Abbey 8% A/C- how can you confirm this?

spanner200

Hi,
I applied and switched my account to Abbey (luckily before all the interest rate drops! : ) and should be receiving 8% interest on balances of up to £2,500. I just wondered if there was any way I can check this using on-line banking.
Sad i know, but I have serious lack of trust with the whole banking system and want to be sure I'm getting what I applied for!
Cheers!

CDes

Well just check the interest that is being credited and do a little maths to check it's right.

But I think you might be being over-paranoid!

LittleVoice

In order to get the 8% on up to £2500, you need to have transferred your account to Abbey. If you didn't transfer (DDs etc), you should still get 8% but only on up to the first £1000 of your cleared balance.

In either case, of course, you also have to pay in £1000 or more each month.

Your interest is paid monthly, so you can work it out. If it doesn't work out then don't be fobbed off by an Abbey customer service rep telling you that it is paid at the standard rate until the anniversary date and then, if you have paid in £1000 each month, you receive another payment to take it up to 8%. I've been told that by Abbey staff but it is wrong - and I do get 8% on the £1000 balance I ensure is in my account for around 29 days a month.

mary

Abbey did the switch for me from First Direct and have only recently questioned the interest I have been getting.. I keep more or less a balance of £2500 for the whole month, pay in £1000 each month and always keep the total on £2500. The interest I have bene getting is just over £4. I have queried it with them. No reply. Rang again and discovered they had sent the info to the wrong department. Still no news. Rang again and this time the guy read out a letter which I've not yet received which says I should only get the interest up to £1000.

I don't actually have any paper work from them when I switched. However I did but and paste the info relating to 8% into a word document I made. Does anyone have a link directly to their website, so that when the letter comes I can point it out to them????

LittleVoice

I don't have a link to the website to offer you - it is unlikely to be there in any case.

I would recommend that you don't alter the Word file in any way - so it retains its original saved date. And can you also demonstrate the switch of DDs?

BruceyBonus

LittleVoice wrote: »

I would recommend that you don't alter the Word file in any way - so it retains its original saved date.

I doubt they would accept a Word document as proof. It is very easy to change the save date - just simply changing your computer's date will fool Word into giving files fake save dates.

mary

The Abbey current account
Bank accounts designed around you
With Abbey, you get to choose a bank account that matches the way you live your life. If you’re usually in credit, the Preferred In Credit Rate Bank Account offers 6% AER (see note 1) interest on balances up to £2,500 for the first 12 months. Or, if you tend to use your overdraft, the Preferred Overdraft Rate Bank Account gives you an interest-free overdraft for the first 12 months. To get access to these great rates, simply switch using our Account Transfer Service and pay in £1,000 or more a month. What’s more, we’ll even help you save with our Sweep Facility which moves any spare cash straight into your savings.
From 17 November until 14 December 2008 you also have the choice of benefiting from a cash back reward with the £100 Bank Account. To get this reward simply switch your main income and direct debits to our £100 Bank Account using our Account Transfer Service and make a minimum of three monthly payments of at least £1,000 within the first six months of opening the account. You will also get a great Advance Overdraft rate of 12.9% EAR (variable) if you pay in at least £1,000 per month.
Why choose an Abbey Bank Account?
· Enjoy one of the highest rates of interest for a bank account in the UK when you switch to Abbey using the Account Transfer Service.
· Choice – we are the only UK provider to offer a choice fo three bank accounts depending on whether you are usually in credit or overdrawn or would rather a £100 cash reward.
· Preferred In-Credit Rate Bank Account pays up to 6% AER in the first year on balances up to £2,500 and 2% AER if you pay £1,000 or more into the account each month.
· Preferred Overdraft Rate Bank Account offers an interest-free overdraft for 12 months on the full amount of the overdraft and then changes to our standard preferred overdraft rate (currently 12.9% EAR, see note 2).
· The £100 Bank Account offers a £100 cash back reward if you switch your main income and direct debits to our £100 Bank Account using our Account Transfer Service and make a minimum of three monthly payments of at least £1,000 within the first six months of opening the account. You will also get a great Advance Overdraft rate of 12.9% EAR (variable) if you pay in at least £1,000 per month.


I don't have any date of it being saved. The only change I have done is to highlight the relevant bit in red. Surely they can check that on their files, as it specifically refers to dates 17 Nov - 14 Dec, which they should be aware of.

LittleVoice

mary wrote: »

. . .t, the Preferred In Credit Rate Bank Account offers 6% AER (see note 1) interest on balances up to £2,500 for the first 12 months. . . . .
· The £100 Bank Account offers a £100 cash back reward if you switch your main income and direct debits to our £100 Bank Account using our Account Transfer Service and make a minimum of three monthly payments of at least £1,000 within the first six months of opening the account. .
...

I don't have any date of it being saved. The only change I have done is to highlight the relevant bit in yellow. Surely they can check that on their files, as it specifically refers to dates 17 Nov - 14 Dec, which they should be aware of.

OK - you managed to get in at 6%, rather than 8%

Did you get the £100 reward for switching. That would show that you had switched and therefore the enhanced rate should apply to the £2.5 balance.

When you save a Word file, it is dated. In Properties, the last date it was saved appears as the last modified date. It also appears in the details in Windows Explorer.

mary

mary wrote: »

The Abbey current account
· Preferred In-Credit Rate Bank Account pays up to 6% AER in the first year on balances up to £2,500 and 2% AER if you pay £1,000 or more into the account each month.

I took 6% AND 2% to be 8% (i.e. you could get both)
No I didn't get the £100 (I seem to recall when applying online there were 3 options, and I went for the one whereby I didn't get the £100 within 3 or 6 months, as I had calculated that I was better off keeping a balance of £2.5 p.m. and paying in monthly £1K for the full 12 months if I was getting the full 8%.

I can now see the Properties file you referred to, but it is modified as of 9/4/09 (whenever I visit a page, it says do you want to save changes, even if I haven't made any, so to be on the safe side, I always click "save") so that will account for the recent date.

Thanks for your help.