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

$17mma

Dagobert wrote:

I didn't see 2-yr 5.5% bonds on their website: Abbey Fixed Rate Bonds.

http://forums.moneysavingexpert.com/showthread.html?t=226821

Kazza242

I've just found two articles on the Abbey 7% Fixed Rate Monthly Saver:

The first is from the thisismoney (Daily Mail newspaper) website:

Get into a fix for a good deal

This article is from the Finance News website.

Dagobert

Just phoned Abbey (0800 30 20 30):

A £1000 investment in the 2 Year Special Growth Bond qualifies you for the 8% regular saver.

The 8% regular saver precludes you from the 7% regular saver.

Applications can be done by post, no branch visit required.

buses7675

Dagobert wrote:

Just phoned Abbey (0800 30 20 30):

A £1000 investment in the 2 Year Special Growth Bond qualifies you for the 8% regular saver.

The 8% regular saver precludes you from the 7% regular saver.

Applications can be done by post, no branch visit required.

Excellent news! - Thanks for finding out for us all!

I've looked as well at the Abbey site and for anyone wondering the ID requirements seems pretty much the same as Cahoots are (unsuprisingly!), so they will accept one different bank statement and say a cc statement (from different providers, from the last three months) as ID, or so it seems to me!

So if you phone up, can they send both forms together for you to sign, as at the moment their doesn't appear to be anyone online application (or even any mention of it) on their site.

Cheers

Steve

Prudent

Geoffo_M wrote:

Many people have had bad experinces with Abbey. Over the years, they have attracted a lot of complaints in terms of customer service. Maybe, they may have cleaned up their act recently though.

I am not so sure! I went into my local branch today armed with ID to open a 7 % account. Firstly they tried to deter me saying as a non existing customer I would need satisfactory ID. I duly produced it. Then they said I couldn't open one over the counter as it would breach my confidentiality to discuss it in the main area. I said I didn't mind - I simply wanted to set up an account. No, they said you will need an appointment with our advisor. Ok I said when are they free? No appointments ouwith normal hours they said. That ok I said - I am on holiday. Anyway the saga went on for a full 25 minutes. Eventually I have come away having given them details and a cheque for £250, but they could not generate an account number or give me a passbook "too many people logged onto the system" apparently. They also refused to let me fill in direct debit mandate saying I must take their standing order form to my bank.:rolleyes:

buses7675

Prudent wrote:

I am not so sure! I went into my local branch today armed with ID to open a 7 % account. Firstly they tried to deter me saying as a non existing customer I would need satisfactory ID. I duly produced it. Then they said I couldn't open one over the counter as it would breach my confidentiality to discuss it in the main area. I said I didn't mind - I simply wanted to set up an account. No, they said you will need an appointment with our advisor. Ok I said when are they free? No appointments ouwith normal hours they said. That ok I said - I am on holiday. Anyway the saga went on for a full 25 minutes. Eventually I have come away having given them details and a cheque for £250, but they could not generate an account number or give me a passbook "too many people logged onto the system" apparently. They also refused to let me fill in direct debit mandate saying I must take their standing order form to my bank.:rolleyes:

Hi All,

Other than day to day items, I have in my experience of banks generally, found that phoning up/emailing/online applications are often more efficient as the people seem to specialise in account openings, so are more familiar with how to go about them.

Maybe I've been lucky, but I've also never been left on hold by any bank on the phone or for them to be unable to transfer/open/close whatever accounts or money I've requested, and that is with using many different banks!

Cheers

Steve

codetown

I have looked at the Abbey web site and could not find any details on this.
I would like to know if anyone has official details on this 7% regular savings account.

In particular if it is possible to have it on its own (without opening any other accounts) and fund from an external account (in a different bank).
Also interested to know if interest is credited annually and if the account can be closed earlier without penalties.

buses7675

codetown wrote:

I have looked at the Abbey web site and could not find any details on this.
I would like to know if anyone has official details on this 7% regular savings account.

In particular if it is possible to have it on its own (without opening any other accounts) and fund from an external account (in a different bank).
Also interested to know if interest is credited annually and if the account can be closed earlier without penalties.

Although their is no info on the Abbey site as of yet (though some branches do at least have posters), from the articles is is quite okay to fund it from an external account, without having any other accounts at Abbey, much like the Halifax Regular Saver.

Interest is credited on maturity (so one year after you start it), it seems (though I'm a bit sketchy) that in any month you make either don't pay in or withdrawal the interest drops to 0.75%, so assumedly if you tried to close it, the month you tried to close it in would get 0.75%, though I'm not sure on that.

One thing I'll hopefully find out when I apply is what happens to the funds after the year is up, does the account convert to an ordinary e-savings account or similar as comparably with Halifax you have to open an additional savings account (if you don't already have one) with Halifax for the money so sweep into when the year is up, so the regular saver can be used again!

Will ring up on Monday probably to try to sort one out!

Cheers

Steve

$17mma

Prudent wrote:

I am not so sure! I went into my local branch today armed with ID to open a 7 % account. Firstly they tried to deter me saying as a non existing customer I would need satisfactory ID. I duly produced it. Then they said I couldn't open one over the counter as it would breach my confidentiality to discuss it in the main area. I said I didn't mind - I simply wanted to set up an account. No, they said you will need an appointment with our advisor. Ok I said when are they free? No appointments ouwith normal hours they said. That ok I said - I am on holiday. Anyway the saga went on for a full 25 minutes. Eventually I have come away having given them details and a cheque for £250, but they could not generate an account number or give me a passbook "too many people logged onto the system" apparently. They also refused to let me fill in direct debit mandate saying I must take their standing order form to my bank.:rolleyes:

Basically they wanted to you to make an appointment so that they can sell their other products to you to see where the rest of your money was and how much you had in savings else where.

Prudent

$17mma wrote:

Basically they wanted to you to make an appointment so that they can sell their other products to you to see where the rest of your money was and how much you had in savings else where.

I guessed that. They are wasting their time - I get too much good advise from this site.:D