Abbey Fixed Rate Monthly Saver maturity

Speculator

Just to warn that the first batch of Abbey Fixed Rate Regular Monthly Savers paying 7.00% will mature soon.

It will mature on the "1st of the month of the anniversary of opening"

Therefore, if it was opened on the 16th of September 2004, it should mature on the 1st of September 2005.

On maturity, Abbey will automatically transfer it into a Monthly Saver account paying only 5%. A/c no. stays the same so it wouldn't affect existing Standing Orders.

Personally, I'll be closing it at the earliest opportunity. I can get a much better rate and deal with the Derbyshire Regular.

Here's what the Abbey website says about the Monthly Saver...

Our Monthly Saver currently offers you 5.00% gross p.a./AER as long as you save at least £20 a month and don’t touch it. If you pay less money in, or dip into your savings, the rate drops to 1.25% gross p.a./AER for that month only.

Milarky

Mine is out on 1st October. This is a branch/postal passbook account, so what is the best way to close on maturity without loss of interest - a written request now, I suppose?

mary

Mine too is on October 1st. Why send a written request now so soon. I would have thought to walk into a branch and close it the day after it matures if that is possible, (i.e. 2nd October) depending on how far you are away from a branch.

Speculator

I will be closing mine at a branch on the 2nd of September. I don't want to send in a written request because I don't trust the Abbey staff in case they close it before maturity. The staff really are clueless. I phoned the callcentre yesterday regarding maturity of my a/c and she did not have a clue what I was talking about. She just answered "yes" to all my questions, I think just to get rid of me. In the end, I managed to find the original leaflet for the account in my filing cabinet which answered all my questions.

deemy2004

Now my memory may be a bit screwed up but, an account maturing on 1st of Sept will have the interest credited to the account on 1st of October ! i.1. 1st of the following month.. I do recall seeing it in the T&C... but not sure if they then CHANGED the T&C or not... memories a little fuzzy.

jimclark1967

deemy2004 wrote:

Now my memory may be a bit screwed up but, an account maturing on 1st of Sept will have the interest credited to the account on 1st of October ! i.1. 1st of the following month.. I do recall seeing it in the T&C... but not sure if they then CHANGED the T&C or not... memories a little fuzzy.

The T&C on mine says interest is paid on 1st of month of anniversary, which for me isn't until Jan 2006 as I only started 2 days before they withdrew it.

Hmm, New year's day a Sunday so banks not open till the 3rd

JC

Speculator

on mine it says "Interest is worked out every month and paid once a year on the 1st of the month of the anniversary of opening your account."

hansi

mary wrote:

Mine too is on October 1st. Why send a written request now so soon. I would have thought to walk into a branch and close it the day after it matures if that is possible, (i.e. 2nd October) depending on how far you are away from a branch.

erm, that is a Sunday, you could close it on the Saturday (1st) when it matures!

BenL

Has anyone heard anything from Abbey yet??

I think mine was 01 Sept 04 - 01 Sept 05 and i've not had a maturity letter yet.

Ben

hansi

I don't think you'll get a letter, they might think you will forget about it and let it linger in the low interest account!

hansi

My first payment was 24 Oct 2004 and with this month's payment, I have deposited 12 equal payments. Does this now mature on 1st October?