Abbey 7% regular saver

Innys

Hello

I am having a problem with the maturity of this account and was wondering if anyone can help me.

I opened it on 18 September 2006 and made the first payment of £250 on 4th October 2006. I have since made 11 further payments of £250, the last being on 5 September 2007.

So the total is now £3,000, being 12 deposits.

I went to an Abbey branch last week and they said it would mature on the 2nd of this month. I went into a different branch this morning and they said there was one more deposit due and it would mature next month.

Does anyone know if 13 payments are due on this account and/or has anyone else had trouble of this type?

I will ring Abbey's helpline later today to check for sure, but just wanted an idea of what everyone else has found.

Thanks

Milarky

Innys wrote: »

I went into a different branch this morning and they said there was one more deposit due and it would mature next month.

Does anyone know if 13 payments are due on this account and/or has anyone else had trouble of this type?

The second branch were correct - the account's terms specifies 13 monthly payments.

There was a problem with some accounts being 'matured' early by Abbey themselves - and thirteenth payments being returned - but this was straightened out by the end of August I believe.

You should arrange to pay at least £20 (the minimum, as I think the regular amount can be varied) as a single transfer payment from your current account (more if you can afford it) before the 21st because of the 7% rate you are still getting on the full balance - otherwise you will get lousy rate of 0.75% for the whole month of October.

Alternatively you can close an account early at any time in the term and get interest made up at the full rate for every month completed.

Innys

I called Abbey's central number and they said the account has had its interest credited (£89.56) and can be closed.

I went back to the second branch and withdrew my money. By my calculations £89 is a little over what I was due, so I'm not complaining. I didn't want to leave it in there for another month, only to be told that it had not earned 7% for that month.

david78

You are supposed to make 13 payments. Abbey have been adding some interest after the 12th month and another (smaller) amount of interest is added after the 13th month -- there's a thread about this somewhere.

The rate of interest in the 13th month is still 7%.

I am in a similar position; i'm just about to make my 13th payment (tomorrow), then I need to wait until November to withdraw my savings and interest (when its being moved to Ice Save).

Innys

david78 wrote: »

You are supposed to make 13 payments. Abbey have been adding some interest after the 12th month and another (smaller) amount of interest is added after the 13th month -- there's a thread about this somewhere.

The rate of interest in the 13th month is still 7%.

I am in a similar position; i'm just about to make my 13th payment (tomorrow), then I need to wait until November to withdraw my savings and interest (when its being moved to Ice Save).

I'm not bothered as I have used the money to pay off some of my mortgage after the tracker rate expired yesterday. As a higher rate tax payer, I'm paying more on my mortgage than 7%, so that's a better option for me.

As an aside, why have they set up this account so that you have to make 13 payments? It seems a bit odd as most one year RSs only accept 12 deposits

RayWolfe

Innys wrote: »

As an aside, why have they set up this account so that you have to make 13 payments? It seems a bit odd as most one year RSs only accept 12 deposits

Odd it may be but I presume you read the sales blurb as well as the T&Cs; both of which are quite clear.