Best Abbey Savings Account To Get?

Maria81

wow thanks for so many replies! great to hear what you all think as i dont really know! though i have read around. what is really bad about abbey? i havent had dealings with them, i just opened my account years ago and that was that. my BF seems to think they are one of the safer banks as they are owned by a stable good company? im just looking for a good savings account, that i can put money into when i want (though it will be every month when im paid) and that i can get to if need be, i know some you cant touch. plus one with interest if thats still good these days of crappy money times.
thank you all by the way

Baldur

Maria81 wrote: »

what is really bad about abbey? i havent had dealings with them, i just opened my account years ago and that was that. my BF seems to think they are one of the safer banks as they are owned by a stable good company?

Having had dealings with both Abbey and Alliance & Leicester before and (briefly) after the Banco Santander takeover, they both appear to have been infected by general incompetence following the takeover and both appear to be eager to sell what are usually very poor investment products to unsuspecting customers.

The fact that they have given you an appointment suggests that this is seen as an opportunity to try to sell you investment and other products - why would you need an appointment to open a simple savings account?

As far as safety is concerned, as long as you have no more than £50,000 on deposit with any institution you are covered by the Financial Services Compensation Scheme.

If you look at the various savings comparison sites, it's unlikely that you'll find Abbey featuring in any of their 'best buy' lists:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#bestbuys
http://www.moneyfacts.co.uk/money/savings/0/savings-accounts-finder.aspx
http://www.moneysupermarket.com/savings/
http://www.fsa.gov.uk/tables/bespoke/SavingsAccount

[Deleted User]

Hi,

as already mentioned, just don't commit yourself to anything when you are there, you will no doubt get a heavy sales pitch from somebody who will now be your 'financial adviser', you then may feel like just signing for something to get out of the place, but you will regret it as soon as you walk out the door, then maybe feel guilty about cancelling.

There are better products than Abbey. Good luck.

D1zzy

Maria81 wrote: »

what is really bad about abbey?

Here's my experience
1)I opened an account
2) They sent me the wrong account number ( was I the only 1)
3)I paid in £10,000
4)When I chased this with them I could get no info because the account number I was giving them did not match my details.
To cut a very long story short, it took hours of calls, all to someone different as no-one will provide contact numbers or emails; no-one will confirm anything in writing and noone knew what anyone else had said/promised. Eventually the money was returned - but without the promised compensation.
My brother had similar experience trying to sort out some issues with his business account, and you will find a string of similar experiences on here.
So if you never have to sort out a problem with them, you are probably ok but if you ever have to get involved with customer services, be prepared for a nightmare experience.

hansi

Maria81 wrote: »

I have a appointment at abbey on Thursday to open a Savings account, but i don't know much about these kinds of things so don't know what they will try to make me have, which is best and can you get ones that give you interest too?

thank you in advance for any answers x

Personally, I would make an excuse and cancel the appointment. I wouldn't touch Santander (Abbey) with a barge pole. I always read the financial pages in the Saturday Telegraph, and Abbey have the worst record for complaints.

isofa

Baldur is spot on. I started banking with them when I was young, they were ok then, good rates and a good service as a nice building society, but in recently times(certainly the past 7 to 10 years) they have become increasingly incompetent and unable to carry out the simplest tasks without hassle, or monumental screw ups. I could list all my and my families unfortunate experience with them, but it would take ages. If ever anything goes wrong, be prepared for a tedious log process of ineptness.

Closing my, and my families accounts with them was the best move I ever made.

Of all the banks I use (I have many personal accounts from high street to private banks), Abbey is the only one I'd avoid at all costs. Many most make the odd mistake, but Abbey is in a different league. Since they were taken over by Santander the service became worse in my opinion (and is was awful before!).

There are horror stories in the Sunday broadsheet "Help" columns on a weekly basis, ranging from rude and unhelpful staff, through to money missing from transfers, inability to carry out tasks, and much reporting on the screw ups when a family member passes away and the remaining parties (usually elderly) have to close or change account ownership, how many people have been treated during this sensitive phase (including my own family) is nothing short of disgusting.

Remember a bank isn't there to offer independent advice (this goes for all banks) they are there to sell you their own products, so any high street bank which claims to be offering you "independent advice" is nothing short of a liar. And to top this, I can't remember the last time I've seen an Abbey account in a best buy list. I'd personally avoid anything connected with Santander, but especially Abbey!

gwydion_ap_don

Is it right (I mean correct, as it is clearly not right) that the Abbey Current account, Preferred In Credit pays 6% up to £2500 but if I had £2500.01 the rate drops to 0.1% on the whole amount and not just on the penny? This bank has to be the worst bank around, they do not reply to letters, I have asked them about the interest rate twice, tho' I have to say that the A&L I was in before were splendid and when my year of the Abbey is up I will rejoin..

hansi

But isn't A&L part of Santander now?

flyingscotno1

hansi wrote: »

But isn't A&L part of Santander now?

Yep- joining A+L will make no difference anymore- money is all in the big pot and by 2011 it will be the same sign outside the door.

I must be one of the few people that hasn't had a problem with Abbey- but then I keep the banks at arms length!

scott_lithgows

flyingscotno1 wrote: »

Yep- joining A+L will make no difference anymore- money is all in the big pot and by 2011 it will be the same sign outside the door.

I must be one of the few people that hasn't had a problem with Abbey- but then I keep the banks at arms length!

I,ve never opened an account with them-they keep buying the Building societies I,m with and destroying them