Abbey Fixed Rate Regular Saver question

[Deleted User]

Does anyone know if I make 11 payments into an Abbey Fixed Rate Monthly Saver (Issue 7) 7.25% regular saver instead of 13, as quoted below, then what will happen to my interest? Not sure why it's 13 though as I believed it to be a yearly account i.e. 12 months?!:

"Interest is paid directly into the account after close of business on the 1st of the month following your 13th monthly payment into the account."

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1139304077169&idParent=1139304074661&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

Basically I've opened the account this month, the first payment won't go in until May 2nd and I was hoping to take the money out 1 month early next year to put it in an ISA at the start of the finicial tax year (forefitting £10.84 of interest if my calculation are correct)

[Deleted User]

Bumb - I'll ring Abbey Monday, just wondered if anyone knew so I could update my excel spreadsheet

johnmoney05

Fixed Rate Monthly Saver (Issue 7) offers you a really high 7.25% gross p.a./AER fixed for 12 months as long as you pay in between £20 and £250 a month by standing order. If you pay in less than £20, miss a payment or make any withdrawals, the rate drops to 0.10% gross p.a./AER on the total savings balance for that month only. If you pay in more than £250 in a calendar month the rate drops to 0.10% gross p.a./AER on the total savings balance for the remainder of the term.

http://www.abbey.com/csgs/Satellite?c=GSProducto&cid=1139304074661&pagename=Abbey%2FGSProducto%2FGS_InfProducto

[Deleted User]

Yep, I've read that - my question is what if I want to withdraw, not just miss the last payment?

johnmoney05

Deleted_User wrote: »

Yep, I've read that - my question is what if I want to withdraw, not just miss the last payment?

Fixed Rate Monthly Saver (Issue 7) offers you a really high 7.25% gross p.a./AER fixed for 12 months as long as you pay in between £20 and £250 a month by standing order. If
1. you pay in less than £20,
2. miss a payment or
3. make any withdrawals,
the rate drops to 0.10% gross p.a./AER on the total savings balance for that month only. If you pay in more than £250 in a calendar month the rate drops to 0.10% gross p.a./AER on the total savings balance for the remainder of the term.

Sorry, I can't be more helpful. My English is not very good. Maybe someone else here can explain to you in more details.

Bisoy

Hi Guys,

I've got a query on those who have opened this monthly saver account. Contrary to all those who have bad experiences in opening an Abbey account mine was straightforward and quick. I went to our local branch an application was completed in less than 10 minutes.

I've opened the account without putting any deposit. My question is should I wait for the 1st of the month to make my first SO deposit or would it be best to set-up and pay 1st SO deposit now and reset 1st week of June? I would appreciate any replies. Thank you.

[Deleted User]

Hi,

According to:

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1139304077169&idParent=1139304074661&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

"Your standing order must be set up to leave your account between 2nd and 21st of each month"

RayWolfe

Not sure you can do what you propose.
The whole account seems to be run by you setting up in month 1, paying for 13 months and closing in month 14.
Abbey make mistakes without any prompting, if you go against the grain of this account it could cause there computer to break again and you will never get paid out.
I would stick whilst you're winning.
Or better still, cancel before you make any payment to this bunch of nutters.

[Deleted User]

RayWolfe wrote: »

Not sure you can do what you propose.
The whole account seems to be run by you setting up in month 1, paying for 13 months and closing in month 14.
Abbey make mistakes without any prompting, if you go against the grain of this account it could cause there computer to break again and you will never get paid out.
I would stick whilst you're winning.
Or better still, cancel before you make any payment to this bunch of nutters.

Hmmm not sure what all that's based upon :rolleyes:! I've opened a fixed rate monthly saver account with Abbey and I'm very happy with the guaranteed rate of 7.25%.

The way mine has turned out is:

1. Went into Abbey in mid April 2008 and opened the account
2. Set the monthly standing order up to start on May 2nd 2008
3. I'll be ringing Abbey on Apr 3rd 2009 (one day after Standing Order) to withdraw all the money and I'll cancel the standing order too. May 2nd 2009 would have been the final, 13th payment date, with interest being paid on Jun 1st 2009 (hence I'll lose 2 months of interest but for my personal circumstances that's fine)

Bisoy

Thanks David. I think I'm going to set-up my SO starting 2nd of June till July 2009 and see what happens.

RayWolfe

Deleted_User wrote: »

Hmmm not sure what all that's based upon :rolleyes:! I've opened a fixed rate monthly saver account with Abbey and I'm very happy with the guaranteed rate of 7.25%.

I wish you well.
If only my, and many others experiences with Abbey were as good (although you are only just into the process).