Abbey 7% Fixed Rate Monthly Saver launch 14/07/06

exel1966

Dagobert wrote:

I applied for the 8% regular saver in conjunction with the Special Growth Bond on 18th July. I received the certificate for the bond a couple of weeks ago but have not received any communication regarding the regular saver.
QUOTE]

I did the same 26th July but in branch and received my passbook immediately. The Growth bond certificate took about 2 weeks to arrive.

No help to you now but to anyone else thinking about openeing the account it appears it's best to apply at your local branch if you have one near you.

matt4504

Ok, this is time for my stupid question and as it's a sunday i can't ring Abbey to find out. I understand the account is a one year term etc and you pay by SO by the 21st but my question is...

I get paid at irregular times so would it be ok to make say two standing orders a month into the account as long as it didn't go over the £250 a month?

Matt

buses7675

matt4504 wrote:

Ok, this is time for my stupid question and as it's a sunday i can't ring Abbey to find out. I understand the account is a one year term etc and you pay by SO by the 21st but my question is...

I get paid at irregular times so would it be ok to make say two standing orders a month into the account as long as it didn't go over the £250 a month?

Matt

Hi All,

As far as I know Matt, you can only make one payment per month - even if this is less that £250 you can't top it up with a second payment.

I still haven't recieved a passbook either, might give Abbey a ring tomorrow, see how things are going on, but as the first letter took a good two weeks to get a reply, I guess they are just overwhelmed with applications. Even if the Saver starts after 1st September, which I intended, it runs for 12 months either way, so a later start is no problem for me really.

Cheers

Steve

Gers

I've just been down to a branch to open the 7% Regular Saver and walked away in about 20 minutes with my passbook in my hand. All they wanted was my passport which they photocopied and I was done and dusted apart from signing a form or two.

I've now set up my standing order via online banking at LloydsTSB.

Touch wood it couldn't have been easier - in contrast transferring my ISA from LloydsTSB to Halifax in January this year was a total nightmare! Am now thinking of moving it again cos every time I think about my ISA the word H*****x shoots into my mind and causes me to growl and grump!!

12helensp

Hi,

I'm very interested in opening a Saver account with Abbey, but I'm just looking at their website now and it says something about a 5.60% Net p.a, what does it mean??
Oh and say if I had lots of money during 1 month e.g birthday money and wanted to put more in the account would I be able to do this or not because I see you have to setup a standing order.

Please something help me because this offer is closing pretty soon I think.

Kazza242

12helensp wrote:

Hi,

I'm very interested in opening a Saver account with Abbey, but I'm just looking at their website now and it says something about a 5.60% Net p.a, what does it mean??
Oh and say if I had lots of money during 1 month e.g birthday money and wanted to put more in the account would I be able to do this or not because I see you have to setup a standing order.

Please something help me because this offer is closing pretty soon I think.

5.60% net p.a. is the amount of interest paid after basic rate tax (of 20%) has been deducted. The gross rate (i.e. without any deductions) is 7%.

The account does allow you to vary your monthly payments of between £20-£250. When your standing order has been setup from your current account, if you have online banking, you can alter the standing order payment amount. If you do decide to do this, make sure that you give enough notice when changing the standing order, so that your bank has enough time to action your changes.

bilbo_2

I opened one today

assistant said rate is being cut down on this one tomorrow

she said that they usually do promotions on savings then morgages and it will be morgages from tomorrow !!

but can we trust the Abbey to tell the truth ?? we will see !!

buses7675

Hi All,

Finally got a letter back from Abbey today (although dated 24th August?!), says account is now open, but go to your nearest branch with ID to get your passbook.

Anyone else actually get their book in the post, as earlier Dagobert had said she lived nowhere near a branch, so this may be a sticking point. Also says somewhere that you can pay in from the month after you open, I'll have to see if that means I can't pay in before October, which for an account I applied for in July is a bit pants! lol

Still, it'll be 12 months either way, so not really bad!

Cheers

Steve

Dagobert

For the purposes of opening the account, I provided proof of identification via post.

If you want to get the passbook, you can do so at a branch. For this, you will need to take along the letter and proof of identification as far as I know.

The passbook is not strictly necessary. I opened and closed last year's regular saver without passbook. When I closed the account I asked them to provide a statement of account.

To close the account, I had to send them proof of identification again.

If you want to close the account after maturity, get the ball rolling well beforehand - I would advise about 1 month in advance. Last year Abbey had a 2 week backlog, which resulted in my funds being transferred 2 weeks after maturity only. And to add insult to injury, the cheque which was sent to my bank was not received until 9 days later.

s71hj

what's the best way to open this account - pay in right at the end of one month then change s/o to first day of next month like lloyds, or does it not make any difference with this account. Presumably the most efficient way to fund it interest wise is from an abbey current account where transfers would be instant, but other than this are there any other current accounts that do the transfer of funds quicker.