Abbey regular saver matured 2 months early!

Speculator

nicky_boo wrote: »

Well, I opened the account and made the first payment in November 2008. Didn't miss any payments. Ended up making another payment this month as advised by the Abbey staff to keep their system happy. This was my 14th payment. I wonder if I will finally get the interest payment in January. I do online banking. It looks like my account's status has already changed to Instant Saver. So, what do these guys do? Pay advertised high interest for 12 months, but keep the money for 13/14 months and plus? I keep my fingers crossed that all will be ok in January... As soon as I get the interest paid, I will stop banking with Abbey/Santander.

If you made your first payment into your account in November 2008, your account should have matured on the 1st of December 2009. You would have made your 13th payment in November 2009 and your account matured on 1st of the month following your 13th payment.

It has now matured into a variable rate Monthly Saver earning 0.10% gross.

From the T&C.

8 Term
The Account will mature automatically into a Monthly Saver
account after close of business on the 1st of the month
following your 13th monthly payment into the account.
Therefore, for instance, if your first monthly payment is
made on 20 February 2009 the Account will mature into

an Abbey Monthly Saver account on 1 March 2010.

shellylovesshopping

nicky_boo wrote: »

. It looks like my account's status has already changed to Instant Saver.

Are you sure you are looking at the correct account? Upon maturity the fixed rate monthly saver reverts to a monthly saver account, definately not an instant saver.

shellylovesshopping

Dagobert wrote: »

My Abbey Fixed Rate Monthly Saver (Issue 8) (6%) had its interest paid to-day - 2 months early.

Something similar happened in 2007 when some customers were paid interest one month early due to a system error.

Presumably, this also indicates that the Fixed Rate Monthly Saver rate of 6% is no longer effective.

Interest was paid at the correct rate although I found it was 94p less than my calculations.

I will contact Abbey to make sure that account status and interest rate are reinstated.

I can confirm that there was a system error and interest was paid too early. I was told not to close the account and keep it open as the interest would be adjusted at the higher rate. HTH

Dagobert

Speculator wrote: »

From the T&C:
8 Term

The Account will mature automatically into a Monthly Saver
account after close of business on the 1st of the month
following your 13th monthly payment into the account.
Therefore, for instance, if your first monthly payment is
made on 20 February 2009 the Account will mature into
an Abbey Monthly Saver account on 1 March 2010.

Mine should have matured after close of business yesterday on 1st Feb.

The account balance is visible online. However, the funds cannot be moved online. No additional interest has been paid.

mary

Likewise, mine is still showing at £3315.52 (which includes the early interest but not for the last 2 months). I rang them yesterday, in India, and the guy could see the same data as me, and told me to wait 2 or 3 days until it would be updated. I then rang the local branch, but they were not allowed to even tell me over the phone whether any interest had been added. Absolutely no information over the phone, according to data protection was the line, even though I had the usual ID.

Careful_ly

Hi Mary

I am puzzled by the amount of interest you have got on this account, my last one at 7.25% matured in December and after making the 13 payments of £250 got £107 net interest.

I wouldnt chase them for anymore if your figure of £3515.52 is right, as I think theyve already given more than you could have earned at 6%.

Dagobert

I received £63.13 net early interest in December. It should have been £111 gross in total.

I just had the amount transferred to my ESaver. It matured yesterday, so withdrawal to-day is ok. They have a problem with their system, and I will request a correction. I am not keeping my money at a paltry rate till this is sorted.

mary

So we had similar amounts of interest added earlier. How did you get the amount transferred to your esaver, as you can no longer access the account online to move anything.

Have you had additional interest added as of Feb 1st then?

Dagobert

mary wrote: »

So we had similar amounts of interest added earlier. How did you get the amount transferred to your esaver, as you can no longer access the account online to move anything.

Over the phone as usual.
Once in the eSaver the money is accessible straight away.

mary wrote: »

Have you had additional interest added as of Feb 1st then?

No. I'll sort that via the complaints route.

Essex123

I had the same problem as everyone else - account received interest early on 2nd December.

I went and closed my account yesterday, and I had an extra £26 net interest credited on 2nd February, giving me approx £90 net for the year - which is correct.

So they seem to have correct this for accounts that are being shut now.