Abbey £100 for switching

Sealy

Any idea on having another one of my accounts transfer £1k as a direct debit every month till i get the money that way? I'd imagine a huge number of people would do this? Has anyone tried?

Graham1

I see this offer is now on their web site. They give an 0800 number to call on that page for further information but when you call this number they seem unable to answer any questions about it. I called one of their other numbers and the lady said the £100 cash back did apply to the 8 % (in credit) account. This seems to be different from what YorkshireBoy posted (post #3) so I wonder if the advisor I spoke to was confused.

Their web site seems to suggest there are three different account types, one with the £100 cash back, one with the preferred overdraft rate and one with the 8% in-credit rate. Suggesting the applicant can choose one and only one option.

Is anyone else visiting a branch to get further clarification ? I don't live within easy distance of any of their branches.

leviathan

Does new customer = for that account only?

I'm using the existing 8% current account deal as a high interest earner, two accounts with 2500 in each, transferring 1000 between them every month to qualify for the rate.
This is due to end in December and I'd be closing them.

Since I don't have their £100 switch account, I'd be a new customer for that product but already have/had a relationship with them.

brislenc

If you go onto Abbey's web-site and apply for a current account you will see that you get the following options:

1.

brislenc

Sorry first post,

If you go onto Abbey's web-site and apply for a current account you will see that you get the following options:

1. Preferred in-credit
2. Preferred overdraft or
3. Preferred overdraft account (£100 to switch)

I assume though that you will only get the £100 if you switch your salary and DD's, etc from you old account to Abbey.

Graham1

Speaking to them again they say option 2 "Preferred overdraft" is the 0% for 12 months and option 3 "Preferred overdraft account (£100 to switch)" is 12.9% overdraft (or 19.9% if you don't pay in £1,000+ per month).

So in Abbey-speak 12.9% / 19.9% is considered "Preferred".

So which one to choose depends, I guess, on whether the overdraft is likely to be used much or at all.

moneysavingallday

Does anyone know for sure whether you have to actually close your current bank account as part of the switching process? I'm happy with my bank but I would like the £100 off the Abbey

YorkshireBoy

Graham1 wrote: »

Speaking to them again they say option 2 "Preferred overdraft" is the 0% for 12 months and option 3 "Preferred overdraft account (£100 to switch)" is 12.9% overdraft (or 19.9% if you don't pay in £1,000+ per month).

Option 3 gets you a 0% overdraft for 4 months...see post #3

PBA

Hopefully I can clarify some of the points you've brought up.

There are now 3 options available if you switch to Abbey:

1. 8% interest on balances up to £2500, 0% overdraft for 4 months;
2. 0% interest on overdraft for 12 months;
3. 0% interest on overdraft for 4 months, then 12.9%, £100 cashback after 3 months.

All offers are subject to £1000 being paid in from a non-Abbey account per month, though with option 3 that only has to be 3 months out of the first 6 rather than every month.

All options are available to existing Abbey customers as well as new ones. However you have to move DDs and SOs from an account held elsewhere. (All you need is another current account with another bank, it doesn't actually have to have any DDs set up on it). You don't have to move your salary.

On all options an existing OD will be matched up to £5k, as well as matching your existing card type. All also come with guaranteed credit card, either Zero or cashback.

As I always post about Abbey, whenever they launch a new product apply in branch rather than online. Their online system gets snowed under when there's a new offer and it takes ages to set up accounts, whereas if you apply in branch the account gets opened then and there.

karie

hi PBA

Are you sure you don't have to move salary
I called up to enquire and the girl told me that you do.
I was not completely convinced by her though!!

karie