We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

abbey

Options
flookie
flookie Posts: 2 Newbie
in Savings & investments
New into this ... has anyone any views on the Abbey Superbond with an interest rate of 8.1% for year 1? I know it has to be linked to their Premium Investment Account. Have just sold up in France and have put capital in my e-saver but want to help the kids and probably will have £100k that can remain untouched for at least one year.

Comments

  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    This is one of their GEB (guaranteed equity bond) products.
    http://www.abbey.com/csgs/Satellite?cid=564084425602121&pagename=Abbey%2FGSProducto%2FGS_InfProducto

    Sorry, but this is a very poor investment and should be avoided.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • dunstonh
    dunstonh Posts: 119,697 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Rubbish Rubbish Rubbish. (and once again for luck :) )

    They are using a poor quality investment product that pays a commission and then using a bit of that commission to subsidise the savings side.

    If you want to invest, then use a discount IFA and get a proper investment on discounted terms and use a proper savings account. (If you get a 3% discount on the commission, then that is 3% net you can add to the interest on the savings account to compare against Abbey).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • isofa
    isofa Posts: 6,091 Forumite
    A terrible product, from a terrible company, avoid at all costs as per dunstonh's excellent advice.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture