ABBEY REGULAR SAVER ISSUE 5 Matured EARLY

Kazza242

david78 wrote: »

Also, I don't remember if my account changes to a flexible saver or a variable rate monthly saver on maturity. Does anyone who has an issue 4 account know?

The issue 4 account converts into a variable rate monthly saver.

Milarky

david78 wrote: »

Should I get a balance update and withdraw on October 2nd and cancel standing order. Or should I see if the 13th payment goes in and wait until November 2nd to withdraw?

The latter. If they return your payment you'll know about it and can then contact them for recompense. But if you assume they won't accept the 13th payment and they turn out to have fixed the problem -unlikely though that seems to be!- then you'll have breached the terms and they will only have to pay you 0.75%pa for the month of October.

As a compromise you could amend your standing order date (I think!) to later in the month anyway - so you will know before any payment is sent whether you have a case of early maturity or not.

Dagobert

My 13th payment went in to-day via my Abbey current a/c. Interest was paid to-day.

I have had 4 phone-calls (trying different 0800 numbers) with Abbey to-day, been on hold for 45 minutes and spoken to 3 clueless advisors.

I have been told all sorts of nonsense, such as "interest is paid after the 12th payment but the account is still accruing the Fixed Rate Monthly Saver interest until it matures on 1st October"; another advisor told me he did not know anything about this product.

Eventually, the 4th call was with a knowledgeable person in the Belfast savings department: it was confirmed that this was an Abbey error; the interest difference will be credited next month.

Call 0800 389 9875. Do not press 3 for existing customers or they'll tell you to ring an 0845. Press one and you will be transferred.

mary

I have the original 7% Regular Saver 4 Ts & Cs in front of me now. The relevant bit says:

"8. Term

The Account will mature automatically into an Abbey Monthly 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 August 2006, the account will mature into an Abbey Monthly Saver account on 1 September 2007."

So as my 12th payment went in 1st August, I guess I should make the 13th payment today, then wait until 1st October to get the maximum.

Dagobert

mary wrote:

I guess I should make the 13th payment

If you don't make the 13th payment, you violate the T&Cs.

It will most probably bounce back because they appear to have a problem with their software. However, you will have to make a claim for the lost interest.

You should get the Fixed Rate Monthly Saver interest during month 13 on the total 13 pay-ins.

Sillychuckie

They didn't seem interested in offering compensation on the phone, or discussing it at all to be honest. They suggested I write a letter, which I have done.

I received their standard 'we are investigating your complaint' letter back a week ago, so guess its just a waiting game now. I'll be happy with the £25 Milarky got, or even £20. No rush anyway, my money is out of it and in icesave for the mean time.

david78

Do keep us informed on here Sillychuckie.

I guess I'll just have to wait and see if the 13th payment goes in and see what interest I get.

mary

Just been to Abbey today.

Have made 12 payments in, asked for the account to be updated and interest of 89.75 was also added, dated 3rd Sept. Rather than make a 13th payment, see if it was rejected and then go through all the hassle of claiming back what interest I might have missed out on, I took the money and ran!! Had an extra bit of 1.42 added for closing interest.

They had to get out the rule book, new sets of instructions, manager had to go through with a fine tooth comb as the girl was a bimbo on the desk. New rules they hadn't done before. It was going to take about 30 mins or more to have it transferred to a new account, so went for the quickest option, which was probably about 29 minutes instead!! and had it transferred to my Abbey current account. So I know it's now good money and can be transferred out.

So I want to send it to Sainsbury's. If I transfer it now, will it get there and start earning interest before the weekend,. i.e. arrive on Thurs?

Special_Saver2

My 13th payment at the beginning of August was returned to my current account but at the end of the month I managed to pay in £20 because Abbey had managed to sort out the problem.

I telephoned that complaint line with the landline number that was given out in one of the above messages. (They are only open 9am to 5pm by the way, so did it on my lunch hour using my mobile's inclusive minutes.) I have not had the time to write out a letter of complaint but they were happy to talk to me anyway.

They asked for my account details and the usual security questions. I explained the situation about the account being matured a month early and getting a lower interest rate on £3,000 for the 13th month plus the loss of interest on my £250 being transferred back and forth at the beginning of August. They asked how much interest I had lost which I estimated to be about £7.00-7.50. The lady put me hold, went and spoke to her manager and then came back to me with an offer of £10 which I accepted. (I know it is not as good as the £25 somebody else here received but I think it is a more than fair deal.) They tell me that I will receive a cheque to my home address within 7-10 working days and have given me a reference number in case there are any problems.

The person I spoke to was really good and the whole telephone conversation was over within 3 minutes! I am quite impressed. It is a real shame that branch staff are not that good!

So I got the whole thing sorted out efficiently in the space of just 3 minutes, which is great because I am generally really busy at the moment. Many thanks to the poster who let us know about the telephone complaints line. I shall go and click thanks on that message right now!

Edit (04/09/07 14.15): Thanks to Milarky, post 38 is the relevant post.

Dagobert

Special_Saver2 wrote:

I telephoned that complaint line with the landline number that was given out in one of the above messages. ... The person I spoke to was really good

I phoned the same line. The person I spoke to was rather clueless, put me on hold for ages and still was not able to tell me whether the account had matured early and at what rate it was accruing interest now.

You must have had a lucky draw!