Abbey 8.5% account lies!

Robin_Parkes

Hi
I opened an Abbey current account last year with the promise that if i paid in a set amount of money every month for a year, i will get 8.5% interest.
I :mad:even checked at the local branch, so i followed the instructions and at the end i got 2% interest and they deny all knowledge, the bank manager later told me it was 5% and that they never had such an account, they also said they would send a complaints form to me, now 6 weeks later i still have not recieved it.
Has anyone else had any problems like this

Thanks

Lokolo

Have you got proof there was an 8.5% regular saver?

At the moment I can only find a 12% regular saver which was for those that have a Premier Current Account.

boomerangs

Banks tell lies everyday. Take them to the ombudsman, at least that'll cost them a few quid.

Lokolo

boomerangs wrote: »

Banks tell lies everyday. Take them to the ombudsman, at least that'll cost them a few quid.

Useful info there :rolleyes:

noh

If it was a current account it was probably the one reffered to in this old thread from last summer
http://forums.moneysavingexpert.com/showthread.html?t=997649

If you switched your bank account to Abbey you got 8% on balances up to £2500.
If you didn't switch you got 8% on balances up to £1000.

In both cases to qualify you had to pay in £1000 a month.

After tax the max interest you would see is £160 if you had switched to them and immediately deposited £2500 and £1000 each month.

Was it this current account or something different?

How much did you pay in and how much interest did you receive?

mary

Be warned, I had ongoing issues with Abbey for a long time, eventually got £30 & later £50 from them as compensation for messing me around and giving me wrong information from their own Customer Services.

What noone told me which made it automatically default to not getting the correct amount of interest (by getting only 8%? ish on the first £1,000 rather than the full £2500) was the fact that I had back in the past switched to them once before and so second time around it didn't work.

I complained about not having any tangible Product Detail when I walked out of the branch to prove what I thought I was entitled to. As it turned out, I had cut and pasted the info which had been on their website at the time and could send that to them as proof. It was a headache for 4-5 months.

Shabby Abbey.

td_007

Not surprised at all. I am presently in a complaint process where Abbey have underpaid the interest by nearly half the amount I should be getting on the 6% current a/c. It has now gone to a "specialist team" for recalculating the interest that I should be getting. A 10 year old can calculate simple interest- you do not need "specialist team"!!! Shame on Abbey

LittleVoice

Shame indeed. I have taken the decision that, whatever the interest rate and its apparent marketing-leading attractiveness, I will not open another account with Abbey because of the problems which I have experienced so frequently. For the sake of my sanity, it's not worth it.

King_Weasel

My wife has had problems with Abbey as well. Somewhere I posted on this but can't find thread. She didn't get the right interest and was given different explanations every time she rang. She's now been offered £80 in compensation plus an offer of 8% again on a £1000 deposit over the next year.

I'm inclined to think the £80 isn't enough (it only represents the interest on £1000 we should have had) with nothing for interest foregone on the additional money deposited (£1500) and nothing for time and trouble. Neither would we rush into another account with them.

So we might have to face an ombudsman enquiry, though I can't help feeling he's got better things to do than investigate these relatively small sums.

AbbeyDhabi

In most cases (especially with real banks) interest calculations are simple. However Abbey's systems are so incredibly complex and the conditions set for interest due are so opaque that even staff can barely get their heads round them, so what chance does the customer have?

Bank with Abbey? You may as well throw your money out of your front window, you'll have a better chance of seeing it again.