Abbey Fixed Rate Monthly Saver ~

snootyjim

Sorry if I'm posting this in the wrong place, I only very occasionally frequent the boards.

Anyway, I just wanted to drop by to say that I checked out the best current accounts, and am in the process of opening one with Abbey. Today during the opening process I was informed that as a new current account customer, as per a new offer starting today, I am entitled to open a 6% regular saver account along with my new current account, funding £20-£250 per month for twelve months. Again, I've been told it's only for new current account customers, to the point where I've only got a day or two to decide or the options is gone - normal rate is a less tempting 4% for people in other situations.

Obviously with a rate like that it beats virtually anything, and along with the 6% you get with Abbey for up to £2500 in the current account it's quite a good pair - with both the current account you need and the saver account being good deals, I thought it was worth posting up. I remember another 6% monthly saver with Abbey, but that required you to fund a pretty dodgy savings account that consequently wrecked the "true" rate, but that's not the case here.

Apologies if it's already around here somewhere, but since I was told it was a new offer starting today I would suspect it's not been posted up yet.

Lokolo

You might need to say something which you mean to ask....

snootyjim

Lokolo wrote: »

You might need to say something which you mean to ask....

I take it you're responding to the pre-edited version of my post based on the timestamp. I accidentally pressed a key (no idea which one) that posted it whilst I was half-way through writing, makes a bit more sense now

KTF

Is there a leaflet to back this up as there is nothing on the Abbey website (yet).

Wookey

KTF wrote: »

Is there a leaflet to back this up as there is nothing on the Abbey website (yet).

Abbey along with A+L (both santander) have had these accounts out for a while now, there are slight differences between them but the gist is the same.

EDIT, Should add there not savings accounts but current accounts and if you go thru quidco for the A+L one you get £50 back.

KTF

I knew about their current accounts but the OP seemed to suggest that you can open a 6% current account and then get access to a 6% regular saver as well?

hansi

snootyjim wrote: »

Sorry if I'm posting this in the wrong place, I only very occasionally frequent the boards.

Anyway, I just wanted to drop by to say that I checked out the best current accounts, and am in the process of opening one with Abbey. Today during the opening process I was informed that as a new current account customer, as per a new offer starting today, I am entitled to open a 6% regular saver account along with my new current account, funding £20-£250 per month for twelve months. Again, I've been told it's only for new current account customers, to the point where I've only got a day or two to decide or the options is gone - normal rate is a less tempting 4% for people in other situations.

Obviously with a rate like that it beats virtually anything, and along with the 6% you get with Abbey for up to £2500 in the current account it's quite a good pair - with both the current account you need and the saver account being good deals, I thought it was worth posting up. I remember another 6% monthly saver with Abbey, but that required you to fund a pretty dodgy savings account that consequently wrecked the "true" rate, but that's not the case here.

Apologies if it's already around here somewhere, but since I was told it was a new offer starting today I would suspect it's not been posted up yet.

I wish you luck saving with Abbey. You'll need it when things start going t**s up!:(

Wookey

Might perhaps be the one where you need to take out a pension or investment product of there's

dealsearcher

hansi wrote: »

I wish you luck saving with Abbey. You'll need it when things start going t**s up!:(

Indeed. I have been with Abbey for around 30 years and their customer service has plummeted in recent years. See here:

http://forums.moneysavingexpert.com/showthread.html?t=1361769

simon_templar_2

The savings account in question is the Super Fixed Rate Monthly Saver at 6%. This was previously only available to customers doing one of the investments. The normal on is the FRMS at 4%.

The SFRMS is available for customers opening bank account which is a switcher or opening the reward bank account (£10 per month). It is not available for opening up a 'standard' bank account.

snootyjim

simon_templar wrote: »

The savings account in question is the Super Fixed Rate Monthly Saver at 6%. This was previously only available to customers doing one of the investments. The normal on is the FRMS at 4%.

The SFRMS is available for customers opening bank account which is a switcher or opening the reward bank account (£10 per month). It is not available for opening up a 'standard' bank account.

Yes, that's correct - sorry for any confusion created there, it's the switcher bit that's crucial.

As I said, it's in the MSE list of recommended current accounts, so therefore I thought it was worth highlighting the offer of a 6% regular saver. With both the current account and the monthly account both offering the same rate, it gives you the opportunity to save £2500 + (£250*12)/2 = £4000 (average over the course of the year), which at 6% is well worth looking into given current rates, in my opinion. It should at least be listed in the regular savings/current account articles, surely? Anyway, I probably won't be back for another 4 months or so, so I'll leave it there