Abbey 7% saving acc

Dumplin

Hi guys,

My first post so I hope it's helpfull

Abbey National offering the following, means you have to pay in a min of £20 p/m but great for you stoozers

http://www.abbey.com/future/savings/putaside/putaside_month_sav.html

Up to 7.00% gross p.a./AER

Fixed Rate Monthly Saver - As long as you can save a fixed amount of between £20 and £500 a month by standing order, our limited offer Fixed Rate Monthly Saver pays a great rate of 7.00% gross p.a./AER fixed for 12 months. After this time, the account reverts to our standard Monthly Saver.

Monthly Saver - Our Monthly Saver currently offers you 5.00% gross p.a./AER as long as you save at least £20 a month and don’t touch it. If you pay less money in, or dip into your savings, the rate drops to 1.25% gross p.a./AER.

Walletwatch

Hi Dumplin

These accounts (and the Halifax ones which are similar) have been around for some time now, and have been discussed on these forums, so I guess most of us are aware of this one.

Thanx all the same.

Cheers
WW

Mark_B_5

thanks i will take a look into that Can i get the to do a direct debit or something from my halifax account???

thank you

mary

When I started mine back in October, they insisted the money, apart from the initial deposit, had to be by Standing Order, nothing else. That was from a Lloyds current. Don't think they mind where it comes from.

Lychee

Monthly Saver - Our Monthly Saver currently offers you 5.00% gross p.a./AER as long as you save at least £20 a month and don’t touch it. If you pay less money in, or dip into your savings, the rate drops to 1.25% gross p.a./AER.

It doesn't say so explicitly so just checking - does it mean I must not touch my savings for 12 months (like the Fixed Rate Monthly Saver) if I want to keep the interest rate at 5.00% ?

deemy2004

Payments by standing order only.

Otherwise they convert it into the lower paying account..

MarkyMarkD

It doesn't say so explicitly so just checking -  does it mean I must not touch my savings for 12 months (like the Fixed Rate Monthly Saver) if I want to keep the interest rate at 5.00% ?

Which part of "or dip into your savings" doesn't make it clear that your rate will fall if you withdraw money from the account during the 12 months?

david78

May not be ideal for stoozers then?

Fatboy_NSS

Which part of "or dip into your savings" doesn't make it clear that your rate will fall if you withdraw money from the account during the 12 months?

Not actually during 12 months. If you make a withdrawal from the account then you get 1.25% APR for that month's interest payment only. You would still get 5% APR for the rest of the year, so not quite as harsh as the Fixed Rate MS where you lose the good interest rate after one withdrawal.

Lychee

Thanks Fatboy_NSS, that was what I wanted to know! Sorry if my question wasn't too clear.

Has anyone had problems opening an account with Abbey recently? I understand they had backlog of applications for everything due to the popularity of their Postal ISA.

lipidicman

No problem with mine on the 23rd of december. The postal ISA problem is central but you can open the Regular Saver in branch, so it should be done for you in 30 mins