Has Abbey's Direct ISA rate dropped

TomsMom

Hubby rang Abbey today.

Girl in General Enquiries dept said YES, the rate has definitely gone down to 6.08% for £9,000+. When he mentioned we had no notification of it she said there had been "a lot of complaints today about this, I'll put you through to the Complaints Dept."

Guy in Complaints Dept admitted he didn't even know what the Direct ISA rate should be. Hubby asked to be transferred to the ISA Dept.

Guy in ISA Dept said NO, rate has not gone down, it is still 6.25%". Hubby asked for this to be put in writing.

All this took 45 minutes hanging on/being transferred and at the end of it we still do not know for definite.

IF we get something in writing I'll let you know.

PBA

roddydogs wrote: »

So why dosent the website still say 6.25%, with the details saying "until 05/08 or whatever, like all the other ISA providers why are they doing themselves no favours anyone reading the website would think that there only getting 6.08%!

Agreed, especially as they've deleted the bit from our intranet which explained how the rate was worked out. Hopefully when next month's rate booklet comes out they'll have taken a bit more time to lay the information out more clearly.

MarcoM

PBA wrote: »

Agreed, especially as they've deleted the bit from our intranet which explained how the rate was worked out. Hopefully when next month's rate booklet comes out they'll have taken a bit more time to lay the information out more clearly.

since you work for abbey can you tell us and other customers what the hell is going on with your IT systems?

Twice i've been to a branch and twice they could not do anything due to systems failure.

Please help us and let us know what is going on

10_66

Having checked the interest rate on moneysupermarket and then on Abbey's website, I rang Abbey last Friday and was told that the interest rate had dropped on 1 October to 6.08%. I was all set to transfer funds elsewhere, then read this thread and decided to wait until this morning to ring Abbey AGAIN. (This was bringing back horror memories of when I opened the account, and they lost my transfer cheque!). I asked to speak to the ISA department and this time the guy took my account details and said if he checks the balance, they have a chart that tells them the exact AER you will be getting on your account. He confirmed that the AER I'll be getting is 6.25% and said that he hadn't heard of the interest rates being reduced.

10_66

TomsMom wrote: »

Hubby rang Abbey today.

Girl in General Enquiries dept said YES, the rate has definitely gone down to 6.08% for £9,000+. When he mentioned we had no notification of it she said there had been "a lot of complaints today about this, I'll put you through to the Complaints Dept."

Guy in Complaints Dept admitted he didn't even know what the Direct ISA rate should be. Hubby asked to be transferred to the ISA Dept.

Guy in ISA Dept said NO, rate has not gone down, it is still 6.25%". Hubby asked for this to be put in writing.

All this took 45 minutes hanging on/being transferred and at the end of it we still do not know for definite.

IF we get something in writing I'll let you know.

Just out of interest (no pun intended), did you ever receive a letter of confirmation from Abbey?

PBA

The Abbey website is much clearer now, showing the gross rate as well as the AER.

http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1157695655413&pagename=Abbey%2FGSProducto%2FGS_InfProducto

TomsMom

10_66 wrote: »

Just out of interest (no pun intended), did you ever receive a letter of confirmation from Abbey?

So sorry for the delay 10_66, I've been away and then had trouble posting on forum.

You'll not be surprised to hear that Abbey did not send a letter of confirmation.

p1an0player

Hi, does anyone know if the 0.5% bonus is conditional upon leaving the money in the account until any particular date? (ie can I withdraw early and still get the bonus prorata for the period the money was in the account).

Thanks

10_66

The bonus isn't conditional on leaving funds in until bonus expires. There's no penalty for withdrawing from this account. If you withdraw the funds, rather than transfer the funds into another ISA, you'll lose the tax free status.