Abbey Fixed Rate Monthly Saver 6.5%

mary

When you filled in all the forms, everything had to be returned to Abbey. It did not say you had to retain the Standing Order and send it to the bank yourself.

Milarky

And the reason for this was

a) it was attached to the rest of application form

b) they had to allocate an account number and put this onto the form for you to complete the info needed by your bank

deemy2004

I opened an abbey 6.5% at a branch in Sept

Filled the form and a S/O form which THEY sent to my bank

Now FINALLY the SO shows up online and says that payment will GO out on the 21st !

Now what I don't understand is what happens to the account after it matures !

I.e. Sept payment self, 11 standing orders will take me to end of August 05.

NOW The terms say that the account matures on the 1st of the month of account opening i.e. 1st of Sept 05.

BUT Interest is credited on the 1st of the FOLLOWING month i.e. 1st of Oct 05.

SO

1. Is a standing order taken during sept 05 ? i.e. which would be 12 s/os plus the original deposit or if you cancel the S/O what interest is lost ?

2. What rate of interest do we recieve for those 30 days? - their regular saver , if its not lost due to s/o cancellation ?

In reality the true return is much less than 6.5% due to the fact that money is taken on the 21st of the month instead of earlier and the last month business droppiung the int rate.

The derbyshire is a much friendlier account.

Robert_Sterling_3

In reality the true return is much less than 6.5% due to the fact that money is taken on the 21st of the month instead of earlier and the last month business dropping the int rate.

I spotted that too among other things and decided not to bother.

The rate is 6.5% per annum.  You actually get less than 6.5% of your initial investment unless you invest on the first day of the month as your account earns interest for less than a year.  Your second investment earns 6.5% but for less than 11 months and so on etc etc.

The interest rate is competitive but this account is not for me.