abbey fixed rate monthly saver

simon_templar_2

5% FRMS is indeed still available.

~Chameleon~

I opened this account on 4th December 2008, which I think was the day they pulled it at close of business.

I've been in branch today to update my passbook, fully expecting to withdraw it all as I've now made 12 payments only to be told this account can have 13 payments, so have rapidly re-set my standing order to make an extra payment next week.

Can anyone remember the actual T&Cs for this account and does this mean I have to keep the funds in there until January now to get the interest? I was hoping to withdraw before Xmas!

rb10

With the current version of this account, it matures on the first day of the month following your 13th payment.

So (assuming the T&Cs were the same then), your first payment would be 4th December 2008, then 2nd to 13th payments during January-December 2009, so it will mature on 1st January 2010.

Careful_ly

Hi, the terms of this account were that you opened the account without funding, no funds to be added till the following month.
You then needed to fund with for the next 13 months and it matured on the 1st working day of the next month. (mine matures 1st December).
So am I puzzled that you've already made 12 payments if you opened yours on 4th December. I cannot find this info on the Abbey site, but it is mentioned in Special_saver2's thread.
http://forums.moneysavingexpert.com/showthread.html?t=608697&highlight=special_saver

~Chameleon~

Careful_ly wrote: »

Hi, the terms of this account were that you opened the account without funding, no funds to be added till the following month.
You then needed to fund with for the next 13 months and it matured on the 1st working day of the next month. (mine matures 1st December).
So am I puzzled that you've already made 12 payments if you opened yours on 4th December. I cannot find this info on the Abbey site, but it is mentioned in Special_saver2's thread.
http://forums.moneysavingexpert.com/showthread.html?t=608697&highlight=special_saver

Actually you've just jogged my memory saying it had to be opened with no funds ... the account was opened on the last Saturday of November (29th I think) so I immediately set up the SO to be taken on the 2nd of each month thereafter. The first payment actually went into the account on 4th December 2008 so the 13th payment will be made on 2nd December 2009 (next week).

So I have to wait until Jan 1st 2010 to withdraw funds now then?!

simon_templar_2

Yes you are correct

nicky_boo

Chameleon, I had exactly the same problem. I had to arrange the 13th payment as I had cancelled my standing order after the 12th payment. I though I was experienced with monthly saver accounts. This one is one of a kind.

What frustrated me about this account is that I called Abbey 3 times and got confusing answers from the call centre staff. Even the information on their web site on fixed monthly saver is confusing. It talks about 13 monthly payments and gives an example saying that if you pay £100 a month, by the end of the term, you will have £1200. Shouldn't it be £1300 then?

Anyway, although I couldn't find this information on their web site, what Simon says is correct. The account matures after the 13th monthly payment. I opened and made the first payment to my account on 15th November 2008. I made 13 monthly payments so far. The interest will be paid on 1st December and I will withdraw the money as soon as this happens. Confirmed by one call centre staff and a manager in branch.

nicky_boo

It is 2nd of December today. No interest paid in the account. Abbey now says I should wait until 1st January and make sure that I make the December payment just in case. This will be my 14th payment!!! Chameleon, sorry for the previous post. I was misled by Abbey. I do not understand how they managed to make such a straighforward concept of monthly savings account so complicted, but they did!
Hopefully I will get hold of the money in January. I am angry as I needed the money this month.

~Chameleon~

I'm off into town today to get my passbook updated and check they have actually paid the interest this time!

Slightly worried as I received a letter a few weeks ago telling me the account wasn't due to mature until Feb so gave them a ring and they told me to ignore the letter and confirmed it is actually January.

Silly question, but can anyone tell me how I get my money out of this account? Can they do a bank transfer to current account for me or do I have to get a cheque from them? I'm guessing whichever way they do it I need to go into branch?

apt

If you tell the branch in advance you can get paid out in cash rather than by cheque when closing the account.