abbey direct transfer

wheredoesallthetimego

Just looked at the rate - it's 6% - has this dropped recently? Thought it was 6.25%.
Might go for Icesave instead 6.1% and they've always been pretty good.

Baldur

wheredoesallthetimego wrote: »

Just looked at the rate - it's 6% - has this dropped recently? Thought it was 6.25%.

Many variable Cash ISA (and other savings products) rates have fallen recently, in line with the BOE rate drop in early April.

wheredoesallthetimego

Thought the rate had already dropped.

Have opened an Icesave isa online. Printed off the transfer forms and will be sending them to the freepost address today.

Hopefully this will go better - certainly seems to have the process set up.
Shame about Abbey as customer services seemed to try hard but they just don't seem to have their processes in place.

Baldur

wheredoesallthetimego wrote: »

Thought the rate had already dropped.

That's just a normal drop on the variable rate in line with the April BOE rate reduction, the same could happen to any variable rate product, including Icesave's - that's why I transferred my funds from Icesave to a fixed-rate product @ 6.5% in March.

There's a drop built-in to the Abbey product, after the initial 'preferential rate' 13 month period of 1% on balances of £9,000 or more and 1.5% on balances below £9,000.