Abbey Interest?

flyingscotno1

Very interesting (pardon the pun) to hear others talking about Abbey and interest rates. I have 2 accounts with them, both the in-credit ones.

The first is a Visa Debit and I meet the pay-in requirements and get the full rate of interest - all is good.

I also have another in-credit account which is linked to an electron card for internet shopping fee avoidance etc. I only keep small amount in it- using it for shopping and transfer a very small amount from the debit to the electron account every so often, and I do not meet the £1K for the 5% interest. I could do it through transfers, but don't need the hassel for what the card is used for.

However I was on the understanding I'd still get 0.1% on my small balance which would be small amount. In the first month, I paid in £50 to cover some stuff and did indeed get a small sum of interest. However since then I have had nothing in the last 2 months. I have used the card, and paid in about £5. Yet no interest at all not even the 3p or so I got the first month.

Any ideas- did I read the terms wrong or should I be getting something- even if I would feel a little bit bad chasing up 2p- typical Scot eh?

rocket-socks

pcyam wrote: »

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.

Its not 5% fixed, its a variable rate

simon_templar_2

Variable, from the horses mouth http://www.abbey.com/csgs/Satellite?canal=CABBEYCOM&cid=1210607928177&cidAgrup=845616358929450&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateY2&posSel=1

stoat

I've rang them numerious times now, been to the branch, written to them, each time I speak to someone different I get a different answer, the last explaination was that it's 5% up to £2500, but if you go over £2500 it's 0.1% on the full balance (?!), I can see how it could be read that way but I don't believe this is the case, more 5% on the first £1000 then 0.1% on everything above it? which is closer to the amounts i've been paid, but it should be on £2500. The only thing I did think of, when I let them do the switching, I didn't tick the "close my old account" box, i've had this before and i'm glad I didn't because even though my employer was told to switch, they still paid salary into my old account and 3 of the direct debits didn't get switched correctly, so I was correct to keep the old one open for a while, but I am now fully using Abbey.
The closest i've come to an answer was phoning the switching service number, got through to someone who was very helpful, understood the problem, but couldn't help, they said they would pass it on to the relevent department and someone would *DEFINITELY* contact me, either by phone or post - great!.... It's been a week and a half and guess what?... Absolutely nothing!

I think pcyam is correct, if Abbey's customer services was half decent it shouldn't be necessary, but its starting to look like the only option left is their complaints procesure...

pcyam

simon_templar wrote: »

Variable, from the horses mouth http://www.abbey.com/csgs/Satellite?canal=CABBEYCOM&cid=1210607928177&cidAgrup=845616358929450&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateY2&posSel=1

Yes it is currently a variable rate but this only changed recently, it has been a fized rate for a few years but at different percentages.

HTH

pcyam

stoat wrote: »

I've rang them numerious times now, been to the branch, written to them, each time I speak to someone different I get a different answer, the last explaination was that it's 5% up to £2500, but if you go over £2500 it's 0.1% on the full balance (?!), I can see how it could be read that way but I don't believe this is the case, more 5% on the first £1000 then 0.1% on everything above it? which is closer to the amounts i've been paid, but it should be on £2500. The only thing I did think of, when I let them do the switching, I didn't tick the "close my old account" box, i've had this before and i'm glad I didn't because even though my employer was told to switch, they still paid salary into my old account and 3 of the direct debits didn't get switched correctly, so I was correct to keep the old one open for a while, but I am now fully using Abbey.
The closest i've come to an answer was phoning the switching service number, got through to someone who was very helpful, understood the problem, but couldn't help, they said they would pass it on to the relevent department and someone would *DEFINITELY* contact me, either by phone or post - great!.... It's been a week and a half and guess what?... Absolutely nothing!

I think pcyam is correct, if Abbey's customer services was half decent it shouldn't be necessary, but its starting to look like the only option left is their complaints procesure...

Hi stoat,

hope you have better results with the complaints team, and finally get your money that you deserve. Any problems jus post or PM my inbox, I dont know how to search for posts which I have commented on.