Abbey Regular Saver

Walletwatch

Hi

Here's clarifying something I have said in a couple of posts before, based on what the Financial Advisor at Abbey told me at the time of opening my Regular Saver. I was told that the first payment would not be included as part of my twelve monthly payments, effectively allowing me to make thirteen payments of a max of £500. I decided to do that on both my wife's and mine, when I opened them in November.

I have received a letter yesterday from Abbey, saying that there are two credits into my account for the month of Nov, and the total amount exceeds £500, so the account would be converted to a Fixed saver @5%. I obviously went to the branch and gave them a piece of my mind, and they've agreed to keep the rate at the 7% that is applicable, and treat it as a Reg Saver, provided I withdrew the excess amount for the month of November from both the accounts.

Have done it now, but just thought I'd inform this forum, so they don't make the same mistake.

deemy2004

How daft - An abbey financial advisor who can't even get the details of their own products right.

Ive got an abbey saver, no problems with regards the specifications on opening.

Walletwatch

They had the gall to tell me that my wife would need to physically come to the branch for them to allow a withdrawal on her account. I told them that this problem was their own creation, and there was no way my wife was going to take off from her job to sort out the mess they had got themselves into. They obviously agreed to do it for her account, based on a phone call to her, and a post-facto signed authorisation that I could drop at the branch anytime I visited next...

What you say is true abt the guy being daft, but the bloke (Fin Advisor) had been very helpful and friendly upfront when I opened these accounts, and he was profusely apologetic when I went this time round, and told me he'd make any exceptions to sort out the issue for me.

PeterPauper

And I thought I was the only one!

When I opened my account I phoned Abbey to clarify this point (as the literature was none to clear) and was told the first payment was the 'opening payment' and not included in the monthly payment schedule. Fair enough!

WRONG.

Got an apologetic letter from Abbey at the end of November with 2 cheques (one for the opening payment and another for the interest accrued). Turns out the advice I was given was wrong.

I always say that you read any given bumpf for a financial product carefully as my past experiences suggest that many staff do not know their own products thoroughly.....especially a new one.

Peter