Bradford and Bingley 6% Fixed Rate Monthly Saver (Abbey)

Exceller8

jimbow25 wrote: »

I guess they're promoting the relationship between the Santander's UK brands.

It suggests they Maybe all new Santander/Bradford & Bingley products will be under the "Abbey" name? Maybe all B&B savers will become part of Abbey eventually, as with Kaupthing Edge and ING Direct?

From my understanding when i spoke to an advisor on Thursday all A+L,BB + Abbey branches will all be under one brand in the future either Abbey or Santander because their reason taking over these other brands was to have a branch in every high street in Britain.XLR8 :hello:

Cozworth806

I hope so as there is no Alliance and Leicester locally, but I hold a current account with them. However I dread to think of the job losses when they start rationalising the network to cull the duplication.

oxenryd

I opened mine a few days ago and yes you can have one even if you have an Abbey one.

Exceller8

oxenryd wrote: »

I opened mine a few days ago and yes you can have one even if you have an Abbey one.

Thank you oxenryd looks like i'll be having trip to BB :T

XLR8:hello:

cottons

If you're in London try the Hannover Square branch of Bradford & Bingley. Very friendly staff and they don't seem to have any customers, so are extremely pleased to have anyone come in and ask to open an account!

Essex123

The online information states:

Rate - Enjoy a rate of 5.51% gross/AER fixed for 12 months when you make one withdrawal in a year or 6.00% gross/AER when no withdrawals are made. If you pay in less than £20 or more than £250 per month or make a withdrawal you will receive a rate of 0.10% gross/AER for that month only

http://bradfordandbingley.cdn.tagworldwide.com/savings/fixedratemonthlysaver.html

However, the T&Cs on the leaflet state that if you pay in more than £250 per month the rate goes to the lower rate for the rest of the term.

This is a clear contradiction. Say I did a BACS into the A/c for £15k now, where would I stand at the end of the year if I did not get 6% for 11 of the 12 months?

As a further point of note, I've seen the internal product specification for the old Abbey Fixed Rate Reg Saver (Issue 8) paying 6% fixed. The document I saw says that the publicity literature states any over payments will reduce the interest rate for the rest of the term. However, it then goes on to say this is a deterent for customers and in fact the lower interest rate only applies to the month with the overpayment (which is what the B&B website says now).

Does anyone have any experience with this? Maybe work for Abbey? I'm pressing my £50k limit with Halifax, so ideally would like to dump as much into Abbey as I can at a similar rate.

Megalomaniac

You make a good point Essex123 - why not put a massive lump sum in at the very start, accept you made a 'mistake', take the hit of 0.1% interest for that month and then receive 5.51%/6.00% on that initial lump sum + £250/month for the remaining 11 months. Sounds like it's a very feasible idea?

DeepSporran

Do the T&Cs state a maximum account balance anywhere ? They usually do,and I would expect it to be £3000, so if this loophole does work, there will be a limit to how much you can dump in in month 1.

The risk is of course that if they only pay 0.1% for the entire term, you'll have lost out on (say) 3.5% you could have got elsewhere. (3.4% on £3000 is a loss of £102 gross).

paulboy83

Went into the Croydon branch yesterday to open this account and they have a full diary for the next few days, might be worth calling up whichever branch you are going to beforehand if you are looking at opening this!

mary

Went into Gloucester branch on Monday, the woman filled out the form in 5 mins, took in passport and bank statement as ID, left form with her, as system was down and she was obviously new to Abbey way of doing things. No queues, and no problems otherwise so far.