Abbey Reg Saver Maturity Qestion

anticlaus105

I have an Abbey Reg Saver opened Jul 06. I was told at the time of opening to set SO to pay in Jul. When I read the T&C at a later date they said make no payment in the month you open the account. 1st payment should be the month after. When I enquired around that time I was just told I would prob loose interest for the later days of Jul.

Anyway my query is when it matures. I have read the month after your 13th payment. I have just made my 13th payment. I asked in a branch but they were quite dismissive and I left under the impression the funds will only be available from the 2nd Aug and not the 1st. (they said after close of business on the 1st which I assume would mean the 2nd).

Cheers

RayWolfe

Yep, that's what the terms say.

Sillychuckie

From your first deposit, you broke the terms and conditions of this account.
You will more than likely have to face a penalty.

i. The Account must be opened with a nil balance.
ii. You must set up a standing order to start from thenext calendar month following opening.

The t's + c's are below, but unfortunately, do not indicate the penalty for paying in on the same month you open it. Chances are, it will simply mean that for month 1, you receive a lower rate of interest.

http://www.abbey.co.uk/csgs/Satellite?c=GSDetalleProducto&cid=1139304077761&idParent=1139304074661&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

Your account matures as follows:

i. 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. Therefore, for instance, if your first monthly payment is made on 20 July 2007 -the Account will mature into an Abbey Flexible Saver account on 1 August 2008

Quite a good account really, lasts an extra month in real terms compared to many of the other regular savers.

moneyandmountains

Sillychuckie wrote: »

From your first deposit, you broke the terms and conditions of this account.
You will more than likely have to face a penalty.

However, if you follow the procedure that branch staff described, then you should get home free (provided you stamp your feet enough).

Sillychuckie wrote: »

The t's + c's are below, but unfortunately, do not indicate the penalty for paying in on the same month you open it. Chances are, it will simply mean that for month 1, you receive a lower rate of interest.

http://www.abbey.co.uk/csgs/Satellite?c=GSDetalleProducto&cid=1139304077761&idParent=1139304074661&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

I presume an account opened Jul 06 will be an Issue 4.
Does anyone know if the terms are different to the Issue 7 terms?

i.e. is it 12 monthly payments or 13 monthly payments?

moneylover

My branch were very vague about terms and conditions and the phone line worse so its good to read them here as my account also about to mature. Will start a new one at 7.25% as quite a good rate.

anticlaus105

Found the T&C's for issue 4. Knew I had saved them somewhere. Think I have issue 5 tho as also invested £1000 in a 2 year bond to get 8% on reg saver at the time. Cant find what the penalty is for paying in within 1st month. I intend to kick up a fuss when the account matures if the interest is lower than expected.

· Interest is paid directly into the account after close of business on the 1st of the month following your 13th monthly payment into the account. Your account will automatically become a Monthly Saver at this time, your account number will stay the same and you can still use your passbook. You can also continue to save, setting up additional standing orders and pay in cash or cheques and earn a high interest rate