Abbey Interest?

stoat

Well, I made a trip to the local branch but the short answer is they didn't know either, they *thought* it might be interest for this account was made up of two types, the normal monthly interest and a bonus which is paid at the end of the year if the terms of the account have been met (?!), however they couldn't find any evidence to back this up, so still a bit of a mystery.

steadynerve

Does anyone know if you can trigger the 1000 paying in amount by moving money from the abbey current account to a abbey savings account and back one same day or maybe next day?

pcyam

steadynerve wrote: »

Does anyone know if you can trigger the 1000 paying in amount by moving money from the abbey current account to a abbey savings account and back one same day or maybe next day?

u can use any money for the £1000 trigger, but if you do if from a savings account then it will not be done automatic for you (standing order) you will therefore need to either do it manually in branch or online if it has that facility (eg flexi saver) but you're better off opening 2x banking accounts and set standing orders bak and forth, plus you will get 5% on the both accounts whereas the savings are pretty poor eg flexi 0.1%

pcyam

stoat wrote: »

Well, I made a trip to the local branch but the short answer is they didn't know either, they *thought* it might be interest for this account was made up of two types, the normal monthly interest and a bonus which is paid at the end of the year if the terms of the account have been met (?!), however they couldn't find any evidence to back this up, so still a bit of a mystery.

How much is in the account, and did they tell you when you opened the account, )not in work tomorrow but i can have a look on Thursday what the conditions on banking accounts then. Come to think of it once upon a time there was an account where the bonus was paid at the end of the 12months (as long as conditions were all meet).

LittleVoice

I have a current account which paid 8% - but the one year anniversary has passed now.

It made no difference when in the month the £1K may have arrived in my account, as long as it went in at some time, the 8% (less tax) was paid.

However, because I didn't use their switching service (wouldn't have trusted them to get it right and any way preferred another financial institution but the 8% was attractive), the 8% was on £1K only, not the, I think, £2K or possibly £2.5K if they had done the switching for me.

stoat

pcyam, the balance is pretty much always £2500, which was the maximum amount the higher rate applied to.

It sounds like LittleVoice has the same account I applied for, except I did use their switching service, so the higher rate should apply to the full £2500, but in reality the monthly interest is more like 2% rather than 8, 6 or even 5%..

Ta!.

martinranson

Hello,I have arrived here after doing the same calculations on my account.Now, I didn't use the switching service, and I see that now, for the current 5% offer you have to use the switching service to get 5% on £2500, and if you don't, then you only get 5% on the 1st £1000.Now I sure don't remember seeing this clause when I opened my 6% in January, but seeing as the £4.40 I get after tax, works out as 6% on £1000., I can only assume I missed that bit: DOH !!!!!Anyway, I have now transfered the other £1500 away somewhere a bit more useful, and taken it as a hard lesson learned !Hope that might of helped ?CheersMartin

pcyam

stoat wrote: »

pcyam, the balance is pretty much always £2500, which was the maximum amount the higher rate applied to.

It sounds like LittleVoice has the same account I applied for, except I did use their switching service, so the higher rate should apply to the full £2500, but in reality the monthly interest is more like 2% rather than 8, 6 or even 5%..

Ta!.

Go back into a branch and request them to put in a service request to head office and they can re-calculate your interest for you, if there is any difference they will recredit your account. If the interest is correct because the wrong account was opened then ask to speak to the manager and the interest should be paid back to you.

stoat

Aha! someone else!... having now looked at it again, i'm fairly certain i'm actually getting the same as Martin, 5% up to £1000 then 1% on everything above this, despite using their switching service which should give me the full £2500.

I have to say speaking to customers services or the branch staff is quite simply a waste of time, they don't sound like they have even been trained in their own products, I wrote to head office but as yet have had no reply and to be honest, don't expect one, at this point i'm viewing it as a scam to draw in new customers, so i'll go elsewhere.

pcyam

stoat wrote: »

Aha! someone else!... having now looked at it again, i'm fairly certain i'm actually getting the same as Martin, 5% up to £1000 then 1% on everything above this, despite using their switching service which should give me the full £2500.

I have to say speaking to customers services or the branch staff is quite simply a waste of time, they don't sound like they have even been trained in their own products, I wrote to head office but as yet have had no reply and to be honest, don't expect one, at this point i'm viewing it as a scam to draw in new customers, so i'll go elsewhere.

In that case they have definately selected a non switcher bank account for you, this is where you get 5% fixed for 12months on balances up to £1000 anything above £1000 gets a variable rate which is 1% at the moment, you can easily prove that you switched from your bank statements, therefore hold the query up with the branch, any interest not paid at 5% you are owed. If they dont help then you can go to stage 2-which is the complaints department.