Abbey Current Account ***be Aware*** Interest Due ?

johnmoney05

You have to use their switching service...well, they took 2 months to complete my accounts switching . They even sent me a letter and asked me to contact my old bank to send them my account information, they said my old bank not respond to them. AND I asked them not to ask my old bank to close my old account after the swtiching, but they DID. Anyway, don't bother to get it.

Gonchi

ukdutypaid wrote: »

Hang on, let me get this straight, is it 8% per month on balances of up to 2,500, if one pays in at least 1k and uses their switching service, or not?

I'm confused now on this point............

Actually is 8% per year so in a balance of 2500 you'll get a -/+£13monthly cause of the tax you need to think of a 6,6% which is good money; compare to the pennies you get from other banks; of course when they pay it!! :rotfl: Unfortunatelly I'm still waiting.
Apparently this Tomm might work in Manteinance cause I been in contact with the bank a couple of times since the 14th of Oct. and they were aware of the problem but I know is not something they're communicating to their staff at the branches; I'm waitng unlit the 8th of november when my Interest is again due and If I don't receive it I will contact the ombudsman and file a complaint. if anyone wants to do the same here you have the details. http://www.financial-ombudsman.org.uk/consumer/complaints.htm

ukdutypaid

Gonchi wrote: »

Actually is 8% per year so in a balance of 2500 you'll get a -/+£13monthly cause of the tax you need to think of a 6,6% which is good money; compare to the pennies you get from other banks; of course when they pay it!! :rotfl: Unfortunatelly I'm still waiting.
Apparently this Tomm might work in Manteinance cause I been in contact with the bank a couple of times since the 14th of Oct. and they were aware of the problem but I know is not something they're communicating to their staff at the branches; I'm waitng unlit the 8th of november when my Interest is again due and If I don't receive it I will contact the ombudsman and file a complaint. if anyone wants to do the same here you have the details. http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Sorry, yes it was late............ 8% AER (/365 * 30)
16.5 gross on 2.5, approx 13.20 net for a basic tax payer.
160.00 for the year haha.. Bit less cos you have to get you're 1k out and then in again...
I ain't gonna use it, I've got an old A&L account which can go.
I might as well have the Abbey one and pump money into the sweep thing, on a monthly basis as well...
Tax man will want another 20% when it comes to the SA though..
It's gotta be S&S really ain't it. This ain't worth it....

johnmoney05

Just got a phone call from Abbey. Offer me £50 for compensation. I gave a very hard time to him, really. I did mention if he let all his staff know the problem. Especially someone like Tomm (Mr behind the scenes).

Well, he tried to ask my birthday date, account details, address....of course I only gave him part of each. And I gave him a big lesson not to ask his customers the sensitive personal information.

After I told him all of my complaints.....branch staff, interest, call centre....poor guy I felt sorry for him.

Then he guaranteed that Abbey would give us the right interest. Look, 8%, not 0.1% or 2.5%...but he couldn't confirm when it would be.

At the end, I asked him to put all this in writing and I would consider if I take this further.

Hope this helps. Guys, fight for what you are entitled!

ps. forget to mention, Tomm, I told him your posts on this site as well.

johnmoney05

For someone who followed the thread, just an update, £50 was just credited today.

exel1966

I have so far given them 5 weeks to resolve this and as yet they have failed to adhere to the regulations regarding the complaints procedure. Another letter will be going to them very shortly reminding them of their time limitations before i take this to the Ombudsman.

DRS1

johnmoney05 - glad you got your £50 but have they sorted out your interest payments yet?

johnmoney05

DRS1 wrote: »

johnmoney05 - glad you got your £50 but have they sorted out your interest payments yet?

"....This is a known problem which we are currently attempting to fix. When it is fixed I can assure you interest will be calculated and backdated accordingly so you will not lose out financially......"

So they couldn't confirm when it would be fixed.

And they said that £50 would be a full and final settlement...anyway, I would have 6 months to consider it so they said in the letter.

So I will wait and see.

exel1966

Sent a final letter to Abbey reminding them of having 7 days left prior to a letter being sent to the FO.
Three days later one months interest appeared, then 3 days later the second months missing interest appeared and then 3 days ago the final missing interest payment was credited to account.
Today a letter arrived from Abbey apologising for their appalling service stating that £30 compensation will be paid into my current a/c.

So to those still waiting, things may start happening soon if they already haven't.
To the so-called Abbey employees who posted in this thread denying this problem ever existed...:p :rolleyes: !!!