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

anticlaus105

2. Eligibility

i. To be eligible for the Account you must be a private individual, aged 16 or over, resident in the United Kingdom.
ii. Only one Fixed Rate Monthly Saver Account (Issue 6) per person is permitted.



Would suggest you can hold other issues. I currently hold issue 4 I think which as far as i'm aware was the last one (opened last July). Anyone know what happened to issue 5?

anticlaus105

Also - account says to set it up and make a payment the following month. When I set mine (issue 4) up they didn't tell me this so I paid in the same month. Noticed on net after a while what T&C's were. I recently enquired to see how this would affect the account worried it may void it or something. They said I would simply get no interest for the first month. Would this still mean I make a total of 13 payments and have it mature a month after 13th?

Afahmaep

anticlaus105 wrote:

Would suggest you can hold other issues. I currently hold issue 4 I think which as far as i'm aware was the last one (opened last July). Anyone know what happened to issue 5?

Issue 5 is the 8% Fixed Rate Monthly Saver which required you to move your Current Account to Abbey OR apply for a mortgage OR take out an investment OR open another Savings Account with a minimum £1000.
You could only have either Issue 4 OR Issue 5.

anticlaus105

Afahmaep wrote:

Issue 5 is the 8% Fixed Rate Monthly Saver which required you to move your Current Account to Abbey OR apply for a mortgage OR take out an investment OR open another Savings Account with a minimum £1000.
You could only have either Issue 4 OR Issue 5.

In that case I have issue 5. Took out a 2 year bond at 5.5% for 1k at the same time. Does that mean this time I would get 8% if I showed them the bond (but didn't mention the reg saving account)?

PosterBoy77

RayWolfe wrote:

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!) ;-)

I shall indeed keep a copy of the terms and if I did find out I got less interest I would argue that I was allowed to set it up and their documentation did not say otherwise, so I should be entitled to the full 7% !

lipidicman

OK, the phone line inform me that the accounts are different (they convert to different accounts at the end) and you can have both. I checked it would be fine to apply in branch and took a name so this information could be passed on if need be. I asked if taking my passbook down would be sufficient ID. Fine, I was told........

Then what I like to call the 'abbey experience' happened again

The branch did not even know the account existed. Their computer system was not updated and they had no way to work around this. Finally, their list of acceptable ID is the most onorous I have ever seen, far in excess of the money laundering regulations and this is for an existing customer! (basically, no passport or drivers licence and you are out of luck)

In reality, their TV advert should end with the rabbit's limp body floating down the river!

ED

lipidicman - thanks for sharing + for giving me a laugh re the rabbit analogy!

My experience in-branch opening the new account was OK, though slow as the new passbook couldn't be read until the staffer rubbed the magnetic strip with a metal object. iD via Driving Licence which the staffer photocopied.

As always, I crossed out "2nd account holder" in both areas on the application forms presented to me by Abbey, as I recall some years ago criminal staffers of Abbey filled in the names of other people aiming to facilitate future theft of funds from the customer.

Prudent

Dagobert wrote:

With Abbey, that's not only a Christmas problem. The last application took well over four weeks to be processed. In fact, I had to follow it up and even then they got the account reference on the SO form wrong so that my first payment bounced.

I had a lot of hassle setting up my account for the issue 4. All due to branch staff not being trained in how to open one of these accounts.

RayWolfe

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.

Well, it's taken 6 weeks for their Complaints Department to investigate and guess what? I can have a FRMS issue 6 even if I do have a FRMS issue 5!!!
I almost feel like giving it a miss but don't want to cut my nose of to spite my face.
I know Abbey aren't alone in this sort of incompetence, but crikey, how much business are financial institutions losing by sending willing customers away?

Kazza242

RayWolfe wrote:

Well, it's taken 6 weeks for their Complaints Department to investigate and guess what? I can have a FRMS issue 6 even if I do have a FRMS issue 5!!!
I almost feel like giving it a miss but don't want to cut my nose of to spite my face.
I know Abbey aren't alone in this sort of incompetence, but crikey, how much business are financial institutions losing by sending willing customers away?

It's annoying isn't it, when the customer knows more about the products a bank is offering than it's own staff and head office!

It's not good that it's taken them so long to realise that the terms and conditions do not state that an existing issue 4 or 5 holder cannot open an issie 6. Still, at least you've got the go-ahead now.