abbey fixed rate monthly saver

shazkhan111

i accidently transfered 2 lots of £250 (so £500 pcm) to the above account in a calendar month.

I called abbey to see how this would affect the rate i get in the account, i was told that for the first month i would get 0.1% interest, but as long as i credited £20-£250 next month i would get the rate of 5% advertised.

Does this mean if i put £100,000 in to the account today get 0.1% for Jan, I will then get 5% for the next 11 months, i find this hard to believe!!

Can anyone help?

Mike1989

To be fair what they've told you sounds slightly hard to believe. Then again that is Abbey staff for you. But it sounds harsh you won't get interest on at least the first £250..

kingmonkey

There is a £3000 limit (probably)

simon_templar_2

Max is £250 x 13 in fact.

shazkhan111

just found this

"If you pay in more than £250 in a calendar month the rate drops to 0.10% gross p.a./AER on the total savings balance for the remainder of the term."

Gonna have to close account now

Mike1989

If you do Barclays offer 6% fixed for 12 months and Halifax offer 5% fixed for 12 months. Halifax does though have the advantage of up to £500 a month whereas Barclays and co offer only £250.

greenface

shazkhan111 wrote: »

just found this

"If you pay in more than £250 in a calendar month the rate drops to 0.10% gross p.a./AER on the total savings balance for the remainder of the term."

Gonna have to close account now

are they serious
beggers belief

RayWolfe

If you want 5% fixed, they are entitled to impose some conditions. If it's in the T&Cs you signed up for, why does it beggar belief?

simon_templar_2

Good point Ray. The deal is quite simple. Pay in between £20 and £250 per month by standing order. This is on the website, in the leaflets in branch, in the terms and conditions and also by asking staff in branch. So yes Greenface, we are indeed serious.

Richard_Cocks

Yeah, otherwise it would be open to abuse (putting all 3K in first month!) as outlined above!

Just close the acca and start again, you should be able to argue that you should get the old rate if it's no longer available!

Mike1989

The 5% is still available according to their site.