Abbey Esaver account, they can't confirm our rate

JaG_2

Hi,

We put a sizeable amount of money into an Abbey Esaver account on advertised at 6.5% which is due to end in July, however ferquent calls to them enquiring to confirm that the rate is the same (or we will take the money out), have been resonded to by replies with a rate (which changes every time you ring them in the same day), from about 0.5% to about 1.7%.

We have also been told (when we actually spoke to someone in the UK - as the Indian centre, say they can't help and to ring back - "you might be lucky and get connected to someone who can help"). Anyway, we have been told "wait until July and see what you get, as we cannot find it " honestly, they said that.

Has anyone got a phone number, for England, or a branch, or a real person, that does not start with 08, as they all end up when you have punched in loads of numbers back in the Subcontinent.

If you have this sort of account, and have not taken any money out, how do you know what rate you have, is it written down anywhere, as we have all the paperwork, but its not there, how can we prove what we signed up for if there is no paper saying, it, we are a bit stuck, and have been trying to confirm the rate since we opened the account.

Any help appreciated

JaG

gozomark

http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1210610585635&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_TemplateB2

esaver is a variable rate account, with a bonus paid for the first year (presumably the July you are reffering to) - current rates shown on link above. The rate you will have got will have changed several times since last July

JaG_2

We have looked and it does not seem to be the same animal, nothing mentioned about variable, or adjustments, when we took it out.

The wording on the account was something like this, pretty clear,

You will recieve 6.5%

One withdrawl will reduce the rate by x%

A seond withdrawl will reduce the rate by a further y%

Any subsequent withdrawls will place the account on the standard variable rate for the term.

Which means that the account is not on a variable rate, as far as their wording said when we took it out,that account type, might be now. May not have been Headlined, but the words were there, and no other mention of a variation in rates.

To get a variable rate, we would have had to touch the money, which we haven't.

So as far as we can tell, they would need to inform us if this has changed, all we have is a statement saying, "deposited £an amount", nothing else.

JaG

Lokolo

The thing that said it is 6.5% could have been then. Theres nothing them changing the rate the next month to 5% and so fourth.

If it was fixed it would be fixed for a term, so 3 months, 6 months, a year, 2 years etc. and this would be stated. If it was fixed rate it would specify it was a fixed rate for X term. Anything else and it would be variable.

They do not need to inform you if the rate changes.

gozomark

can you check via online banking ? ie look at your account and see if a rate is shown ?

gozomark

ah, is it an esaver direct, not esaver ???

an esaver direct is a variable rate account, which pays a lower balance the more withdrawals you make, so sounds like the account you mention (except is variable...)

gozomark

latest version of esaver direct
http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210610593335&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateB2

treecity

Freephone abbey numbers:

0800 731 7774
0800 587 2758

At least you won't have to pay to ring them now! I found these yesterday after another nightmare trying to talk to a human at Abbey!

Rafter

JaG,

They probably really don't know!

There is probably some sort of guarantee that the account will pay at least base rate (0.5%). Anything above that will be based on whether Abbey want to retain customers by offering a higher rate or not.

If you don't hear anything by start of July that you are getting a better rate than 0.5% then assume the worst and look around for a better deal.

If you can't be bothered moving your savings around every year, there is something called the investec high 5 account that promises to pay the average of the top 5 savings accounts in the best buy tables.

Good luck

R.

Baldur

gozomark wrote: »

ah, is it an esaver direct, not esaver ?

Looks like it, from this site's precis of the account from June 2008 - http://pressoffers.net/2008/06/13/abbey-650-aer-instant-access-saver-esave-direct.htm

JaG_2

That looks like it, though I will admit I didn't do it the other half did and she is more judicious than me, and actually reads things, beyond the big print.

So without being an expert, and not having the full blurb, what would anyone say, the rates are stated, and nothing says variable (or other words to the same effect), The online thing only said the rate, with the "if you make a withdrawl, then the rate varies" bit as above.

Does this mean that what they give you can be different to what they sell you ?

JaG