote:

I don't agree with Stevem01's calculation.

The interest (net) should be:

£6000/2*0.07*.78.

This works out at around £163.80.

I

Tax withheld is at 20%, not 22%.

Both £500*6.5 and £6000/2 are approximations - interest is calculated daily. £500*6.5 is probably optimistic because it assumes both that the a/c was opened on the 1st of a month and that standing orders were received on the 1st of month) - £6000/2 could be optimistic or pessimistic depending on when a/c was opened and when SOs received.

lipidicman

OK, I opened my account on the 29th of december, doh!. I now gather that the account will mature on the 1st of december rather than the 29th of december (as would be the case with the halifax account).
Can anyone confirm this?
Do they credit the interest on maturity or after one year?
Can I go in on the first and request a BAC transfer.