Abbey's 8% New A/c for 12 months

willpower_2

I recently opened an Abbey account and transferred from A&L to get the 8% in credit interest rate on balances up to £2,500 for the first 12 months.

I noticed upon reviewing my first 2 monthly statements that the interest I was receiving was not the 8%. After numerous phone calls and visits to my local branch I found out that I was on their standard 2.5% in credit rate.

I have just found out (after speaking to a chap in their call centre) that I will get the standard 2.5% for 12 months. Only upon the anniversary of opening the account will I get the extra 5.5% for the past 12 months.

My only query is if there are any other forum members who have been told the same (i.e that the 8% is applied to your account at the end of the 12 month period). I must admit I did not see this in any of the literature when signing up, and after all the 'run around' I have had with the Abbey is this just another 'Jackanory' they have given me.

Cheers

WillPower

exel1966

Basically you have been told utter nonsense. ShAbbey customer service staff are the worst people to advise you on their own products as they basically do not have a clue. They have a reputation for appalling service, you just have to read the threads here and watch BBC's Watchdog to see how bad they really are.
The 8% is payable monthly on the same date each month. It clearly explains that in their T&C's.

Take a read of this thread :- http://forums.moneysavingexpert.com/showthread.html?t=582676

willpower_2

Thanks for advising me on this.

I think my best bet it to go down the complaints route and see how far I get. To be honest I may well just close the account and xfr to another bank.

Cheers

WillPower

mary

Did you open your account online or in branch?

I got my 8% by transferring from one bank to them, but it was a pain, not so much their fault but the other bank being slow at giving my SOs and DDs. However the other day I checked and if you open the 8% by transferring from another bank, you should get the 8% but if you open the 8% from cold, you only get 8% on the first £1k in the account as opposed to 8% on £2.5K.

I would suggest you go into a branch and insist they correct the error in front of you. That is if you have the time, patience and encounter a staff member who knows what they are talking about. Usually Abbey don't. Go equipped with a print out of the Ts and Cs, otherwise if you go down the complaints route, you will get a letter every month saying they are looking into it.

HannahandMark

We have recently transferred the other way. Abbey were truly awful since becoming Santander. A+L seem much better.

Wait the 3 months then try going back to A+L via Quidco to get the £50 cashback. This should make up for the loss of interest