Abbey Fixed Rate Regular Saver question

iloveslamdunk

Hi all,

I opened the account 4 months ago and they had been regularly deducting money from my account. However, I have received no passbook, or any statements so far.

Anyone else had similar experiences?

LittleVoice

iloveslamdunk wrote: »

Hi all,

I opened the account 4 months ago and they had been regularly deducting money from my account. However, I have received no passbook, or any statements so far.

Anyone else had similar experiences?

I thought the regular saver worked on a standing order basis (where you send the money to the saver account) not a direct debit one where they take money from an account.

Or is the "they" Abbey with whom you have a current account or your bank who are sending the money to Abbey?

Where did you open the account? If it was in a branch, then I've always been given a passbook when I opened the account.

LittleVoice

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.

With Abbey I think you open the account in Month 1 with a zero balance and have to wait till the next month (Month 2) to make your first payment and make a total of 13 payments (inclusive of Month 14). The interest is then added to the account at close of business on 1st of Month 15.

And they don't close the account (or the regular payment if you have let them set up a SO without an end date). They just add the interest and then start paying a significantly lower rate of interest, hoping that inertia leads you to continuing. (Though none of us on MSE would do that!)

iloveslamdunk

LittleVoice wrote: »

I thought the regular saver worked on a standing order basis (where you send the money to the saver account) not a direct debit one where they take money from an account.

Or is the "they" Abbey with whom you have a current account or your bank who are sending the money to Abbey?

Where did you open the account? If it was in a branch, then I've always been given a passbook when I opened the account.

Thanks little voice.

I have a current account with them, and had set up the standing orders at the branched when I opened the account - I filled up forms etc, and they informed me "that is it", done, and I will be informed further. Literally went home empty handed. Since then, I had been paying in, but received no passbook or statements.

RayWolfe

And you won't until financial year end and at the expiry. You can check progress by setting up to view your account online.

LittleVoice

And check the regular transfer (it's not listed under Standing Orders) and adjust it to have an end date to the point where you have made 13 payments. (They may have put an end date but I would say it was more likely they left it with no end date - the excuse being that they believe you want to get into the habit of regular savings and this is a way of achieving that!)