Abbey 7% saving acc

BenL

Postal ISA's are opened in the Glasgow office, savings operations is generally in Bradford for the normal savings accounts.

Ben

Fatboy_NSS

I think the postal ISA backlog has been resolved now. You can certainly open any of the savings accounts in branch now so it will be set up and ready to pay money into staraight away.

Lychee

Great thanks for the help all!

Fatboy_NSS

As an update to this thread, we had an announcement today that the fixed rate monthly saver is being withdrawn with effect from this Saturday. So if you've been thinking about it this is your last chance, make sure you get to an Abbey branch this week!

Walletwatch

And about time too - what with talk of interest rates now moving downwards, they wouldn't be able to sustain those rates (even though the amounts are limited)

Lychee

Strange. apparently, I 'last visited: 01-01-1970 at 01:00 AM'. hmmm.

anyway. I'm so glad it's this Saturday and not last!!! I haven't had the time and only finally got the chance to open one today. There was a poster advertising this a/c on the front window of Abbey but no mention of a withdrawal. Whilst I was in the process of setting up the account, the lady explained that the 7% account will convert to the 5% Monthly Saver at the end of the 12 months. I asked if she meant I won't be able to continue with the 7% a/c. That's when she mentioned about it being withdrawn on Saturday, which totally confused me but I didn't say anything or thought much of it. My account was opened and I can easily shop around for another account next year. Then I read the above post...

So I opened the account today and paid a cheque. The next deposit will be next month by standing order. I went to my other bank to set up the standing order and realised I wasn't sure exactly which month will be my last and when will I be paid the interest - December 2005 or January 2006?

Does February count as the second month?

Any help will be much appreciated! Thanks in advance and thanks to Fatboy_NSS for the warning!

Walletwatch

Yes, Feb would count as the second month for you.

freaksaver

Hi,

I know this seems like a really dump question but I get confused when it talks about APR's etc.

I have £400 per month in one Abbey Fixed Rate Saver and £500 in another.

Therefore in a years time I will have £4800 in one and £6000 in another.

How much interest will I get back after tax?????

Freaksaver

ukric

I'd love to know how abbey can tell if a payment in is by standing order seen as how standing order payments are usually paid by bacs lol

The other thing is for Walle****ch. I was not aware abbey did this kind of account. Perhaps on someones first post we give em a little lee-way, some of us might learn something from it.

Fatboy_NSS

freaksaver wrote:

How much interest will I get back after tax?????

If you have £500 a month going in the interest over the year would be just under £200, which is about £160 after tax. The account with £400 going in would pay about £168, or £134 after tax. The exact amount will be slightly lower as it depends which day of the month the payment was made.

You should be aware that there's a limit of 1 of these accounts per person. If Abbey notice that you have 2 then 1 will be converted to a regular Monthly Saver account paying 5%.