Abbey launch Fixed Rate Monthly Saver - 7% (issue 6)

Kazza242

ED wrote:

Is the likely outcome of January 2007 1st deposit :

January 2008 = 13th deposit

Friday, 2nd February 2008 = 1st day withdrawal/closure permitted?

Yes, I think that is correct. When my 2005 Abbey fixed rate monthly saver matured, the earliest day they would allow me to withdraw/close the account was the following day. Therefore, 2nd February should be the correct date.

Although, when my account matures I will enquire on the day of maturity (1st Feb) whether they have added the interest and converted the account. If so, I will attempt to withdraw/close the account on the 1st Feb '08.

Dagobert

Kazza242 wrote:

I will attempt to withdraw/close the account on the 1st Feb '08.

The Account will mature automatically into a Flexible Saver account after close of business on the 1st of the month following your 13th monthly payment into the account.

Earliest withdrawal is therefore on the 2nd.

Kazza242

Dagobert wrote:

Earliest withdrawal is therefore on the 2nd.

I thought so.

Kazza wrote:

Yes, I think that is correct. When my 2005 Abbey fixed rate monthly saver matured, the earliest day they would allow me to withdraw/close the account was the following day. Therefore, 2nd February should be the correct date.

RayWolfe

Dontcha just love banks?
Just been down to Abbey and guess what? Ya can't have issue 6 if you've got an issue 5 (8% interest) although the call centre said you couls and the terms don't say you can't.
Sat there for 25 minutes arguing and the poor girl running back and forward to branch managers and calls to head office and I lost; they wouldn't set one up.
So I asked them to certify a copy of the passport and said I would send the forms to head office. But before I did that I phoned the call centre again, asked the question and was told I could. I then explained that branch had said I couldn't. She checked and said ops!, I couldn't.
I explained that the web info and documentation did not say that I couldn't and that I was not a happy chap. She said she would get her manager to ring back later today.
I will report back here.

Afahmaep

Dagobert wrote:

Good thinking!
1st February isn't quite ideal, account maturing on Thursday night, earliest withdrawal on Friday. For those relying on a cheque being posted a whole weekend would be lost.

But then again the the earliest good withdrawal date would be April!

What would you say is the best date in the month to have the Standing Order begin bearing in mind the following occurrences of days and dates from Jan 2007 to Feb 2008 (13 MONTHS)

[PHP]Abbey Regular Saver 6

Mon Tue Wed Thur Fri Sat Sun
1st 3 2 1 3 1 1 2
2nd 2 3 2 1 3 1 1
3rd 1 2 3 2 1 3 1
4th 1 1 2 3 2 1 3
5th 3 1 1 2 3 2 1
6th 1 3 1 1 2 3 2
7th 2 1 3 1 1 2 3
[/PHP]

Assuming Standing Orders will be taken on the Monday following any Saturday or Sunday the 2nd looks best (fewest weekend dates) although if the S.O. is taken on a Friday due to it falling on a Saturday then the 3rd looks the best bet.

Dagobert

Afahmaep wrote:

What would you say is the best date in the month to have the Standing Order begin

This question cannot be answered without knowing which bank the money is coming from as some banks hold on to the money for an extra day before passing it on to BACS.

Answer

1. assuming the originating bank does not add a day to the transfer and
2. ignoring the BACS holidays during this period,

the SO date, where the sum of Thursdays and Fridays is the smallest would lose the least amount of days. In your example above that would be the 7th.


Ideally though, if you can be bothered, you would do the transfers manually to ensure you don't hit weekends or BACS holidays (which does work with Abbey regular savers, too!).

PosterBoy77

RayWolfe wrote:

Dontcha just love banks?
Just been down to Abbey and guess what? Ya can't have issue 6 if you've got an issue 5 (8% interest) although the call centre said you couls and the terms don't say you can't.
Sat there for 25 minutes arguing and the poor girl running back and forward to branch managers and calls to head office and I lost; they wouldn't set one up.
So I asked them to certify a copy of the passport and said I would send the forms to head office. But before I did that I phoned the call centre again, asked the question and was told I could. I then explained that branch had said I couldn't. She checked and said ops!, I couldn't.
I explained that the web info and documentation did not say that I couldn't and that I was not a happy chap. She said she would get her manager to ring back later today.
I will report back here.

I had exactly tehs ame problem, so I just went to another branch and did not tell them I had the 8% saver already. They opened it up without any questions!

RayWolfe

mikael wrote:

I had exactly tehs ame problem, so I just went to another branch and did not tell them I had the 8% saver already. They opened it up without any questions!

You crafty !!!!!!. Let me know if they catch up with you. ;-)

Dagobert

RayWolfe wrote:

Let me know if they catch up with you. ;-)

What if you find out after 13 months @ 3.5%?

RayWolfe

Dagobert wrote:

What if you find out after 13 months @ 3.5%?

Good point! How the devil would you know?
But, of course, it doesn't say in their terms that you can't have the two therefore they would be on very shaky ground if it did pay 3.5%
(Keep a copy of the terms until expiry mikael!) ;-)