Abbey doesn't want to keep me

Paul_J

So, I've been with The Abbey for a little over 12 years now. Time to review and refresh things, I think to myself. A bit more interest here, a saving on the overdraft there, it all helps, don't it?

So I duly read the MSE articles, buff up on the latest deals and rates available, and then call up the Abbey and ask what they can do to improve upon things. Presently with their current a/c they pay 2.47% gross (preferred in-credit rate) and charge 16.9% for the overdraft (which I dont use anyway).

The call centre employee in a far away land cannot help me much, but puts me through to someone back here in blighty who she says can.

So a gentleman very politely takes my details and queries, and then confirms that the 6.3% rate is (as I already knew) for BRAND NEW CUSTOMERS OWNLEEEEEEEEE! (oh the irony.....) So theres nowt you can offer me to disuade me from taking up the Halifax's offer of 6.17% then? Or A&L's 6.5% for a year? Or even Nationwides 4.25%? No Sir, absolutely nothing. I'm sorry, he says.
So you're just gonna let me leave? Yep.
Ok then! No problem. I gave you a chance.
They are so silly. Have they ever heard of customer retention???
One happy chappy coming the Halifax's way
Thanks MSE.

KTF

I cant see anything on the Abbey website that says its for new business only.

http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1127562791538&pagename=Abbey%2FGSProducto%2FGS_ImprimibleVersionProducto

Have you tried applying for a new account to see what happens? There is even an 'I am an existing Abbey customer' option on the online application form.

Paul_J

KTF wrote: »

I cant see anything on the Abbey website that says its for new business only

Maybe, but they'll be quick enough to tell you on the phone when you ring up and ask if existing customers are eligible for the offer.

KTF wrote: »

Have you tried applying for a new account to see what happens? There is even an 'I am an existing Abbey customer' option on the online application form.

I'm not into faffing about. They have an offer they wont provide me with as an existing customer. As a good earner who conducts his account properly and with 2 incomes going into the account each and every month, I'm afraid its their loss. I'm not prepared to play their 'reapplication' games. I will vote with my feet and go elsewhere where my custom will be appreciated......for a little while at least.
A change is as good as a rest.

PBA

The offer is certainly available to existing customers. However, you need to be switching an account from someone else to qualify:

Abbey_website wrote:

It's true! ask us to transfer your current account to Abbey from another provider, credit at least £1,000 a month and we'll give you a massive 6.3% AER monthly interest, on balances up to £1,000 for 12 months.

Much as they'd love to keep your business, it doesn't make sense to pay a loss leading rate to keep business. No bank pays that kind of rate for more than a year, as the idea is that once you've had the account for a year you then forget/can't be bothered to move.

Spark

That's true enough PBA, the only thing that would make me move would be a bad customer service.